Summary Prospectus July
1, 2025
| JPMorgan U.S. Treasury Plus Money Market
Fund Class/Ticker: IM/MJPXX |
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/jpmfpages/imshares. 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, 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) |
|
| |
IM |
| Management Fees
|
0.08% |
| Other Expenses
|
0.04 |
| Service Fees
|
NONE |
| Remainder of Other
Expenses |
0.04 |
| Total Annual Fund Operating Expenses |
0.12 |
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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| IM SHARES ($) |
12 |
39 |
68 |
154 |
The Fund’s Main Investment Strategy
Under normal conditions, the Fund invests its assets exclusively in:
●
obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and
●
repurchase agreements fully collateralized by U.S. Treasury securities.
The debt securities described above carry different interest rates, maturities and issue dates.
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 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’s adviser seeks to develop an
appropriate portfolio by considering the differences in yields among securities of different
maturities and issue dates.
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.
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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.
Government Securities Risk. U.S. Government securities
are subject to market risk, interest rate risk and credit risk. Securities, such as those issued
or guaranteed by 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 (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S.
Government securities include zero coupon securities, which tend to be subject to greater market
risk than interest-paying securities of similar maturities.
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.
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.
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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.
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 IM 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 |
1.33% |
| 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 |
1.06% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| IM SHARES |
5.20 % |
2.40 % |
1.69 % |
Management
J.P. Morgan Investment Management Inc. (the adviser)
Purchase and Sale of Fund Shares
IM Shares are offered only to (1) investment companies, including the J.P.
Morgan Funds, registered under the Investment Company Act of 1940, as amended (the “1940 Act”) (each a “Registered Investment Company”) and/or funds that are exempt from registration as an investment
company pursuant to Section 3(c)(1) or 3(c)(7) of the 1940 Act (collectively, “funds”),
including funds that are wholly-owned by one or more Registered Investment Companies; and (2)
corporate trustees.
Purchase minimums
| For IM Shares |
|
| To establish an account |
$50,000,000 |
| To add to an account |
No minimum levels |
Certain investment companies may meet the minimum investment requirement through the total amount of IM Shares
of the funds that are part of the same group of investment companies.
●
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/or 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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