Summary Prospectus July 1,
2025
| JPMorgan Municipal Money Market
Fund Class/Ticker: Agency/JMAXX |
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 as high a level of current interest income exempt from federal income tax as is consistent 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) |
|
| |
Agency |
| Management Fees
|
0.08% |
| Other Expenses
|
0.21 |
| Service Fees
|
0.15 |
| Remainder of Other
Expenses |
0.06 |
| Total Annual Fund Operating Expenses |
0.29 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.03 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements 1 |
0.26 |
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 0.26% of the average daily net assets of Agency Shares. 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 6/30/26, 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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense
reimbursements shown in the fee table through 6/30/26 and total annual fund operating expenses
thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| AGENCY SHARES ($) |
27 |
90 |
160 |
365 |
The Fund’s Main Investment Strategy
Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy,
the Fund will invest at least 80% of its net assets in such municipal securities. For purposes of
this policy, the Fund’s net assets include borrowings by the Fund for investment purposes.
Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and
their respective authorities, agencies and other groups with authority to act for the
municipalities.
The Fund generally invests in short-term money market instruments such as private activity and industrial
development bonds, tax anticipation notes, municipal lease obligations and participations in
pools of municipal obligations.
For purposes of the 80% policy
above, the Fund will only invest in municipal obligations if the issuer receives assurances from
legal counsel that the interest payable on the securities is exempt from federal income
tax.
In addition to purchasing municipal obligations directly,
the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct
ownership of interest payments or principal payments, or both, on municipal obligations, such as
tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations,
1
provided that the applicable issuer
receives assurances from legal counsel that the interest payable on the securities is exempt from
federal income tax.
Up to 20% of the Fund’s total assets may be
invested in securities subject to federal income tax, such as taxable money market instruments or
repurchase agreements.
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 at times hold some of its assets in cash.
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
2
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.
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.
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.
Tax Risk. The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative
minimum tax. Consult your tax professional for more information.
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.
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
3
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 counterparty 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.
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.
Risk Associated with the Fund Holding Cash. The Fund will
at times hold some of its assets in cash, which may hurt the Fund’s performance. Cash
positions may also 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.
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 Agency 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 |
2Q, 2024 |
0.85% |
| Worst Quarter |
1Q, 2Q and 3Q 2015 1Q 2016 1Q, 2Q, 3Q and |
0.00% |
| |
4Q 2021 | |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
0.61% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| AGENCY SHARES |
3.22 % |
1.55 % |
1.11 % |
Management
J.P. Morgan Investment Management Inc. (the adviser)
Purchase and Sale of Fund Shares
Purchase minimums
| For Agency Shares | |
| To establish an account |
$5,000,000 |
| 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
4
Investments in the Fund are limited to
accounts beneficially owned by natural persons.
Tax Information
The Fund’s distributions of interest on municipal obligations 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
obligations may be subject to the federal alternative minimum tax. To the extent that the Fund’s distributions are derived from interest on obligations 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.
5
