PROSPECTUS AUGUST __, 2001
SUBJECT TO COMPLETION, DATED MAY 11, 2001

The information in this prospectus is not complete and may be changed. These
securities may not be sold until the registration statement filed with the
Securities and Exchange Commission is effective. This prospectus is not an offer
to sell nor does it seek an offer to buy these securities in any state where the
offer or sale is not permitted.

JPMORGAN MONEY MARKET FUNDS
THIS PROSPECTUS OFFERS: PREMIER SHARES

PRIME MONEY MARKET FUND

TREASURY PLUS MONEY MARKET FUND

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.

[JPMORGAN FLEMING LOGO]
Asset Management
rhp-4970

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

Treasury Plus Money Market Fund ........................... 5

Who May Want to Invest .................................... 9

The Funds' Management and Administration ................. 10

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

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

Selling Fund Shares ...................................... 12

Distribution Arrangements ................................ 13

Other Information Concerning the Funds ................... 13

Distributions and Taxes .................................. 14

What the Terms Mean ...................................... 15

Financial Highlights ..................................... 16

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 banks. These are:

- U.S. banks with more than $1 billion in total assets, and foreign
branches of these banks

- foreign banks with the equivalent of more than $10 billion in total
assets and which have branches or agencies in the U.S.

- other U.S. or foreign commercial banks which the Fund's adviser judges
to have comparable credit standing

- - securities issued or guaranteed by the U.S. Government, its agencies or
authorities

- - asset-backed securities

- - repurchase agreements

The dollar weighted average maturity of the Fund will generally be 60 days or
less and the Fund will buy only those instruments which have remaining
maturities of 397 days or less.

The Fund may invest any portion of its assets in debt securities issued or
guaranteed by U.S. banks and their foreign branches. These include certificates
of deposit, time deposits and bankers' acceptances.

The Fund invests only in securities issued and payable in U.S. dollars. Each
investment must have the highest possible short-term rating from at least two
national rating organizations, or one such rating if only one organization rates
that security. Alternatively, some securities may have additional third party
guarantees in order to meet the rating requirements mentioned above. If the
security is not rated, it must be considered of comparable quality by the Fund's
adviser.

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

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

The Fund may change any of its investment policies (except its investment
objective) without shareholder approval. Shareholders of the Fund are currently
considering a proposal that would allow the Fund to change its investment
objective without shareholder approval.

JPMORGAN PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------

THE MAIN INVESTMENT RISKS

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of short-term debt securities tends to fall when prevailing interest
rates rise, although they're generally less sensitive to interest rate changes
than longer-term securities.

Repurchase agreements involve some risk to the Fund if the other party does not
live up to its obligations under the agreement.

The Fund's ability to concentrate its investments in the banking industry could
increase risks. The profitability of banks depends largely on the availability
and cost of funds, which can change depending upon economic conditions. Banks
are also exposed to losses if borrowers get into financial trouble and can't
repay their loans.

Investments in foreign banks and other foreign issuers may be riskier than
investments in the United States. That could be, in part, because of difficulty
converting investments into cash, political and economic instability, the
imposition of government controls, or regulations that don't match U.S.
standards.

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

[SIDENOTE]
INVESTMENTS IN THE FUND ARE NOT BANK DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, ANY BANK, AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, 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. SECURITIES IN THE FUND'S
PORTFOLIO MAY NOT EARN AS HIGH A CURRENT INCOME AS LONGER TERM OR LOWER-QUALITY
SECURITIES.

JPMORGAN PRIME MONEY MARKET FUND
- --------------------------------------------------------------------------------

THE FUND'S PAST PERFORMANCE (UNAUDITED)

This section shows the Fund's performance record with respect to the Fund's
Premier Class Shares. The bar chart shows how the performance of the Fund's
shares has varied from calendar year to calendar year over the life of the Fund.
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 (or if less than such periods, the life of the Fund).

Past performance does not predict 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 be lower than those shown.

