JPMorgan Ultra-Short Municipal Fund Class A NMFQS:USMSX

Under normal circumstances, the fund invests at least 80% of its net assets in municipal bonds, the income from which is exempt from federal income tax. This is a fundamental policy. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. The fund invests in a portfolio of municipal bonds with an average weighted maturity of one to five years.