• | The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. |
• | The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. |
• | The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. |
• | The Fund invests only in U.S. dollar-denominated securities. |
• | The Fund seeks to invest in securities that present minimal credit risk. |
• | high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, |
• | debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, |
• | securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises ("GSEs"), |
• | asset-backed securities, |
• | repurchase agreements, and |
• | taxable municipal obligations. |
• | The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. |
• | The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. |
• | The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. |
• | The Fund invests only in U.S. dollar-denominated securities. |
• | The Fund seeks to invest in securities that present minimal credit risk. |
• | The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. |
• | The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. |
• | The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. |
• | The Fund invests only in U.S. dollar-denominated securities. |
• | The Fund seeks to invest in securities that present minimal credit risk. |
• | The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. |
• | The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. |
• | The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. |
• | The Fund invests only in U.S. dollar-denominated securities. |
• | The Fund seeks to invest in securities that present minimal credit risk. |
• | debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and |
• | repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities. |
• | The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. |
• | The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. |
• | The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. |
• | The Fund invests only in U.S. dollar-denominated securities. |
• | The Fund seeks to invest in securities that present minimal credit risk. |
• | The dollar-weighted average maturity of each Fund will be 60 days or less, and the dollar-weighted average life to maturity will be 120 days or less. For a discussion of dollar weighted average maturity and dollar-weighted average life to maturity, please see page 58. |
• | Each Fund will only buy securities that have remaining maturities of 397 days or less as determined under Rule 2a-7. |
• | Each Fund invests only in U.S. dollar-denominated securities. |
• | Each taxable Fund will not acquire any security other than a daily liquid asset unless, immediately following such purchase, at least 10% of its total assets would be invested in daily liquid assets and each Fund will not acquire any security other than a weekly liquid asset unless, immediately following such purchase, at least 30% of its total assets would be invested in weekly liquid assets. “Daily liquid assets” means (i) cash; (ii) direct obligations of the U.S. Government; (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business day and (iv) amounts receivable and due unconditionally within one business day on pending sales of portfolio securities. “Weekly liquid assets” means (i) cash; (ii) direct obligations of the U.S. Government; (iii) Government securities issued by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States, that are issued at a discount to the principal amount to be repaid at maturity without the provision for the payment of interest and have a remaining maturity of 60 days or less; (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business days and (v) amounts receivable and due unconditionally within five business days on pending sales of portfolio securities. |
• | Each Fund seeks to invest in securities that present minimal credit risk. With regard to California Municipal Money Market Fund, Liquid Assets Money Market Fund, Municipal Money Market Fund and New York Municipal Money Market Fund, these securities will: |
