Summary Prospectus July
1, 2025
| JPMorgan Core Bond Fund Class/Ticker: R2/JCBZX; R3/JCBPX; R4/JCBQX; R5/JCBRX;
R6/JCBUX |
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.
What is the goal of the Fund?
The Fund seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and
long-term debt securities.
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.
“Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its
ownership of shares in other investment companies, including affiliated money market funds, other
mutual funds, exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset
value per share and are not included in the calculation of the ratio of expenses to average net
assets shown in the Financial Highlights section of the Fund’s
prospectus.
| ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|||||
| |
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
| Management Fees
|
0.28% |
0.28% |
0.28% |
0.28% |
0.28% |
| Distribution (Rule 12b-1) Fees
|
0.50 |
0.25 |
NONE |
NONE |
NONE |
| Other Expenses
|
0.31 |
0.30 |
0.30 |
0.15 |
0.05 |
| Service Fees
|
0.25 |
0.25 |
0.25 |
0.10 |
NONE |
| Remainder of Other Expenses
|
0.06 |
0.05 |
0.05 |
0.05 |
0.05 |
| Acquired Fund Fees and Expenses
|
0.01 |
0.01 |
0.01 |
0.01 |
0.01 |
| Total Annual Fund Operating Expenses
|
1.10 |
0.84 |
0.59 |
0.44 |
0.34 |
| Fee Waivers and/or Expense Reimburse- ments 1 |
-0.01 |
-0.01 |
-0.01 |
-0.01 |
-0.01 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements
1 |
1.09 |
0.83 |
0.58 |
0.43 |
0.33 |
1
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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense
reimbursements shown in the fee table through 6/30/26 and total annual fund operating expenses
thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS R2 SHARES ($) |
111 |
349 |
605 |
1,339 |
| CLASS R3 SHARES ($) |
85 |
267 |
465 |
1,036 |
| CLASS R4 SHARES ($) |
59 |
188 |
328 |
737 |
| CLASS R5 SHARES ($) |
44 |
140 |
245 |
554 |
| CLASS R6 SHARES ($) |
34 |
108 |
190 |
430 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund shares are held in a
taxable account. These costs, which are not reflected in annual fund operating expenses or in the
Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the
Fund’s portfolio turnover rate was 30% of the average value of its portfolio.
1
What are the Fund’s
main investment strategies?
The Fund is designed to maximize total return
by investing in a portfolio of investment grade intermediate- and long-term debt securities. As
part of its main investment strategy, the Fund may principally invest in corporate bonds, U.S. treasury obligations including treasury coupon strips and treasury principal strips, and other U.S. government and agency
securities, and asset-backed, mortgage-related and mortgage-backed securities. Mortgage-related
and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and
non-agency), stripped mortgage-backed securities, commercial mortgage-backed securities, mortgage
pass-through securities and cash and cash equivalents. These securities may be structured such
that payments consist of interest-only (IO), principal-only (PO) or principal and interest.
As a matter of fundamental policy, the Fund will invest at least 80% of its Assets in bonds. For purposes of this policy, “Assets” means net assets plus the amount
of borrowings for investment purposes. Generally, such bonds will have intermediate to long
maturities. The Fund’s average weighted maturity will ordinarily range between four and 12
years. The Fund may have a longer or shorter average weighted maturity under certain market
conditions and the Fund may shorten or lengthen its average weighted maturity if deemed
appropriate for temporary defensive purposes. Because of the Fund’s holdings in
asset-backed, mortgage-backed and similar securities, the Fund’s average weighted maturity
is equivalent to the average weighted maturity of the cash flows in the securities held by the
Fund given certain prepayment assumptions (also known as weighted average life).
Securities will be rated investment grade (or the unrated equivalent) at the time of purchase. In addition, all securities will be U.S. dollar-denominated although they
may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation or a foreign
government or its agencies and instrumentalities. The adviser may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities in the adviser’s discretion. The Fund expects to invest
no more than 10% of its assets in “sub-prime” mortgage-related securities at the time
of purchase.
The adviser buys and sells securities and investments
for the Fund based on its view of individual securities and market sectors. Taking a long-term
approach, the adviser looks for individual fixed income investments that it believes will perform
well over market cycles. The adviser is value oriented and makes decisions to purchase and sell
individual securities and instruments after performing a risk/reward analysis that includes an
evaluation of interest rate risk, credit risk, duration, liquidity, legal provisions and the structure of the transaction. As part of its security selection process, the adviser seeks to assess the impact of environmental, social and
governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The
adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain
key issues that merit engagement with issuers. These assessments may not be conclusive and
securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such
factors.
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’s Main Investment Risks
The Fund is subject to management risk and may not achieve its objective if the adviser’s expectations
regarding particular instruments or markets are not met.
