Summary Prospectus July
1, 2024, as supplemented March 5, 2025
| JPMorgan Ultra-Short Municipal Fund
Class/Ticker: A/USMSX; I/USMTX |
Before you invest, you may want to review the
Fund’s Prospectus, which contains more information about the Fund and its risks. You can find the Fund’s Prospectus and other information about
the Fund, including the Statement of Additional Information, online at www.jpmorganfunds.com/funddocuments. You can also get this information at no cost by
calling 1-800-480-4111 or by sending an e-mail request to
Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. The Fund’s Prospectus and Statement of
Additional Information, both dated July 1, 2024, as may be supplemented from time to time are incorporated by reference into this Summary
Prospectus.
What is the goal of the Fund?
The Fund seeks as high a level of current income exempt from federal income tax as is consistent with relative
stability of principal.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the
Fund. You may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and examples
below.
| SHAREHOLDER FEES (Fees paid directly from your investment) | ||
| |
Class A |
Class I |
| Maximum Sales Charge (Load) Imposed on Purchases as a % of the Offering Price |
NONE |
NONE |
| Maximum Deferred Sales Charge (Load) as a % of Original Cost of Shares |
NONE |
NONE |
“Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its
ownership of shares in other investment companies, including affiliated money market funds, other
mutual funds, exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset
value per share and are not included in the calculation of the ratio of expenses to average net
assets shown in the Financial Highlights section of the Fund’s
prospectus.
| ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
||
| |
Class A |
Class I |
| Management Fees
|
0.15% |
0.15% |
| Distribution (Rule 12b-1) Fees |
0.25 |
NONE |
| Other Expenses
|
0.35 |
0.35 |
| Service Fees
|
0.25 |
0.25 |
| Remainder of Other
Expenses |
0.10 |
0.10 |
| Acquired Fund Fees and Expenses |
0.01 |
0.01 |
| Total Annual Fund Operating Expenses |
0.76 |
0.51 |
| Fee Waivers and/or Expense Reimburse- ments 1 |
-0.31 |
-0.26 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements 1 |
0.45 |
0.25 |
1
The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses
to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest,
taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.45% and 0.25% of the average daily net assets of Class A and Class I Shares, respectively.
The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually
agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers
are in effect through 6/30/25, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund
engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and
therefore, the above waivers do not apply to such investments.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in
the Fund for the time periods indicated. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.
1
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
46 |
212 |
392 |
913 |
| CLASS I SHARES ($) |
26 |
137 |
259 |
615 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating expenses or in the
Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the
Fund’s portfolio turnover rate was 74% of the average value of its portfolio.
What are the Fund’s main investment
strategies?
Under normal circumstances, the Fund invests at
least 80% of its Assets in municipal securities, 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. Up to 25% of the Fund's Assets may be invested in municipal
securities, the interest on which may be subject to the federal alternative minimum tax for
individuals. The Fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less. Average weighted maturity is the average of all the current maturities (that is, the term of
the securities) of the individual securities in the Fund calculated so as to count most heavily
those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of the Fund’s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity,
the more fluctuation in share price you can expect.
Municipal securities are securities issued by or on behalf of states, territories and possessions of the
United States, including the District of Columbia, and their respective authorities, political
subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and
private purposes. Municipal securities may include, but are not limited to, variable rate demand
obligations, short-term municipal notes, municipal bonds, tax exempt commercial paper, private
activity and industrial development bonds, tax anticipation notes, and participations in pools of
municipal securities.
Municipal securities also include
instruments evidencing direct ownership of interest payments or principal payments, or both, on
municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the
interest payable on the securities is exempt from federal income tax.
Additionally, municipal securities include all other
instruments that directly or indirectly provide economic exposure to income which is derived from
municipalities (such as municipal leases).
The securities in
which the Fund invests may have fixed rates of return or floating or variable rates.
Up to 100% of the Fund’s assets may
be invested in short-term municipal instruments such as variable rate demand notes, short-term
municipal notes and tax-exempt commercial paper. Their yields will vary as interests rates change.
The Fund also invests in municipal mortgage-backed and asset-backed securities, as well as auction rate securities and restricted securities. The Fund may invest a significant
portion or all of its assets in municipal mortgage-backed securities at the adviser’s
discretion. The Fund may invest more than 25% of its total assets in municipal housing authority obligations.
As part of its investments in municipal securities, the Fund invests primarily in investment grade securities or the unrated equivalent. Investment grade securities carry
a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc.
