Summary Prospectus July
1, 2025
| JPMorgan Tax Free Bond Fund Class/Ticker: A/PMBAX; C/JTFCX; I/PRBIX
|
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 as high a level of current income exempt from federal income tax as is consistent with relative
stability 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 63 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 %
of the Offering Price |
3.75% |
NONE |
NONE |
| Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares |
NONE1 |
1.00% |
NONE |
1
For purchases under $250,000.
“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
|
0.30% |
0.30% |
0.30% |
| Distribution (Rule 12b-1) Fees |
0.25 |
0.75 |
NONE |
| Other Expenses
|
0.38 |
0.39 |
0.38 |
| Service Fees
|
0.25 |
0.25 |
0.25 |
| Remainder of Other Expenses
|
0.13 |
0.14 |
0.13 |
| Acquired Fund Fees and Expenses
|
0.01 |
0.01 |
0.01 |
| Total Annual Fund Operating Expenses
|
0.94 |
1.45 |
0.69 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.27 |
-0.20 |
-0.24 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments 1 |
0.67 |
1.25 |
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 0.67%, 1.25% 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 $10,000 in
the Fund for the time periods indicated. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses are equal to the total annual fund operating
1
expenses after fee waivers and expense
reimbursements shown in the fee table through 6/30/26 and total annual fund operating expenses
thereafter. Your actual costs may be higher or lower.
| IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
| ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
441 |
637 |
850 |
1,463 |
| CLASS C SHARES ($) |
227 |
439 |
773 |
1,579 |
| CLASS I SHARES ($) |
46 |
197 |
360 |
836 |
| IF YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
441 |
637 |
850 |
1,463 |
| CLASS C SHARES ($) |
127 |
439 |
773 |
1,579 |
| CLASS I SHARES ($) |
46 |
197 |
360 |
836 |
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 71% of the average value of its portfolio.
What are the Fund’s main investment strategies?
Under normal circumstances, the Fund invests at least 80% of its net Assets in municipal bonds, the income from which is exempt from federal income tax. This is a
fundamental policy. For purposes of this policy, “Assets” means net assets, plus the
amount of borrowings for investment purposes.
Municipal bonds are debt securities with maturities of 90 days or more at the time of issuance issued by
states, territories and possessions of the United States, including the District of Columbia, and
their respective authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes.
Municipal bonds include private activity and industrial development bonds, tax anticipation notes
and participations in pools of municipal securities.
Up to 20% of
the Fund’s assets may be invested in municipal bonds, the interest on which may be subject to the federal alternative minimum tax for individuals.
The securities in which the Fund invests may have fixed rates of return or floating or variable rates. Up to
20% of the Fund’s assets may be held in cash and cash equivalents. The Fund may invest in
securities without regard to maturity.
The Fund may invest in
municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or
all of its assets in municipal mortgage-backed securities at the adviser’s
discretion.
The Fund may invest up to 20% of its total assets in securities rated below investment grade. Such securities
are known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Junk bonds also include unrated securities that the adviser believes to be of comparable quality
to debt securities that are rated below investment grade. These securities generally are rated in
the fifth or lower rating categories (for example, BB+ or lower by S&P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of
risk. A security’s quality is determined at the time of purchase and securities that are
rated investment grade or the unrated equivalent may be downgraded or decline in credit quality, such that, following the time of purchase, they would be deemed to be below investment grade. If the quality of an investment grade
security is downgraded subsequent to purchase to below investment grade, the Fund may continue to
hold the security.
The Fund may also invest in zero-coupon
securities.
Investment Process: 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 and the complex legal and technical structure of the transaction. As part of its investment 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 municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may
not be conclusive and securities 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 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.
Interest Rate Risk.
The Fund mainly invests in bonds and other debt securities. These securities will increase or
decrease in value based on changes in interest rates. If rates increase, the
2
value of the Fund’s investments
generally declines. Securities with greater interest rate sensitivity and longer maturities
generally are subject to greater fluctuations in value. 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 increase interest rates or the timing, frequency, or magnitude
of such increases. Any such changes could be sudden and could expose debt markets to significant
volatility and reduced liquidity for Fund investments.
Municipal Obligations and Securities Risk. Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political,
legislative, economic, regulatory, tax or other factors affecting issuers of these municipal
obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in the financial health of a municipal
issuer may make it difficult for the issuer to make interest and principal payments when due.
This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity.
Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose.
The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of
municipal obligations may be more dependent on the analytical abilities of the investment adviser
than stock or corporate bond investments. The secondary market for municipal obligations also
tends to be less well-developed and less liquid than many other securities markets, which may
limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen
during periods of market distress. Less liquid obligations can become more difficult to value and
be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may
result in a significant decline in the values of such municipal obligations.
Municipal obligations may be more susceptible to downgrades or defaults
during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or
financial sector suffers an economic downturn and/or if the credit ratings of the institutions
issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and
thus the value of the Fund’s investments.
In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a
municipality’s debts may significantly affect the rights of creditors and the value of the
securities issued by the municipality and the value of the Fund’s investments. While interest earned on municipal obligations is generally not subject to federal income tax, any interest earned on taxable municipal obligations is fully
taxable at the federal level and may be subject to state and/or local income tax.
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.
Alternative
Minimum Tax Risk. The Fund may invest in securities, the interest on which may be subject to the
federal alternative minimum tax.
Mortgage-Related and Other Asset-Backed Securities Risk. Mortgage-related and asset-backed securities, including certain municipal housing authority obligations,
differ from conventional debt securities and are subject to certain additional risks because
principal is paid back over the life of the security rather than at maturity. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As
a result, during periods of declining asset values, 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.
