485APOS 1 d17852_n1a.htm

As filed with the Securities and Exchange Commission on September 30, 2005

Securities Act File No. 333-103022
Investment Company Act File No. 811-21295

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933				[X]
Pre-Effective Amendment No.				[ ]
Post-Effective Amendment No. 16				[X]

and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940				[X]
Amendment No. 17 (Check appropriate box or boxes)				[X]

JPMORGAN TRUST I
(Exact Name of Registrant Specified in Charter)

522 Fifth Avenue
New York, New York, 10036
(Address of Principal Executive Offices)
Registrant’s Telephone Number, Including Area Code: (800) 480-4111

Stephen M. Benham , Esq.
J.P. Morgan Investment Management Inc.
522 Fifth Avenue
New York, NY 10036
(Name and Address of Agent for Service)

With copies to:
Elizabeth A. Davin , Esq.
JPMorgan Chase and Co.
1111 Polaris Parkway
Columbus, OH 43271-0152

With copies to:

With copies to:
Alan G. Priest, Esq.
Ropes & Gray LLP
One Metro Center
700 12th Street, N.W., Suite 900
Washington, D.C. 20005-3948

It is proposed that this filing will become effective (check appropriate box):

[ ]

immediately upon filing pursuant to paragraph (b)

[ ]

on (date) pursuant to paragraph (b).

[ ]

60 days after filing pursuant to paragraph (a)(1)

[ X ]

on December 1, 2005 pursuant to paragraph (a)(1) This Post-Effective Amendment is being filed solely in connection with changes to the JPMorgan Prime Money Market, JPMorgan Federal Money Market, JPMorgan 100% U.S. Treasury Securities Money Market, JPMorgan Tax Free Money Market, JPMorgan California Municipal Money Market and JPMorgan New York Municipal Money Market Funds. No information relating to any other series of the Trust is amended or superceded hereby.

[ ]

75 days after filing pursuant to paragraph (a)(2)

[ ]

on (date) pursuant to paragraph (a)(2).

If appropriate, check the following box:

[ ]

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

PROSPECTUS DECEMBER , 2005

JPMorgan

Money Market

Funds

Morgan , Class B & Class C Shares

JPMorgan Prime Money Market Fund
JPMorgan Liquid Assets Money Market Fund
JPMorgan U.S. Government Money Market Fund (Morgan Shares)
JPMorgan U.S. Treasury Plus Money Market Fund
JPMorgan Federal Money Market Fund (Morgan Shares)
JPMorgan 100% U.S. Treasury Securities Money Market Fund (Morgan Shares)
JPMorgan Tax Free Money Market Fund (Morgan Shares)
JPMorgan Municipal Money Market Fund (Morgan Shares)
JPMorgan California Municipal Money Market Fund (Morgan Shares)
JPMorgan Michigan Municipal Money Market Fund (Morgan Shares)
JPMorgan New York Municipal Money Market Fund (Morgan Shares)
JPMorgan Ohio Municipal Money Market Fund (Morgan Shares)

The Securities and Exchange Commission has
not approved or disapproved of these securities
or determined if this prospectus is truthful or
complete. Any representation to the contrary is
a criminal offense.

CONTENTS

Prime Money Market Fund					1
Liquid Assets Money Market Fund					7
U.S. Government Money Market Fund					13
U.S. Treasury Plus Money Market Fund					18
Federal Money Market Fund					23
100% U.S. Treasury Securities Money Market Fund					28
Tax Free Money Market Fund					33
Municipal Money Market Fund					39
California Municipal Money Market Fund					45
Michigan Municipal Money Market Fund					51
New York Municipal Money Market Fund					57
Ohio Municipal Money Market Fund					63
The Funds’ Management and Administration					69
How Your Account Works					72
Buying Fund Shares					72
Selling Fund Shares					75
Exchanging Fund Shares					77
Distribution Arrangements					78
Other Information Concerning the Funds					80
Shareholder Information					81
Distributions and Taxes					81
Availability of Proxy Voting Record					82
Portfolio Holdings Disclosure					82
What the Terms Mean					83
Financial Highlights					84
Appendix A—Legal Proceedings and Additional Fee and Expense Information					92
How To Reach Us					Back cover

JPMorgan
Prime Money Market Fund

The Fund’s Objective

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

The Fund’s Main Investment Strategy

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

•

high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations

•

debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities

•

securities issued or guaranteed by the U.S. government, its agencies or instrumentalities

•

asset-backed securities

•

repurchase agreements and reverse repurchase agreements

•

taxable municipal obligations

•

funding agreements issued by banks and highly rated U.S. insurance companies, such as Guaranteed Investment Contracts (GICs) and Bank Investment Contracts (BICs).

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 60 days or less.

•

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

•

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

•

T he Fund will only buy securities that present minimal credit risk. These securities will:

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

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

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

The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry. The Fund may, however invest less than 25% of its total assets in this industry if warranted due to adverse economic conditions and if investing less than 25% appears to be in the best interest of shareholders.

The Fund’s adviser, JPMIM , seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Prime Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or inter est rates are not met.

Interest Rate Risk. The yield paid by the Fund will increase or decrease with changes in short-term interest rates although the Fund is generally less sensitive to interest rate changes than longer-term securities are .

Credit Risk. The risk that the issuer of a security, or the counterparty to a contract, will default or otherwise become unable to honor a financial obligation, and as a result the value of your investment could decline. The price and liquidity of a security can also be adversely affected as credit status deteriorates and the probability of default rises. The Fund minimizes credit risk by investing only in high-quality obligations and limiting the maturity of its investments.

Prepayment Risk. The issuers of mortgage-backed and asset-backed securities may be able to repay principal early, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When obligations are pre paid, the Fund may have to reinvest in securities with lower yields. In addition, the Fund may fail to recover additional amounts paid for securities with higher interest rates, resulting in an unexpected capital loss.

Government Securities Risk. The Fund may hold the indebtedness of certain issuers identified with the U.S. government, including the well-known Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), which is not entitled to the full faith and credit of the United States. These securities are supported only by their own credit and are subject to the risk of default in the payment of interest and/or principal , like the indebtedness of private issuers.

Concentration Risk. Because the Fund will invest a sig nificant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availabil ity and cost of funds, which can change depending on economic conditions.

Foreign Securities Risk. Investments in foreign securities may be riskier than investments in U.S. securities. Foreign securities may be affected by political, social and economic instability and may be subject to higher transaction costs and delayed settlement. There may also be less public informa tion available about such securities.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during tempo

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

rary defen sive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Prime Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. The bar chart shows how the performance of the Fund’s Class B Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

The performance figures in the bar chart do not reflect any deduction for the contingent deferred sales charges, which are assessed on Class B Shares. If the load were reflected, the performance figures would have been lower. Performance figures in the table for Class B and Class C Shares reflect the deduction of the applicable contingent deferred sales load. Class B Shares convert to Morgan Shares after eight years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

The calculations assume that all dividends and distributions are reinvested in the Fund. Some of the companies that provide services to the Fund have in the past agreed not to collect some expenses and to reimburse others. Without these agreements, the performance figures would have been lower than those shown.

YEAR-BY-YEAR RETURNS¹

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004


Morgan Shares^1,3	0.86	2.51	3.51
Class B Shares	0.32	1.89	3.12
Class C Shares^2,3	0.32	1.88	3.09

The performance before the Morgan Shares were launched on 10/1/98 is based on Class B Shares of the Fund.

The performance before Class C Shares were launched on 5/14/98 is based on Class B Shares of the Fund.

The performance for all three classes would have substantially similar average annual total returns because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have different expenses.

Investor Expenses for Morgan, Class B and Class C Shares

The expenses of the Morgan, Class B and Class C Shares before and after reimbursement are shown below. The table below does not reflect charges or credits which you might incur if you invest through a Financial Intermediary.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

				MORGAN SHARES				CLASS B SHARES				CLASS C SHARES
Maximum Sales Charge (Load) when you buy shares, shown as % of the offering price					NONE				NONE				NONE
Maximum Deferred Sales Charge (Load) shown as % of lower of original purchase price or redemption proceeds					NONE				5.00				1.00

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Prime Money Market Fund

CONTINUED

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN, CLASS B AND CLASS C ASSETS)


Management Fees	0.08	0.08	0.08
Distribution (Rule 12b-1) Fees	NONE	0.75	0.75
Shareholder Service Fees	0.35	0.25	0.25
Other Expenses¹
Total Annual Operating Expenses
Fee Waiver and Expense Reimbursements²
Net Expenses²	0.52	0.97	0.97

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year.

Reflects a written agreement pursuant to which JPMIM, the Fund’s a dministrator and the d istributor agree that they will waive fees or reimburse the Fund to the extent total annual operating expenses of the Morgan, Class B and Class C Shares (excluding interest, taxes and extraordinary expenses and expenses related to the trustees’ deferred compensation plan) exceed 0.52%, 0.97% and 0.97%, respectively, of their average daily net assets from 2/19/05 through 12/31/06. In addition, the Fund’s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.

Example

The example below is intended to help you compare the cost of investing in the Morgan, Class B and Class C Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Morgan, Class B and Class C Shares and your actual costs may be higher or lower.

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Morgan Shares($)
*Class B Shares($)**
*Class C Shares($)**

IF YOU DON’T SELL YOUR SHARES YOUR COSTS WOULD BE:

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Morgan Shares($)
Class B Shares($)
Class C Shares($)

Assumes applicable deferred sales charge is deducted when shares are sold.

Reflects conversion of Class B Shares to Morgan Shares after they have been owned for eight years.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Liquid Assets Money Market Fund
(formerly One Group® Prime Money Market Fund)

The Fund’s Objective

The Fund seeks current income with liquidity and stability of principal.

The Fund’s Main Investment Strategy

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

•

high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations

•

debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities

•

securities issued or guaranteed by the U.S. government, its agencies or instrumentalities

•

asset-backed securities

•

repurchase agreements and reverse repurchase agreements

•

taxable municipal obligations

•

funding agreements issued by banks and highly rated U.S. insurance companies, such as GICs and BICs .

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will :

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMorgan Investment Advisors Inc. (JPMIA), the Fund’s adviser, if the security is not rated.

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

The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities. The Fund may, however invest less than 25% of its total assets in this industry if warranted due to adverse economic conditions and if investing less than 25% appears to be in the best interest of shareholders.

The Fund may engage in securities lending in order to generate additional income. The Fund may loan up to 33-1/3% of its total assets, provided such loans are collateralized by securities issued by the U.S. government or its agencies and instrumentalities or by cash.

The Fund’s adviser, JPMI A , seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Liquid Assets Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Government Securities Risk. The Fund may hold the indebtedness of certain issuers identified with the U.S. government, including the well-known Fannie Mae and Freddie Mac , which is not entitled to the full faith and credit of the United States. These securities are supported only by their own credit and are subject to the risk of default in the payment of interest and/or principal , like the indebtedness of private issuers.

Securities Lending Risk. The Fund may lend securities, which involves the risk that the loaned securities may not be returned if the borrower or the lending agent defaults. The collateral is also subject to the risks of the securities in which it is invested. The risk of securities lending is reduced, however, by the following policies:

•

JPMIA maintains a list of approved borrowers, which it believes to present low credit risk;

•

The Fund receives collateral equal to at least 100% of the current value of the securities loaned plus accrued interest;

•

The lending agent indemnifies the Fund against borrower default;

•

JPMIA’s collateral investment guidelines limit the quality and duration of collateral investment to mini mize losses; and

•

Upon recall, the borrower must return the securities loaned within the normal settlement period.

Concentration Risk. Because the Fund will invest a sig nificant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

services companies are highly dependent on the supply of short-term financing.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defen sive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Liquid Assets Money Market Fund

CONTINUED

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 4th quarter, 2000					1.31	%
WORST QUARTER 3rd quarter, 2003					0.03	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%) ¹

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Class B Share s²					0.45				1.77				3.00
Class C Share s²					0.45				1.77				3.00

As of December 31, 2004, the Morgan Shares had not commenced operations. The performance for all three classes would have been substantially similar because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have different expenses.

Historical performance shown for Class B and Class C Shares prior to their inception on 11/12/96 and 5/31/00, respectively, is based on the performance of Investor Shares, the original class offered. All prior performance for these classes has been adjusted to reflect the differences in expenses and sales charges between classes.

Investor Expenses for Morgan, Class B and Class C S hares

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

				MORGAN SHARES				CLASS B SHARES				CLASS C SHARES
Maximum Sales Charge (Load) when you buy shares, shown as % of the offering price					NONE				NONE				NONE
Maximum Deferred Sales Charge (Load) shown as % of lower of original purchase price or redemption proceeds					NONE				5.00				1.00

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Liquid Assets Money Market Fund

CONTINUED

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN, CLASS B AND CLASS C ASSETS)


Management Fees	0.08		0.08		0.08
Distribution (Rule 12b-1) Fees	NONE		0.75		0.75
Shareholder Service Fees	0.35		0.25		0.25
Other Expenses¹	0.11		0.12		0.12
Total Annual Operating Expenses	0.64		1.20		1.20
Fee Waiver and Expense Reimbursements²	(0.05	)	(0.23	)	(0.23	)
Net Expenses²	0.5 9		0.97		0.97

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year.

Reflects a written agreement pursuant to which JPMIA, the Fund’s administrator and distributor agree that they will waive fees and/or reimburse the Fund to the extent total annual oper ating expenses of the Morgan, Class B and Class C Shares (excluding interest, taxes and extraordinary expenses and expenses related to the trustees’ deferred compensation plan) exceed 0.59%, 0.97% and 0.97%, respectively, of their aver age daily net assets from 2/19/05 through 12/31/06. In addi tion, the Fund’s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.

Example

The example below is intended to help you compare the cost of investing in the Morgan, Class B and Class C Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Morgan, Class B and Class C Shares and your actual costs may be higher or lower.

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:


Morgan Shares($)	60	199	351	793
*Class B Shares($)**	599	656	836	1,276
*Class C Shares($)**	199	356	636	1,433

IF YOU DON’T SELL YOUR SHARES YOUR COSTS WOULD BE:


Morgan Shares($)	60	199	351	793
Class B Shares($)	99	356	636	1,276
Class C Shares($)	99	356	636	1,433

Assumes applicable deferred sales charge is deducted when shares are sold.

Reflects conversion of Class B Shares to Morgan Shares after they have been owned for eight years.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Government Money Market Fund
(formerly One Group® Government Money Market Fund)

The Fund’s Objective

The Fund seeks high current income with liquidity and stability of principal.

The Fund’s Main Investment Strategy

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

•

short-term debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities

•

short-term repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities

•

[ other money market funds that invest exclusively in U.S. government securities ] and repurchase agreements collateralized by such securities.

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

If the Fund decides to invest in other types of securities , shareholders wi ll be given 60 days advance notice.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 60 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk.

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

The Fund’s adviser, J PMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Government Money Market Fund

CONTINUED

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

•

JPMIA maintains a list of approved borrowers, which it believes to present low credit risk;

•

The Fund receives collateral equal to at least 100% of the current value of the securities loaned plus accrued interest;

•

The lending agent indemnifies the Fund against borrower default;

•

JPMIA’s collateral investment guidelines limit the quality and duration of collateral investment to mini mize losses; and

•

Upon recall, the borrower must return the securities loaned within the normal settlement period.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defen sive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. Because the Morgan Shares had not commenced operations as of December 31, 2004, t he bar chart shows how the performance of the Fund’s Capital Shares (formerly Class I Shares), the original clas s offered, has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

BEST QUARTER 3rd quarter, 2000					1.64	%
WORST QUARTER 2nd quarter, 2004					0.24	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

As of December 31, 2004, the Morgan Shares had not commenced operations. The performance shown is that of the Capital Shares, the original class offered, whose shares are not offered in this prospectus. The performance for both classes would have been sub stantially similar because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have different expenses. During this period, the actual returns of Morgan Shares would have been lower than shown because Morgan Shares have higher expenses than Capital Shares.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Government Money Market Fund

CONTINUED

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Capita l Share s¹					1.26				2.89				4.18

As of December 31, 2004, the Morgan Shares had not commenced operations. The performance shown is that of the Capital Shares, the original class offered, whose shares are not offered in this prospectus. The performance for both classes would have been substantially similar because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have different expenses. During this period, the actual returns of Morgan Shares would have been lower than shown because Morgan Shares have higher expenses than Capital Shares.

Investor Expenses for Morgan Shares

The expenses of the Morgan Shares before and after reimbursement are shown below. The table below does not reflect charges or credits which you might incur if you invest through a Financial Intermediary.

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

Maximum Sales Charge (Load) when you buy shares, shown as % of the offering price					NONE
Maximum Deferred Sales Charge (Load) shown as % of lower of original purchase price or redemption proceeds					NONE

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					0.10
Shareholder Service Fees					0.35
Other Expenses¹					0.10
Total Annual Operating Expenses					0.63
Fee Waiver and Expense Reimbursements²					(0.04)
Net Expenses²					0.5 9

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year.

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cos t ($) (with or without redemption)					60				197				347				782

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Treasury Plus Money Market Fund
(formerly One Group® U.S. Treasury Securities Money Market Fund)

The Fund’s Objective

The Fund seeks current income with liquidity and stability of principal .

The Fund’s Main Investment Strategy

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

•

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

•

repurchase agreements fully collateralized by U.S. Treasury securities .

The debt securities described above carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 9 0 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defen sive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Treasury Plus Money Market Fund

CONTINUED

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

BEST QUARTER 4th quarter, 2000					1.26	%
WORST QUARTER 2nd quarter, 2004					0.06	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%) ¹

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Class B Shares ²					0.53				1.68				2.82
Class C Shares ²					0.53				1.68				2.83

Investor Expenses for Morgan, Class B and Class C Shares

SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR INVESTMENT)

				MORGAN SHARES				CLASS B SHARES				CLASS C SHARES
Maximum Sales Charge (Load) when you buy shares, shown as % of the offering price					NONE				NONE				NONE
Maximum Deferred Sales Charge (Load) shown as % of lower of original purchase price or redemption proceeds					NONE				5.00				1.00

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Treasury Plus Money Market Fund

CONTINUED

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN, CLASS B AND CLASS C ASSETS)


Management Fees	0.08		0.08		0.08
Distribution (Rule 12b-1) Fees	0.10		0.75		0.75
Shareholder Service Fees	0.35		0.25		0.25
Other Expenses¹	0.09		0.10		0.10
Total Annual Operating Expenses	0.62		1.18		1.18
Fee Waiver and Expense Reimbursements²	(0.03	)	(0.21	)	(0.21	)
Net Expenses²	0.59		0.97		0.97

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year.

Example

The example below is intended to help you compare the cost of investing in the Morgan, Class B and Class C Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Morgan, Class B and Class C Shares and your actual costs may be higher or lower.

IF YOU SELL YOUR SHARES YOUR COSTS WOULD BE:


Morgan Shares($)	60	195	343	771
*Class B Shares($)**	599	652	827	1,255
*Class C Shares($)**	199	352	627	1,412

IF YOU DON’T SELL YOUR SHARES YOUR COSTS WOULD BE:


Morgan Shares($)	60	195	343	771
Class B Shares($)	99	352	627	1,255
Class C Shares($)	99	352	627	1,412

Assumes applicable deferred sales charge is deducted when shares are sold.

