Summary
Prospectus November 1, 2024
| JPMorgan SmartRetirement® 2065
Fund Class/Ticker: R2/JSMKX R3/JSMPX R4/JSMLX R5/JSMMX R6/JSMOX
|
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 November 1, 2024, 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 high total return with a shift to current income and some capital appreciation over time as the
Fund approaches and passes the target retirement date.
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. “Acquired Fund (Underlying 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 (Underlying Fund) Fees and Expenses is included in the total returns of the Fund.
Acquired Fund (Underlying Fund) Fees and Expenses are not direct costs of the Fund, are not used
to calculate the Fund’s 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 R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
| Management Fees
|
NONE |
NONE |
NONE |
NONE |
NONE |
| Distribution (Rule 12b-1) Fees
|
0.50 |
0.25 |
NONE |
NONE |
NONE |
| Other Expenses
|
4.10 |
3.92 |
4.43 |
0.93 |
2.60 |
| Service Fees
|
0.25 |
0.25 |
0.25 |
0.10 |
NONE |
| Remainder of Other Expenses
|
3.85 |
3.67 |
4.18 |
0.83 |
2.60 |
| Acquired Fund (Underlying Fund) Fees and Expenses
|
0.42 |
0.42 |
0.42 |
0.42 |
0.42 |
| Total Annual Fund Operating Expenses
|
5.02 |
4.59 |
4.85 |
1.35 |
3.02 |
| Fee Waivers and/or Expense Reimburse- ments 1 |
-3.85 |
-3.67 |
-4.18 |
-0.83 |
-2.60 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements
1 |
1.17 |
0.92 |
0.67 |
0.52 |
0.42 |
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 (Underlying 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 0.75%, 0.50%, 0.25%, 0.10% and 0.00% of the average daily net assets of Class R2,
Class R3, Class R4, Class R5 and Class R6 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. These waivers are 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.
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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense
reimbursements shown in the fee table through 10/31/25 and total annual fund operating expenses
thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST
WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS R2 SHARES ($) |
119 |
1,161 |
2,203 |
4,806 |
| CLASS R3 SHARES ($) |
94 |
1,053 |
2,021 |
4,474 |
| CLASS R4 SHARES ($) |
68 |
1,082 |
2,099 |
4,653 |
| CLASS R5 SHARES ($) |
53 |
346 |
660 |
1,551 |
| CLASS R6 SHARES ($) |
43 |
687 |
1,357 |
3,152 |
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
1
performance. During the Fund’s most
recent fiscal year, the Fund’s portfolio turnover rate was 18% of the average value of its portfolio.
What are the Fund’s main investment strategies?
The JPMorgan SmartRetirement® 2065 Fund is generally intended for investors who plan to retire around the year 2065 (the target retirement year). Prior to reaching
the target retirement year, the Fund seeks risk appropriate total return with a shift to current
income and some capital appreciation over time as the Fund approaches and passes the target retirement year. The Fund assumes a person will be at or around age 65 at the target retirement year.
The Fund is designed to provide exposure to equity, fixed income and cash/cash equivalent asset classes by
investing in mutual funds and exchange traded funds (ETFs) within the same group of investment
companies (i.e., J.P. Morgan Funds), passive ETFs that are managed by unaffiliated investment advisers in certain limited instances (unaffiliated passive ETFs) (collectively with the J.P. Morgan Funds, the underlying
funds) and/or direct investments in securities and other financial instruments. The Fund may also
invest in derivatives. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use futures contracts to gain exposure to, or to overweight or underweight its
investments among, various sectors or markets. The Fund may also use exchange traded futures for
cash management and to gain market exposure pending investment in underlying
funds.
In selecting underlying funds, the adviser expects to select J.P. Morgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even
though there may (or may not) be one or more unaffiliated underlying funds that investors might
regard as more attractive for the Fund or that have superior returns. For actively-managed underlying funds, the adviser limits its selection to J.P. Morgan Funds. For passive underlying funds, the adviser expects to
use J.P. Morgan passive ETFs unless the investment is not available. To the extent the adviser
determines, in its sole discretion, that an investment in a J.P. Morgan passive ETF is not available, only then will the adviser consider an unaffiliated passive ETF.