THE FUND'S YEAR-TO-DATE TOTAL RETURN AS OF 3/31/01 WAS 1.37%

[CHART]

YEAR-BY-YEAR RETURNS(1),(2)

1994 4.10%
1995 5.66%
1996 5.20%
1997 5.37%
1998 5.32%
1999 4.97%
2000 6.18%

BEST QUARTER 1.59%
- -----------------------------------------
3rd quarter, 2000
- -----------------------------------------
WORST QUARTER 0.75%
- -----------------------------------------
1st quarter, 1994
- -----------------------------------------

AVERAGE ANNUAL TOTAL RETURNS (%)

Shows performance over time, for periods ended December 31, 2000(1)

PAST 1 YR. PAST 5 YRS. LIFE OF FUND
- -------------------------------------------------------------------------------------

PRIME MONEY MARKET FUND (AFTER EXPENSES) 6.18% 5.41% 5.20%
- -------------------------------------------------------------------------------------

(1) PREMIER CLASS SHARES COMMENCED OPERATIONS ON 11/15/93

(2) THE FUND'S FISCAL YEAR END IS 8/31.

JPMORGAN PRIME MONEY MARKET FUND

INVESTOR EXPENSES FOR PREMIER CLASS SHARES

The expenses of the Premier Class before and after reimbursement are shown
below. The Premier Class has no sales, redemption or account fees and generally
no exchange fees, although some institutions may charge you a fee for shares you
buy through them.

ANNUAL OPERATING EXPENSES (%) (EXPENSES THAT ARE DEDUCTED FROM PREMIER CLASS
ASSETS)

SHARE-
DISTRIBUTION HOLDER TOTAL FEE WAIVER
MANAGEMENT (RULE 12B-1) SERVICE OTHER OPERATING AND EXPENSE NET
FEES FEES FEES EXPENSES EXPENSES REIMBURSEMENT(3) EXPENSES(3)
- -------------------------------------------------------------------------------------------------------------------

PREMIER
CLASS SHARES 0.10% NONE 0.25% 0.13% 0.48% 0.03% 0.45%
- -------------------------------------------------------------------------------------------------------------------

EXPENSE EXAMPLE(3) The example below is intended to help you compare the cost of
investing in the Premier Class with the cost of investing in other mutual funds.
The example assumes:

- - $10,000 initial investment

- - 5% return each year

- - net expenses for three years and total operating expenses thereafter, and

- - all shares sold at the end of each time period.

The example is for comparison only; the actual return of the Premier Class and
your actual costs may be higher or lower.

1 YR. 3 YRS. 5 YRS. 10 YRS.
- ---------------------------------------------------------------------------

YOUR COST ($) 46 144 259 595
- ---------------------------------------------------------------------------

(3) REFLECTS A WRITTEN AGREEMENT PURSUANT TO WHICH JPMORGAN CHASE AGREES THAT IT
OR ONE OF ITS AFFILIATES WILL REIMBURSE THE FUND TO THE EXTENT TOTAL OPERATING
EXPENSES OF THE PREMIER CLASS (EXCLUDING INTEREST, TAXES, EXTRAORDINARY EXPENSES
AND EXPENSES RELATED TO THE DEFERRED COMPENSATION PLAN) EXCEED 0.45% OF ITS
AVERAGE DAILY NET ASSETS FOR THREE YEARS.

JPMORGAN TREASURY PLUS 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 at least 65% of its assets in direct debt securities of the
U.S. Treasury, including Treasury bills, bonds and notes, and repurchase
agreements collateralized by these investments. These debt securities carry
different interest rates, maturities and issue dates.

The Fund also seeks to enhance its performance by investing in repurchase
agreements, using debt securities guaranteed by the U.S. Treasury as collateral.

The dollar weighted average maturity of the Fund will generally be 60 days or
less and the Fund will buy only those instruments which have remaining
maturities of 397 days or less.

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

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

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

THE MAIN INVESTMENT RISKS

The Fund attempts to keep its net asset value constant, but there's no guarantee
it will be able to do so.

The value of shift-term debt securities tends to fall when prevailing
interest rates rise, although they're generally less sensitive to interest
rate changes than longer-term securities.

[SIDENOTE]

INVESTMENTS IN THE FUND ARE NOT BANK DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
OR ENDORSED BY, ANY BANK, AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, 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. SECURITIES IN THE FUND'S
PORTFOLIO MAY NOT EARN AS HIGH A CURRENT INCOME AS LONGER TERM OR LOWER-QUALITY
SECURITIES.

JPMORGAN TREASURY PLUS MONEY MARKET FUND

Repurchase agreements involve some risk to the Fund if the other party does not
live up to its obligations under the agreement.