Reflects conversion of Class B Shares to Morgan Shares after they have been owned for eight years.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Federal Money Market Fund

The Fund’s Objective

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

The Fund’s Main Investment Strategy

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

•

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

•

debt securities that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest.

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

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 60 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk.

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

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured by or guaranteed the FDIC, the Federal Reserve Board or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or inter est rates are not met.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Federal Money Market Fund

CONTINUED

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defen sive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. The bar chart shows how the performance of the Fund’s Morgan Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 4th quarter, 2000					1.47	%
WORST QUARTER 1st quarter, 2004					0.08	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Federal Money Market Fund

CONTINUED

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Morgan Shares					0.67				2.28				3.58

Investor Expenses for Morgan Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					0.10
Shareholder Service Fees					0.35
Other Expenses¹
Total Annual Operating Expenses
Fee Waiver and Expense Reimbursements²
Net Expenses²					0.59

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

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

The Fund’s Objective

The Fund aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.

The Fund’s Main Investment Strategy

The Fund invests its assets exclusively in obligations of the U.S. Treasury, including Treasury bills, bonds and notes.

These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. The Fund does not buy securities issued or guaranteed by agencies of the U.S. government.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 9 0 days or less.

•

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

•

The Fund will only buy securities that present minimal credit risk.

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates .

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or inter est rates are not met.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Securities Lending Risk. The Fund may lend securities, which involves the risk that the loaned securities may not be returned if the borrower or the lending agent defaults. The risk of securities lending is reduced, how ever, by the following policies:

•

JPMIM maintains a list of approved borrowers, which it believes to present low credit risk;

•

The Fund receives collateral equal to at least 100% of the current value of the securities loaned plus accrued interest;

•

The lending agent indemnifies the Fund against bor rower default; and

•

Upon recall, the borrower must return the securities loaned within the normal settlement period.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defen sive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high-quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

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

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. ¹ The bar chart shows how the performance of the Fund’s Morgan Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^{1 , 2}

The Fund’s year-to-date total return as of 9/30/05 was %.

The performance for the period before Morgan Shares were launched on 5/3/96 is based on the performance of the Fund’s predecessor, the Hanover 100% Treasury Securities Money Market Fund.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Morgan Shares ¹					0.69				2.26				3.51

The performance for the period before Morgan Shares were launched on 5/3/96 is based on the performance of the Fund’s predecessor, the Hanover 100% Treasury Securities Money Market Fund.

Investor Expenses for Morgan Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					0.10
Shareholder Service Fees					0.35
Other Expenses¹
Total Annual Operating Expenses
Fee Waivers and Expense Reimbursements²
Net Expenses²					0.59

JPMORGAN MONEY MARKET FUNDS

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

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Tax Free Money Market Fund

The Fund’s Objective

The Fund aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.

The Fund’s Main Investment Strategy

Under normal conditions , the Fund will try to invest its assets exclusively in municipal obligations, the interest on which is excluded from federal income taxes.

As a fundamental policy, the Fund will invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes.

Municipal obligations are securities that:

•

are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities; and

•

are short-term money market instruments such as private activity and industrial development bonds, tax anticipa tion notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund will only purchase municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.

The remaining 20% of the Fund’s Assets may be invested in securities subject to federal income tax or the federal alternative minimum tax for individuals. The Fund may exceed this 20% limit for temporary defensive purposes.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 60 days or less.

•

The Fund will only buy securities that have remaining maturities of 397 days or less as deter mined under Rule 2a-7.

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will :

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one orga nization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIM, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Tax Free Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or interest rates are not met.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial problems recently. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity.

•

Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obliga tions, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue.

•

Since some municipal obligations may be secured or guaranteed by banks or other financial institutions, the risk to the Fund could increase if the credit quality of the financial institution providing the backing declines or the banking or financial sector suffers an economic downturn. In addition, to the extent that the financial institu tions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs and possible delayed settlement.

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax . Consult your tax professional for more information.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defen sive periods or to meet redemptions, it may not achieve its investment objective and may produce taxable income.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Tax Free Money Market Fund

CONTINUED

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 4th quarter, 2000					0.96	%
WORST QUARTER 3rd quarter, 2003					0.09	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Morgan Shares					0.66				1.63				2.31

Investor Expenses for Morgan Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					0.10
Shareholder Service Fees					0.35
Other Expenses¹
Total Annual Operating Expenses
Fee Waivers and Expense Reimbursements²
Net Expenses²					0.59

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been restated to reflect several new fee arrangements with fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Tax Free Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Municipal Money Market Fund
(formerly One Group® Municipal Money Market Fund)

The Fund’s Objective

The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will invest at least 80% of its net assets in such securities. For purposes of this second policy, the Fund’s net assets include borrowings by the Fund for investment purposes.

Municipal obligations are securities that:

•

are short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund will only purchase municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.

The Fund may invest up to all of its assets in municipal obligations that produce income subject to the federal alternative minimum tax .

Up to 20% of the Fund’s remaining assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will :

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIA, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Municipal Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Changes in a municipality’s financial health may make it dif ficult for the municipality to make interest and principal pay ments when due. A number of municipalities have had sig nificant financial problems recently. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity.

•

Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipal ity authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or inter est payments may be tied only to a specific stream of rev enue.

•

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax . Consult your tax professional for more information.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

are looking for income that is not taxable

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Municipal Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. Because the Morgan Shares had not commenced operations as of December 31, 2004, t he bar chart shows how the performance of the Fund’s Premier Shares (formerly Class I Shares) has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

BEST QUARTER 4th quarter, 2000					0.99	%
WORST QUARTER 3rd quarter, 2003					0.13	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

As of December 31, 2004, the Morgan Shares had not commenced operations. The performance shown is that of the Premier Shares whose shares are not offered in this prospectus. The performance for both classes would have been substantially similar because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have dif ferent expenses. During this period, the actual returns of Morgan Shares would have been lower than shown because Morgan Shares have higher expenses than Premier Shares.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premie r Share s¹					0.84				1.76				2.49

As of December 31, 2004, the Morgan Shares had not commenced operations. The performance shown is that of the Premier Shares whose shares are not offered in this pro spectus. The performance for both classes would have been substantially similar because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have different expenses. During this period, the actual returns of Morgan Shares would have been lower than shown because Morgan Shares have higher expenses than Premier Shares.

Investor Expenses for Morgan Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees	0.08
Distribution (Rule 12b-1) Fees	0.10
Shareholder Service Fees	0.35
Other Expenses¹	0.10
Total Annual Operating Expenses	0.63
Fee Waivers and Expense Reimbursements²	(0.04	)
Net Expenses²	0.59

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Municipal Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual return of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					60				197				347				782

JPMORGAN MONEY MARKET FUNDS

JPMorgan
California Municipal Money Market Fund
(formerly JPMorgan California Tax Free Money Market Fund)

The Fund’s Objective

The Fund aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund invests primarily in municipal obligations , the interest on which is excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such securities. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes.

Municipal obligations in which the Fund may invest are securities that:

•

are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions; and

•

are short-term money market instruments, such as private activity and industrial development bonds, tax anticipa tion notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund will only purchase municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.

The remaining 20% of Assets may be invested in securities paying interest which is subject to federal and California personal income taxes or the federal alternative minimum tax for individuals. The Fund may exceed this limit for temporary defensive purposes. For example, when suitable municipal obligations are unavailable, the Fund may buy municipal obligations from other states. These would generally be subject to California personal income taxes.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy only securities that present minimal credit risk. These securities will :

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIM, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
California Municipal Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or inter est rates are not met.

Diversification Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state fund is allowed by SEC rules to invest a significantly greater portion of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s per formance is more affected by the success of one or a few issuers than is the performance of a more diversi fied fund.

Risk of California Obligations. The Fund will be particularly susceptible to difficulties affecting California and its municipalities.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. A number of municipalities have had significant financial prob lems recently. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity.

•

Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that pur pose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue.

•

Since some municipal obligations may be secured or guaranteed by banks or other insti tutions, the risk to the Fund could increase if the credit quality of the financial institution providing the backing declines or the banking or financial sector suffers an economic downturn.

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or California personal income taxes. Consult your tax professional for more information.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Concentration Ris k. The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during tempo

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

rary defen sive periods or to meet redemptions, it may not achieve its investment objective and may produce taxable income.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

are looking for income that is not taxable by the United States or by the State of California

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
California Municipal Money Market Fund

CONTINUED

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 2nd quarter, 1995	0.88	%
WORST QUARTER 3rd quarter, 2003	0.11	%
1st quarter, 2004

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Morgan Shares					0.69				1.49				2.23

Investor Expenses for Morgan Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					0.10
Shareholder Service Fees					0.35
Other Expenses¹
Total Annual Operating Expenses
Fee Waivers and Expense Reimbursements²
Net Expenses²					0.55

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been restated to reflect several new fee arrangements with fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

JPMORGAN MONEY MARKET FUNDS

JPMorgan
California Municipal Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual return of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Michigan Municipal Money Market Fund
(formerly One Group® Michigan Municipal Money Market Fund)

The Fund’s Objective

The Fund seeks as high a level of current interest income exempt from federal income tax and Michigan personal income tax as is consistent with capital preservation and stability of principal.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund invests prima rily in municipal obligations, the income from which is exempt from both federal income tax and Michigan personal income tax. As a fundamental policy, the Fund will invest at least 80% of its total assets in such securities. Municipal obligations in which the Fund may invest are securities that:

•

are issued by the State of Michigan, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions; and

•

are short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund will only purchase municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax and Michigan personal income tax.

The Fund may invest up to all of its assets in municipal obligations that produce income subject to the federal alternative minimum tax .

Up to 20% of the Fund’s remaining assets may be invested in non-Michigan municipal obligations, which may produce interest exempt only from federal income tax, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. For temporary defensive purposes, the Fund has the ability to invest up to all of its assets in non-Michigan municipal obligations that produce income that may be subject to the federal alternative minimum tax.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will :

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIA, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Michigan Municipal Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Risk of Michigan Obligations. The Fund will be particularly susceptible to difficulties affecting Michigan and its municipalities.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Michigan personal income taxes. Consult your tax professional for more information.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

are looking for income that is not taxable by the United States or by the State of Michigan

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Michigan Municipal Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. Because the Morgan Shares had not commenced operations as of December 31, 2004, t he bar chart shows how the performance of the Fund’s Premier Shares (formerly Class I Shares) has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

BEST QUARTER 4th quarter, 2000					0.98	%
WORST QUARTER 3rd quarter, 2003					0.12	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premie r Share s¹					0.79				1.71				2.40

As of December 31, 2004, the Morgan Shares had not commenced operations. The performance shown is that of the Premier Shares whose shares are not offered in this pro spectus. The performance for both classes would have been substantially similar because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have different expenses. During this period, the actual returns of Morgan Shares would have been lower than shown because Morgan Shares have higher expenses than Premier Shares. Performance data includes the performance of the Pegasus Michigan Municipal Money Market Fund for the period before it was consolidated with the Fund on March 22, 1999.

Investor Expenses for Morgan Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees	0.08
Distribution (Rule 12b-1) Fees	0.10
Shareholder Service Fees	0.35
Other Expenses¹	0.17
Total Annual Operating Expenses	0.70
Fee Waivers and Expense Reimbursements²	(0.11	)
Net Expenses²	0.59

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Michigan Municipal Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual return of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					60				212				378				859

JPMORGAN MONEY MARKET FUNDS

JPMorgan
New York Municipal Money Market Fund
(formerly JPMorgan New York Tax Free Money Market Fund)

The Fund’s Objective

The Fund aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund invests prima rily in municipal obligations, the interest on which is excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax . As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in in such securities. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes.

Municipal obligations in which the Fund may invest are securities that:

•

are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions

•

The Fund will only purchase municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.

The remaining 20% of Assets may be invested in securities paying interest which is subject to federal income tax , New York State and New York City personal income taxes or the federal alternative minimum tax . The Fund may exceed this limit for temporary defensive purposes. For example, when suitable municipal obligations are unavailable, the Fund may buy municipal obligations from other states. These would generally be subject to New York State and New York City personal income taxes.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within the se requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will :

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIM, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
New York Municipal Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or inter est rates are not met.

Interest Rate Risk. The yield paid by the Fund will increase or decrease with changes in short-term interest rates although the Fu nd is generally less sensitive to interest rate changes than longer-term securities are .

Risk of New York Obligations. The Fund will be particularly susceptible to difficulties affecting New York State and its municipalities.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or New York State or New York City personal income taxes. Consult your tax professional for more information.

Concentration Risk. The Fund may invest more than 25% of its total assets in securities which rely on simi lar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis .

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

are looking for income that is not taxable by the United States, by the State of New York and by New York City

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
New York Municipal Money Market Fund

CONTINUED

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 4th quarter, 2000					0.94	%
WORST QUARTER 3rd quarter, 2003					0.09	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDING DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Morgan Shares					0.66				1.59				2.25

Investor Expenses for Morgan Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					0.10
Shareholder Service Fees					0.35
Other Expenses¹
Total Annual Operating Expenses
Fee Waiver and Expense Reimbursements²
Net Expenses²					0.59

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been restated to reflect several new fee arrangements with fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

JPMORGAN MONEY MARKET FUNDS

JPMorgan
New York Municipal Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Ohio Municipal Money Market Fund
(formerly One Group® Ohio Municipal Money Market Fund)

The Fund’s Objective

The Fund seeks as high a level of current interest income exempt from federal income tax and Ohio personal income tax as is consistent with capital preservation and stability of prin cipal.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund invests prima rily in municipal obligations, the income from which is exempt from both federal income tax and Ohio personal income tax. As a fundamental policy, the Fund will invest at least 80% of its total assets in such securities. Municipal obligations in which the Fund may invest are securities that:

•

are issued by the State of Ohio, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions

•

are short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund may invest up to all of its assets in municipal obligations that produce income subject to the federal alternative minimum tax .

Up to 20% of the Fund’s remaining assets may be invested in non-Ohio municipal obligations, which may produce interest exempt only from federal income tax, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. For temporary defensive purposes, the Fund has the ability to invest up to all of its assets in non- Ohio municipal obligations that produce income that may be subject to the federal alternative minimum tax.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will :

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIA, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Ohio Municipal Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Risk of Ohio Obligations. The Fund will be particu larly susceptible to difficulties affecting Ohio and its municipalities.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Ohio per sonal income taxes. Consult your tax professional for more information.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

are looking for income that is not taxable by the United States or by the State of Ohio

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Ohio Municipal Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. Because the Morgan Shares had not commenced operations as of December 31, 2004, t he bar chart shows how the performance of the Fund’s Premier Shares (formerly Class I Shares) has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com . Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

BEST QUARTER 4th quarter, 2000					0.97	%
WORST QUARTER 2nd quarter, 2004					0.11	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premie r Share s¹					0.80				1.71				2.46

As of December 31, 2004, the Morgan Shares had not commenced operations. The performance shown is that of the Premier Shares whose shares are not offered in this pro spectus. The performance for both classes would have been substantially similar because the shares are invested in the same portfolio of securities, and the returns would differ only to the extent that the classes have different expenses. During this period, the actual returns of Morgan Shares would have been lower than shown because Morgan Shares have higher expenses than Premier Shares.

Investor Expenses for Morgan Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM MORGAN ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					0.10
Shareholder Service Fees					0.35
Other Expenses¹					0.19
Total Annual Operating Expenses					0.72
Fee Waivers and Expense Reimbursements²					(0.13)
Net Expenses²					0.59

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Ohio Municipal Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Morgan Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual return of the Morgan Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					60				216				387				881

JPMORGAN MONEY MARKET FUNDS

The Funds’ Management and Administration

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

•

Prime Money Market Fund

•

Federal Money Market Fund

•

100% U.S. Treasury Securities Money Market Fund

•

Tax Free Money Market Fund

•

California Municipal Money Market Fund

•

New York Municipal Money Market Fund

Collectively, these are the JPMTI Funds.

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

•

Liquid Assets Money Market Fund

•

U.S. Government Money Market Fund

•

U.S. Treasury Plus Money Market Fund

•

Municipal Money Market Fund

•

Michigan Municipal Money Market Fund

•

Ohio Municipal Money Market Fund

Collectively these are the JPMTII Funds.

The trustees of each trust are responsible for overseeing all business activities.

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

Each class in a multiple class fund can set its own transaction minimums and may vary with respect to expenses for distribution, administration and shareholder services. This means that one class could offer access to a Fund on different terms, and thus would experience different performance, than another class. Certain classes may be more appropriate for a particular investor.

Each Fund may also issue other classes of shares that have different expense levels and performance and different requirements for who may invest. Call 1-800-480-4111 to obtain more information concerning all of the Funds’ other share classes. A Financial Intermediary (as described below) who receives compensation for selling Fund shares may receive a different amount of compensation for sales of different classes of shares.

The Funds’ Investment Adviser s

JPMIM and JPMIA each act as investment adviser to several of the Funds and each makes day-to-day investment decisions for the Funds, which it advises. JPMIM is the investment adviser to the JPMTI Funds, and JPMIA (formerly known as Banc One Investment Advisors Corporation) is the investment adviser to the JPMTII Funds.

JPMIM is a wholly-owned subsidiary of J.P. Morgan Fleming Asset Management Holdings, Inc., which is a wholly-owned subsidiary of JPMorgan Chase & Co. (JPMorgan Chase), a bank holding company. JPMIA is an indirect, wholly-owned subsidiary of JPMorgan Chase.

During the most recent fiscal year ended 8/31/0 5 , JPMIM was paid management fees (net of waivers, if any), as shown below, as a percentage of average daily net assets:

JPMORGAN MONEY MARKET FUNDS

The Funds’ Management and Administration

CONTINUED

During the most recent fiscal year ended 6/30/05, JPMIA was paid management fees (net of waivers, if any), as shown below, as a percentage of average daily net assets:

Effective 2/19/05, the management fees for all the Funds was 0.08%.

A discussion of the bas i s the Board of Trustees of JPMTI used in reapproving the investment advisory for the JPMTI Funds is available in the annual report for the year ended August 31, 2005. A discussion for the JPMTII Funds is available in the SAI for those Funds.

The Funds’ Administrator

JPMorgan Funds Management, Inc. (the Administrator) provides administrative services and oversees each Fund’s other service providers. The Administrator receives a pro-rata portion of the following annual fee on behalf of each Fund for administrative services: 0.10% of the first $100 billion of average daily net assets of all money market funds in the JPMorgan Funds Complex and 0.05% of average daily net assets over $100 billion.

The Funds’ Shareholder Servicing Agent

The Trust, on behalf of the Funds, has entered into a shareholder servicing agreement with JPMorgan Distribution Services, Inc. (JPMDS) under which JPMDS has agreed to provide certain support services to the Funds’ shareholders. For performing these services, JPMDS, as shareholder servicing agent, receives an annual fee of 0.35% of the average daily net assets of Morgan Shares of each Fund and 0.25% of the average daily net assets of the Class B and Class C Shares . JPMDS may enter into service agreements with Financial Intermediaries under which it will pay all or a portion of the annual fees described above to such entities for performing shareholder and administrative services. The amount payable for “service fees” (as defined by the NASD) does not exceed 0.25% of the average annual net assets attributable to the Morgan Shares of each Fund.