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.
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.
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 variable and floating rate 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.
2
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.
Government Securities Risk. The Fund invests in 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), or the Federal Home Loan Mortgage Corporation
(Freddie Mac)). 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.
Asset-Backed,
Mortgage-Related and Mortgage-Backed Securities Risk. The Fund may invest in
asset-backed, mortgage-related and mortgage-backed securities including so called “sub-prime” mortgages that are subject to certain other risks including prepayment and call risks. 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. During periods of difficult or frozen credit markets, significant
changes in interest rates or deteriorating economic conditions, such securities may decline in
value, face valuation difficulties, become more volatile and/or become illiquid. 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.
Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured
as IOs and POs, are more volatile and may be more sensitive to the rate of prepayments than other
mortgage-related securities.
The risk of default, as described
under “Credit Risk,” for “sub-prime” mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less
available information than other types of debt securities.
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.
Foreign Issuer
Risk. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers
may be subject to additional risks not faced by domestic issuers. 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, and regulatory issues facing issuers in such
foreign countries. 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. Foreign issuers may not be subject to
uniform accounting, auditing and financial reporting standards and there may be less reliable and
publicly available financial and other information about such issuers as compared to domestic issuers.
Geographic Focus Risk. The Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified
fund.
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.
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
3
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.
Risk Associated with the Fund Holding Cash, Money
Market Instruments and Other Short-Term Investments. The Fund will, at times,
hold assets in cash, money market instruments and other short-term investments, which may hurt
the Fund’s performance. These positions may also subject the Fund to additional risks and
costs.
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.
You could lose money investing in the
Fund.
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 Class R6 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 table compares the Fund’s performance to the performance of the Bloomberg U.S. Aggregate Index. The
performance of Class R3 and Class R4 Shares is based on the performance of Class I Shares (which
are not offered in this prospectus) of the Fund prior to their inception. Prior class performance of Class R3 and Class R4 Shares has been adjusted to reflect differences in expenses between Class R3 and Class
R4 Shares and Class I Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark
and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Bloomberg
does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be
obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
| YEAR-BY-YEAR RETURNS - CLASS R6 SHARES |
| Best Quarter |
4th quarter, 2023 |
6.37% |
| Worst Quarter |
1st quarter, 2022 |
-5.35% |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
3.00% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| CLASS R6 SHARES |
|
|
|
| Return Before Taxes |
2.25 % |
0.38 % |
1.79 % |
| Return After Taxes on Distributions |
0.56 |
-0.98 |
0.48 |
| Return After Taxes on Distributions and Sale of Fund Shares |
1.32 |
-0.23 |
0.84 |
| CLASS R2 SHARES |
|
|
|
| Return Before Taxes |
1.47 |
-0.36 |
1.05 |
| CLASS R3 SHARES |
|
|
|
| Return Before Taxes |
1.65 |
-0.14 |
1.26 |
| CLASS R4 SHARES |
|
|
|
| Return Before Taxes |
1.91 |
0.11 |
1.51 |
| CLASS R5 SHARES |
|
|
|
| Return Before Taxes |
2.15 |
0.28 |
1.69 |
| BLOOMBERG U.S. AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
1.25 |
-0.33 |
1.35 |
After-tax returns are shown for only the Class R6 Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not
relevant to investors who hold their shares through tax-deferred arrangements such as 401(k)
plans or individual retirement accounts.
Management
J.P. Morgan Investment Management Inc. (the adviser)
4
| Portfolio Manager |
Managed Fund Since |
Primary Title with
Investment Adviser |
| Richard D. Figuly |
2015 |
Managing Director |
| Justin Rucker |
2019 |
Managing Director |
| Andrew Melchiorre |
2023 |
Managing Director |
| Edward Fitzpatrick III |
2023 |
Managing Director |
Purchase and Sale of Fund Shares
There are no minimum or maximum purchase requirements with respect to Class R2, Class R3, Class R4 or Class R5
Shares.
| For Class R6 Shares |
|
| To establish an account |
$5,000,000 for Discretionary Accounts
$5,000,000 for Institutional Investors $15,000,000 for
Other Investors |
| To add to an account |
No minimum levels |
There is no minimum investment for other eligible Class R6 investors, as described in the “Investing with J.P. Morgan Funds – Choosing a Share Class
– Eligibility” section.
In general, you may purchase or redeem shares on any business day:
●
Through your Financial Intermediary or the eligible retirement plan or college savings plan through which you invest in the Fund
●
By writing to J.P. Morgan Funds Services, P.O. Box 219143, Kansas City, MO 64121-9143
●
After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111.
Tax Information
The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your
investment is in a 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.
5
