Summary Prospectus July 1,
2026
| JPMorgan Municipal Money Market
Fund Class/Ticker: Institutional/IJMXX |
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
1-800-766-7722 or by sending an e-mail request to
global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. The Fund’s Prospectus and
Statement of Additional Information, both dated July 1, 2026, as may be supplemented from time to time are incorporated by reference into this Summary
Prospectus.
The Fund’s Objective
The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with
liquidity and stability of principal.
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the
Fund. You may pay other fees, such as brokerage commissions and
other fees to financial intermediaries, which are not reflected in the table and examples below.
| ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|
| |
Institutional |
| Management Fees
|
0.08% |
| Distribution (Rule 12b-1) Fees |
NONE |
| Other Expenses
|
0.15 |
| Service Fees
|
0.10 |
| Remainder of Other
Expenses |
0.05 |
| Total Annual Fund Operating Expenses |
0.23 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.02 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements 1 |
0.21 |
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 0.21% of the average daily net assets of Institutional Class 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. These waivers are in effect
through 6/30/27, 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 $10,000 in
the Fund for the time periods indicated. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual
fund operating expenses thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| INSTITUTIONAL SHARES ($) |
22 |
72 |
127 |
291 |
The Fund’s Main Investment Strategy
Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.As a fundamental policy, the Fund will invest at least 80% of its net assets in such municipal securities.
For purposes of this policy, the Fund’s net assets include borrowings by the Fund for
investment purposes.
Municipal obligations are securities that
are issued by or on behalf of states, territories and possessions of the United States, including
the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities.
The Fund generally invests in short-term money market instruments such as private activity and industrial
development bonds, tax anticipation notes, municipal lease obligations and participations in
pools of municipal obligations.
For purposes of the 80% policy
above, the Fund will only invest in municipal obligations if the issuer receives assurances from
legal counsel that the interest payable on the securities is exempt from federal income
tax.
In addition to purchasing municipal obligations directly,
the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct
ownership of interest payments or principal payments, or both, on municipal obligations, such as
tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations,
1
