Summary Prospectus July 1,
2025
| JPMorgan Liquid Assets Money Market
Fund Class/Ticker: Reserve/HPIXX |
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
1-800-766-7722 or by sending an e-mail request to
global_liquidity_funds_services_us@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, 2025, as may be supplemented from time to time are incorporated by reference into this Summary
Prospectus.
The Fund’s Objective
The Fund seeks current income with liquidity and stability of principal.
Fees and Expenses of the Fund
The following table describes 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.
| ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|
| |
Reserve |
| Management Fees
|
0.08% |
| Distribution (Rule 12b-1) Fees |
0.25 |
| Other Expenses
|
0.36 |
| Service Fees
|
0.30 |
| Remainder of Other
Expenses |
0.06 |
| Total Annual Fund Operating Expenses |
0.69 |
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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| RESERVE SHARES ($) |
70 |
221 |
384 |
859 |
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 or Government-Sponsored Enterprises (“GSEs”),
●
asset-backed securities,
●
repurchase agreements, and
●
taxable municipal obligations.
The Fund is a money market
fund managed in the following manner:
●
The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share.
●
The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.
●
The
Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.
●
The
Fund invests only in U.S. dollar-denominated securities.
●
The Fund seeks to invest in 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 securities in which the Fund may invest include privately
placed securities. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions.
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 or if investing less
than 25% appears to be in the best interest of shareholders.
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The Fund may enter into lending agreements
under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund
through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to
the Fund permitting such interfund lending.
The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The
Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in
yields among securities of different maturities, market sectors and issuers.
Applicable Money Market Fund Regulations
Under the Securities and Exchange Commission (“SEC”) rules that
govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value
their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and
transact in their shares at NAV reflecting current market-based values of their portfolio
securities (i.e., at a “floating NAV”). The Fund intends to qualify
as a Retail MMF.
Liquidity Fees
The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as
the delegate of the Board, determines it is in the best interests of the Fund.
Further Developments
The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to
make any such involuntary redemptions to the applicable shareholders, which will include more
specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.
The Fund’s Main Investment Risks
The Fund is subject to management risk and the Fund may not achieve its objective if the adviser’s expectations regarding particular instruments or interest rates
are not met.
You could lose money by investing in the Fund. Although the
Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it
will do so. The Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at
any time, including during periods of market stress.
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’s investments in bonds and other debt securities will change in value based on changes in
interest rates. If rates increase, the value of these investments generally declines. Securities
with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally
less sensitive to interest rate changes than fixed rate instruments, the value of floating rate
and variable securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. 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 change
interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund
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. Prices of the Fund’s investments may be adversely
affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. 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.
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 or the threat or potential of one or more such factors and occurrences.
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Asset-Backed,
Mortgage-Related and Mortgage-Backed Securities Risk. Mortgage-related and
asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of 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. 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,
and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. 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.
Government Securities Risk. U.S. Government securities
include securities issued or guaranteed by the U.S. Government or its agencies and
instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac)
or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to
market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by
Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United
States are guaranteed only as to the timely payment of interest and principal when held to maturity
and the market prices for such securities will fluctuate. The income generated by investments may
not keep pace with inflation. Actions by governments and central banking authorities could result
in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the
full faith and credit of the United States, circumstances could arise that would prevent the
payment of interest or principal. This would result in losses to the Fund. Securities issued or
guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not
backed by the full faith and credit of the U.S. Government and no assurance can be given that the
U.S. Government will provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future. U.S. Government securities include zero coupon
securities, which tend to be subject to greater market risk than interest-paying securities of
similar maturities.
Municipal Obligations and
Securities Risk. Because the Fund may invest in municipal obligations, including municipal
securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or
other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. 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.
The amount of public information available about municipal obligations is generally less than for corporate
equities or bonds, meaning that the investment performance of municipal obligations may be more
dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many
other securities markets, which may limit the Fund’s ability to sell its municipal
obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can
become more difficult to value and be subject to erratic price movements. In addition, changes in
U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal
obligations.