The Funds’ Distributor

JPMDS (the Distributor) is the distributor for the Funds. The Distributor is an affiliate of JPMIM , JPMIA and the Administrator.

With the exception of Prime Money Market Fund, all of the Funds have adopted a Rule 12b-1 distribution plan under which they pay annual distribution fees of up to 0.10% of the average daily net assets attributable to Morgan Shares. The Prime Money Market Fund , Liquid Assets Money Market Fund and U.S. Treasury Plus Money Market Fund have adopted a Rule 12b-1 distribution plan under which it pays annual distribution fees of up to 0.75% of the average daily net assets attributable to Class B and Class C Shares.

Rule 12b-1 fees are paid by the Funds to the Distributor as compensation for its services and expenses in connection with the sale and distribution of Fund shares. The Distributor in turn pays all or part of these Rule 12b-1 fees to Financial Intermediaries that have agreements with the Distributor to sell shares of the Funds. The Distributor may pay Rule 12b-1 fees to its affiliates. Payments are not tied to the amount of actual expenses incurred.

Because Rule 12b-1 expenses are paid out of a Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than other types of sales charges.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Additional Compensation to Financial Intermediaries

JPMIM, JPMIA, JPMDS and, from time to time, other affiliates of JPMorgan Chase may, at their own expense and out of their own legitimate profits, provide additional cash payments to Financial Intermediaries who sell shares of the JPMorgan Funds. For this purpose, Financial Intermediaries include financial advisors, investment advisers, brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others, including various affiliates of JPMorgan Chase, that have entered into agreements with the Distributor. These additional cash payments are payments over and above the sales charges, Rule 12b-1 fees and shareholder servicing fees which are disclosed elsewhere in this prospectus. These additional cash payments are generally made to Financial Intermediaries that provide shareholder or administrative services or marketing support. Marketing support may include access to sales meetings, sales representatives and Financial Intermediary management representatives, inclusion of the JPMorgan Funds on a sales list, including a preferred or select sales list, or other sales programs. These additional cash payments also may be made as an expense reimbursement in cases where the Financial Intermediary provides shareholder services to JPMorgan Fund shareholders. JPMIM , JPMIA and JPMDS may also pay cash compensation in the form of finders’ fees that vary depending on the JPMorgan Fund and the dollar amount of shares sold. In addition, JPMDS may, on occasion, pay Financial Intermediaries the entire front-end sales charge applicable to the JPMorgan Fund shares sold by the Financial Intermediary or an additional commission on the sale of JPMorgan Fund shares subject to a CDSC.

JPMORGAN MONEY MARKET FUNDS

How Your Account Works

BUYING FUND SHARES

You do not pay any sales charge (sometimes called a load) when you buy Morgan Shares of these Funds. Unlike the other money market funds in the prospectus, the Prime Money Market Fund , Liquid Assets Money Market Fund and U.S. Treasury Plus Money Market Fund also offer two additional classes of shares: Class B and Class C Shares. You do not pay any front-end sales charge when you buy Class B or Class C Shares of these three Funds . You may have to pay a contingent deferred sales charge (CDSC) when you sell Class B or Class C Shares of these three Funds depending on how long you have held them.

Different sales charges are associated with the Class B and Class C Shares of the Prime Money Market Fund , Liquid Assets Money Market Fund and U.S. Treasury Plus Money Market Fund :

•

If you hold Class B Shares, you may be required to pay a CDSC when you sell your shares, depending on the length of your investment in the particular shares.

•

If you hold Class C Shares, you may be required to pay a CDSC if you hold the shares for less than one year.

For more information about Class B and Class C Shares see “Distribution Arrangements.”

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 of a Fund owns, minus everything the class owes, divided by the number of shares of that class held by investors. The Funds seek to maintain a stable NAV per share of $1.00. Each Fund uses the amortized cost method to value its portfolio of securities. This method provides more stability in valuations. However, it may also result in periods during which the stated value of a security is different than the price the Fund would receive if it sold the investment.

The NAV of each class of shares is generally calculated as of the cut-off time each day the Funds are accepting orders. You will pay the next NAV per share calculated after JPMorgan Funds Services accepts your order.

Morgan Shares, Class B and Class C Shares may be purchased by the general public. You may purchase Fund shares through your Financial Intermediary. Financial Intermediaries may include financial advisors, investment advisers, brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others, including various affiliates of JPMorgan Chase, that have entered into agreements with JPMDS as Distributor and/or shareholder servicing agent. Shares purchased this way will typically be held for you by the Financial Intermediary. You may also purchase Morgan, Class B and Class C Shares directly from JPMorgan Funds Services.

Shares are available on any business day that the Federal Reserve Bank of New York (Federal Reserve) and the New York Stock Exchange (NYSE) are open, except the following holidays: New Year’s Day, Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day and Christmas Day.

The Funds may close earlier a few days each year when the Bond Market Association recommends that the securities markets close trading early.

On occasion, the NYSE closes before 4:00 p.m. Eastern Time (ET). When the NYSE closes before a Fund’s cut-off time, purchase orders accepted by the Fund after the NYSE closes will be effective the following business day. Each Fund, however, may elect to remain open following an early close of the NYSE or to open on days when the Federal Reserve is open and the NYSE is closed. If your purchase order is accepted by the Fund before the Fund’s close on a day when the NYSE closes early but the Fund remains open, or on a day when the Fund is open but the NYSE is not, it will be effective the same business day. Purchase orders accepted after a Fund closes will be effective the following business day.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

accepts your purchase order after the cut-off time, we will process it at the next day’s price.

Share ownership is electronically recorded, therefore no certificates will be issued.

If a Financial Intermediary holds your shares, it is the responsibility of the Financial Intermediary to send your purchase order to the Fund. Your Financial Intermediary may have an earlier cut-off time for purchase orders.

In addition, your Financial Intermediary may be closed at times when the Fund is open (for example, when the NYSE is closed and the Fund elects to remain open).

Normally, the cut-off time for each Fund is:

Prime Money Market Fund				5:00 P.M. ET
Liquid Assets Money Market Fund				5:00 P.M. ET
U.S. Government Money Market Fund				5:00 P.M. ET
U.S. Treasury Plus Money Market Fund				5:00 P.M. ET
Federal Money Market Fund				2:00 P.M. ET
100% U.S. Treasury Securities Money Market Fund				2:00 P.M. ET
Tax Free Money Market Fund				NOON ET
Municipal Money Market Fund				NOON ET
California Municipal Money Market Fund				NOON ET
Michigan Municipal Money Market Fund				NOON ET
New York Municipal Money Market Fund				NOON ET
Ohio Municipal Money Market Fund				NOON ET

The Fund must receive “federal funds” before the Fund’s cut-off time shown above (unless the Fund closes early, in which case federal funds must be received by the Fund’s close). If the Fund does not receive federal funds by its cut-off time, your order may not be effective until the next business day on which federal funds are timely received by the Fund. If you pay by check before the cut-off time, we will generally process your order the next business day the Fund is open for business.

The Funds have the right to refuse any purchase order or to stop offering shares for sale at any time.

TO OPEN AN ACCOUNT, BUY OR SELL SHARES OR GET FUND INFORMATION, CALL:
JPMORGAN FUNDS SERVICES
1-800-480-4111

Minimum Investments

Morgan, Class B and Class C Shares are subject to a $1,000 minimum investment requirement per Fund. Subsequent investments must be at least $25 per F und . A lower minimum may be available under the Systematic Investment Plan.

You should purchase no more than $99,999 of Class B Shares. If you have already purchased more than $99,999 of Class B Shares, you and your Financial Intermediary should carefully consider whether additional Class B Shares are a suitable investment.

Investment minimums may be waived for certain types of retirement accounts (e.g., 401(k), 403(b) and SIMPLE IRA) as well as for certain wrap fee accounts. The Funds reserve the right to waive any initial or subsequent investment minimum. For further information on investment minimum waivers, call 1-800-480-4111.

General

The JPMorgan money market funds (including the Funds in this prospectus) are intended for short-term investment horizons, and do not monitor for market timers or prohibit short-term trading activity. Although these Funds are managed in a manner that is consistent with their investment objectives, frequent trading by shareholders may disrupt their management and increase their expenses.

Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. When you open an account, we will ask for your name, residential or business street address, date of birth (for an individual) and other information that will allow us to identify you, including your social security number, tax identification number or other identifying number. The Funds cannot waive these requirements. The Funds are required by law to

JPMORGAN MONEY MARKET FUNDS

How Your Account Works

CONTINUED

reject your Account Application if the required identifying information is not provided.

We will attempt to collect any missing information required on the Account Application by contacting either you or your Financial Intermediary. If we cannot obtain this information within the established time frame, your Account Application will be rejected. Amounts received prior to receipt of the required information will be held uninvested and will be returned to you without interest if your Account Application is rejected. If the required information is obtained, your investment will be accepted and you will pay the NAV per share next calculated after all of the required information is received .

Once we have received all of the required information, federal law requires us to verify your identity. After an account is opened, we may restrict your ability to purchase additional shares until your identity is verified. If we are unable to verify your identity within a reasonable time, the Funds reserve the right to close your account at the current day’s NAV per share. If your account is closed for this reason, your shares will be redeemed at the NAV per share next calculated after the account is closed, less any applicable CDSC.

Send the completed Account Application and a check to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

All checks must be in U.S. dollars. The Funds do not accept credit cards, cash, starter checks, money orders or credit card checks. The Funds reserve the right to refuse “third-party” checks and checks drawn on non-U.S. financial institutions even if payment may be effected through a U.S. financial institution. Checks made payable to any individual or company and endorsed to JPMorgan Funds or a Fund are considered third-party checks. The redemption of shares purchased through JPMorgan Funds Services by check or an Automated Clearing House (ACH) transaction is subject to certain limitations. See “Selling Fund Shares.”

All checks must be made payable to one of the following:

•

JPMorgan Funds; or

•

The specific Fund in which you are investing.

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

If you choose to pay by wire, please call 1-800-480-4111 to notify the Funds of your purchase and authorize your financial institution to wire funds to:

JPMORGAN CHASE BANK, N.A.
ATTN: JPMORGAN FUNDS SERVICES
ABA 021 000 021
DDA 323125832
FBO YOUR JPMORGAN FUND
    (EX: JPMORGAN ABC FUND-MORGAN)
YOUR FUND NUMBER & ACCOUNT NUMBER
    (EX: FUND 123-ACCOUNT 123456789)
YOUR ACCOUNT REGISTRATION
    (EX: JOHN SMITH & MARY SMITH, JTWROS)

Orders by wire may be canceled if JPMorgan Funds Services does not receive payment by the Fund’s cut-off time on the day that you placed your order. You will be responsible for any expenses and losses to the Funds.

You can buy shares in one of three ways:

Through Your Financial Intermediary

Tell your Financial Intermediary which Funds you want to buy and they will contact us. Your Financial Intermediary may charge you a fee and may offer additional services, such as special purchase and redemption programs, “sweep” programs, cash advances and redemption checks. Some Financial Intermediaries charge a single fee that covers all services.

The Fund must accept your order from your Financial Intermediary by the Fund’s cut-off time in order for us to process your purchase order at that day’s price. Your Financial Intermediary may impose different minimum investments and earlier cut-off times.

Your Financial Intermediary may be paid by JPMDS to assist you in establishing your account, execut

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

ing transactions and monitoring your investment. Financial Intermediaries may provide the following services in connection with their customers’ investments in the Funds:

•

Acting directly or through an agent, as the sole shareholder of record

•

Maintaining account records for customers

•

Processing orders to purchase, redeem or exchange shares for customers

•

Responding to inquiries from shareholders

•

Assisting customers with investment procedures.

Through JPMorgan Funds Services

Call 1-800-480-4111
Or
Complete the Account Application and mail it along with a check for the amount you want to invest to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

JPMorgan Funds Services will accept your order when federal funds, a wire, a check or ACH transaction is received together with a completed Account Application or other instructions in proper form.

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

Through a Systematic Investment Plan

You may purchase additional Morgan, Class B or Class C Shares by making automatic periodic investments from your bank account. You may choose to make an initial investment of an amount less than the required minimum of $1,000 per Fund as long as your initial investment is at least $100 and you agree to make regular monthly investments of at least $100. To establish a Systematic Investment Plan:

•

Select the “Systematic Investment Plan” option on the Account Application.

•

Provide the necessary information about the bank account from which your investments will be made.

The Funds currently do not charge for this service, but may impose a charge in the future. However, your bank may impose a charge for debiting your bank account.

You may revoke your election to make systematic investments by calling 1-800-480-4111 or by sending a letter to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

SELLING FUND SHARES

You can sell your shares on any day that the Funds are accepting purchase orders. You will receive the next NAV per share calculated after the Fund accepts your order, less any applicable sales charges.

We will need the names of the registered shareholders, your account number and other information before we can sell your shares.

Under normal circumstances, if a Fund accepts your order before the Fund’s cut-off time, the Fund will make available to you the proceeds th at same business day by wire. Otherwise, except as permitted by the federal secu rities laws, your redemption proceeds will be paid within seven days (one day for the JPMorgan Prime Money Market Fund and the JPMorgan Liquid Assets Money Market Fund) after acceptance of the redemp tion order.

If you have changed your address of record within the previous 30 days, the Funds will not mail your proceeds, but rather will wire them or send them by ACH to a pre-existing bank account on record with the Funds.

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

JPMORGAN MONEY MARKET FUNDS

How Your Account Works

CONTINUED

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

•

You want to redeem shares with a value of $50,000 or more and you want to receive your proceeds in the form of a check; or

•

You want your payment sent to an address, bank account or payee other than the one currently designated on your Fund account.

We may also need additional documents or a letter from a surviving joint owner before selling the shares. Contact JPMorgan Funds Services for more details.

You can sell your shares in one of three ways:

Through Your Financial Intermediary

Tell your Financial Intermediary which Fund’s shares you want to sell. The Fund must accept your order from your Financial Intermediary by the Fund’s cut-off time in order for us to process your order at that day’s price. Your Financial Intermediary will send the necessary documents to JPMorgan Funds Services. Your Financial Intermediary may charge you for this service.

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

Through JPMorgan Funds Services

Call 1-800-480-4111. We will mail you a check or send the proceeds via electronic transfer or wire to the bank account on our records.
Or
Send a signed letter with your instructions to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

Through a Systematic Withdrawal Plan

If you have an account value of at least $10,000, you may elect to receive monthly, quarterly or annual payments of not less than $100 each. Systematic withdrawals in connection with required minimum distributions under a retirement plan may be in any amount.

•

Select the “Systematic Withdrawal Plan” option on the Account Application.

•

Specify the amount you wish to receive and the frequency of the payments.

•

You may designate a person other than yourself as the payee.

•

There is no fee for this service.

If you select this option, please keep in mind that:

•

If you own Class B or Class C Shares, you or your designated payee may receive monthly, quarterly or annual systematic payments. The applicable Class B or Class C CDSC will be deducted from those payments unless such payments are made:

•

Monthly and constitute no more than 1/12 of 10% of your then-current balance in a Fund each month; or

•

Quarterly and constitute no more than 1/4 of 10% of your then-current balance in a Fund each quarter.

The amount of the CDSC charged will depend on whether your systematic payments are a fixed dollar amount per month or quarter or are calculated monthly or quarterly as a stated percentage of your then-current balance in the Fund. For more information about the calculation of the CDSC for systematic withdrawals exceeding the specified limits above, please see the Funds’ Statement of Additional Information. New annual systematic withdrawals are not eligible for a waiver of the applicable Class B or Class C CDSC. Your current balance in the Fund for purposes of these calculations will be determined by multiplying the number of shares held by the then-current NAV per share for shares of the applicable class.

If the amount of the systematic payment exceeds the income earned by your account since the previous payment under the Systematic Withdrawal Plan, payments will be made by redeeming some of your shares. This will reduce the amount of your investment.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Check Writing

Morgan shareholders may write checks for $250 or more.

•

Checks may be payable to any person and your account will continue to earn dividends until the check clears.

•

Checks are free, but your bank or the payee may charge you for stop payment orders, insufficient funds, or other valid reasons.

•

You can not use this option to close your account because of the difficulty of determining the exact value of your account.

•

You must wait five business days before you can write a check against shares purchased by a check or ACH.

Select the “Check Writing” option on the Account Application. Complete, sign and return the Check Writing Privileges Election form that is attached to the application. You will receive a supply of checks that will be drawn on UMB Bank, N.A.

Redemptions-In-Kind

Generally, all redemptions will be for cash. However, if you redeem shares worth $250,000 or more, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash. If payment is made in securities, the Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on the Fund and its remaining shareholders.

EXCHANGING FUND SHARES

Morgan Shares of a Fund may be exchanged for Morgan Shares of certain other JPMorgan Funds or Class A Shares of another JPMorgan Fund. You may pay a sales charge if you exchange your Morgan Shares for Class A Shares.

Class B Shares of a Fund may be exchanged for Class B Shares of another JPMorgan Fund.

Class C Shares of the JPMorgan Short Duration Bond Fund, JPMorgan Short Term Municipal Bond Fund and JPMorgan Ultra Short Term Bond Fund (collectively, the Short Term Bond Funds) may be exchanged for Class C Shares of any other JPMorgan Fund, including Class C Shares of any of the Short Term Bond Funds.

Class C Shares of a Fund may be exchanged for Class C Shares of another JPMorgan Fund, except the Short Term Bond Funds.

If you exchange Class B Shares of the Prime Money Market Fund , Liquid Assets Money Market Fund or U.S. Treasury Plus Money Market Fund for Class B Shares of another JPMorgan Fund, or Class C Shares of the Prime Money Market Fund , Liquid Assets Money Market Fund or U.S. Treasury Plus Money Market Fund for Class C Shares of another JPMorgan Fund, you will not pay a CDSC until you sell the shares of the other Fund. The amount of CDSC will be based on when you bought the original shares, not when you made the exchange.

You will need to meet any investment minimum or eligibility requirements. The JPMorgan Funds do not charge a fee for this privilege. In addition, the JPMorgan Funds may change the terms and conditions of your exchange privileges upon 60 days’ written notice.

Generally, an exchange between JPMorgan Funds is considered a sale of Fund shares. Carefully read the prospectus of the Fund you want to buy before making an exchange.

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

You can exchange your shares in one of two ways:

Through Your Financial Intermediary

Tell your Financial Intermediary which Fund ’ s shares you want to exchange. They will send the necessary documents to JPMorgan Funds Services. Your Financial Intermediary may charge you for this service.

Through JPMorgan Funds Services

Call 1-800-480-4111 to ask for details.

JPMORGAN MONEY MARKET FUNDS

How Your Account Works

CONTINUED

DISTRIBUTION ARRANGEMENTS

To obtain free information regarding sales charges and elimination or waiver of sales charges on Class B and Class C Shares, visit www.jpmorganfunds.com and “click” on the hyperlinks or call 1-800-480-4111. You may also contact your Financial Intermediary about the elimination or waiver of sales charges.