• | have one of the two highest short-term ratings from at least two of Standard & Poor’s Corporation, Moody’s Investors Service, Inc. and Fitch Ratings, or one such rating if only one of these rating organizations rates that security; |
• | have an additional third party guarantee in order to meet the rating requirements; or |
• | be considered of comparable quality by J.P. Morgan Investment Management Inc. (JPMIM), the Funds’ adviser, if the security is not rated by Standard & Poor’s Corporation, Moody’s Investors Service, Inc., or Fitch Ratings. |
FUNDAMENTAL INVESTMENT OBJECTIVES |
An investment objective is fundamental if it cannot be changed without the consent of a majority of the outstanding shares of the Fund. The investment objective for each of the Liquid Assets Money Market Fund, Municipal Money Market Fund and U.S. Government Money Market Fund is fundamental. The investment objective for each of the California Municipal Money Market Fund and New York Municipal Money Market Fund is non-fundamental and may be changed without the consent of a majority of the outstanding shares of that Fund. |
California Municipal Money Market Fund | Liquid Assets Money Market Fund | Municipal Money Market Fund | New York Municipal Money Market Fund | U.S. Government Money Market Fund | |
Asia Pacific Market Risk | ○ | ||||
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk | • | • | |||
Concentration Risk | • | ||||
Credit Risk | • | • | • | • | • |
European Market Risk | ○ | ||||
Floating and Variable Rate Securities Risk | • | • | • | • | • |
Foreign Securities Risk | • | ||||
General Market Risk | • | • | • | • | • |
Geographic Focus Risk | • | ○ | • | ||
Government Securities Risk | • | • | • | • | • |
Industry and Sector Focus Risk | • | • | • | • | |
Interest Rate Risk | • | • | • | • | • |
Interfund Lending Risk | • | • | |||
Japan Risk | ○ | ||||
LIBOR Discontinuance or Unavailability Risk | • | • | • | • | • |
Municipal Focus Risk | • | • | |||
Municipal Obligations Risk | • | • | • | • | • Main Risks
○ Additional Risks
|
California Municipal Money Market Fund | Liquid Assets Money Market Fund | Municipal Money Market Fund | New York Municipal Money Market Fund | U.S. Government Money Market Fund | |
Net Asset Value Risk | • | • | • | • | • |
Prepayment Risk | • | • | • | • | • |
Privately Placed Securities Risk | • | • | • | • | |
Repurchase Agreement Risk | ○ | • | ○ | ○ | • |
Risk Associated with the Fund Holding Cash | • | • | • | • | • |
Risk of California Obligations | • | ||||
Risk of New York Obligations | • | ||||
State and Local Taxation Risk | • | ||||
Structured Product Risk | • | • | • | ||
Tax Risk | • | • | • | ||
Transactions and Liquidity Risk | • | • | • | • | • |
Volcker Rule Risk | ○ | ○ | ○ | ○ | ○ |
When-Issued, Delayed Settlement and Forward Commitment Transactions Risk | • | • |
• | Main Risks |
○ | Additional Risks |
U.S. Government Money Market Fund | 0.08 % |
California Municipal Money Market Fund | 0.05 |
Liquid Assets Money Market Fund | 0.08 |
Municipal Money Market Fund | 0.06 |
New York Municipal Money Market Fund | 0.07 |
• | Acting directly or through an agent, as the sole shareholder of record. |
• | Maintaining account records for customers. |
• | Processing orders to purchase, redeem or exchange shares for customers. |
• | Responding to inquiries from shareholders. |
• | Assisting customers with investment procedures. |
1. | Trading on the NYSE is restricted; |
2. | The NYSE is closed (other than weekend and holiday closings); |
3. | Federal securities laws permit (with regard to JPMorgan U.S. Government Money Market Fund, upon the occurrence of any of the conditions set forth under Section 22(e) of the Investment Company Act of 1940); |
4. | The SEC has permitted a suspension; |
5. | An emergency exists, as determined by the SEC; or |
6. | The Board elects to implement a liquidity fee or redemption gate on a Retail Fund. |
IMPORTANT TAX REPORTING CONSIDERATIONS |
Your Financial Intermediary or the Funds (if you hold your shares in a Fund direct account) is required to report gains and losses to the IRS in connection with redemptions of shares by S corporations purchased after January 1, 2012. If a shareholder is a corporation and has not instructed the Fund that it is a C corporation in its account application or by written instruction to J.P. Morgan Funds Services, P.O. Box 219143, Kansas City, MO 64121-9145, the Funds will treat the shareholder as an S corporation and file a Form 1099-B. |