(Moody’s), Standard & Poor’s Corporation (S&P), or Fitch Ratings (Fitch),
respectively, or are unrated but deemed by the adviser to be of comparable quality. Up to 10% of the Fund’s total assets may be invested in securities rated below investment grade (junk bonds). Junk bonds also include unrated
securities that the adviser believes to be of comparable quality to debt securities that are
rated below investment grade. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by
S&P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than
investment grade securities, but involve a high degree of risk. A security’s quality is
determined at the time of purchase and securities that are rated investment grade or the unrated
equivalent may be downgraded or decline in credit quality such that subsequently they would be
deemed to be below investment grade.
The Fund may also invest in zero-coupon securities.
Up to 20% of the Fund’s net assets may be invested in securities subject to federal income
tax.
The Fund is not a money market fund and is not subject to the
special regulatory requirements (including maturity and credit quality constraints) designed to
enable money market funds to maintain a stable share price.
Investment Process: The adviser buys and sells securities and investments
for the Fund based on its view of individual securities and market sectors. The adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and
makes decisions to purchase and sell individual securities and instruments after performing a
risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the legal and technical structure of the transaction. As part of its investment process, the adviser seeks to
assess the impact of environmental, social and governance (ESG) factors on certain issuers in the
universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s
investments in municipal issues and ascertain key issues that merit engagement with municipal
issuers. These assessments may not be conclusive and securities that may be negatively impacted by
such factors may be purchased and retained by the Fund while the Fund may divest or not invest in
securities that may be positively impacted by such factors.
2
The
Fund’s Main Investment Risks
The Fund is subject to management risk
and may not achieve its objective if the adviser’s expectations regarding particular
instruments or markets are not met.
The Fund is subject to the main risks noted below, any of which may
adversely affect the Fund’s performance and ability to meet its investment objective.
Interest Rate Risk. The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in
value based on changes in interest rates. If rates increase, the value of the Fund’s
investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may face a heightened level of interest rate
risk due to certain changes in monetary policy. It is difficult to predict the pace at which
central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of such increases. Any such changes could be sudden and could expose debt markets to significant volatility and
reduced liquidity for Fund investments.
Municipal Obligations Risk. The risk of a municipal obligation generally depends on the financial and credit
status of the issuer. Changes in a municipality’s financial health may make it difficult
for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity.
Under some circumstances, municipal obligations might not pay interest unless the state legislature or
municipality authorizes money for that purpose.
Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods
of economic stress. In addition, since some municipal obligations may be secured or guaranteed by
banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are
downgraded or at risk of being downgraded by a national rating organization. Such a downward
revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund’s investments.
In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a
municipality’s debts may significantly affect the rights of creditors and the value of the
securities issued by the municipality and the value of the Fund’s investments.
Credit Risk. The Fund’s investments are subject to
the risk that issuers and/or counterparties will fail to make payments when due or default
completely. If an issuer’s or a counterparty’s financial condition worsens, the credit quality of the issuer or counterparty may deteriorate. Credit spreads may increase,
which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit
deterioration may lead to an increase in the credit spreads (i.e., the difference in yield
between two securities of similar maturity but different credit quality) and a decline in price
of the issuer’s securities.
Alternative Minimum
Tax Risk. The Fund may invest in securities, the interest on which may be subject to the federal
alternative minimum tax.
Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate
adjustment intervals may be regular and range from daily up to annually, or may be based on an
event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the
securities at any given time. Such securities also may lose value.
Structured Product Risk. Structured products, such as
tender option bonds, involve structural complexities and potential risks that may not be present
where a municipal security is owned directly. These enhanced risks may include additional counter-party risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk
that the instruments will be called and the proceeds may need to be reinvested). Additionally, an
active trading market for such instruments may not exist. To the extent that a structured product
provides a put, the Fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term
municipal or tax-exempt structured products may present tax issues not presented by investments
in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner
adverse to the Fund.
Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed
securities, including certain municipal housing authority obligations, are subject to certain
other risks. The value of these securities will be influenced by the factors affecting the
housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic
conditions, mortgage-related and asset-backed securities may decline in value, face valuation
difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk
that borrowers will increase the rate at which they prepay the maturity value of mortgages and
other obligations. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums)
paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a
decrease in the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in
duration due to a decrease in prepayments. As a result, in certain interest rate environments,
the Fund may exhibit additional volatility.
3
Additionally, asset-backed,
mortgage-related and mortgage-backed securities are subject to risks associated with their
structure and the nature of the assets underlying the securities and the servicing of those
assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation
difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.
Debt Securities and Other Callable Securities Risk. As part of its main investment strategy, the Fund invests in debt securities. The issuers of these securities and other
callable securities may be able to repay principal in advance, especially when interest rates
fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield.