Class B Shares

Class B Shares are offered at NAV per share, without any up-front sales charge. However, if you redeem these shares within six years of the purchase date, measured from the first day of the month in which the shares were purchased, you will be assessed a CDSC according to the following schedule:

YEARS SINCE PURCHASE				CDSC AS A % OF DOLLAR AMOUNT SUBJECT TO CHARGE
0-1				5.00
1-2				4.00
2-3				3.00
3-4				3.00
4-5				2.00
5-6				1.00
MORE THAN 6				NONE

The Distributor pays a commission of 4.00% of the original purchase price to Financial Intermediaries who sell Class B Shares .

Class B Shares automatically convert to Morgan Shares after eight years measured from the first day of the month in which the shares were purchased.

After conversion, your shares will be subject to the lower distribution fees charged on Morgan Shares.

You will not be assessed any sales charges or fees for conversion of shares, nor will you be subject to any federal income tax as a result of the conversion.

If you have exchanged Class B Shares of one JPMorgan Fund for Class B Shares of another, the time you held the shares in each Fund will be added together.

Class C Shares

Class C Shares are offered at NAV per share, without any up-front sales charge. However, if you redeem your shares within one year of the purchase date, measured from the first day of the month in which the shares were purchased, you will be assessed a CDSC as follows:

YEARS SINCE PURCHASE				CDSC AS A % OF DOLLAR AMOUNT SUBJECT TO CHARGE
0-1				1.00
AFTER FIRST YEAR				NONE

The Distributor pays a commission of 1.00% of the original purchase price to Financial Intermediaries who sell Class C Shares .

Like Class B Shares, Class C Shares have higher combined distribution and service fees than Morgan Shares. Unlike Class B Shares, Class C Shares do not convert to Morgan Shares. That means you keep paying the higher combined distribution and service fees as long as you hold Class C Shares. Over the long term, these fees can add up to higher total fees than the fees of Class B Shares.

Calculation of the Class B and Class C CDSC

The Fund assumes that all purchases made in a given month were made on the first day of the month.

For Class B and Class C Shares of the Prime Money Market Fund purchased prior to February 19, 2005, the CDSC is based on the current market value or the original cost of the shares, whichever is less. For Class B and Class C Shares of the Prime Money Market Fund purchased on or after February 19, 2005, the CDSC is based on the original cost of the shares.

For Class B Shares of the Liquid Assets Money Market Fund and U.S. Treasury Plus Money Market Fund purchased prior to November 1, 2002, the CDSC is based on the current mar ket value or the original cost of the shares, whichever is less. For Class B and Class C Shares of the Liquid Assets Money Market Fund and U.S. Treasury Plus Money Market Fund purchased on or after November 1, 2002, the CDSC is based on the original cost of the shares.

You should retain any records necessary to substantiate histori cal costs because the Distributor,

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

the Funds, the transfer agent and your Financial Intermediary may not maintain such information.

No CDSC is imposed on shares acquired through reinvestment of dividends or capital gains distributions.

To keep your CDSC as low as possible, the Fund first will redeem shares acquired through dividend reinvestment followed by the shares you have held for the longest time and thus have the lowest CDSC.

If you received your Class B or Class C Shares in connection with a fund reorganization, the CDSC applicable to your original shares (including the period of time you have held those shares) will be applied to the shares you received in the reorganization.

Waivers of the Class B and Class C CDSC

No CDSC is imposed on redemptions of Class B or Class C Shares :

If you withdraw no more than a specified percentage (as indicated in “Selling Fund Shares — Through a Systematic Withdrawal Plan”) of the current balance of the applicable Fund each month or quarter. Withdrawals made as part of a required minimum distribution also are included in calculating amounts eligible for this waiver. You need to participate in a monthly or quarterly Systematic Withdrawal Plan to take advantage of this waiver. For information on the Systematic Withdrawal Plan, please see “Selling Fund Shares — Through a Systematic Withdrawal Plan.”

Made within one year of a shareholder’s death or initial qualification for Social Security disability payments after the account is opened. In order to qualify for this waiver, the Distributor must be notified of such death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability.

If you are a participant in or beneficiary of certain retirement plans and you die or become disabled (as defined in Section 72(m)(7) of the Internal Revenue Code) after the account is opened. The redemption must be made within one year of such death or disability. In order to qualify for this waiver, the Distributor must be notified of such death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability.

That represent a required minimum distribution from your IRA account or other qualifying retirement plan, but only if you are at least age 70-1/2. If the shareholder maintains more than one IRA, only the assets credited to the IRA that is invested in one or more of the JPMorgan Funds are considered when calculating that portion of your minimum required distribution that qualifies for the waiver.

That represent a distribution from a qualified retirement plan by reason of the participant’s retirement.

That are involuntary and result from a failure to maintain the required minimum balance in an account.

Exchanged in connection with plans of reorganization of a JPMorgan Fund, such as mergers, asset acquisitions and exchange offers to which a Fund is a party. However, you may pay a CDSC when you redeem the Fund shares you received in connection with the plan of reorganization.

Exchanged for Class B or Class C Shares of other JPMorgan Funds. However, you may pay a CDSC when you redeem the Fund shares you received in the exchange. Please read “Exchanging Fund Shares.”

If the Distributor receives notice before you invest indicating that your Financial Intermediary, due to the type of account that you have, is waiving its commission.

No sales charge is imposed on Class C Shares of the Fund s if the shares were bought with proceeds from the sale of Class C Shares of a JPMorgan Fund, but only if the purchase is made within 90 days of the sale or distribution. Appropriate documentation may be required.

To take advantage of any of these waivers of the CDSC applicable to Class B or Class C Shares, you

JPMORGAN MONEY MARKET FUNDS

How Your Account Works

CONTINUED

must qualify for such waiver. To see if you qualify, call 1-800-480-4111 or contact your Financial Intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice.

OTHER INFORMATION CONCERNING THE FUNDS

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

Due to the relatively high cost of maintaining small accounts, if your account value falls below the Funds’ minimum investment requirement, the Funds reserve the right to redeem all of the remaining shares in your account and close your account or charge an annual sub-minimum account fee of $10 per Fund. Before either of these actions is taken, you will be given 60 days’ advance written notice in order to provide you with time to increase your account balance to the required minimum, by purchasing sufficient shares, in accordance with the terms of this prospectus. Accounts participating in a qualifying Systematic Investment Plan will not be subject to redemption or the imposition of the $10 fee as long as the systematic payments to be made will increase the account value above the required minimum balance within one year of the establishment of the account.

To collect the $10 sub-minimum account fee, the Fund will redeem $10 worth of shares from your account. Shares redeemed for this reason will not be charged a CDSC.

If your account falls below the Funds’ minimum investment requirement and is closed as a result, you will not be charged a CDSC.

You may not always reach JPMorgan Funds Services by telephone. This may be true at times of unusual market changes and shareholder activity. You can mail us your instructions or contact your Financial Intermediary. We may modify or cancel the sale of shares by telephone without notice.

You may write to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

Shares of the JPMorgan U.S. Government Money Market Fund are intended to qualify as eligible investments for federally chartered credit unions pursuant to Sections 107(7), 107(8) and 107(15) of the Federal Credit Union Act, Part 703 of the National Credit Union Administration (NCUA) Rules and Regulations and NCUA Letter Number 155. This Fund intends to review changes in the applicable laws, rules and regulations governing eligible investments for federally chartered credit unions, and to take such action as may be necessary so that the investments of this Fund qualify as eligible investments under the Federal Credit Union Act and the regulations thereunder.

The Funds may suspend your ability to redeem or postpone payment for more than seven days (more than one day for the JPMorgan Prime Money Market Fund and the JPMorgan Liquid Assets Money Market Fund) when:

Trading on the NYSE is restricted;

The NYSE is closed (other than weekend and holiday closings);

Federal securities laws permit;

The SEC has permitted a suspension; or

An emergency exists, as determined by the SEC.

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

JPMORGAN MONEY MARKET FUNDS

Shareholder Information

DISTRIBUTIONS AND TAXES

The Funds can earn income and can realize capital gain. The Funds deduct any expenses and then pay out these earnings to shareholders as distributions.

The Funds declare dividends daily, so your shares can start earning dividends on the day you buy them. The Funds distribute the dividends monthly in the form of additional shares, unless you tell us that you want distributions in cash or as a deposit in a pre-assigned bank account. The taxation of dividends will not be affected by the form in which you receive them. The Funds distribute any short-term capital gain at least annually. The Funds do not expect to realize long-term capital gain.

Dividends of net investment income will generally be taxable as ordinary income at the federal, state and local levels. I ncome paid by the Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund , Michigan Municipal Money Market Fund, New York Municipal Money Market Fund and Ohio Municipal Money Market Fund are not subject to federal income taxes, but will generally be subject to state and local taxes and may be subject to federal alternative minimum tax. Similarly, for the California Municipal Money Market Fund, California residents will not have to pay California personal income taxes on tax-exempt income from California municipal obligations. The state or municipality where you live may not charge you state and local taxes on dividends of tax-exempt interest earned on certain bonds.

Dividends paid by the Michigan Municipal Money Market Fund that are derived from interest attributable to tax-exempt Michigan Municipal Obligations will be exempt from Michigan income tax and generally, also exempt from Michigan single business tax. Conversely, to the extent that the Fund’s dividends are derived from interest on obligations other than Michigan Municipal Obligations or certain U.S. government obliga tions (or are derived from short-term or long-term gains), such dividends may be subject to Michigan income tax and Michigan single business tax, even though the dividends may be exempt for federal income tax purposes. Except as noted above with respect to Michigan income taxation, distributions of net income may be taxable to investors as dividend income under other state or local laws even though a substantial portion of such distributions may be derived from interest on tax-exempt obligations which, if realized directly, would be exempt from such income taxes.

Dividends paid by the New York Municipal Money Market Fund that are derived from interest attributable to obligations of the State of New York or its political subdivisions, and obligations of the Governments of Puerto Rico, the Virgin Islands and Guam are exempt from New York State and New York City personal income tax (but not New York State corporate franchise tax or New York City business tax), provided that such dividends constitute exempt-interest dividends under Section 852(b)(5) of the Internal Revenue Code of 1986. To the extent that investors are subject to state and local taxes outside of New York State, divi dends paid by the Fund may be taxable income for purposes thereof. In addition, to the extent that the Fund’s dividends are derived from interest attributable to the obligations of any other state or of a political subdivision of any such other state or are derived from capital gains, such dividends will generally not be exempt from New York State or New York City tax. The New York AMT excludes tax-exempt interest as an item of tax preference. Interest incurred to buy or carry shares of the Fund is not deductible for federal, New York State or New York City personal income tax purposes. Investors should consult their advisers about other state and local tax consequences of the investment in the Fund.

Dividends received from the Ohio Municipal Money Market Fund that result from interest on obligations of the State of Ohio, its political or governmental subdivisions or agencies or instrumentalities of Ohio (Ohio Obligations) are exempt from Ohio personal income tax, and municipal and school district income taxes. Corporate shareholders that are subject to the Ohio corporation franchise tax must include the Fund shares in the corporation’s tax base for purposes of the Ohio franchise tax net worth computation, but not for the net income tax computation. Dividends that

JPMORGAN MONEY MARKET FUNDS

Shareholder Information

CONTINUED

are attributable to profit on the sale, exchange, or other dispo sition of Ohio Obligations will not be subject to the Ohio personal income tax, or municipal or school district taxes in Ohio and will not be included in the net income base of the Ohio corporation franchise tax. Informa tion in this paragraph is based on current statutes and regulations as well as current policies of the Ohio Department of Taxation, all of which may change.

Dividends of interest earned on bonds issued by the U.S. government and its agencies may also be exempt from some types of state and local taxes. It is unlikely that dividends from any of the Funds will qualify to any significant extent for the reduced 15% tax rate applicable to qualified dividend income.

If you receive distributions of net capital gain, the tax rate will be based on how long the Fund held a particular asset, not on how long you have owned your shares. The Funds expect substantially all of their distributions of net capital gain to be attributable to short-term capital gain which is taxed at rates applicable to ordinary income.

The Funds’ investments in certain debt obligations may cause a Fund to recognize taxable income in excess of the cash generated by such obligations. Thus, a Fund could be required to at times to liquidate other investments in order to satisfy its distribution requirements.

The dates on which dividends and capital gains will be distributed for calendar year 2005 will be available online at www.jpmorganfunds.com.

Early in each calendar year, the Funds will send you a notice showing the amount of distributions you received in the preceding year and the tax status of those distributions.

Any gain resulting from the sale or exchange of your shares will generally be subject to tax.

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

The tax considerations described in this section do not apply to tax-deferred accounts or other non-taxable entities.

The above is a general summary of the tax implications of investing in the Funds. Because each investor’s tax consequences are unique, please consult your tax advisor to see how investing in the Funds will affect your own tax situation.

AVAILABILITY OF PROXY VOTING RECORD

The Trustees have delegated the authority to vote proxies for securities owned by the Fund to JPMIM. A copy of each Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or on the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. Each Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each vote was cast, for example, for or against the proposal.

PORTFOLIO HOLDINGS DISCLOSURE

Each business day, each Fund will make available upon request an uncertified complete schedule of its portfolio holdings as of the prior business day. Not later than 60 days after the end of each fiscal quarter, each Fund will make available a certified complete schedule of its portfolio holdings as of the last day of that quarter. In addition to providing hard copies upon request, the Funds will post these quarterly schedules on the Funds’ website at www.jpmorganfunds.com and on the SEC’s website at www.sec.gov.

Shareholders may request portfolio holdings schedules at no charge by calling 1-800-480-4111.

A description of the Funds’ policies and procedures with respect to the disclosure of the Funds’ portfolio holdings is available in the Statement of Additional Information.

JPMORGAN MONEY MARKET FUNDS

What the Terms Mean

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

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

Demand notes: A debt security with no set maturity date. The investor can generally demand payment of the principal at any time.

Distribution fee: Covers the cost of the distribution system used to sell shares to the public.

Dollar weighted average maturity: The average maturity of the Fund is the average amount of time until the organizations that issued the debt securities in the Fund’s portfolio must pay off the principal amount of the debt. “Dollar weighted” means the larger the dollar value of debt security in the Fund, the more weight it gets in calculating this average.

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

Liquidity: Liquidity is the ability to easily convert investments into cash without losing a significant amount of money in the process.

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

Municipal lease obligations: These provide participation in municipal lease agreements and installment purchase contracts, but are not part of general obligations of the municipality.

Municipal obligations: Debt securities issued by or on behalf of states, territories and possessions or by their agencies or other groups with authority to act for them. For securities to qualify as municipal obligations, the municipality’s lawyers must give an opinion that the interest on them is not considered gross income for federal income tax purposes.

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

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

Repurchase agreements: A special type of a short-term investment. A dealer sells securities to a Fund and agrees to buy them back later for a set price. This set price includes interest. In effect, the dealer is borrowing the Fund’s money for a short time, using the securities as collateral.

Reverse repurchase agreements: Contract whereby the Fund sells a security and agrees to repurchase it from the buyer on a particular date and at a specific price. Considered a form of borrowing.

Shareholder service fee: A fee to cover the cost of paying Financial Intermediaries to provide certain support services for your account.

Tax exempt municipal securities: Securities, generally issued as general obligation and revenue bonds, whose interest is exempt from federal taxation and state and/or local taxes in the state where the securities were issued.

U.S. government securities: Debt instruments ( Treasury bills, notes, and bonds) guaranteed by the U.S. government for the timely payment of principal and interest.

Variable rate securities: Securities whose interest rates are periodically adjusted.

JPMORGAN MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS

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

JPMorgan Prime Money Market Fund

	Per share operating performance:
			Income from investment operations:
	Net asset value, beginning of period		Net investment income		Less dividends from net investment income		Net asset value, end of period		Total Return		(1)
CLASS B
Year Ended 8/31/04	$	1.00	$	—†	$	—†	$	1.00		0.12	%
Year Ended 8/31/03	$	1.00	$	—†	$	—†	$	1.00		0.25	%
Year Ended 8/31/02	$	1.00	$	0.01	$	0.01	$	1.00		1.05	%
Year Ended 8/31/01	$	1.00	$	0.04	$	0.04	$	1.00		4.43	%
Year Ended 8/31/00	$	1.00	$	0.05	$	0.05	$	1.00		4.97	%

CLASS C
Year Ended 8/31/04	$	1.00	$	—†	$	—†	$	1.00		0.12	%
Year Ended 8/31/03	$	1.00	$	—†	$	—†	$	1.00		0.25	%
Year Ended 8/31/02	$	1.00	$	0.01	$	0.01	$	1.00		1.05	%
Year Ended 8/31/01	$	1.00	$	0.04	$	0.04	$	1.00		4.43	%
Year Ended 8/31/00	$	1.00	$	0.05	$	0.05	$	1.00		4.95	%

MORGANˆ
Year Ended 8/31/04	$	1.00	$	0.01	$	0.01	$	1.00		0.59	%
Year Ended 8/31/03	$	1.00	$	0.01	$	0.01	$	1.00		0.87	%
Year Ended 8/31/02	$	1.00	$	0.02	$	0.02	$	1.00		1.71	%
Year Ended 8/31/01	$	1.00	$	0.05	$	0.05	$	1.00		5.10	%
Year Ended 8/31/00	$	1.00	$	0.06	$	0.06	$	1.00		5.65	%

†

Amount rounds to less than $.005.

Total Return figures do not include the effect of any deferred sales load.

Amount rounds to less than one million.

JPMORGAN MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS

Ratios/Supplemental Data:
		Ratios to average net assets:
	Net assets, end of period (millions)	Net expenses		Net investment income			Expenses without waivers and earnings credits			Net investment income without waivers and earnings credits

$	8	1.06	%		0.12	%		1.28	%		(0.10	%)
$	10	1.21	%		0.27	%		1.27	%		0.21	%
$	13	1.23	%		1.10	%		1.26	%		1.07	%
$	18	1.24	%		4.17	%		1.26	%		4.15	%
$	11	1.25	%		4.87	%		1.27	%		4.85	%


$	1	1.07	%		0.13	%		1.28	%		(0.08	%)
$	1	1.21	%		0.25	%		1.27	%		0.19	%
$	1	1.23	%		1.16	%		1.26	%		1.13	%
$	—	1.24	%		4.17	%		1.26	%		4.15	%
$	—	1.26	%		4.86	%		1.26	%		4.86	%


$	3,919	0.59	%		0.59	%		0.63	%		0.55	%
$	4,627	0.59	%		0.90	%		0.62	%		0.87	%
$	7,552	0.58	%		1.72	%		0.61	%		1.69	%
$	10,367	0.59	%		4.82	%		0.61	%		4.80	%
$	1,475	0.59	%		5.53	%		0.61	%		5.51	%

JPMORGAN MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS
(CONTINUED)

JPMorgan Liquid Assets Money Market Fund

	Per share operating performance:
			Investment operations:							Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized gains (losses) on investments			Total from investment operations		Net investment Income
CLASS B
Year Ended 6/30/05	$	1.000	$	0.013	$	0.000		$	0.013	$	(0.013	)
Year Ended 6/30/04	$	1.000	$	0.001	$	0.000		$	0.001	$	(0.001	)
Year Ended 6/30/03	$	1.000	$	0.003	$	0.000		$	0.003	$	(0.003	)
Year Ended 6/30/02	$	1.000	$	0.011	$	0.000		$	0.011	$	(0.011	)
Year Ended 6/30/01	$	1.000	$	0.045	$	0.000		$	0.045	$	(0.045	)

CLASS C
Year Ended 6/30/05	$	1.000	$	0.013	$	0.000		$	0.013	$	(0.013	)
Year Ended 6/30/04	$	1.000	$	0.001	$	0.000		$	0.001	$	(0.001	)
Year Ended 6/30/03	$	1.000	$	0.003	$	0.000		$	0.003	$	(0.003	)
Year Ended 6/30/02	$	1.000	$	0.011	$	0.000		$	0.011	$	(0.011	)
Year Ended 6/30/01	$	1.000	$	0.045	$	0.000		$	0.045	$	(0.045	)

MORGAN SHARES
2/19/2005 (c) to 6/30/2005	$	1.000	$	0.008	$	0.000		$	0.008	$	(0.008	)

JPMORGAN U.S. GOVERNMENT MONEY MARKET FUND^@
2/19/2005 (c) to 6/30/2005	$	1.000	$	0.008	$	0.000	(d)	$	0.008	$	(0.008	)

JPMORGAN U.S. TREASURY PLUS MONEY MARKET FUND^†
2/19/2005 (c) to 6/30/2005	$	1.000	$	0.008	$	0.000	(d)	$	0.008	$	(0.008	)

†

Amount rounds to less than $0.005.

