Summary Prospectus July
1, 2025
| JPMorgan Government Bond Fund
Class/Ticker: A/OGGAX C/OGVCX I/HLGAX |
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 a high level of current income with liquidity and safety of principal.
Fees and Expenses of the Fund
The following tables describe 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. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the
future, at least $100,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in
“Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page 157 and in “Financial Intermediary-Specific Sales Charge Waivers”
in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of
Additional Information.
| SHAREHOLDER FEES (Fees paid directly from your investment) | |||
| |
Class A |
Class C |
Class I |
| Maximum Sales Charge
(Load) Imposed on Purchases as a % of the Offering Price |
3.75% |
NONE |
NONE |
| Maximum Deferred Sales Charge (Load) as a % of Original Cost of the Shares |
NONE1 |
1.00% |
NONE |
1
For purchases under $1 million.
“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 A |
Class C |
Class I |
| Management Fees
|
0.28% |
0.28% |
0.28% |
| Distribution (Rule 12b-1) Fees |
0.25 |
0.75 |
NONE |
| Other Expenses
|
0.36 |
0.36 |
0.35 |
| Service Fees
|
0.25 |
0.25 |
0.25 |
| Remainder of Other Expenses
|
0.11 |
0.11 |
0.10 |
| Acquired Fund Fees and Expenses
|
0.01 |
0.01 |
0.01 |
| Total Annual Fund Operating Expenses
|
0.90 |
1.40 |
0.64 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.20 |
-0.20 |
-0.19 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments 1 |
0.70 |
1.20 |
0.45 |
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 0.70%, 1.20% and 0.45% of the average daily net assets of Class A, Class C and Class I Shares,
respectively. 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
for all Share Classes. 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 $10,000 in
the Fund for the time periods indicated. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses are equal to the total annual fund operating
1
expenses after fee waivers and expense
reimbursements shown in the fee table through 6/30/26 and total annual fund operating expenses
thereafter. Your actual costs may be higher or lower.
| IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
| ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
444 |
632 |
836 |
1,424 |
| CLASS C SHARES ($) |
222 |
423 |
747 |
1,526 |
| CLASS I SHARES ($) |
46 |
186 |
338 |
780 |
| IF YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
444 |
632 |
836 |
1,424 |
| CLASS C SHARES ($) |
122 |
423 |
747 |
1,526 |
| CLASS I SHARES ($) |
46 |
186 |
338 |
780 |
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 10% of the average value of its portfolio.
What are the Fund’s main investment strategies?
The Fund principally invests in securities issued by the U.S. government and its agencies and instrumentalities and related to securities issued by the U.S. government and
its agencies and instrumentalities. The Fund may also invest in securities which are guaranteed
by the U.S. government and its agencies and instrumentalities so long as such securities are backed by the full faith and credit of the United States.
The Fund mainly invests in government bonds with intermediate to long remaining maturities. These include U.S.
mortgage-backed securities, including those issued or guaranteed by the Government National
Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the
Federal Home Loan Mortgage Corporation (Freddie Mac). Mortgage-backed securities may be
structured as collateralized mortgage obligations (agency and non-agency), mortgage pass-though
securities, and stripped mortgage-backed securities. These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may invest a significant
portion or all of its assets in mortgage-backed securities in the adviser’s discretion.
Under normal circumstances, the Fund will invest at least 80% of its Assets in government bonds including bonds issued or guaranteed by the U.S. government and its agencies
and instrumentalities. For purposes of this policy, “Assets” means net assets plus
the amount of borrowings for investment purposes. Ordinarily, such bonds will have principal and interest guaranteed by the U.S. government or its agencies and instrumentalities, be subject to repurchase agreements,
or
represent an
interest in or be secured by mortgages that are issued or guaranteed by certain U.S. government agencies or instrumentalities.
The Fund’s average weighted maturity will ordinarily range between three and 15 years, taking into
account expected prepayment of principal on certain investments. 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 mortgage-backed and similar securities, the Fund’s average weighted maturity is equivalent to the average number of years for which each dollar of unpaid principal on a
loan or mortgage securing mortgage-backed and similar securities remains outstanding given
certain prepayment assumptions (also known as weighted average life).
The Fund’s adviser has flexibility with respect to the Fund’s
duration. Currently, the Fund’s adviser aims to maintain a duration of between 5.00 and
5.50 years over the long term, although the adviser has the flexibility to maintain a longer or
shorter duration when it believes it is advisable to do so. Duration is a measure of the price
sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of three years means that a security’s or portfolio’s price would be
expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a
parallel shift in yield curve).
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 evaluation of credit risk, 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.
2
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.
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 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 interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to
the rate of prepayment than other mortgage-related 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
3
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.
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.
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 I 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 and the
Bloomberg U.S. Government Bond Index. The Bloomberg U.S. Aggregate Index serves as the
Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg
U.S. Government Bond Index is the Fund’s additional index and is more representative of the
Fund’s investment universe than the regulatory index. 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 I SHARES |
| Best Quarter |
4th quarter, 2023 |
5.79% |
| Worst Quarter |
1st quarter, 2022 |
-5.22% |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
2.97% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| CLASS I SHARES |
|
|
|
| Return Before Taxes |
1.27 % |
-0.50 % |
0.96 % |
| Return After Taxes on Distributions |
0.10 |
-1.37 |
-0.04 |
| Return After Taxes on Distributions and Sale of Fund Shares |
0.74 |
-0.73 |
0.32 |
| CLASS A SHARES |
|
|
|
| Return Before Taxes |
-2.65 |
-1.52 |
0.31 |
| CLASS C SHARES |
|
|
|
| Return Before Taxes |
-0.39 |
-1.32 |
0.19 |
| BLOOMBERG U.S. AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
1.25 |
-0.33 |
1.35 |
| BLOOMBERG U.S. GOVERNMENT BOND INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
0.62 |
-0.63 |
0.85 |
After-tax returns are shown for only the Class I 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 |
| Michael Sais* |
1996 |
Managing Director |
| Robert Manning |
2013 |
Managing Director |
| Edward Fitzpatrick III |
2025 |
Managing Director |
*
Mr. Sais has announced his retirement from JPMIM effective April 2026. Until her retirement, Mr. Sais will continue to serve on the portfolio management team, and upon
his retirement, Messrs. Manning and Fitzpatrick will continue to be responsible for the
management of the Fund.
Purchase and Sale of Fund Shares
Purchase minimums
| For Class A and Class C Shares |
|
| To establish an account |
$1,000 |
| To add to an account |
$50 |
| For Class I Shares |
|
| To establish an account |
$1,000,000 |
| To add to an account |
No minimum levels |
In general, you may purchase or redeem shares on any business day:
●
Through your Financial Intermediary
●
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 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.
5