Per share operating performance | ||||||||
Investment operations | Distributions | |||||||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net
realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions | |
JPMorgan California Municipal Money Market Fund | ||||||||
E*Trade (f) | ||||||||
For the Period Ended September 21, 2016 | $1.00 | $—(e) | $— | $—(e) | $—(e) | $— | $—(e) | |
Year Ended February 29, 2016 | 1.00 | —(e) | —(e) | —(e) | —(e) | —(e) | —(e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | E*Trade Shares had no assets from the close of business on September 21, 2016. |
Ratios/Supplemental data | ||||||
Ratios to average net assets (a) | ||||||
Net asset value, end of period |
Total return (c) |
Net assets, end of period (000’s) |
Net expenses (d) |
Net investment income (loss) |
Expenses without waivers, reimbursements and earnings credits |
|
$1.00 | 0.01% | $ — | 0.38% | 0.01% | 1.07% | |
1.00 | 0.02 | 1,061,361 | 0.06 | 0.01 | 1.07 |
Per share operating performance | ||||||||
Investment operations | Distributions | |||||||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net
realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions | |
JPMorgan Liquid Assets Money Market Fund | ||||||||
E*Trade (f) | ||||||||
For the Period Ended October 19, 2016 | $1.00 | $—(e) | $—(e) | $—(e) | $—(e) | $—(e) | $—(e) | |
Year Ended February 29, 2016 | 1.00 | — | —(e) | —(e) | —(e) | —(e) | —(e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | E*Trade Shares had no assets from the close of business on October 19, 2016. |
Ratios/Supplemental data | ||||||
Ratios to average net assets (a) | ||||||
Net asset value, end of period |
Total return (c) |
Net assets, end of period (000’s) |
Net expenses (d) |
Net investment income (loss) |
Expenses without waivers, reimbursements and earnings credits |
|
$1.00 | 0.01% | $ — | 0.54% | 0.01% | 1.08% | |
1.00 | 0.01 | 1,758,478 | 0.30 | 0.01 | 1.07 |
Per share operating performance | ||||||||
Investment operations | Distributions | |||||||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net
realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions | |
JPMorgan Municipal Money Market Fund | ||||||||
E*Trade (f) | ||||||||
For the Period Ended September 21, 2016 | $1.00 | $—(e) | $—(e) | $—(e) | $—(e) | $— | $—(e) | |
Year Ended February 29, 2016 | 1.00 | —(e) | —(e) | —(e) | —(e) | —(e) | —(e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | E*Trade Shares had no assets from the close of business on September 21, 2016. |
Ratios/Supplemental data | ||||||
Ratios to average net assets (a) | ||||||
Net asset value, end of period |
Total return (c) |
Net assets, end of period (000’s) |
Net expenses (d) |
Net investment income (loss) |
Expenses without waivers, reimbursements and earnings credits |
|
$1.00 | 0.01% | $ — | 0.41% | 0.01% | 1.07% | |
1.00 | 0.01 | 1,935,318 | 0.08 | 0.01 | 1.07 |
Per share operating performance | ||||||||
Investment operations | Distributions | |||||||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net
realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions | |
JPMorgan New York Municipal Money Market Fund | ||||||||
E*Trade (f) | ||||||||
For the Period Ended September 21, 2016 | $1.00 | $—(e) | $— | $—(e) | $—(e) | $— | $—(e) | |
Year Ended February 29, 2016 | 1.00 | —(e) | —(e) | —(e) | —(e) | —(e) | —(e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | E*Trade Shares had no assets from the close of business on September 21, 2016. |
Ratios/Supplemental data | ||||||
Ratios to average net assets (a) | ||||||
Net asset value, end of period |
Total return (c) |
Net assets, end of period (000’s) |
Net expenses (d) |
Net investment income (loss) |
Expenses without waivers, reimbursements and earnings credits |
|
$1.00 | 0.01% | $ — | 0.40% | 0.01% | 1.08% | |
1.00 | 0.01 | 395,863 | 0.08 | 0.01 | 1.08 |
Per share operating performance | ||||||||
Investment operations | Distributions | |||||||