Formerly One Group^® Government Money Market Fund.

(a)

Annualized for periods less than one year.

(c)

Commencement of offering of class of shares.

(d)

Amount is less than $0.001.

JPMORGAN MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS

Ratios/Supplemental Data:
						Ratios to average net assets:
Net asset value end of period	Total Return (excludes sales charge)			Net assets end of period (000’s)			Expenses to average net assets			Net investment income to average net assets		Expenses to average net assets without waivers

$1.000		1.27	%		$	26,999		1.01%	(a)		1.17	%	1.44	%
$1.000		0.15	%		$	41,540		1.02%			0.15	%	1.54	%
$1.000		0.33	%		$	62,581		1.33%			0.32	%	1.55	%
$1.000		1.12	%		$	38,690		1.52%			1.08	%	1.55	%
$1.000		4.58	%		$	33,898		1.52%			4.22	%	1.55	%


$1.000		1.27	%		$	347,285		0.97%			2,06	%	1.23	%
$1.000		0.15	%		$	8,284		1.02%			0.15	%	1.52	%
$1.000		0.33	%		$	9,267		1.33%			0.31	%	1.55	%
$1.000		1.12	%		$	3,430		1.52%			0.95	%	1.55	%
$1.000		4.58	%		$	1,266		1.52%			4.30	%	1.56	%


$1.000		0.84	%		$	253,991		0.59%			2.36	%	0.64	%


$1.000		0.81	%		$	2,4 45,4 22		0.59%			2.26	%	0.63	%


$1.000		0.78	%		$	812,795		0.59%			2.20	%	0.62	%

JPMORGAN MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS
(CONTINUED)

Morgan Shares

	Per share operating performance:
			Investment operations:							Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized gains (losses) on investments			Total from investment operations		Net investment Income
JPMORGAN FEDERAL MONEY MARKET FUND
Year Ended 8/31/04	$	1.00	$	—†	$	—†		$	1.00		0.41	%
Year Ended 8/31/03	$	1.00	$	0.01	$	0.01		$	1.00		0.70	%
Year Ended 8/31/02	$	1.00	$	0.01	$	0.01		$	1.00		1.51	%
Year Ended 8/31/01	$	1.00	$	0.05	$	0.05		$	1.00		4.84	%
Year Ended 8/31/00	$	1.00	$	0.05	$	0.05		$	1.00		5.29	%

JPMORGAN 100% U.S. TREASURY SECURITIES MONEY MARKET FUND
Year Ended 8/31/04	$	1.00	$	—†	$	—†		$	1.00		0.45	%
Year Ended 8/31/03	$	1.00	$	0.01	$	0.01		$	1.00		0.75	%
Year Ended 8/31/02	$	1.00	$	0.02	$	0.02		$	1.00		1.55	%
Year Ended 8/31/01	$	1.00	$	0.05	$	0.05		$	1.00		4.75	%
Year Ended 8/31/00	$	1.00	$	0.05	$	0.05		$	1.00		5.02	%

JPMORGAN TAX FREE MONEY MARKET FUND
Year Ended 8/31/04	$	1.00	$	—†	$	—†		$	1.00		0.48	%
Year Ended 8/31/03	$	1.00	$	0.01	$	0.01		$	1.00		0.69	%
Year Ended 8/31/02	$	1.00	$	0.01	$	0.01		$	1.00		1.21	%
Year Ended 8/31/01	$	1.00	$	0.03	$	0.03		$	1.00		3.13	%
Year Ended 8/31/00	$	1.00	$	0.03	$	0.03		$	1.00		3.37	%

JPMORGAN MUNICIPAL MONEY MARKET FUND
2/19/2005 (c) to 6/30/2005	$	1.000	$	0.006	$	0.000	(d)	$	0.006		(0.006	)%

†

Amount rounds to less than $0.005.

(a)

Annualized for periods less than one year.

(b)

Not annualized for periods less than one year.

(c)Commencement of offering of class of shares.

(d)

Amount is less than $0.001.

JPMORGAN MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS

Per s hare o perating p erformance						Ratios/Supplemental Data:
						Ratios to average net assets (a)
	Net asset value end of period	Total Return		(b)	Net assets end of period (000’s)			Expenses to average net assets		Net investment income to average net assets			Expenses to average net assets without waivers

$	239		0.70%						0.40%		0.79	%	0.31%
$	311		0.70%						0.72%		0.79	%	0.63%
$	452		0.70%						1.53%		0.72	%	1.51%
$	$658		0.70%						4.57%		0.74	%	4.53%
$	$576		0.70%						5.17%		0.75	%	5.12%


$	1,869		0.59%						0.43%		0.69	%	0.33%
$	2,535		0.59%						0.77%		0.69	%	0.67%
$	3,526		0.59%						1.53%		0.69	%	1.43%
$	4,027		0.59%						4.59%		0.71	%	4.47%
$	3,535		0.59%						4.92%		0.71	%	4.80%


$	567		0.59%						0.48%		0.68	%	0.39%
$	655		0.59%						0.72%		0.69	%	0.62%
$	903		0.59%						1.14%		0.69	%	1.04%
$	907		0.59%						3.09%		0.72	%	2.96%
$	895		0.59%						3.33%		0.75	%	3.17%


$	1.000		0.63 %				$ 36,495		0.59 %		1.79	%	0.63 %

JPMORGAN MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS
(CONTINUED)

Morgan Shares

	Per share operating performance:
			Investment operations:							Distributions
	Net asset value, beginning of period		Net investment income (loss)		Net realized gains (losses) on investments			Total from investment operations		Net Investment Income
JPMORGAN CALIFORNIA MUNICIPAL MONEY MARKET FUND^*
Year Ended 8/31/04	$	1.00	$	0.01	$	0.01		$	1.00		0.51	%
Year Ended 8/31/03	$	1.00	$	0.01	$	0.01		$	1.00		0.72	%
Year Ended 8/31/02	$	1.00	$	0.01	$	0.01		$	1.00		1.13	%
Year Ended 8/31/01	$	1.00	$	0.03	$	0.03		$	1.00		2.70	%
Year Ended 8/31/00	$	1.00	$	0.03	$	0.03		$	1.00		3.00	%

JPMORGAN MICHIGAN MUNICIPAL MONEY MARKET FUND
2/19/2005 (c) to 6/30/2005	$	1.000	$	0.006	$	0.000		$	0.006		(0.006	)%

JPMORGAN NEW YORK MUNICIPAL MONEY MARKET FUND^ˆˆ
Year Ended 8/31/04	$	1.00	$	—†	$	—†		$	1.00		0.48	%
Year Ended 8/31/03	$	1.00	$	0.01	$	0.01		$	1.00		0.72	%
Year Ended 8/31/02	$	1.00	$	0.01	$	0.01		$	1.00		1.20	%
Year Ended 8/31/01	$	1.00	$	0.03	$	0.03		$	1.00		2.98	%
Year Ended 8/31/00	$	1.00	$	0.03	$	0.03		$	1.00		3.27	%

JPMORGAN OHIO MUNICIPAL MONEY MARKET FUND
2/19/2005 (c) to 6/30/2005	$	1.00	$	0.006	$	0.000	(d)	$	0.006		(0.006	)%

Formerly JPMorgan California Tax Free Money Market Fund.

ˆˆ

Formerly JPMorgan New York Tax Free Money Market Fund.

†

Amount rounds to less than $.005.

(b)

Not annualized for periods less than one year.

(c)Commencement of offering of class of shares.

(d)

Amount is less than $0.001.

JPMORGAN MONEY MARKET FUNDS

FINANCIAL HIGHLIGHTS

Per s hare o perating p erformance					Ratios/Supplemental Data:
					Ratios to average net assets:
	Net asset value end of period	Total Return		(b)	Net assets end of period (000’s)		Expenses to average net assets			Net investment income to average net assets		Expenses to average net assets without waivers

$	154		0.55%					0.51	%		0.80	%	0.26%
$	149		0.55%					0.72	%		0.73	%	0.54%
$	163		0.55%					1.05	%		0.76	%	0.84%
$	83		0.55%					2.68	%		0.83	%	2.40%
$	78		0.55%					3.03	%		0.90	%	2.68%


$	1.000		0.64 %			$ 7,803		0.59	%		1.81	%	0.70%


$	1,540		0.59%					0.48	%		0.70	%	0.37%
$	1,662		0.59%					0.72	%		0.69	%	0.62%
$	2,123		0.59%					1.17	%		0.69	%	1.07%
$	2,439		0.59%					2.88	%		0.71	%	2.76%
$	1,831		0.59%					3.24	%		0.70	%	3.13%


$	1.000		0.63 %			$ 1,891		0.59	%		1.80	%	0.72%

JPMORGAN MONEY MARKET FUNDS

Appendix A—Legal Proceedings and
Additional Fee and Expense Information

On September 3, 2003, the New York Attorney General (“NYAG”) simultaneously filed and settled a complaint (the “Canary Complaint”) against Canary Capital Partners, LLC, et al. (collectively, “Canary ” ). The Canary Complaint alleged, among other things, that Canary had engaged in improper trading practices with certain mutual funds in One Group Mutual Funds (now known as the JPMorgan Trust II). Specifically, the NYAG alleged that Canary engaged in certain activities that it characterized as “market timing” and also “late trading”.

On June 29, 2004, JPMorgan Investment Advisors (formerly known as Banc One Investment Advisors) entered into agreements with the Securities and Exchange Commission (the “SEC”) and the NYAG in resolu tion of investigations conducted by the SEC and the NYAG into market timing of certain Funds, possible late trading of certain Funds and related matters. In it s settlement with the SEC, JPMorgan Investment Advisors consented to the entry of an order by the SEC (the “SEC Order”) instituting and settling administrative and cease-and desist proceedings against it. Under the terms of the SEC Order and the NYAG settlement agree ment, JPMorgan Investment advisors agreed to pay disgorgement of $10 million and a civil money penalty of $40 million for a total payment of $50 million, which will be distributed to certain current and former shareholders of the Funds as noted below. The settlement agreement with the NYAG also required JPMor gan Investment Advisors to reduce its management fee for certain Funds in the aggregate amount of approximately $8 million annually over five years commencing September 2004. In addition, JPMorgan Investment Advisors has agreed to and has commenced implementation of undertakings relating to, among other things, (i) governance changes designed to maintain the independence of the Board of Trustees and its chairman, and to ensure compliance with applicable federal securities laws, (ii) the retention of an inde pendent consultant to conduct a review of supervisory, compliance and other policies and procedures designed to prevent and detect, among other things, breaches of fiduciary duty, (iii) an agreement to cease-and-desist from violations of certain provisions of the Investment Advisers Act of 1940 (the “Advisers Act”) and the Investment Company Act of 1940, as amended (“1940 Act”), (iv) additional fee-related disclosure to investors and (v) the retention of a senior officer to assist the Board in monitoring compliance and review ing management fee arrangements.

Under the terms of the SEC Order and the NYAG settlement agreement, the $50 million payment by JPMor gan Investment Advisors has funded a pool established for distribution to affected shareholders of certain Funds. This pool will be distributed in accordance with a distribution plan currently being developed by an independent distribution consultant in consultation with JPMorgan Investment Advisors and acceptable to the Board’s independent trustees and the staff of the SEC. The distribution plan will provide for investors to receive, in order of priority, (i) their proportionate share of losses from market timing, and (ii) a proportion ate share of advisory fees paid by the Funds that suffered such losses during the period of such market tim ing. It is currently expected that such amounts will be paid in 2005. More specific information on the distribution plan will be communicated at a later date in an appropriate manner.

Mark A. Beeson, the former president and chief executive officer of One Group Mutual Funds and a former senior managing Director of JPMorgan Investment Advisors, was also named a respondent in the SEC Order and consented to its entry. As part of the settlement agreement with the SEC, Mr. Beeson agreed to, among other things, a civil money penalty and suspensions from association with any investment adviser or regis tered investment company. Mr. Beeson was not a party to the agreement with, nor was he sanctioned by, the NYAG.

The agreement with the SEC is reflected in the SEC Order, which states, among other things, that JPMorgan Investment Advisors and Mr. Beeson violated and/or aided and abetted and caused violations of the anti fraud provisions of the Advisers Act and the 1940 Act by, among other things, (i) allowing excessive short- term trading in certain of the Funds that was inconsistent with the terms of the Funds’ prospectus and that was potentially harmful to the Funds, (ii) failing to disclose to the Board or to shareholders, among other

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

things, the conflict of interest created by market timing arrangements, (iii) failing to charge redemption fees for redemptions by certain shareholders as required by the applicable prospectuses when other sharehold ers were charged the redemption fees, (iv) having no written procedures in place to prevent the nonpublic disclosure of Fund portfolio holdings and improperly providing confidential portfolio holdings to certain persons when others were not provided with or otherwise privy to the same information, and (v) causing certain Funds, without the knowledge of the Board, to participate in joint transactions raising a conflict of interest in violation of the 1940 Act. The settlement agreement with the NYAG contains statements consis tent with those described in the preceding sentence regarding the SEC Order. JPMorgan Investment Advi sors and Mr. Beeson neither admit nor deny the findings set forth in the SEC Order, and JPMorgan Investment Advisors neither admits nor denies the finds in its settlement agreement with the NYAG.

In addition to the matters involving the SEC and state Attorneys General, over 20 lawsuits have been filed by private plaintiffs in connection with these circumstances in various state and federal courts around the country. These actions have transferred to the United States District Court for the District of Maryland for coordinated or consolidated pretrial proceedings by the orders of the Judicial Panel on Multidistrict Litiga tion, a federal judicial body that assists in the administration of such actions. On September 29, 2004, the plaintiffs in these actions filed two consolidated amended complaints in these cases. One complaint was filed as a putative class action on behalf of investors who purchased, held or redeemed shares of the Funds during specified periods and the other was filed as a derivative action on behalf of One Group Mutual Funds and its series. The lawsuits generally relate to the same facts that were the subject of the SEC order and NYAG settlement discussed above.

On April 11, 2005, the West Virginia Attorney General filed a lawsuit against JPMorgan Investment Advisors, among others, in West Virginia state court. The complaint focuses on conduct characterized as market tim ing and primarily alleges violations of West Virginia state laws prohibiting unfair trade practices. The lawsuit has been conditionally transferred to the same Maryland court referred to above. Factual allegations in the West Virginia lawsuit are essentially the same as those in the NYAG agreement.

These actions name as defendants, among others, Banc One Investment Advisors, Bank One Corporation and JPMorgan Chase & Co. (the former and current corporate parent of JPMorgan Investment Advisors), the Distributor, One Group Services Company (the Funds’ former distributor), Banc One High Yield Partners, LLC (now known as JPMorgan High Yield Partners LLC) (the sub-adviser to JPMorgan High Yield Bond Fund and JPMorgan Core Plus Bond Fund), certain officers of One Group Mutual Funds and JPMorgan Investment Advisors and certain current and former Trustees. The putative class action lawsuit also names One Group Mutual Funds as a defendant. These two actions collectively allege, among other things, that various defen dants (i) violated various antifraud and other provisions of federal securities laws, (ii) breached their fidu ciary duties, (iii) unjustly enriched themselves, (iv) breached Fund-related contracts, and (v) conspired to commit unlawful acts. These complaints seek, among other things, compensatory damages, restitution, disgorgement of unjustly earned profits, punitive damages, removal of the Trustees, removal of the Fund’s investment advisers and the Distributor, rescission of the distribution and service plans adopted under Rule 12b-1 of the 1940 Act, and attorneys’ fees.

It is possible that these matters and/or related developments may result in increased Fund redemptions and reduced sales of Fund shares, which could result in increased costs and expenses or otherwise adversely affect the Funds.

The foregoing speaks only as of the date of this prospectus. Additional lawsuits presenting allegations and requests for relief arising out of or in connection with any of the foregoing matters may be filed against these and related parties in the future.

JPMORGAN MONEY MARKET FUNDS

Appendix A—Legal Proceedings and Additional
Fee and Expense Information

CONTINUED

Annual and Cumulative Expense Examples

The settlement agreement with the NYAG requires BOIA to establish reduced “net management fee rates” for certain Funds (“Reduced Rate Funds”). “Net Management Fee Rates” means the percentage fee rates specified in contracts between BOIA and its affiliates and the Reduced Rate Funds, less waivers and reimbursements by BOIA and its affiliates, in effect as of June 30, 2004. The settlement agreement requires that the reduced Net Management Fee Rates must result in a reduction of $8 million annually based upon assets under management as of June 30, 2004, for a total reduction over five years of $40 million from that which would have been paid by the Reduced Rate Funds on the Net Management Fee Rates as of June 30, 2004. To the extent that BOIA and its affiliates have agreed as part of the settlement with the NYAG to waive or reimburse expenses of a Fund in connection with the settlement with the NYAG, those reduced Net Management Fee Rates are referred to as “Reduced Rates.” The Reduced Rates will remain in place at least through June 30, 2009. To the extent that a Reduced Rate Fund merges into another Fund, the Reduced Rate is required to carry forward and apply with respect to the acquiring Fund.

The Reduced Rate Funds are the JPMorgan Large Cap Value Fund, JPMorgan Equity Index Fund, the JPMorgan Equity Income Fund and the JPMorgan Government Bond Fund (each of which is currently a series of JPMorgan Trust II) and JPMorgan U.S. Equity Fund (the successor by merger to the One Group Diversified Equity Fund and a series of JPMorgan Trust I) are subject to a Reduced Rate. The Reduced Rate was implemented on September 27, 2004 and will remain in place at least through June 30, 2009.

The required reductions may be made in the form of fee waivers or expense reimbursements in connection with the advisory agreement, administration agreement or distribution agreement. Beginning February 19, 2005, such reductions may also or instead be made in connection with the shareholder servicing agreement or other service agreements with affiliates. To the extent that such reductions are made in connection with class specific expenses in a manner consistent with applicable law, the Reduced Rates may affect different share classes of the same Affected Fund to differing degrees.

