JPMorgan SmartRetirement^® Blend 2065 Fund

Supplement dated July 1, 2024

to the current Summary Prospectuses and Prospectuses, as supplemented

Effective November 1, 2024, the expense caps for the Funds will be revised.

For each Fund, the Fund’s adviser and/or its affiliates will contractually agree to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding (1) 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 incurred by the Fund or an underlying fund and (2) Acquired Fund (Underlying Fund) Fees and Expenses incurred by an underlying fund) exceed 0.42%, 0.92%, 0.67%, 0.42%, 0.27% and 0.17% of the average daily net assets of Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. These waivers will be in effect through 10/31/25, 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.

The expense caps of the Funds’ Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares will be decreased to the following levels: