Summary Prospectus July
1, 2025
| JPMorgan U.S. Government Money Market
Fund Class/Ticker: Empower/EJGXX |
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, 2025, as may be supplemented from time to time are incorporated by reference into this Summary
Prospectus.
The Fund’s Objective
The Fund seeks high 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) |
|
| |
Empower |
| Management Fees
|
0.08% |
| Other Expenses
|
0.09 |
| Service Fees
|
0.05 |
| Remainder of Other
Expenses |
0.04 |
| Total Annual Fund Operating Expenses |
0.17 |
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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| EMPOWER SHARES ($) |
17 |
55 |
96 |
217 |
The Fund’s Main Investment Strategy
Under normal conditions, the Fund invests its assets exclusively in:
●
debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”),
and
●
repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.
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 Fund will generally hold a portion of its assets in cash,
primarily to meet redemptions.
The Fund intends to continue to
qualify as a “government money market fund,” as such term is defined in or interpreted
under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company
Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government
agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully,
and are exempt from requirements that permit money market funds to impose a liquidity fee. While the J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to
liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible
investment for purposes of the 99.5% requirement above.
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.
1
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. 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.
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
2
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.
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 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.
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.
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
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.
State and Local Taxation Risk. The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.
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 Empower Shares has varied from year to year for
the past ten calendar years. The table shows the average annual total returns for the past one
year, five years and ten years. The performance of Empower Shares is based on the performance of
Capital Shares (which are not offered in this prospectus) prior to the inception of the Empower Shares.
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.
3
| YEAR-BY-YEAR RETURNS |
| Best Quarter |
4Q, 2023 |
1.32% | |
| Worst Quarter |
1Q, 2Q and |
3Q 2015 |
0.00% |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
1.06% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| EMPOWER SHARES |
5.16 % |
2.39 % |
1.68 % |
Management
J.P. Morgan Investment Management Inc. (the adviser)
Purchase and Sale of Fund Shares
The Fund’s Empower Shares provide minority-, veteran-, and woman-owned Financial Intermediaries that
have entered into arrangements with JPMorgan Distribution Services, Inc. and/or J.P. Morgan
Investment Management Inc. (“MVW Financial Intermediaries”) with a revenue
opportunity (“Empower Shares Program”). The Fund’s Empower Shares may be
purchased through MVW Financial Intermediaries, either directly from the Fund or through an
electronic-trading platform sponsored by JPMorgan or its affiliates, by referral from a MVW
Financial Intermediary, or through other financial intermediaries platforms for which JPMIM has
contracted with MVW Financial Intermediaries to provide marketing support services
(“Approved Financial Intermediaries”).
Purchase
minimums
| For Empower Shares |
|
| To establish a regular account |
$50,000,000 |
| To add to an account |
No minimum |
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, 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.
4
SPRO-USGMM-EMP-725