The “Gross Expense Ratio” includes the contractual expenses that make up the Net Management Fee Rates, Rule 12b-1 distribution fees, fees paid to vendors not affiliated with JPMIM that provide services to the Funds and other fees and expenses of the Funds. The “Net Expense Ratio” is Gross Expenses less any fee waivers or expense reimbursements to achieve the Reduced Rates or other fee waivers or expense reimbursements memorialized in a written contract between the Funds and JPMIM and/or its affiliates, as applicable. The affected Funds offered in this prospectus are not subject to a Reduced Rate.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Fund	Class	Net Expense Ratio	Gross Expense Ratio
JPMorgan Prime Money Market Fund	Morgan	0.59%	0.69%
JPMorgan Prime Money Market Fund	B	0.97%	1.24%
JPMorgan Prime Money Market Fund	C	0.97%	1.24%
JPMorgan Liquid Assets Money Market Fund	Morgan	0.59%	0.64%
JPMorgan Liquid Assets Money Market Fund	B	0.97%	1.20%
JPMorgan Liquid Assets Money Market Fund	C	0.97%	1.20%
JPMorgan U.S. Government Money Market Fund	Morgan	0.59%	0.63%
JPMorgan U.S. Treasury Plus Money Market Fund	Morgan	0.59%	0.62%
JPMorgan U.S. Treasury Plus Money Market Fund	B	0.97%	1.18%
JPMorgan U.S. Treasury Plus Money Market Fund	C	0.97%	1.18%
JPMorgan 100% U.S. Treasury Securities Money Market Fund	Morgan	0.59%	0.65%
JPMorgan Municipal Money Market Fund	Morgan	0.59%	0.63%
JPMorgan Michigan Municipal Money Market Fund	Morgan	0.59%	0.70%
JPMorgan Ohio Municipal Money Market Fund	Morgan	0.59%	0.72%

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

•

On December 1 , 2005, 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 assets over 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 expense reimbursements memorialized in a written contract between the Funds and JPMIM and/or its affiliates; and the Gross Expense Ratios thereafter.

JPMORGAN MONEY MARKET FUNDS

Appendix A—Legal Proceedings and Additional
Fee and Expense Information

CONTINUED

“Annual Net Return” shows what effect the “Annual Costs” will have on the assumed 5% annual return for each year. “Gross Cumulative Return” shows what the cumulative return on your investment at the end of each fiscal year would be if Fund expenses are not deducted. “Net Cumulative Return” shows what the cumulative return on your investment at the end of each fiscal year would be assuming Fund expenses are deducted each year in the amount shown under “Annual Costs.”

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

	JPMorgan Prime Money Market Fund – Morgan Shares
Period Ended	Annual Costs		Gross Cumulative Return			Net Cumulative Return			Net Annual Return
December 31, 2006	$	63		9.53	%		8.38	%		4.41	%
December 31, 2007	$	76		15.01	%		13.06	%		4.31	%
December 31, 2008	$	80		20.76	%		17.93	%		4.31	%
December 31, 2009	$	83		26.80	%		23.01	%		4.31	%
December 31, 2010	$	87		33.14	%		28.31	%		4.31	%
December 31, 2011	$	90		39.79	%		33.84	%		4.31	%
December 31, 2012	$	94		46.78	%		39.61	%		4.31	%
December 31, 2013	$	98		54.12	%		45.63	%		4.31	%
December 31, 2014	$	103		61.83	%		51.90	%		4.31	%
December 31, 2015	$	107		69.92	%		58.45	%		4.31	%

Information from February 19, 2005 through year end not annualized.

	JPMorgan Prime Money Market Fund – Class B Shares¹
Period Ended	Annual Costs		Gross Cumulative Return			Net Cumulative Return			Net Annual Return
December 31, 2005^a	$	85		4.32	%		3.48	%		3.48	%
December 31, 2006	$	102		9.53	%		7.65	%		4.03	%
December 31, 2007	$	136		15.01	%		11.70	%		3.76	%
December 31, 2008	$	141		20.76	%		15.90	%		3.76	%
December 31, 2009	$	146		26.80	%		20.25	%		3.76	%
December 31, 2010	$	152		33.14	%		24.77	%		3.76	%
December 31, 2011	$	158		39.79	%		29.47	%		3.76	%
December 31, 2012	$	164		46.78	%		34.33	%		3.76	%
December 31, 2013	$	107		54.12	%		40.00	%		4.22	%
December 31, 2014	$	99		61.83	%		46.03	%		4.31	%
December 31, 2015	$	103		69.92	%		52.33	%		4.31	%

Class B Shares automatically convert to Morgan Shares after eight (8) years.

Information from February 19, 2005 through year end not annualized.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

	JPMorgan Prime Money Market Fund – Class C Shares
Period Ended	Annual Costs		Gross Cumulative Return			Net Cumulative Return			Net Annual Return
December 31, 2005^a	$	85		4.32	%		3.48	%		3.48	%
December 31, 2006	$	102		9.53	%		7.65	%		4.03	%
December 31, 2007	$	136		15.01	%		11.70	%		3.76	%
December 31, 2008	$	141		20.76	%		15.90	%		3.76	%
December 31, 2009	$	146		26.80	%		20.25	%		3.76	%
December 31, 2010	$	152		33.14	%		24.77	%		3.76	%
December 31, 2011	$	158		39.79	%		29.47	%		3.76	%
December 31, 2012	$	164		46.78	%		34.33	%		3.76	%
December 31, 2013	$	170		54.12	%		39.39	%		3.76	%
December 31, 2014	$	176		61.83	%		44.63	%		3.76	%
December 31, 2015	$	183		69.92	%		50.06	%		3.76	%

Information from February 19, 2005 through year end not annualized.

	JPMorgan Liquid Assets Money Market Fund – Morgan Shares
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	60		5.00%		4.41%		4.78%
November 30, 2007	$	68		10.25%		8.97%		4.00%
November 30, 2008	$	71		15.76%		13.72%		4.36%
November 30, 2009	$	74		21.55%		18.67%		4.36%
November 30, 2010	$	78		27.63%		23.85%		4.36%
November 30, 2011	$	81		34.01%		29.25%		4.36%
November 30, 2012	$	85		40.71%		34.88%		4.36%
November 30, 2013	$	88		47.74%		40.76%		4.36%
November 30, 2014	$	92		55.13%		46.90%		4.36%
November 30, 2015	$	96		62.89%		53.31%		4.36%

	JPMorgan Liquid Assets Money Market Fund – Class B Shares ¹
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	99		5.00%		4.03%		4.37%
November 30, 2007	$	125		10.25%		8.00%		3.48%
November 30, 2008	$	132		15.76%		12.11%		3.80%
November 30, 2009	$	137		21.55%		16.37%		3.80%
November 30, 2010	$	142		27.63%		20.79%		3.80%
November 30, 2011	$	148		34.01%		25.38%		3.80%
November 30, 2012	$	153		40.71%		30.14%		3.80%
November 30, 2013	$	159		47.74%		35.09%		3.80%
November 30, 2014	$	88		55.13%		40.98%		4.36%
November 30, 2015	$	92		62.89%		47.12%		4.36%

Class B S hares automatically convert to Morgan S hares after eight years.

JPMORGAN MONEY MARKET FUNDS

Appendix A—Legal Proceedings and Additional
Fee and Expense Information

CONTINUED

	JPMorgan Liquid Assets Money Market Fund – Class C Shares
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	99		5.00%		4.03%		4.37%
November 30, 2007	$	125		10.25%		8.00%		3.48%
November 30, 2008	$	132		15.76%		12.11%		3.80%
November 30, 2009	$	137		21.55%		16.37%		3.80%
November 30, 2010	$	142		27.63%		20.79%		3.80%
November 30, 2011	$	148		34.01%		25.38%		3.80%
November 30, 2012	$	153		40.71%		30.14%		3.80%
November 30, 2013	$	159		47.74%		35.09%		3.80%
November 30, 2014	$	165		55.13%		40.22%		3.80%
November 30, 2015	$	171		62.89%		45.55%		3.80%

	JPMorgan U.S. Government Money Market Fund – Morgan Shares
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	60		5.00%		4.41%		4.78%
November 30, 2007	$	67		10.25%		8.97%		4.01%
November 30, 2008	$	70		15.76%		13.74%		4.37%
November 30, 2009	$	73		21.55%		18.71%		4.37%
November 30, 2010	$	76		27.63%		23.89%		4.37%
November 30, 2011	$	80		34.01%		29.31%		4.37%
November 30, 2012	$	83		40.71%		34.96%		4.37%
November 30, 2013	$	87		47.74%		40.86%		4.37%
November 30, 2014	$	91		55.13%		47.01%		4.37%
November 30, 2015	$	95		62.89%		53.44%		4.37%

	JPMorgan U.S. Treasury Plus Money Market Fund – Morgan Shares
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	60		5.00%		4.41%		4.78%
November 30, 2007	$	66		10.25%		8.98%		4.01%
November 30, 2008	$	69		15.76%		13.76%		4.38%
November 30, 2009	$	72		21.55%		18.74%		4.38%
November 30, 2010	$	75		27.63%		23.94%		4.38%
November 30, 2011	$	79		34.01%		29.37%		4.38%
November 30, 2012	$	82		40.71%		35.04%		4.38%
November 30, 2013	$	86		47.74%		40.95%		4.38%
November 30, 2014	$	89		55.13%		47.12%		4.38%
November 30, 2015	$	93		62.89%		53.57%		4.38%

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

	JPMorgan U.S. Treasury Plus Money Market Fund – Class B Shares ¹
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	99		5.00%		4.03%		4.37%
November 30, 2007	$	123		10.25%		8.02%		3.50%
November 30, 2008	$	130		15.76%		12.15%		3.82%
November 30, 2009	$	135		21.55%		16.43%		3.82%
November 30, 2010	$	140		27.63%		20.88%		3.82%
November 30, 2011	$	145		34.01%		25.50%		3.82%
November 30, 2012	$	151		40.71%		30.29%		3.82%
November 30, 2013	$	157		47.74%		35.27%		3.82%
November 30, 2014	$	86		55.13%		41.19%		4.38%
November 30, 2015	$	89		62.89%		47.38%		4.38%

Class B S hares automatically convert to Morgan S hares after eight years.

	JPMorgan U.S. Treasury Plus Money Market Fund – Class C Shares
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	99		5.00%		4.03%		4.37%
November 30, 2007	$	123		10.25%		8.02%		3.50%
November 30, 2008	$	130		15.76%		12.15%		3.82%
November 30, 2009	$	135		21.55%		16.43%		3.82%
November 30, 2010	$	140		27.63%		20.88%		3.82%
November 30, 2011	$	145		34.01%		25.50%		3.82%
November 30, 2012	$	151		40.71%		30.29%		3.82%
November 30, 2013	$	157		47.74%		35.27%		3.82%
November 30, 2014	$	163		55.13%		40.43%		3.82%
November 30, 2015	$	169		62.89%		45.80%		3.82%

	JPMorgan 100% U.S. Treasury Securities Money Market Fund – Morgan Shares
Period Ended	Annual Costs		Gross Cumulative Return			Net Cumulative Return			Net Annual Return
December 31, 2005^a	$	52		4.32	%		3.81	%		3.81	%
December 31, 2006	$	68		9.53	%		8.33	%		4.36	%
December 31, 2007	$	72		15.01	%		13.04	%		4.35	%
December 31, 2008	$	75		20.76	%		17.96	%		4.35	%
December 31, 2009	$	78		26.80	%		23.09	%		4.35	%
December 31, 2010	$	82		33.14	%		28.45	%		4.35	%
December 31, 2011	$	85		39.79	%		34.03	%		4.35	%
December 31, 2012	$	89		46.78	%		39.86	%		4.35	%
December 31, 2013	$	93		54.12	%		45.95	%		4.35	%
December 31, 2014	$	97		61.83	%		52.30	%		4.35	%
December 31, 2015	$	101		69.92	%		58.92	%		4.35%

Information from February 19, 2005 through year end not annualized.

JPMORGAN MONEY MARKET FUNDS

Appendix A—Legal Proceedings and Additional
Fee and Expense Information

CONTINUED

	JPMorgan Mun i cipal Money Market Fund – Morgan Shares
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	60		5.00%		4.41%		4.78%
November 30, 2007	$	67		10.25%		8.97%		4.01%
November 30, 2008	$	70		15.76%		13.74%		4.37%
November 30, 2009	$	73		21.55%		18.71%		4.37%
November 30, 2010	$	76		27.63%		23.89%		4.37%
November 30, 2011	$	80		34.01%		29.31%		4.37%
November 30, 2012	$	83		40.71%		34.96%		4.37%
November 30, 2013	$	87		47.74%		40.86%		4.37%
November 30, 2014	$	91		55.13%		47.01%		4.37%
November 30, 2015	$	95		62.89%		53.44%		4.37%

	JPMorgan Michigan Mun i cipal Money Market Fund – Morgan Shares
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	60		5.00%		4.41%		4.78%
November 30, 2007	$	74		10.25%		8.91%		3.94%
November 30, 2008	$	78		15.76%		13.59%		4.30%
November 30, 2009	$	81		21.55%		18.47%		4.30%
November 30, 2010	$	85		27.63%		23.57%		4.30%
November 30, 2011	$	88		34.01%		28.88%		4.30%
November 30, 2012	$	92		40.71%		34.42%		4.30%
November 30, 2013	$	96		47.74%		40.21%		4.30%
November 30, 2014	$	100		55.13%		46.23%		4.30%
November 30, 2015	$	105		62.89%		52.52%		4.30%

	JPMorgan Ohio Mun i cipal Money Market Fund – Morgan Shares
Period Ended	Annual Costs		Gross Cumulative Return		Net Cumulative Return		Net Annual Return
November 30, 2006	$	60		5.00%		4.41%		4.78%
November 30, 2007	$	76		10.25%		8.89%		3.92%
November 30, 2008	$	80		15.76%		13.55%		4.28%
November 30, 2009	$	84		21.55%		18.41%		4.28%
November 30, 2010	$	87		27.63%		23.48%		4.28%
November 30, 2011	$	91		34.01%		28.76%		4.28%
November 30, 2012	$	95		40.71%		34.27%		4.28%
November 30, 2013	$	99		47.74%		40.02%		4.28%
November 30, 2014	$	103		55.13%		46.01%		4.28%
November 30, 2015	$	107		62.89%		52.26%		4.28%

JPMORGAN MONEY MARKET FUNDS

100

The JPMorgan Funds understand that protecting your financial privacy is just as important as protecting your financial assets. We are committed to the responsible use of information in order to provide you with the products and services you want, when and where you want them. This statement of our privacy policy is intended to help you understand the ways in which we gather, use and protect your financial information.

KEY DEFINITIONS

This Privacy Policy describes the way we treat nonpublic personal information that we may obtain from our customers or from consumers generally. Key terms used throughout this policy are:

•

Consumer — an individual who applies for or obtains a financial product or service from the JPMorgan Funds for personal, family or household purposes, including individuals who don’t have a continuing relationship with the JPMorgan Funds. Consumers include individuals who provide nonpublic personal information to our shareholder servicing representatives, but do not invest in the JPMorgan Funds.

•

Customer — a consumer who has a continuing relationship with the JPMorgan Funds through record ownership of fund shares.

•

Nonpublic personal information — any personally identifiable financial information about a consumer that is obtained by the JPMorgan Funds in connection with providing financial products and services to that consumer and which is not otherwise publicly available. A telephone directory listing is an example of public information.

COLLECTION OF NONPUBLIC PERSONAL INFORMATION

We collect information to service your account, to protect you from fraud, and to make available products and services that may be of interest to you. We collect nonpublic personal information about you from the following sources:

•

Information we receive from you on applications or other forms, on our website, or through other means;

•

Information we receive from you through transactions, correspondence and other communications with us; and

•

Information we otherwise obtain from you in connection with providing you a financial product or service.

INFORMATION SHARING WITH THIRD PARTY SERVICE PROVIDERS

We do not share any nonpublic personal information about our customers or former customers with anyone, except as required or permitted by law. This means we may disclose all of the information we collect, as described above, to companies who help us maintain and service accounts. For instance, we will share information with the transfer agent for the JPMorgan Funds. The transfer agent needs this information to process your purchase, redemption and exchange transactions and to update your account. In addition, we may share nonpublic personal information to protect against fraud, to respond to subpoenas, or as described in the following section.

INFORMATION SHARING WITH JOINT MARKETERS

We also may share the information described above in Collection of Nonpublic Personal Information with broker-dealers and other financial intermediaries that perform marketing services on our behalf and with which we have joint marketing agreements. However, we only provide information about you to that broker-dealer or financial intermediary from whom you purchased your Fund shares or who currently services your Fund account. In addition, our joint marketing agreements prohibit recipients of this information from disclosing or using the information for any purpose other than the purposes for which it is provided to them.

JPMORGAN DISTRIBUTION SERVICES, INC. (JPMDS)

In general, JPMDS, as distributor for the JPMorgan Funds, does not independently collect or retain nonpublic personal financial information relating to any past, present or prospective shareholders

This description of the JPMorgan Funds’ Privacy Policy is not part of the prospectus.

of the Funds. From time to time, the Funds or companies that provide services to the Funds may provide to JPMDS nonpublic personal financial information relating to shareholders or prospective shareholders as necessary for JPMDS to perform services for the Funds. In such circumstances, JPMDS adheres to the regulatory limitations on the use or disclosure of that information and its own obligations to the Funds to protect the security and confidentiality of the information.

CHILDREN’S ONLINE PRIVACY ACT DISCLOSURE

From our website, the JPMorgan Funds do not knowingly collect or use personal information from children under the age of 13 without obtaining verifiable consent from their parents. Should a child whom we know to be under 13 send personal information to us, we will only use that information to respond directly to that child, seek parental consent or provide parental notice. We are not responsible for the data collection and use practices of nonaffiliated third parties to which our website may link.

SPECIAL NOTICE TO CALIFORNIA CONSUMERS

The California Financial Information Privacy Act generally prohibits us from sharing nonpublic personal information about California consumers without notice and, in some instances, consent, unless such sharing is necessary to effect, administer, or enforce transactions authorized or instructed by you. Unless you direct or authorize otherwise, we only share information with service providers, including the broker-dealer or financial intermediary from whom you purchased your Fund shares or who currently services your Fund account. To the extent that your broker-dealer is also a joint marketer, we only share nonpublic personal information so that they may provide services in connection with your Fund shares.

SECURITY

For your protection, the JPMorgan Funds maintain security standards and procedures that we continually update to safeguard against unauthorized disclosure of information or access to information about you.

We restrict access to nonpublic personal information about you to those individuals who need to know that information to provide products and services to you. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your nonpublic personal information.

THE JPMORGAN FUNDS’ PRIVACY COMMITMENT

The JPMorgan Funds are committed to protecting the privacy of our customers, but we understand that the best protection requires a partnership with you. We encourage you to find out how you can take steps to further protect your own privacy by visiting us online at www.jpmorganfunds.com.

This description of the JPMorgan Funds’ Privacy Policy is not part of the prospectus.

