Summary Prospectus July 1,
2025
| JPMorgan U.S. Government Money Market
Fund Class/Ticker: Institutional/IJGXX |
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 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) |
|
| |
Institutional |
| Management Fees
|
0.08% |
| Other Expenses
|
0.14 |
| Service Fees
|
0.10 |
| Remainder of Other
Expenses |
0.04 |
| Total Annual Fund Operating Expenses |
0.22 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.01 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements 1 |
0.21 |
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 0.21% of the average daily net assets of Institutional Class 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 $10,000 in
the Fund for the time periods indicated. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/26 and total annual
fund operating expenses thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| INSTITUTIONAL SHARES ($) |
22 |
70 |
123 |
279 |
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.
1
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.
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.
2
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.
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.
3
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 Institutional Class 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 |
1.32% |
| Worst Quarter |
1Q, 2Q and 3Q 2015 2Q, 3Q and |
0.00% |
| |
4Q 2021 | |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
1.05% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| INSTITUTIONAL SHARES |
5.12 % |
2.36 % |
1.65 % |
Management
J.P. Morgan Investment Management Inc. (the adviser)
Purchase and Sale of Fund Shares
Purchase minimums
| For Institutional Class 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
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.
4
SPRO-USGMM-I-725