Although the Fund seeks to be fully invested, it may at times hold some of its
assets in cash. This would hurt the Fund's performance.

JPMORGAN TREASURY PLUS MONEY MARKET FUND

THE FUND'S PAST PERFORMANCE (UNAUDITED)

Past performance does not predict how any class of the Fund will perform in the
future.

THE FUND'S YEAR-TO-DATE TOTAL RETURN AS OF 3/31/01 WAS 1.26%

[CHART]

YEAR-BY-YEAR RETURNS(1),(2)

1995 5.43%
1996 4.90%
1997 5.09%
1998 5.04%
1999 4.59%
2000 5.90%

- ----------------------------------
BEST QUARTER 1.55%
- ----------------------------------
4th quarter, 2000
- ----------------------------------
WORST QUARTER 1.05%
- ----------------------------------
1st quarter, 1999
- ----------------------------------

AVERAGE ANNUAL TOTAL RETURNS (%)

Shows performance over time, for periods ended December 31, 2000(1)

PAST 1 YR. PAST 5 YRS. LIFE OF FUND
- ---------------------------------------------------------------------------

TREASURY PLUS MONEY
MARKET FUND (AFTER EXPENSES) 5.90% 5.10% 5.06%
- ---------------------------------------------------------------------------

(1) PREMIER CLASS SHARES COMMENCED OPERATIONS ON 4/22/94.
(2) THE FUND'S FISCAL YEAR END IS 8/31.

JPMORGAN TREASURY PLUS MONEY MARKET FUND

INVESTOR EXPENSES FOR PREMIER CLASS SHARES

ANNUAL OPERATING EXPENSES (%) (EXPENSES THAT ARE DEDUCTED FROM PREMIER CLASS
ASSETS)

PREMIER
CLASS SHARES 0.10% NONE 0.25% 0.15% 0.50% 0.05% 0.45%
- -------------------------------------------------------------------------------------------------------------------

EXPENSE EXAMPLE(3) The example below is intended to help you compare the cost of
investing in the Premier Class with the cost of investing in other mutual funds.
The example assumes:

- - $10,000 initial investment

- - 5% return each year

- - net expenses for three years and total operating expenses thereafter, and

- - all shares sold at the end of each time period.

The example is for comparison only; the actual return of the Premier Class and
your actual costs may be higher or lower.

1 YR. 3 YRS. 5 YRS. 10 YRS.
- --------------------------------------------------------------------------

YOUR COST ($) 46 144 264 613
- --------------------------------------------------------------------------

WHO MAY WANT TO INVEST

THE FUNDS ARE 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 FUNDS ARE NOT DESIGNED FOR INVESTORS WHO:

- - are investing for long-term growth

- - are investing for high income

- - require the added security of the FDIC insurance

THE FUNDS' MANAGEMENT AND ADMINISTRATION

The Funds are series of Mutual Fund Trust, a Massachusetts business trust. The
trustees of the trust are responsible for overseeing all business activities.

THE FUNDS' ADMINISTRATOR

The Chase Manhattan Bank (the Administrator) provides administrative services,
oversees the Funds' other service providers and provides Fund officers. The
Administrator receives the following annual fee on behalf of each Fund for
administrative services:

0.10% of the Fund's pro-rata portion of the first $100 billion of average net
assets of all money market funds in the JPMorgan Funds complex plus 0.05% of
average net assets over $100 billion.

THE FUNDS' INVESTMENT ADVISER

J.P. Morgan Fleming Asset Management (USA), Inc. (JPMFAM (USA)) is the
investment adviser to the Funds and makes the day-to-day investment decisions
for each Fund. JPMFAM (USA) is a wholly owned subsidiary of J.P. Morgan Chase &
Co. (JPMorgan Chase), a bank holding company. JPMFAM (USA) provides the Funds
with investment advice and supervision. JPMFAM (USA) 522 5th Avenue, New York,
NY 10036.

Prior to February 28, 2001 the adviser to the Funds was The Chase Manhattan Bank
(Chase). For the fiscal year ended August 31, 2000, Chase was paid management
fees (net of waivers) of 0.10% of the average daily net assets of each Fund.