HOW TO REACH US

MORE INFORMATION

For investors who want more information on these Funds the following documents are available free upon request:

ANNUAL AND SEMI-ANNUAL REPORTS

Our annual and semi-annual reports contain more information about each Fund’s investments and performance. The annual report also includes details about the market conditions and investment strategies that had a significant effect on each Fund’s performance during the last fiscal year.

STATEMENT OF ADDITIONAL INFORMATION (SAI)

The SAI contains more detailed information about the Funds and their 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 other information, or ask us any questions, by calling us at 1-800-480-4111 or writing to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

If you buy your shares through a Financial Intermediary, you should contact that Financial Intermediary directly for more information. You can also find information online at www.jpmorganfunds.com.

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

Public Reference Room of the SEC
Washington, DC 20549-0102
1-202-942-8090
E-mail: publicinfo@sec.gov

Reports, a copy of the SAI and other information about the Funds are also available on the SEC’s website at http://www.sec.gov.

Investment Company Act File Nos.
JPMorgan Trust I
JPMorgan Trust II

811-21295
811-4236

PR-MMM-1205

PROSPECTUS DECEMBER , 2005

JPMorgan

Money Market

Funds

Premier Shares

JPMorgan Prime Money Market Fund
JPMorgan Liquid Assets Money Market Fund
JPMorgan U.S. Government Money Market Fund
JPMorgan U.S. Treasury Plus Money Market Fund
JPMorgan Federal Money Market Fund
JPMorgan 100% U.S. Treasury Securities Money Market Fund
JPMorgan Tax Free Money Market Fund
JPMorgan Municipal Money Market Fund
JPMorgan Michigan Municipal Money Market Fund
JPMorgan Ohio Municipal Money Market Fund

CONTENTS

Prime Money Market Fund					1
Liquid Assets Money Market Fund					7
U.S. Government Money Market Fund					13
U.S. Treasury Plus Money Market Fund					18
Federal Money Market Fund					23
100% U.S. Treasury Securities Money Market Fund					28
Tax Free Money Market Fund					33
Municipal Money Market Fund					39
Michigan Municipal Money Market Fund					45
Ohio Municipal Money Market Fund					51
The Funds’ Management and Administration					57
How Your Account Works					60
Buying Fund Shares					60
Selling Fund Shares					63
Exchanging Fund Shares					64
Other Information Concerning the Funds					64
Shareholder Information					66
Distributions and Taxes					66
Availability of Proxy Voting Record					6 7
Portfolio Holdings Disclosure					6 7
What the Terms Mean					6 8
Financial Highlights					7 0
Appendix A—Legal Proceedings and Additional Fee and Expense Information					78
How To Reach Us					Back cover

JPMorgan
Prime Money Market Fund

The Fund’s Objective

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

The Fund’s Main Investment Strategy

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

•

high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations

•

debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities

•

securities issued or guaranteed by the U.S. government, its agencies or instrumentalities

•

asset-backed securities

•

repurchase agreements and reverse repurchase agreements

•

taxable municipal obligations

•

funding agreements issued by banks and highly rated U.S. insurance companies, such as Guaranteed Investment Contracts (GICs) and Bank Investment Contracts (BICs).

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 60 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will:

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

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

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

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Prime Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or interest rates are not met.

Prepayment Risk. The issuers of mortgage-backed and asset-backed securities may be able to repay principal early, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When obligations are prepaid, the Fund may have to reinvest in securities with lower yields. In addition, the Fund may fail to recover additional amounts paid for securities with higher interest rates, resulting in an unexpected capital loss.

Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

temporary defensive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Prime Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. The bar chart shows how the performance of the Fund’s Premier Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premier Shares					1.00				2. 65				3. 97

Investor Expenses for Premier Shares

The expenses of the Premier Shares before and after reimbursement are shown below. The table below does not reflect charges or credits which you might incur if you invest through a Financial Intermediary.

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					NONE
Shareholder Service Fees					0.3 0
Other Expenses¹
Total Annual Operating Expenses
Fee Waiver and Expense Reimbursements²
Net Expenses²					0. 45

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Prime Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Liquid Assets Money Market Fund
(formerly One Group® Prime Money Market Fund)

The Fund’s Objective

The Fund seeks current income with liquidity and stability of principal.

The Fund’s Main Investment Strategy

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

•

high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations

•

debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities

•

securities issued or guaranteed by the U.S. government, its agencies or instrumentalities

•

asset-backed securities

•

repurchase agreements and reverse repurchase agreements

•

taxable municipal obligations

•

funding agreements issued by banks and highly rated U.S. insurance companies, such as GICs and BICs.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will:

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMorgan Investment Advisors Inc. (JPMIA), the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Liquid Assets Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Prepayment Risk. The issuers of mortgage-backed and asset-backed securities may be able to repay principal early, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When obligations are prepaid, the Fund may have to reinvest in securities with lower yields. In addition, the Fund may fail to recover additional amounts paid for securities with higher interest rates, resulting in an unexpected capital loss.

Government Securities Risk. The Fund may hold the indebtedness of certain issuers identified with the U.S. government, including the well-known Fannie Mae and Freddie Mac, which is not entitled to the full faith and credit of the United States. These securities are supported only by their own credit and are subject to the risk of default in the payment of interest and/or principal, like the indebtedness of private issuers.

•

JPMIA maintains a list of approved borrowers, which it believes to present low credit risk;

•

The Fund receives collateral equal to at least 100% of the current value of the securities loaned plus accrued interest;

•

The lending agent indemnifies the Fund against borrower default;

•

JPMIA’s collateral investment guidelines limit the quality and duration of collateral investment to minimize losses; and

•

Upon recall, the borrower must return the securities loaned within the normal settlement period.

Concentration Risk. Because the Fund will invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

services companies are highly dependent on the supply of short-term financing.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Liquid Assets Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. Because the Premier Shares had not com menced operations as of December 31, 2004, the bar chart shows how the performance of the Fund’s Investor Shares (formerly Class I Shares), the original class offered, has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 4th quarter, 2000					1. 56	%
WORST QUARTER 1st quarter, 200 4					0. 16	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

As of December 31, 2004, the Premier Shares had not commenced operations. The performance shown is that of the Investor Shares, the original class offered, whose shares are not offered in this prospectus. The performance for both classes would have been substantially similar because the shares are invested in the same portfolio of securi ties, and the returns would differ only to the extent that the classes have different expenses.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Investor Shares¹					0. 96				2.60				3. 95

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees	0.08
Distribution (Rule 12b-1) Fees	NONE
Shareholder Service Fees	0.3 0
Other Expenses¹	0.14
Total Annual Operating Expenses	0.52
Fee Waiver and Expense Reimbursements²	(0.07	)
Net Expenses²	0. 45

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Liquid Assets Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 1 2 /31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					46				159				283				645

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Government Money Market Fund
(formerly One Group® Government Money Market Fund)

The Fund’s Objective

The Fund seeks high current income with liquidity and stability of principal.

The Fund’s Main Investment Strategy

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

•

short-term debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities

•

short-term repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities

•

[other money market funds that invest exclusively in U.S. government securities] and repurchase agreements collateralized by such securities.

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

If the Fund decides to invest in other types of securities, shareholders will be given 60 days advance notice.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 60 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Government Money Market Fund

CONTINUED

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Prepayment Risk. The issuers of mortgage-backed and asset-backed securities may be able to repay principal early, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When obligations are prepaid, the Fund may have to reinvest in securities with lower yields. In addition, the Fund may fail to recover additional amounts paid for securities with higher interest rates, resulting in an unexpected capital loss.

Government Securities Risk. The Fund may hold the indebtedness of certain issuers identified with the U.S. government, including the well-known Fannie Mae and Freddie Mac, which is not entitled to the full faith and credit of the United States. These securities are supported only by their own credit and are subject to the risk of default in the payment of interest and/or principal, like the indebtedness of private issuers.

•

JPMIA maintains a list of approved borrowers, which it believes to present low credit risk;

•

The Fund receives collateral equal to at least 100% of the current value of the securities loaned plus accrued interest;

•

The lending agent indemnifies the Fund against borrower default;

•

JPMIA’s collateral investment guidelines limit the quality and duration of collateral investment to minimize losses; and

•

Upon recall, the borrower must return the securities loaned within the normal settlement period.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. T he bar chart shows how the performance of the Fund’s Premier Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

BEST QUARTER 4th quarter, 2000					1. 58	%
WORST QUARTER 2nd quarter, 2004					0. 18	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

Historical performance shown for Premier Shares prior to its inception on 4/10/00 is based on the performance of Capital Shares, the original class offered. Prior class perfor mance has been adjusted to reflect the differ ences in expenses between classes.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Government Money Market Fund

CONTINUED

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premier Shares¹					1. 01				2. 64				3.93

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees	0.08
Distribution (Rule 12b-1) Fees	NONE
Shareholder Service Fees	0.3 0
Other Expenses¹	0.10
Total Annual Operating Expenses	0.48
Fee Waiver and Expense Reimbursements²	(0.03	)
Net Expenses²	0. 45

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

Reflects a written agreement pursuant to which JPMIA, the Fund’s administrator and distributor agree that they will waive fees and/or reimburse the Fund to the extent total annual operating expenses of the Premier Shares (excluding interest, taxes and extraordinary expenses and expenses related to the trustees’ deferred compensation plan) exceed 0. 39 % of its average daily net assets from 2/19/05 through 2/19 /06 after which they have contractually agreed to limit total annual fund operating expenses to 0. 45 % of the average daily net assets of the Premier Shares through 12/31 /06. The expense limitation in place for the Fund only through February 19, 2006 is not reflected in the table above or the examples below. In addition, the Fund’s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12 /31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					46				151				265				601

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Treasury Plus Money Market Fund
(formerly One Group® U.S. Treasury Securities Money Market Fund)

The Fund’s Objective

The Fund seeks current income with liquidity and stability of principal.

The Fund’s Main Investment Strategy

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

•

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

•

repurchase agreements fully collateralized by U.S. Treasury securities.

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

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

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Treasury Plus Money Market Fund

CONTINUED

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

BEST QUARTER 4th quarter, 2000					1. 52	%
WORST QUARTER 2nd quarter, 2004					0. 13	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Investor Shares¹					0. 8 3				2.42				3.75

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees	0.08
Distribution (Rule 12b-1) Fees	NONE
Shareholder Service Fees	0.3 0
Other Expenses¹	0.09
Total Annual Operating Expenses	0.47
Fee Waiver and Expense Reimbursements²	(0.02	)
Net Expenses²	0. 45

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

JPMORGAN MONEY MARKET FUNDS

JPMorgan
U.S. Treasury Plus Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12 /31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					46				151				265				601

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Federal Money Market Fund

The Fund’s Objective

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

The Fund’s Main Investment Strategy

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

•

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

•

debt securities that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest.

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

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 60 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk.

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

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or interest rates are not met.

Prepayment Risk. The issuers of mortgage-backed and asset-backed securities may be able to repay principal early, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When obligations are prepaid, the Fund may have to reinvest in securities with lower yields. In addition, the Fund may fail to recover additional amounts paid for securities with higher interest rates, resulting in an unexpected capital loss.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Federal Money Market Fund

CONTINUED

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Federal Money Market Fund

CONTINUED

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premier Shares					0. 92				2. 53				3. 80

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					NONE
Shareholder Service Fees					0.3 0
Other Expenses¹
Total Annual Operating Expenses
Fee Waiver and Expense Reimbursements²
Net Expenses²					0. 45

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

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

The Fund’s Objective

The Fund aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal.

The Fund’s Main Investment Strategy

The Fund invests its assets exclusively in obligations of the U.S. Treasury, including Treasury bills, bonds and notes.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 9 0 days or less.

•

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

•

The Fund will only buy securities that present minimal credit risk.

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or interest rates are not met.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Securities Lending Risk. The Fund may lend securities, which involves the risk that the loaned securities may not be returned if the borrower or the lending agent defaults. The risk of securities lending is reduced, however, by the following policies:

•

JPMIM maintains a list of approved borrowers, which it believes to present low credit risk;

•

The Fund receives collateral equal to at least 100% of the current value of the securities loaned plus accrued interest;

•

The lending agent indemnifies the Fund against borrower default; and

•

Upon recall, the borrower must return the securities loaned within the normal settlement period.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high-quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

JPMORGAN MONEY MARKET FUNDS

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

CONTINUED

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

Historical performance shown for Premier Shares prior to its inception on 6/3/96 is based on the performance of Morgan Shares. Returns for the period 1/1/95 through 5/3/96 is based on the performance of the Fund’s predecessor, the Hanover 100% Treasury Securities Money Market Fund.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premier Shares¹					0. 82				2. 38				3. 60

Historical performance shown for Premier Shares prior to its inception on [ 6/3/96 ] is based on the performance of Morgan Shares. Returns for the period 1/1/95 through [ 5/3/96 ] is based on the performance of the Fund’s predecessor, the Hanover 100% Treasury Securities Money Market Fund.

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					NONE
Shareholder Service Fees					0.3 0
Other Expenses¹
Total Annual Operating Expenses
Fee Waivers and Expense Reimbursements²
Net Expenses²					0. 45

Reflects a written agreement pursuant to which JPMIM, the Fund’s administrator and the distributor agree that they will waive fees or reimburse the Fund to the extent total annual operating expenses of the Premier Shares (excluding interest, taxes and extraordinary expenses and expenses related to the trustees’ deferred compensation plan) exceed 0. 39 % of its average daily net assets from 2/19/05 through 2/19 /06 after which they have contractually agreed to limit total annual fund operating expenses to 0. 45 % of the average daily net assets of the Premier Shares through 12/31 /06. The expense limitation in place for the Fund only through February 19, 2006 is not reflected in the table above or examples below. In addition, the Fund’s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.

JPMORGAN MONEY MARKET FUNDS

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

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Tax Free Money Market Fund

The Fund’s Objective

The Fund aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund will try to invest its assets exclusively in municipal obligations, the interest on which is excluded from federal income taxes.

Municipal obligations are securities that:

•

are short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund will only purchase municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 60 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will:

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIM, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIM, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies (including its investment objective) without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Tax Free Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIM’s expectations regarding particular securities or interest rates are not met.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue.

•

Since some municipal obligations may be secured or guaranteed by banks or other financial institutions, the risk to the Fund could increase if the credit quality of the financial institution providing the backing declines or the banking or financial sector suffers an economic downturn. In addition, to the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs and possible delayed settlement.

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective and may produce taxable income.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Tax Free Money Market Fund

CONTINUED

The Fund’s Past Performance

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 4th quarter, 2000					0.9 8	%
WORST QUARTER 3rd quarter, 2003					0. 13	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 8/31.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premier Shares					0. 80				1. 75				2. 43

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees					0.08
Distribution (Rule 12b-1) Fees					NONE
Shareholder Service Fees					0.3 0
Other Expenses¹
Total Annual Operating Expenses
Fee Waivers and Expense Reimbursements²
Net Expenses²					0. 45

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been restated to reflect several new fee arrangements with fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Tax Free Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12/31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Municipal Money Market Fund
(formerly One Group® Municipal Money Market Fund)

The Fund’s Objective

The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from regular federal income taxes.

As a fundamental policy, the Fund will invest at least 80% of its net assets in such securities . For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes.

Municipal obligations are securities that:

•

are short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund will only purchase municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.

The Fund may invest up to all of its assets in municipal obligations that produce income subject to the federal alternative minimum tax .

Up to 20% of the Fund’s remaining assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will:

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIA, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

The Fund is diversified as defined in the Investment Company Act of 1940.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Municipal Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue.

•

Since some municipal obligations may be secured or guaranteed by banks or other financial institutions, the risk to the Fund could increase if the credit quality of the financial institution providing the backing declines or the banking or financial sector suffers an economic downturn. In addition, to the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs and possible delayed settlement.

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective and may produce taxable income.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

are looking for income that is not taxable

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Municipal Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. T he bar chart shows how the performance of the Fund’s Premier Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 4th quarter, 2000					0.99	%
WORST QUARTER 3rd quarter, 2003					0.13	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premier Shares					0.84				1.76				2.49

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER ASSETS)

Management Fees	0.08
Distribution (Rule 12b-1) Fees	NONE
Shareholder Service Fees	0.3 0
Other Expenses¹	0.10
Total Annual Operating Expenses	0.48
Fee Waivers and Expense Reimbursements²	(0.03	)
Net Expenses²	0. 45

“Other Expenses” have been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses are restated to reflect several new fee arrangements with Fund service providers which were implemented during the last fiscal year , but which were not in place for the entire fiscal year .

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Municipal Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12 /31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual return of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					46				151				265				601

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Michigan Municipal Money Market Fund
(formerly One Group® Michigan Municipal Money Market Fund)

The Fund’s Objective

The Fund seeks as high a level of current interest income exempt from federal income tax and Michigan personal income tax as is consistent with capital preservation and stability of principal.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund invests primarily in municipal obligations, the income from which is exempt from both federal income tax and Michigan personal income tax. As a fundamental policy, the Fund will invest at least 80% of its total assets in such securities. Municipal obligations in which the Fund may invest are securities that:

•

are issued by the State of Michigan, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions; and

•

are short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund may invest up to all of its assets in municipal obligations that produce income subject to the federal alternative minimum tax .

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will:

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIA, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Michigan Municipal Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Risk of Michigan Obligations. The Fund will be particularly susceptible to difficulties affecting Michigan and its municipalities.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue.

•

Since some municipal obligations may be secured or guaranteed by banks or other financial institutions, the risk to the Fund could increase if the credit quality of the financial institution providing the backing declines or the banking or financial sector suffers an economic downturn. In addition, to the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs and possible delayed settlement.

Diversification Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state fund is allowed by SEC rules to invest a significantly greater portion of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective and may produce taxable income.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

are looking for income that is not taxable by the United States or by the State of Michigan

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Michigan Municipal Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. T he bar chart shows how the performance of the Fund’s Premier Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS^1,2

BEST QUARTER 4th quarter, 2000					0.98	%
WORST QUARTER 3rd quarter, 2003					0.12	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

Historical p erformance data includes the performance of the Pegasus Michigan Municipal Money Market Fund for the period before it was consolidated with the Fund on March 22, 1999. Historical performance shown for Premier Shares prior to 3/30/96 is based on the performance of Reserve Shares, the original class offered. Prior class performance has not been adjusted to reflect the differences in expenses between classes.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premier Shares¹					0.79				1.71				2.40

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees	0.08
Distribution (Rule 12b-1) Fees	NONE
Shareholder Service Fees	0.3 0
Other Expenses¹	0.15
Total Annual Operating Expenses	0.53
Fee Waivers and Expense Reimbursements²	(0.08	)
Net Expenses²	0. 45

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Michigan Municipal Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 12 /31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual return of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					46				161				288				657

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Ohio Municipal Money Market Fund
(formerly One Group® Ohio Municipal Money Market Fund)

The Fund’s Objective

The Fund seeks as high a level of current interest income exempt from federal income tax and Ohio personal income tax as is consistent with capital preservation and stability of principal.

The Fund’s Main Investment Strategy

Under normal conditions, the Fund invests primarily in municipal obligations, the income from which is exempt from both federal income tax and Ohio personal income tax. As a fundamental policy, the Fund will invest at least 80% of its total assets in such securities. Municipal obligations in which the Fund may invest are securities that:

•

are issued by the State of Ohio, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions; and

•

are short-term money market instruments, such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.