|
Net asset value, beginning of period |
Net investment income (loss) (b) |
Net
realized and unrealized gains (losses) on investments |
Total from investment operations |
Net investment income |
Net realized gain |
Total distributions | |
JPMorgan U.S. Government Money Market Fund | ||||||||
E*Trade | ||||||||
Year Ended February 29, 2020 | $1.00 | $0.01 | $—(e) | $0.01 | $(0.01) | $— | $(0.01) | |
Year Ended February 28, 2019 | 1.00 | 0.01 | —(e) | 0.01 | (0.01) | — | (0.01) | |
Year Ended February 28, 2018 | 1.00 | —(e) | —(e) | —(e) | —(e) | —(e) | —(e) | |
March 9, 2016 (f) through February 28, 2017 | 1.00 | —(e) | —(e) | —(e) | —(e) | —(e) | —(e) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(e) | Amount rounds to less than $0.005. |
(f) | Commencement of offering of class of shares. |
Ratios/Supplemental data | ||||||
Ratios to average net assets (a) | ||||||
Net asset value, end of period |
Total return (c) |
Net assets, end of period (000’s) |
Net expenses (d) |
Net investment income (loss) |
Expenses without waivers, reimbursements and earnings credits |
|
$1.00 | 1.12% | $298,348 | 1.00% | 1.10% | 1.05% | |
1.00 | 1.07 | 274,993 | 1.00 | 1.04 | 1.06 | |
1.00 | 0.13 | 291,828 | 0.97 | 0.17 | 1.06 | |
1.00 | 0.02 | 66,010 | 0.56 | 0.01 | 1.07 |
Class | Net Expense Ratio | Gross Expense Ratio | |||
JPMorgan U.S. Government Money Market Fund | E*Trade | 1.00% | 1.05% | ||
JPMorgan Liquid Assets Money Market Fund | E*Trade | 1.00% | 1.07% | ||
JPMorgan Municipal Money Market Fund | E*Trade | 1.00% | 1.10% |
• | On July 1, 2020, you invest $10,000 in the Fund and you will hold the shares for the entire 10 year period; |
• | Your investment has a 5% return each year; |
• | The Fund’s operating expenses remain at the levels discussed below and are not affected by increases or decreases in Fund assets over time; |
• | At the time of purchase, any applicable initial sales charges (loads) are deducted; and |
• | There is no sales charge (load) on reinvested dividends. |
• | The annual costs are calculated using the Net Expense Ratios for the period through the expiration of any fee waivers or expense reimbursements memorialized in a written contract between the Funds and JPMIM and/or its affiliates; and the Gross Expense Ratios thereafter. |
JPMorgan U.S. Government Money Market Fund | ||||
E*TRADE Class Shares | ||||
Period Ended | Annual
Costs |
Gross
Cumulative Return |
Net
Cumulative Return |
Net
Annual Return |
June 30, 2021 | $ 102 | 5.00% | 4.00% | 4.00% |
June 30, 2022 | 111 | 10.25 | 8.11 | 3.95 |
June 30, 2023 | 116 | 15.76 | 12.38 | 3.95 |
June 30, 2024 | 120 | 21.55 | 16.82 | 3.95 |
June 30, 2025 | 125 | 27.63 | 21.43 | 3.95 |
June 30, 2026 | 130 | 34.01 | 26.23 | 3.95 |
June 30, 2027 | 135 | 40.71 | 31.21 | 3.95 |
June 30, 2028 | 140 | 47.75 | 36.40 | 3.95 |
June 30, 2029 | 146 | 55.13 | 41.78 | 3.95 |
June 30, 2030 | 152 | 62.89 | 47.39 | 3.95 |
JPMorgan Liquid Assets Money Market Fund | ||||
E*TRADE Class Shares | ||||
Period Ended | Annual
Costs |
Gross
Cumulative Return |
Net
Cumulative Return |
Net
Annual Return |
June 30, 2021 | $ 102 | 5.00% | 4.00% | 4.00% |
June 30, 2022 | 113 | 10.25 | 8.09 | 3.93 |
June 30, 2023 | 118 | 15.76 | 12.34 | 3.93 |
June 30, 2024 | 123 | 21.55 | 16.75 | 3.93 |
June 30, 2025 | 127 | 27.63 | 21.34 | 3.93 |
June 30, 2026 | 132 | 34.01 | 26.11 | 3.93 |
June 30, 2027 | 138 | 40.71 | 31.06 | 3.93 |
June 30, 2028 | 143 | 47.75 | 36.21 | 3.93 |
June 30, 2029 | 149 | 55.13 | 41.57 | 3.93 |
June 30, 2030 | 154 | 62.89 | 47.13 | 3.93 |
JPMorgan Municipal Money Market Fund | ||||
E*TRADE Class Shares | ||||
Period Ended | Annual
Costs |
Gross
Cumulative Return |
Net
Cumulative Return |
Net
Annual Return |
June 30, 2021 | $102 | 5.00% | 4.00% | 4.00% |
June 30, 2022 | 117 | 10.25 | 8.06 | 3.90 |
June 30, 2023 | 121 | 15.76 | 12.27 | 3.90 |
June 30, 2024 | 126 | 21.55 | 16.65 | 3.90 |
June 30, 2025 | 131 | 27.63 | 21.20 | 3.90 |
June 30, 2026 | 136 | 34.01 | 25.92 | 3.90 |
June 30, 2027 | 141 | 40.71 | 30.84 | 3.90 |
June 30, 2028 | 147 | 47.75 | 35.94 | 3.90 |
June 30, 2029 | 152 | 55.13 | 41.24 | 3.90 |
June 30, 2030 | 158 | 62.89 | 46.75 | 3.90 |