HOW YOUR ACCOUNT WORKS

BUYING FUND SHARES

You don't pay any sales charge (sometimes called a load) when you buy shares
in these Funds. The price you pay for your shares is the net asset value per
share (NAV). NAV is the value of everything a Fund owns, minus everything it
owes, divided by the number of shares held by investors. All of these Funds
seek to maintain a stable NAV 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 5:00 p.m. eastern
time each day the Funds are accepting purchase orders. You'll pay the next NAV
calculated after the JPMorgan Funds Service Center receives your order in proper
form. An order is in proper form only after funds are converted into federal
funds.

The center accepts purchase orders on any business day that the Federal Reserve
Bank of New York and the New York Stock Exchange are open. If you send us an
order in proper form by a Fund's cut-off time, we'll process your order at that
day's price and you'll be entitled to all dividends declared on that day. If we
receive your order after the cut-off time, we'll generally process it at the
next day's price. If you pay by check before the cut-off time, we'll generally
process your order the next day the Funds are open for business. Normally, the
cut-off (in Eastern time) is:

PRIME MONEY
MARKET FUND 5:00 P.M.

TREASURY PLUS
MONEY MARKET FUND 5:00 P.M.

A later cut-off time may be permitted for investors buying their shares through
a bank affiliate of JPMorgan Chase so long as such later cut-off time is before
the Fund's NAV is calculated. If you buy through an agent and not directly from
the JPMorgan Funds Service Center, the agent could set earlier cut-off times.
Each Fund can set an earlier cut-off time if the Public Securities Association
recommends that the U.S. Government securities market close trading early.

You must provide a Taxpayer Identification Number when you open an account.

The Funds have the right to reject any purchase order.

TO OPEN AN ACCOUNT, BUY OR SELL SHARES OR GET FUND INFORMATION, CALL:

- -----------------------------------------
THE JPMORGAN SERVICE CENTER
- -----------------------------------------
1-800-622-4273
- -----------------------------------------

HOW YOUR ACCOUNT WORKS

QUALIFIED INVESTORS

Premier Shares are available only to qualified investors. These are defined as
institutions, trusts, partnerships, corporations and certain retirement plans
and fiduciary accounts opened by a bank, trust company or thrift institution
which has investment authority over such accounts, as well as individuals who
meet a Fund's minimum investment requirements for Premier Shares. Your agent may
not offer these shares to all types of qualified investors and may set
additional investor qualification requirements for these shares.

MINIMUM INVESTMENTS

First time investors must buy a minimum $100,000 worth of Premier Shares in a
Fund to open an account. There are no minimum levels for subsequent purchases,
but you must always have at least $100,000 in your account.

OPENING YOUR ACCOUNT AND
BUYING SHARES
THROUGH YOUR INVESTMENT
REPRESENTATIVE

Tell your representative which Funds you want to buy and he or she will contact
us. Your representative may charge you a fee and may offer additional services,
such as special purchase and redemption programs, "sweep" programs, cash
advances and redemption checks. Your representative may set different minimum
investments and earlier cut-off times.

SELLING FUND SHARES

You can sell your shares on any day the JPMorgan Funds Service Center is open
for trading, either directly to the Funds or through your investment
representative. You'll receive the next NAV calculated after the JPMorgan Funds
Service Center accepts your order.

Under normal circumstances, if your request is received before a Fund's cut-off
time, the Fund will send you the proceeds the same business day. We won't accept
an order to sell shares if the Fund hasn't collected your payment for the
shares.

Each Fund may stop accepting orders to sell and may postpone payments for more
than seven days, as federal securities laws permit.

You'll need to have your signature guaranteed if you want your payment sent to
an address other than the one we have in our records. We may also need
additional documents or a letter from a surviving joint owner before selling the
shares.

SELLING SHARES
THROUGH YOUR INVESTMENT
REPRESENTATIVE

Tell your representative which Funds you want to sell. He or she will send the
necessary documents to the Funds. Your representative might charge you for this
service.

HOW YOUR ACCOUNT WORKS

THROUGH THE JPMORGAN FUNDS SERVICE CENTER

Call 1-800-622-4273. We will mail you a check or send the proceeds via
electronic transfer or wire. If you have changed your address of record within
the previous 30 days or if you sell $25,000 or more worth of Fund shares by
phone, we'll send the proceeds by electronic transfer or by wire only to the
bank account on our records.