The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with
higher interest rates, resulting in an unexpected capital loss.
Taxability Risk. The Fund’s investments in
municipal securities rely on the opinion of the issuer’s bond counsel that the interest
paid on those securities will not be subject to federal income tax. Tax opinions are generally
provided at the time the municipal security is initially issued. However, after the Fund buys a
security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund’s dividends with respect to that bond might be subject to federal income tax.
Municipal Housing Authority Obligations Risk. The Fund may invest more than 25% of its total assets in municipal housing authority obligations. As a result, the Fund could be more susceptible to developments which affect those
obligations.
Ultra-Short Fund Risk. The Fund is not a money market fund. Therefore, the Fund does not attempt to maintain a stable net asset value and is not subject to the rules that govern the diversity, quality, maturity, liquidity and other
features of securities that money market funds may purchase. Under normal conditions, the
Fund’s investment may be more susceptible than a money market fund to interest rate risk, valuation risk, credit risk and other risks relevant to the Fund’s investments. Unlike certain money market funds, the
Fund’s net asset value per share will fluctuate.
High Yield Securities Risk. The Fund may invest in securities and instruments of municipal issuers that are highly leveraged, less creditworthy or financially distressed. These
investments (known as junk bonds) are considered to be speculative and are subject to greater
risk of loss, greater sensitivity to economic changes, valuation difficulties and potential illiquidity.
In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high yield market. Among other things, under such weaker or less
restrictive covenants, borrowers might be able to exercise more flexibility with respect to
certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets
that are designated as collateral securing high yield securities, increase the claims against
assets that are permitted against collateral securing high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be
permitted to file less
frequent, less detailed or less timely financial reporting or other information, which could negatively impact
the value of the high yield securities issued by such borrowers.
Each of these factors might negatively impact the high yield instruments held by the Fund. No active trading market may exist for some instruments and certain investments
may be subject to restrictions on resale. The inability to dispose of the Fund’s securities
and other investments in a timely fashion could result in losses to the Fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk may be more pronounced for the Fund.
When instruments are prepaid, the Fund may have to reinvest in instruments with a lower yield or
fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an
unexpected capital loss and/or a decrease in the amount of dividends and yield.
Zero-Coupon Bond Risk. The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. In addition, federal income tax law
requires that the holder of a zero-coupon bond accrue a portion of the discount at which the bond
was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio
securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon
securities). These actions may reduce the assets to which the Fund’s expenses could
otherwise be allocated and may reduce the Fund’s rate of return.
Restricted Securities Risk. Restricted securities are
securities that cannot be offered for public resale unless registered under the applicable
securities laws or that have a contractual restriction that prohibits or limits their resale. Restricted securities include private placement securities that have not been registered under the applicable securities laws, such
as Rule 144A securities, and securities of U.S. and non-U.S. issuers that are issued pursuant to
Regulation S. Private placements are generally subject to strict restrictions on resale. Restricted
securities may not be listed on an exchange and may have no active trading market. Restricted
securities may be illiquid. The Fund may be unable to sell a restricted security on short notice
or may be able to sell them only at a price below current value. It may be more difficult to
determine a market value for a restricted security. Also, the Fund may get only limited
information about the issuer of a restricted security, so it may be less able to predict a loss.
In addition, if Fund management receives material non-public information about the issuer, the Fund may as a result be unable to sell the securities. Certain restricted securities may involve a high degree of
business and financial risk and may result in substantial losses.
Auction Rate Securities Risk. The auction rate municipal
securities the Fund will purchase will typically have a long-term nominal maturity for which the
interest rate is regularly reset through a “Dutch” auction. The interest rate set by the auction is the lowest interest rate that covers all securities offered for sale. While this process is designed to permit
auction rate securities to be traded at par value, there is a risk that an auction will fail due
to insufficient demand for the securities, which may adversely affect the liquidity and price of auction rate securities. Moreover, between auctions, there may be no
4
secondary market for these securities, and
sales conducted on a secondary market may not be on terms favorable to the seller. Thus, with
respect to liquidity and price stability, auction rate securities may differ substantially from cash equivalents, notwithstanding the frequency of auctions and the credit quality of the security.
Transactions Risk. The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to
meet redemption requests. The risk of loss increases if the redemption requests are unusually
large or frequent or occur in times of overall market turmoil or declining prices. Similarly,
large purchases of Fund shares may adversely affect the Fund’s performance to the extent
that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.
General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or
conditions in one country or region will adversely impact markets or issuers in other countries
or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation
(or expectations for inflation), deflation (or expectations for deflation), interest rates,
global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental
trade or market control programs and related geopolitical events. In addition, the value of the
Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or
pandemics.