The Fund may invest up to all of its assets in municipal obligations that produce income subject to the federal alternative minimum tax .

Up to 20% of the Fund’s remaining assets may be invested in non-Ohio municipal obligations, which may produce interest exempt only from federal income tax, or in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. For temporary defensive purposes, the Fund has the ability to invest up to all of its assets in non-Ohio municipal obligations that produce income that may be subject to the federal alternative minimum tax.

The Fund is a money market fund managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940. Within these requirements, the Fund is managed in the following manner:

•

The Fund seeks to maintain a net asset value of $1.00 per share.

•

The dollar-weighted average maturity of the Fund will generally be 90 days or less.

•

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

•

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

•

The Fund will only buy securities that present minimal credit risk. These securities will:

•

have the highest possible short-term rating from at least two nationally recognized statistical rating organizations, or one such rating if only one organization rates that security;

•

have an additional third-party guarantee in order to meet the rating requirements; or

•

be considered of comparable quality by JPMIA, the Fund’s adviser, if the security is not rated.

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

The Fund’s adviser, JPMIA, seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.

The Fund’s Board of Trustees may change any of its non-fundamental investment policies without shareholder approval.

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Ohio Municipal Money Market Fund

CONTINUED

BEFORE YOU INVEST

Investors considering the Fund should understand that:

•

There is no assurance that the Fund will meet its investment objective.

•

The Fund does not represent a complete investment program.

The Fund’s Main Investment Risks

All mutual funds carry a certain amount of risk. You may lose money on your investment in the Fund. Here are some specific risks of investing in the Fund.

Advisory Risk. The Fund may not achieve its objective if JPMIA’s expectations regarding particular securities or interest rates are not met.

Risk of Ohio Obligations. The Fund will be particularly susceptible to difficulties affecting Ohio and its municipalities.

Municipal Obligations Risk. Municipal obligations are subject to the following risks:

•

Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some securities, including municipal lease obligations, carry additional risks. For example, they may be difficult to trade or interest payments may be tied only to a specific stream of revenue.

•

Since some municipal obligations may be secured or guaranteed by banks or other financial institutions, the risk to the Fund could increase if the credit quality of the financial institution providing the backing declines or the banking or financial sector suffers an economic downturn. In addition, to the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs and possible delayed settlement.

Diversification Risk. As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state fund is allowed by SEC rules to invest a significantly greater portion of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.

Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax, the federal alternative minimum tax or Ohio personal income taxes. Consult your tax professional for more information.

Net Asset Value Risk. There is no assurance that the Fund will meet its investment objective of maintaining a net asset value of $1.00 per share on a continuous basis.

Risk Associated with the Fund Holding Cash. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund’s performance.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Temporary Defensive Positions. If the Fund departs from its investment policies during temporary defensive periods or to meet redemptions, it may not achieve its investment objective and may produce taxable income.

WHO MAY WANT TO INVEST

The Fund is designed for investors who:

•

are looking for income that is not taxable by the United States or by the State of Ohio

•

want an investment that strives to preserve capital

•

want regular income from a high quality portfolio

•

want a highly liquid investment

•

are looking for an interim investment

•

are pursuing a short-term goal

The Fund is not designed for investors who:

•

are investing for long-term growth

•

are investing for high income

•

require the added security of FDIC insurance

•

are investing through a tax-deferred account, such as an IRA

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Ohio Municipal Money Market Fund

CONTINUED

The Fund’s Past Performance

This section shows the Fund’s performance record with respect to the Fund’s shares. T he bar chart shows how the performance of the Fund’s Premier Shares has varied from year to year over the past ten calendar years. This provides some indication of the risks of investing in the Fund. The table shows the average annual total returns for the past one year, five years and ten years.

To obtain current yield information call 1-800-480-4111 or visit www.jpmorganfunds.com. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

YEAR-BY-YEAR RETURNS¹

BEST QUARTER 4th quarter, 2000					0.97	%
WORST QUARTER 3rd quarter, 2003					0.11	%

The Fund’s year-to-date total return as of 9/30/05 was %.

The Fund’s fiscal year end is 6/30.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

AVERAGE ANNUAL TOTAL RETURNS (%)

SHOWS PERFORMANCE OVER TIME, FOR PERIODS ENDED DECEMBER 31, 2004

				PAST 1 YEAR				PAST 5 YEARS				PAST 10 YEARS
Premier Shares					0.80				1.71				2.46

Investor Expenses for Premier Shares

ANNUAL OPERATING EXPENSES (%)
(EXPENSES THAT ARE DEDUCTED FROM PREMIER SHARES ASSETS)

Management Fees	0.08
Distribution (Rule 12b-1) Fees	NONE
Shareholder Service Fees	0.3 0
Other Expenses¹	0.15
Total Annual Operating Expenses	0.53
Fee Waivers and Expense Reimbursements²	(0.08	)
Net Expenses²	0. 45

JPMORGAN MONEY MARKET FUNDS

JPMorgan
Ohio Municipal Money Market Fund

CONTINUED

Example

The example below is intended to help you compare the cost of investing in the Premier Shares with the cost of investing in other mutual funds. The example assumes:

•

$10,000 initial investment,

•

5% return each year, and

•

net expenses through 10 /31/06 and total annual operating expenses thereafter.

This example is for comparison only; the actual return of the Premier Shares and your actual costs may be higher or lower.

				1 YEAR				3 YEARS				5 YEARS				10 YEARS
Your Cost ($) (with or without redemption)					46				161				288				657

JPMORGAN MONEY MARKET FUNDS

The Funds’ Management and Administration

The following Funds are series of JPMorgan Trust I (JPMTI), a Delaware statutory trust:

•

Prime Money Market Fund

•

Federal Money Market Fund

•

100% U.S. Treasury Securities Money Market Fund

•

Tax Free Money Market Fund

Collectively, these are the JPMTI Funds.

The following Funds are series of JPMorgan Trust II (JPMTII), a Delaware statutory trust:

•

Liquid Assets Money Market Fund

•

U.S. Government Money Market Fund

•

U.S. Treasury Plus Money Market Fund

•

Municipal Money Market Fund

•

Michigan Municipal Money Market Fund

•

Ohio Municipal Money Market Fund

Collectively these are the JPMTII Funds.

The trustees of each trust are responsible for overseeing all business activities.

The Funds’ Investment Advisers

During the most recent fiscal year ended 8/31/05, JPMIM was paid management fees (net of waivers, if any), as shown below, as a percentage of average daily net assets:

JPMORGAN MONEY MARKET FUNDS

The Funds’ Management and Administration

CONTINUED

During the most recent fiscal year ended 6/30/05, JPMIA was paid management fees (net of waivers, if any), as shown below, as a percentage of average daily net assets:

Effective 2/19/05, the management fees for all the Funds was 0.08%.

A discussion of the basis the Board of Trust ees of JPMTI used in reapproving the invest ment advisory for the JPMTI Funds is avail able in the annual report for the year ended August 31, 2005. A similar discussion is avail able for the JPMTII Funds in the SAI for those Funds.

A discussion of the basis the Board of Trustees of JPMTI used in reapproving the investment advisory for the JPMTI Funds is available in the annual report for the year ended August 31, 2005. A discussion for the JPMTII Funds is available in the SAI for those Funds.

The Funds’ Administrator

The Funds’ Shareholder Servicing Agent

The Trust, on behalf of the Funds, has entered into a shareholder servicing agreement with JPMorgan Distribution Services, Inc. (JPMDS) under which JPMDS has agreed to provide certain support services to the Funds’ shareholders. For performing these services, JPMDS, as shareholder servicing agent, receives an annual fee of 0.3 0 % of the average daily net assets of Premier Shares of each Fund . JPMDS may enter into service agreements with Financial Intermediaries under which it will pay all or a portion of the annual fees described above to such entities for performing shareholder and administrative services. The amount payable for “service fees” (as defined by the NASD) does not exceed 0.25% of the average annual net assets attributable to the Premier Shares of each Fund.

The Funds’ Distributor

JPMDS (the Distributor) is the distributor for the Funds. The Distributor is an affiliate of JPMIM, JPMIA and the Administrator.

Additional Compensation to Financial Intermediaries

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

select sales list, or other sales programs. These additional cash payments also may be made as an expense reimbursement in cases where the Financial Intermediary provides shareholder services to JPMorgan Fund shareholders. JPMIM, JPMIA and JPMDS may also pay cash compensation in the form of finders’ fees that vary depending on the JPMorgan Fund and the dollar amount of shares sold.

JPMORGAN MONEY MARKET FUNDS

How Your Account Works

BUYING FUND SHARES

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

Premier Shares may be purchased by the general public.

You may purchase Fund shares through your Financial Intermediary. Financial Intermediaries may include financial advisors, investment advisers, brokers, financial planners, banks, insurance companies, retirement or 401(k) plan administrators and others, including various affiliates of JPMorgan Chase, that have entered into agreements with JPMDS as Distributor and/or shareholder servicing agent. Shares purchased this way will typically be held for you by the Financial Intermediary. You may also purchase s hares directly from JPMorgan Funds Services.

The Funds may close earlier a few days each year when the Bond Market Association recommends that the securities markets close trading early.

If the Fund accepts your order by the Fund’s cut-off time listed below, we will process your purchase order at that day’s price and you will be entitled to all dividends declared on that day. If the Fund accepts your purchase order after the cut-off time, we will process it at the next day’s price.

Share ownership is electronically recorded, therefore no certificates will be issued.

In addition, your Financial Intermediary may be closed at times when the Fund is open (for example, when the NYSE is closed and the Fund elects to remain open).

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Normally, the cut-off time for each Fund is:

Prime Money Market Fund				5:00 P.M. ET
Liquid Assets Money Market Fund				5:00 P.M. ET
U.S. Government Money Market Fund				5:00 P.M. ET
U.S. Treasury Plus Money Market Fund				5:00 P.M. ET
Federal Money Market Fund				2:00 P.M. ET
100% U.S. Treasury Securities Money Market Fund				2:00 P.M. ET
Tax Free Money Market Fund				NOON ET
Municipal Money Market Fund				NOON ET
Michigan Municipal Money Market Fund				NOON ET
Ohio Municipal Money Market Fund				NOON ET

The Funds have the right to refuse any purchase order or to stop offering shares for sale at any time.

TO OPEN AN ACCOUNT, BUY OR SELL SHARES OR GET FUND INFORMATION, CALL:
JPMORGAN FUNDS SERVICES
1-800-480-4111

Minimum Investments

Premier Shares are subject to a $1,000 ,000 minimum investment requirement per Fund. There are no minimum levels for subsequent purchases.

Premier Shares accounts of certain JPMor gan Funds (other than former One Group Funds) opened prior to February 18, 2005 will be subject to a minimum of $100,000. Accounts of certain former One Group Funds opened on or before February 18, 2005 will be subject to a minimum of $200,000.

Investment minimums may be waived for certain types of retirement accounts (e.g., 401(k), 403(b) and SIMPLE IRA) as well as for certain wrap fee accounts. The Funds reserve the right to waive any investment minimum. For further information on investment minimum waivers, call 1-800-480-4111.

General

JPMORGAN MONEY MARKET FUNDS

How Your Account Works

CONTINUED

identity is verified. If we are unable to verify your identity within a reasonable time, the Funds reserve the right to close your account at the current day’s NAV per share. If your account is closed for this reason, your shares will be redeemed at the NAV per share next calculated after the account is closed.

Send the completed Account Application and a check to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

All checks must be made payable to one of the following:

•

JPMorgan Funds; or

•

The specific Fund in which you are investing.

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

If you choose to pay by wire, please call 1-800-480-4111 to notify the Funds of your purchase and authorize your financial institution to wire funds to:

JPMORGAN CHASE BANK, N.A.
ATTN: JPMORGAN FUNDS SERVICES
ABA 021 000 021
DDA 323125832
FBO YOUR JPMORGAN FUND
    (EX: JPMORGAN ABC FUND- PREMIER )
YOUR FUND NUMBER & ACCOUNT NUMBER
    (EX: FUND 123-ACCOUNT 123456789)
YOUR ACCOUNT REGISTRATION
    (EX: JOHN SMITH & MARY SMITH, JTWROS)

You can buy shares in one of two ways:

Through Your Financial Intermediary

Your Financial Intermediary may be paid by JPMDS to assist you in establishing your account, executing transactions and monitoring your investment. Financial Intermediaries may provide the following services in connection with their customers’ investments in the Funds:

•

Acting directly or through an agent, as the sole shareholder of record

•

Maintaining account records for customers

•

Processing orders to purchase, redeem or exchange shares for customers

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

•

Responding to inquiries from shareholders

•

Assisting customers with investment procedures.

Through JPMorgan Funds Services

Call 1-800-480-4111
Or
Complete the Account Application and mail it along with a check for the amount you want to invest to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

JPMorgan Funds Services will accept your order when federal funds, a wire, a check or ACH transaction is received together with a completed Account Application or other instructions in proper form.

SELLING FUND SHARES

You can sell your shares on any day that the Funds are accepting purchase orders. You will receive the next NAV per share calculated after the Fund accepts your order .

We will need the names of the registered shareholders, your account number and other information before we can sell your shares.

Under normal circumstances, if a Fund accepts your order before the Fund’s cut-off time, the Fund will make available to you the proceeds that same business day by wire. Otherwise, except as permitted by the federal securities laws, your redemption proceeds will be paid within seven days (one day for the JPMorgan Prime Money Market Fund and the JPMorgan Liquid Assets Money Market Fund) after acceptance of the redemption order.

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

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

•

You want to redeem shares with a value of $50,000 or more and you want to receive your proceeds in the form of a check; or

•

You want your payment sent to an address, bank account or payee other than the one currently designated on your Fund account.

We may also need additional documents or a letter from a surviving joint owner before selling the shares. Contact JPMorgan Funds Services for more details.

You can sell your shares in one of two ways:

Through Your Financial Intermediary

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

Through JPMorgan Funds Services

Call 1-800-480-4111. We will mail you a check or send the proceeds via electronic transfer or wire to the bank account on our records.
Or
Send a signed letter with your instructions to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

Redemptions-In-Kind

Generally, all redemptions will be for cash. However, if you redeem shares worth $250,000 or more, the Fund reserves the right to pay part or all of your

JPMORGAN MONEY MARKET FUNDS

How Your Account Works

CONTINUED

redemption proceeds in readily marketable securities instead of cash. If payment is made in securities, the Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on the Fund and its remaining shareholders.

EXCHANGING FUND SHARES

You can exchange your Premier Shares for shares of the same class in certain other JPMorgan Funds. You will need to meet any minimum investment or eligibility require ment.

The JPMorgan Funds do not charge a fee for this privilege. In addition, the JPMorgan Funds may change the terms and conditions of your exchange privileges upon 60 days’ written notice.

Generally, an exchange between JPMorgan Funds is considered a sale of Fund shares. Carefully read the prospectus of the Fund you want to buy before making an exchange.

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

You can exchange your shares in one of two ways:

Through Your Financial Intermediary

Tell your Financial Intermediary which Fund’s shares you want to exchange. They will send the necessary documents to JPMorgan Funds Services. Your Financial Intermediary may charge you for this service.

Through JPMorgan Funds Services

Call 1-800-480-4111 to ask for details.

OTHER INFORMATION CONCERNING THE FUNDS

Due to the relatively high cost of maintaining small accounts, if your account value falls below the Funds’ minimum investment requirement, the Funds reserve the right to redeem all of the remaining shares in your account and close your account or charge an annual sub-minimum account fee of $10 per Fund. Before either of these actions is taken, you will be given 60 days’ advance written notice in order to provide you with time to increase your account balance to the required minimum, by purchasing sufficient shares, in accordance with the terms of this prospectus. To collect the $10 sub-minimum account fee, the Fund s will redeem $10 worth of shares from your account.

You may write to:

JPMorgan Funds Services
P.O. Box 8528
Boston, MA 02266-8528

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

Trading on the NYSE is restricted;

The NYSE is closed (other than weekend and holiday closings);

Federal securities laws permit;

The SEC has permitted a suspension; or

An emergency exists, as determined by the SEC.

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

JPMORGAN MONEY MARKET FUNDS

Shareholder Information

DISTRIBUTIONS AND TAXES

The Funds can earn income and can realize capital gain. The Funds deduct any expenses and then pay out these earnings to shareholders as distributions.

Dividends of net investment income will generally be taxable as ordinary income at the federal, state and local levels. I ncome paid by the Tax Free Money Market Fund , Municipal Money Market Fund , Michigan Municipal Money Market Fund and Ohio Municipal Money Market Fund are not subject to federal income taxes, but will generally be subject to state and local taxes and may be subject to federal alternative minimum tax . The state or municipality where you live may not charge you state and local taxes on dividends of tax-exempt interest earned on certain bonds.

Dividends paid by the Michigan Municipal Money Market Fund that are derived from interest attributable to tax-exempt Michi gan Municipal Obligations will be exempt from Michigan income tax and generally, also exempt from Michigan single business tax. Conversely, to the extent that the Fund’s divi dends are derived from interest on obligations other than Michigan Municipal Obligations or certain U.S. government obligations (or are derived from short-term or long-term gains), such dividends may be subject to Michigan income tax and Michigan single business tax, even though the dividends may be exempt for federal income tax purposes. Except as noted above with respect to Michigan income taxation, distributions of net income may be taxable to investors as dividend income under other state or local laws even though a substantial por tion of such distributions may be derived from interest on tax- exempt obli gations which, if realized directly, would be exempt from such income taxes.

Dividends paid by the New York Municipal Money Market Fund that are derived from interest attributable to obligations of the State of New York or its political subdivisions, and obligations of the Governments of Puerto Rico, the Virgin Islands and Guam are exempt from New York State and New York City per sonal income tax (but not New York State corporate franchise tax or New York City business tax), provided that such dividends cons titute exempt-interest dividends under Section 852(b)(5) of the Internal Revenue Code of 1986. To the extent that investors are subject to state and local taxes outside of New York State, dividends paid by the Fund may be taxable income for purposes thereof. In addition, to the extent that the Fund’s dividends are derived from interest attributable to the obligations of any other state or of a political subdivision of any such other state or are derived from capital gains, such divi dends will generally not be exempt from New York State or New York City tax. The New York AMT excludes tax-exempt interest as an item of tax preference. Interest incurred to buy or carry shares of the Fund is not deductible for federal, New York State or New York City personal income tax purposes. Investors should consult their advisers about other state and local tax consequences of the investment in the Fund.

JPMORGAN MONEY MARKET FUNDS

PROSPECTUS DECEMBER

2005

not be included in the net income base of the Ohio corporation franchise tax. Information in this paragraph is based on current statutes and regulations as well as current policies of the Ohio Department of Taxation, all of which may change.

The Funds’ investments in certain debt obligations may cause a Fund to recognize taxable income in excess of the cash gen erated by such obligations. Thus, a Fund could be required to at times to liquidate other investments in order to satisfy its dis tribution requirements.

BEST QUARTER 3rd quarter, 2000

WORST QUARTER 2nd quarter, 2003

3rd quarter, 2003

4th quarter, 2003

1st quarter, 2004