Send a signed letter with your instructions to:

JPMorgan Funds Service Center
P.O. Box 219392
Kansas City, MO 64121-9392

DISTRIBUTION ARRANGEMENTS

J.P. Morgan Fund Distributors, Inc. (JPM) is the distributor for the Funds. It
is a subsidiary of The BISYS Group, Inc. and is not affiliated with Chase.

REDEMPTIONS-IN-KIND

The Fund reserves the right to make redemptions of over $250,000 in securities
rather than in cash.

EXCHANGING SHARES

You can exchange your shares for shares in certain other JPMorgan Funds. For
tax purposes, an exchange is treated as a sale of Fund shares. Carefully read
the prospectus of the Fund you want to buy before making an exchange.

You should not exchange shares as a means of short-term trading as this could
increase management costs and affect all shareholders. We reserve the right to
limit the number of exchanges or to refuse an exchange. We may also terminate
this privilege. We charge an administration fee of $5 for each exchange if you
make more than 10 exchanges in a year or three in a quarter. See the Statement
of Additional Information to find out more about the exchange privilege.

OTHER INFORMATION CONCERNING THE FUNDS

We may close your account if the balance falls below $100,000 because you've
sold shares. We may also close the account if you fail to meet the investment
minimum over a 12-month period. We'll give you 60 days notice before closing
your account.

Unless you indicate otherwise on your account application, we are authorized to
act on redemption and transfer instructions received by phone. If someone trades
on your account by phone, we'll ask that person to confirm your account
registration and address to make sure they match those you provided us. If they
give us the correct information, we are generally authorized to follow that
person's instructions. We'll take all reasonable precautions to confirm that the
instructions are genuine. Investors agree that they will not hold a Fund liable
for any loss or expenses from any sales request, if the Fund takes reasonable
precautions. The Funds will be liable for any losses to you from an unauthorized
sale or fraud against you if we do not follow reasonable procedures.

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

The Funds have agreements with certain shareholder servicing agents (The Chase
Manhattan Bank) under which the shareholder servicing agents have agreed to
provide certain support services to their customers. For performing these
services, each shareholder servicing agent receives an annual fee of up to 0.25%
of the average daily net assets of the Premier Shares of each Fund held by
investors serviced by the shareholder servicing agent.

HOW YOUR ACCOUNT WORKS

JPMFAM (USA) and/or JPM may, at their own expense, make additional payments
to certain selected dealers or other shareholder servicing agents for
performing administrative services for their customers.

Each Fund may issue multiple classes of shares. This prospectus relates only to
Premier shares of the Funds. Each class may have different requirements for who
may invest, and may have different sales charges and expense levels. A person
who gets compensated for selling Fund shares may receive a different amount for
each class.

DISTRIBUTIONS AND TAXES

The Funds can earn income and they can realize capital gain. The Funds deduct
any expenses 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. We distribute the dividends monthly in the form of
additional shares, unless you tell us that you want payment in cash or deposited
in a pre-assigned bank account. The taxation of dividends won't be affected by
the form in which you receive them. We distribute any short-term capital gain at
least annually. The Funds do not expect to realize long-term capital gain.

Dividends are usually taxable as ordinary income at the federal, state and local
levels. Dividends earned on bonds issued by the U.S. government and its agencies
may also be exempt from some types of state and local taxes.

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.

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 investor for whom a Fund does not have a valid taxpayer identification
number will be subject to backup withholding for taxes.

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

The above is only a general summary of tax implications of investing in these
Funds. Please consult your tax adviser to see how investing in the Funds will
affect your own tax situation.

WHAT THE TERMS MEAN

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 the general
obligations of the municipality.

OTHER EXPENSES: Miscellaneous items, including transfer agency, administration,
custody and registration fees.

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. In
effect, the dealer is borrowing the Fund's money for a short time, using the
securities as collateral.

SHAREHOLDER SERVICE FEE: A fee to cover the cost of paying shareholder servicing
agents to provide certain support services for your account.

VARIABLE RATE SECURITIES: Securities whose interest rates are periodically
adjusted.

FINANCIAL HIGHLIGHTS

The Financial Highlights tables are intended to help you understand the Funds'
financial performance for each of the past five years (or for the periods since
shares were first offered). The total returns in the tables represent the rate
an investor would have earned or lost on an investment in the Funds (assuming
reinvestment of all dividends and distributions).

The following tables provide selected per share data and ratios for one Premier
Class share outstanding throughout each period shown.