These securities are also subject to prepayment and call risk. In periods of either rising or
declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. 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 dividend and
yield. In either periods of rising or declining interest rates, the Fund may be subject to
extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional
volatility. Collateralized mortgage obligations (CMOs), interest-only (IOs) and principal-only
(POs) stripped mortgage-backed securities are more volatile and may be subject to a higher risk of non-payment than other mortgage related securities. 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.
Debt Securities and Other Callable Securities Risk. As
part of its main investment strategy, the Fund invests in debt securities. The issuers of these
securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities.
When debt obligations are prepaid and when securities are called, the Fund may have to reinvest
in securities with a lower yield. The Fund also may
3
fail to recover additional amounts (i.e.,
premiums) paid for securities with higher interest rates, resulting in an unexpected capital
loss.
Taxability Risk. There is no guarantee that all of the Fund’s income from municipal investments will remain exempt from
federal or state or local income taxes. The Fund’s investments in municipal securities rely
on the opinion of the issuer’s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is
initially issued. However, after the Fund buys a security, the Internal Revenue Service may
determine that a bond issued as tax-exempt should in fact be taxable or there may be unfavorable changes in tax laws or noncompliant conduct of a securities issuer that may cause income from all or certain municipal
securities to be taxable. In order to pay tax-exempt interest, tax-exempt securities must meet
certain legal requirements. Failure to meet such requirements may cause the interest received and distributed by the Fund to shareholders to be taxable. If the Fund fails to meet the requirements necessary to pay out
exempt-interest dividends to its shareholders, the income distributions resulting from all of its
investments, including its municipal securities, may be subject to federal income tax when received by shareholders.
In addition, future laws, regulations, rulings or court decisions may cause interest on municipal securities to be subject, directly or indirectly, to U.S. federal income
taxation or interest on state municipal securities to be subject to state or local income
taxation, or the value of state municipal securities to be subject to state or local intangible personal property tax, or may otherwise prevent the Fund from realizing the full current benefit of the tax-exempt status of such
securities. Any such change could also affect the market price of such securities, and thus the
value of an investment in the Fund.
High Yield
Securities Risk. The Fund may invest in securities and instruments of muncipal issuers that are
highly leveraged, less creditworthy or financially distressed. These investments (also known as
junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties, and potential illiquidity.
In recent years, there has been a broad trend of weaker or less restrictive covenant protections in the high
yield market. Among other things, under such weaker or less restrictive covenants, borrowers
might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt,
return more capital to shareholders, remove or reduce assets that are designated as collateral
securing high yield securities, increase the claims against assets that are permitted against collateral securing high yield securities or otherwise manage their business in ways that could impact creditors
negatively. In addition, certain privately held borrowers might be permitted to file less
frequent, less detailed or less timely financial reporting or other information, which could
negatively impact the value of the high yield securities issued by such
borrowers.
Each of these factors might negatively impact the high yield instruments held by the Fund. No active trading
market may exist for some instruments and certain investments may be subject to restrictions on
resale. The inability to dispose of the Fund’s securities and other investments in a timely fashion
could result in losses to the Fund. Because
some instruments may have a more limited secondary market, liquidity and valuation risk may be
more pronounced for the Fund. When instruments are prepaid, the Fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments,
resulting in an unexpected capital loss and/or a decrease in the amount of dividends and
yield.
Zero-Coupon Bond Risk. The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. In addition, federal income tax law
requires that the holder of a zero-coupon bond accrue a portion of the discount at which the bond
was purchased as taxable income each year. The Fund may consequently have to dispose of portfolio
securities under disadvantageous circumstances to generate cash to satisfy its requirement as a regulated investment company to distribute all of its net income (including non-cash income attributable to zero-coupon
securities). These actions may reduce the assets to which the Fund’s expenses could
otherwise be allocated and may reduce the Fund’s rate of return.
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.
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.
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
4
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.
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 over the past one year, five years and ten years. The table compares the Fund’s performance to the performance of the Bloomberg US Municipal Index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
| YEAR-BY-YEAR RETURNS - CLASS I SHARES |
| Best Quarter |
4th quarter, 2023 |
8.85% |
| Worst Quarter |
1st quarter, 2022 |
-7.05% |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
0.07% |
. |
| 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 |
2.10 % |
0.53 % |
1.95 % |
| Return After Taxes on Distributions |
2.06 |
0.51 |
1.84 |
| Return After Taxes on Distributions and Sale of Fund Shares |
2.74 |
1.09 |
2.20 |
| CLASS A SHARES |
|
|
|
| Return Before Taxes |
-1.97 |
-0.45 |
1.35 |
| CLASS C SHARES |
|
|
|
| Return Before Taxes |
0.28 |
-0.27 |
1.24 |
| BLOOMBERG US MUNICIPAL INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
1.05 |
0.99 |
2.25 |
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)
| Portfolio Manager |
Managed the Fund Since |
Primary Title with
Investment Adviser |
| Rachel Betton |
2024 |
Managing Director |
| Michael Myers |
2024 |
Executive Director |
| Michelle Hallam |
2014 |
Managing Director |
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’s distributions of interest on municipal bonds generally are not subject to federal income tax;
however the Fund may distribute taxable dividends, including distributions of
5
short-term capital gains, and long-term
capital gains. In addition, interest on certain bonds may be subject to the federal alternative
minimum tax. To the extent that the Fund’s distributions are derived from interest on bonds that are not exempt from applicable state and local taxes, such distributions will be subject to such state and local taxes. When
your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, you may be
subject to federal income tax on ordinary income or capital gains 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.
6
SPRO-TFB-ACI-725