Summary Prospectus July
1, 2025
| JPMorgan Short Duration Bond Fund
Class/Ticker: R6/JSDUX |
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 current income consistent with preservation of capital through investment in high- and
medium-grade fixed income 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 R6 |
| Management Fees
|
0.22% |
| Distribution (Rule 12b-1) Fees |
NONE |
| Other Expenses
|
0.09 |
| Service Fees
|
NONE |
| Remainder of Other
Expenses |
0.09 |
| Acquired Fund Fees and Expenses |
0.01 |
| Total Annual Fund Operating Expenses |
0.32 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.04 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements 1 |
0.28 |
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 0.28% of the average daily net assets of Class R6 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 for this Share Class. 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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense
reimbursements shown in the fee table through 6/30/26 and total annual fund operating expenses
thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS R6 SHARES ($) |
29 |
99 |
176 |
402 |
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 50% of the average value of its portfolio.
What are the Fund’s main investment
strategies?
As part of its main investment strategy, the Fund
may principally invest in U.S. treasury obligations, U.S. government agency securities, corporate
bonds, asset-backed securities, mortgage-backed securities, mortgage-related securities, and
structured instruments. These investments may be structured as collateralized mortgage
obligations (agency and non-agency),
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commercial mortgage-backed securities and
mortgage pass-through securities. U.S. government agency securities may be 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).
Under normal circumstances, the Fund invests 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. The Fund seeks to maintain a duration of three years
or less, although under certain market conditions such as in periods of significant volatility in
interest rates and spreads, the Fund’s duration may be longer than three years. Duration is a
measure of 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). Consistent with the Fund’s short duration
strategy, the Fund’s effective average weighted maturity ordinarily will be three years or less taking into account expected amortization and 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 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 purchased by the Fund 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 Fund may invest a significant
portion or all of its assets in mortgage-related and mortgage-backed securities at the
adviser’s discretion. The Fund expects to invest less than 5% 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. 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’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.
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
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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.
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.
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 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 and the
Bloomberg 1–3 Year U.S. Government/Credit 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 1–3 Year U.S. Government/Credit 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 R6 SHARES |
| Best Quarter |
2nd quarter, 2020 |
3.18% |
| Worst Quarter |
1st quarter, 2022 |
-2.56% |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
1.60% |
. |
| 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 |
5.22 % |
2.25 % |
2.02 % |
| Return After Taxes on Distributions |
3.49 |
1.26 |
1.16 |
| Return After Taxes on Distributions and Sale of Fund Shares |
3.06 |
1.30 |
1.17 |
| BLOOMBERG U.S. AGGREGATE INDEX1 (Reflects No Deduction for Fees, Expenses, or Taxes) |
1.25 |
-0.33 |
1.35 |
| BLOOMBERG 1-3 YEAR U.S. GOVERNMENT/CREDIT BOND INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
4.36 |
1.58 |
1.63 |
1
As a result of new regulatory requirements, the Fund’s regulatory index has
changed from the Bloomberg 1-3 Year U.S. Government/Credit Bond Index to the Bloomberg U.S.
Aggregate Index.
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)
| Portfolio Manager |
Managed Fund Since |
Primary Title with
Investment Adviser |
| Cary Fitzgerald |
2019 |
Managing Director |
| Toby Maczka |
2019 |
Executive Director |
Purchase and Sale of Fund Shares
Purchase minimums
| 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
4
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