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. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.
When-Issued, Delayed Settlement and Forward Commitment
Transactions Risk. The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for
delayed delivery and may make contracts to purchase or sell such securities for a fixed price at
a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value
prior to its delivery. There also is the risk that the security will not be issued or that the
other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s
price.
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
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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.
Concentration Risk. Because the Fund will, under ordinary circumstances, invest a significant portion of its assets in
securities of companies in the financial services industry, developments affecting the financial
services industry may 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 services companies are highly dependent on the supply of short-term financing.
Foreign Securities Risk. Because the Fund may invest in foreign securities, it is subject to special risks in addition to those
applicable to U.S. investments. These risks include political and economic risks, civil conflicts
and war, greater volatility, expropriation and nationalization risks, sanctions or other measures
by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign
markets. The securities markets of many foreign countries are relatively small, with a limited
number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely
payment for securities or other instruments it has delivered or receive delivery of securities
paid for and may be subject to increased risk that the counterparty will fail to make payments or
delivery when due or default completely. Events and evolving conditions in certain economies or
markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.
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.
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.
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. Furthermore, there can be no assurance that the
Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter
into capital support agreements or take
other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the
event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their
net asset values. In general, certain other money market funds have in the past failed to
maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.
Repurchase Agreement Risk. There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation
and the value of your investment could decline as a result.
Risk Associated with the Fund Holding Cash. The Fund will
generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may
hurt performance and may subject the Fund to additional risks and costs, such as increased
exposure to the custodian bank holding the assets and any fees imposed for large cash
balances.
LIBOR Discontinuance and
Unavailability Risk. The London Interbank Offering Rate (“LIBOR”) was a leading
floating rate benchmark used in loans, notes, derivatives and other instruments and 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.
Interfund Lending Risk. A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the
borrowing fund could be unable to repay the loan when due. In the case of a default by a
borrowing fund and to the extent that the loan is collateralized, the Fund could take possession
of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose
of such collateral as soon as possible, which could result in a loss to the Fund.
Prepayment Risk. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the
rate at which prepayments or redemptions occur can affect the return on investment of these
securities. When debt obligations are prepaid or when securities are called, the Fund may have to
4
reinvest in securities with a lower yield.
The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with
higher coupons, resulting in an unexpected capital loss.
Privately Placed Securities Risk. Privately placed
securities generally are less liquid than publicly traded securities and the Fund may not always
be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under
federal securities laws. As a result, the Fund may not be able to dispose of such investments at
a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.
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 Reserve Shares has varied from year to year for
the past ten calendar years. The table shows the average annual total returns over the past one
year, five years and ten years.
To obtain current yield
information call 1-800-766-7722. Past performance is not necessarily an indication of how the Fund will perform in the future.
| YEAR-BY-YEAR RETURNS |
| Best Quarter |
4Q, 2023 |
1.24% |
| Worst Quarter |
1Q, 2Q, 3Q and 4Q 2015 1Q, 2Q and 3Q 2016 3Q 2020 2Q, 3Q and 4Q 2021 |
0.00% |
| |
1Q 2022 | |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
0.96% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| RESERVE SHARES |
4.76 % |
2.18 % |
1.47 % |
Management
J.P. Morgan Investment Management Inc. (the adviser)
Purchase and Sale of Fund Shares
Purchase minimums
| For Reserve Shares |
|
| To establish an account |
$10,000,000 |
| To add to an account |
No minimum levels |
You may purchase or redeem shares on any business day that the Fund is open:
●
Through your financial intermediary
●
By
writing to J.P. Morgan Institutional Funds Service Center, P.O. Box 219265, Kansas City, MO 64121-9265
●
After you open an account, by calling J.P. Morgan Institutional Funds Service Center at 1-800-766-7722
Investments in the Fund are limited to accounts beneficially owned by natural persons.
Tax Information
The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your
investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you
may be subject to federal income tax 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.
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