This information is supplemented by the financial statements including
accompanying notes appearing in the Funds' Annual and Semi-Annual Reports to
Shareholders for the year ended August 31, 2000, and the period ended February
28, 2001, respectively, which are incorporated by reference into the SAI.
Shareholders may obtain a copy of the annual and semi-annual reports by
contacting the Funds or their Shareholder Servicing Agent.

This information has been audited, except as noted, by PricewaterhouseCoopers
LLP, whose reports, along with the Fund's financial statements, are included
in the Fund's annual report, which is available upon request.

JPMORGAN PRIME MONEY MARKET FUND*

9/1/00
Through Year Year Year Year Year
2/28/01 Ended Ended Ended Ended Ended
PER SHARE OPERATING PERFORMANCE: (unaudited) 8/31/00 8/31/99 8/31/98 8/31/97 8/31/96
- ---------------------------------------------------------------------------------------------------------------------------

Less distributions:
Dividends from net investment income 0.03 0.06 0.05 0.05 0.05 0.05
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 3.06%** 5.81% 4.90% 5.44% 5.34% 5.32%
===========================================================================================================================
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (millions) $2,059 $1,841 $1,094 $590 $499 $419
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets# 0.45% 0.45% 0.45% 0.45% 0.45% 0.45%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets# 6.04% 5.67% 4.77% 5.29% 5.17% 5.18%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers, reimbursements and
earnings credits to average net assets# 0.48% 0.49% 0.49% 0.51% 0.53% 0.51%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income without waivers,
reimbursements and earnings credits to average net assets# 6.01% 5.63% 4.73% 5.23% 5.09% 5.12%
- ---------------------------------------------------------------------------------------------------------------------------

* Formerly Chase Vista Prime Money Market Fund.
** Not annualized.
# Short periods have been annualized.

JPMORGAN TREASURY PLUS MONEY MARKET FUND*

Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------
Income from investment operations:
Net investment income 0.03 0.05 0.04 0.05 0.05 0.05
Less distributions:
Dividends from net investment income 0.03 0.05 0.04 0.05 0.05 0.05
- ---------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
- ---------------------------------------------------------------------------------------------------------------------------
TOTAL RETURN 2.93%** 5.44% 4.54% 5.18% 4.98% 5.07%
===========================================================================================================================
RATIOS/SUPPLEMENTAL DATA
- ---------------------------------------------------------------------------------------------------------------------------
Net assets, end of period (millions) $348 $228 $476 $155 $131 $106
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses to average net assets# 0.45% 0.45% 0.45% 0.46% 0.51% 0.52%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income to average net assets# 5.83% 5.28% 4.42% 5.06% 4.88% 4.85%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of expenses without waivers, reimbursements and
earnings credits to average net assets# 0.50% 0.51% 0.50% 0.50% 0.53% 0.63%
- ---------------------------------------------------------------------------------------------------------------------------
Ratio of net investment income without waivers,
reimbursements and earnings credits to average net assets# 5.78% 5.22% 4.37% 5.02% 4.86% 4.74%
- ---------------------------------------------------------------------------------------------------------------------------

* Formerly Chase Vista Treasury Plus Money Market Fund.
** Not annualized.
# Short periods have been annualized.

HOW TO REACH US

MORE INFORMATION

You'll find more information about the Funds in the following documents:

ANNUAL AND SEMI-ANNUAL REPORTS

Our annual and semi-annual reports contain more information about each Fund's
investments and performance.

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's
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 1-800-622-4273 or writing to:

JPMORGAN FUNDS SERVICE CENTER
P.O. BOX 219392
KANSAS CITY, MO 64121-9392

If you buy your shares through an institution, you should contact that
institution directly for more information. You can also find information online
at www.jpmorganfunds.com on the internet.

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'll charge you a copying fee
for this service. You can also visit the Public Reference Section and copy the
documents while you're there.

PUBLIC REFERENCE SECTION OF THE SEC
WASHINGTON, DC 20549-0102
1-202-942-8090
EMAIL: publicinfo@sec.gov

Reports, a copy of the SAI and other information about the Funds is also
available on the SEC's website at http://www.sec.gov.

The Fund's Investment Company Act File No. is 811-08358.

JPMorgan Funds Fulfillment Center
393 Manley Street
West Bridgewater, MA 02379-1039

rhp-4970