Industry and Sector Focus Risk.
At times, the Fund may increase the relative emphasis of its investments in a particular industry
or sector. The prices of securities of issuers in a particular industry or sector may be more
susceptible to fluctuations due to changes in economic or business conditions, government
regulations, availability of basic resources or supplies, contagion risk within a particular
industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the
relative emphasis of its investments in a particular industry or sector, the value of the
Fund’s shares may fluctuate in response to events affecting that industry or sector.
LIBOR Discontinuance or Unavailability Risk. The London Interbank Offering Rate (LIBOR) was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark
reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be
published but only on a temporary, synthetic and non-representative basis. Regulated entities have
generally ceased entering into new LIBOR contracts in connection with regulatory guidance or
prohibitions. Public and private sector actors have worked to establish alternative reference
rates to be used in place of LIBOR. There is no assurance that any such alternative reference
rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will
have the same volume or liquidity as did LIBOR which may affect the value, volatility, liquidity
or return on certain of the
Fund’s loans, notes, derivatives and other instruments or investments comprising some or all of the
Fund’s investments and result in costs incurred in connection with changing reference rates
used for positions, closing out positions and entering into new trades. Certain of the Fund’s investments may have transitioned from LIBOR or will transition from LIBOR in the future. The transition from LIBOR to alternative
reference rates may result in operational issues for the Fund or its investments. No assurances
can be given as to the impact of the LIBOR transition (and the timing of any such impact) on the Fund and its investments.
You could lose money investing in the
Fund.
The Fund’s Past
Performance
This section provides some indication of the risks of
investing in the Fund. The bar chart shows how the performance of the Fund’s Class I Shares has varied from year to year for the past seven calendar years. The table shows
the average annual total returns for the past one year, five years and life of the Fund. The
table compares the Fund’s performance to the performance of the Bloomberg 1 Year Municipal
Bond Index. Past performance (before and after taxes) is not necessarily an indication of how
the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
| YEAR-BY-YEAR RETURNS — CLASS I SHARES |
| Best Quarter |
4th quarter, 2023 |
1.46% |
| Worst Quarter |
1st quarter, 2022 |
-1.11% |
| The Fund’s year-to-date total return |
through |
3/31/24 |
was |
0.69% |
. |
5
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2023) |
|||
| |
Past |
Past |
Life of Fund
since |
| |
1 Year |
5 Years |
05/31/2016 |
| CLAS I SHARES |
|
|
|
| Return Before Taxes |
3.46 % |
1.15 % |
1.07 % |
| Return After Taxes on Distributions |
3.45 |
1.14 |
1.07 |
| Return After Taxes on Distributions and Sale of Fund Shares |
3.12 |
1.16 |
1.07 |
| CLASS A SHARES |
|
|
|
| Return Before Taxes |
3.21 |
0.96 |
0.87 |
| BLOOMBERG 1 YEAR MUNICIPAL BOND INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
3.39 |
1.34 |
1.21 |
After-tax returns are shown for only the Class I Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not
relevant to investors who hold their shares through tax-deferred arrangements such as 401(k)
plans or individual retirement accounts.
Management
J.P. Morgan Investment Management Inc. (the adviser)
| Portfolio Manager |
Managed the Fund Since |
Primary Title with
Investment Adviser |
| Curtis White |
2023 |
Executive Director |
| Josh Brunner |
2023 |
Executive Director |
Purchase and Sale of Fund Shares
Purchase minimums
| For Class A Shares | |
| To establish an account |
$1,000 |
| To add to an account |
$50 |
| For Class I Shares | |
| To establish an account |
$1,000,000 |
| To add to an account |
No minimum levels |
In general, you may purchase or redeem shares on any business day:
●
Through your Financial Intermediary
●
By
writing to J.P. Morgan Funds Services, P.O. Box 219143, Kansas City, MO 64121-9143
●
After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111
Tax Information
The Fund’s distributions of interest on municipal bonds generally are not subject to federal income tax;
however the Fund may distribute taxable dividends, including distributions of short-term capital
gains, and long-term capital gains. In addition, interest on certain bonds may be subject to the federal alternative minimum tax. To the extent that the Fund’s distributions are derived from interest on bonds
that are not exempt from applicable state and local taxes, such distributions will be subject to
such state and local taxes. When your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, you may be subject to federal income tax on ordinary income or capital gains upon withdrawal from the
tax-advantaged investment plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial
intermediary for the sale of Fund shares and related services. These payments may create a
conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit
your financial intermediary’s website for more information.
6
SPRO-USM-AI-724-2