The Fund’s asset allocation strategy is designed to promote asset accumulation tailored to the time when
investors expect to retire. As a result, the Fund’s asset allocation strategy will change
over time, generally becoming more conservative as it approaches the target retirement year. This means the asset allocation strategy will generally start with a greater emphasis on global equity investments and gradually
shift to more emphasis on fixed income investments. The anticipated target allocations between
asset classes over the life of the Fund are displayed in the “glide path” below. In addition, the Fund's target allocations based on its position along the glide path as of the date of this prospectus are included
in the table following the glide path.
2
| Target Allocations1 | |
| Equity |
92.00
% |
| U.S. Large Cap Equity |
48.65 % |
| U.S. Mid Cap Equity |
6.45 % |
| U.S. Small Cap Equity |
3.50 % |
| REITs |
1.85 % |
| International Equity |
23.05 % |
| Emerging Markets Equity |
8.50 % |
| Fixed Income |
8.00
% |
| U.S. Fixed Income |
6.85 % |
| Inflation Managed |
0.00 % |
| High Yield Fixed Income |
0.90 % |
| Emerging Markets Debt |
0.25 % |
| Money Market/Cash and Cash Equivalents |
0.00
% |
| Money Market/Cash and Cash Equivalents |
0.00 % |
Note: Above allocations may not sum up to 100% due to rounding.
1
As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations
although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations.
The adviser will periodically assess the target allocations shown above
taking into account various factors, such as current market conditions, assumptions regarding future market performance, time horizon and data on the savings and spending behavior of investors, and may make
adjustments. Based on the adviser’s assessment, these adjustments may include modifying the
existing allocations among asset classes or, among other things, adding or removing asset classes or maintaining asset allocations for longer or shorter periods of time. As a result of the adviser’s ability to make these modifications, as
well as a Fund moving along its glide path each year, the Fund’s actual allocations may differ from what is shown above by +/- 15%. In addition, as the adviser monitors the risk profile of the Fund over various market environments, it may determine that conditions are not favorable and that
deviations beyond +/- 15% are necessary to substantially reduce risk in order to preserve
capital. Updated information concerning the Fund’s actual allocations to underlying funds and investments is available in the Fund’s shareholder reports and financial statements, and on the Fund’s website from time
to time.
The Fund is a “to” target date fund. This
means that the Fund intends to reach its most conservative target allocations around the end of
the year of the target retirement year. When the target allocations of the Fund are substantially the same as those of the JPMorgan SmartRetirement Income Fund, the Fund may be merged into the JPMorgan SmartRetirement
Income Fund at the discretion of the Fund’s Board of Trustees.
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 exposed to the risks summarized below through both its investments in underlying funds and its direct
investments.
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.
Investment Risk. The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient
retirement income to an investor. Meeting your retirement goals is dependent upon many factors
including the amount you save and the period over which you do so. You should consider your
expected retirement date, individual retirement needs (i.e., how much money you expect to need),
other expected income after retirement, inflation, other assets, and risk tolerance in choosing
whether to invest in the Fund. Your risk tolerance may change over time and the adviser may change the Fund’s target allocation model. It is important that you re-evaluate your investment in the Fund periodically.
Investments in Mutual Funds and ETFs Risk. The Fund invests in other J.P. Morgan Funds and may also invest in unaffiliated passive ETFs, so the Fund’s investment performance and risks are directly related to the performance and risks
of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying
funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In
addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a
result, the Fund’s investments in an underlying fund may create a conflict of interest. In
addition, the adviser’s authority to allocate investments among J.P. Morgan Funds and unaffiliated ETFs creates conflicts of interest. For example, investing in J.P. Morgan Funds could cause the Fund to incur
higher fees and will cause the adviser and/or its affiliates to receive greater compensation,
increase assets under management or support particular investment strategies or J.P. Morgan Funds.
Active Asset Allocation Risk. The adviser has discretion to make short to intermediate term allocations that increase or decrease the exposure to asset classes and investments
shown in the glide path. The Fund’s allocation strategy may not be successful in adding
value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time.
Risk Associated with the Fund Holding Cash, Money Market Instruments and
Other Short-Term Investments. The Fund will, at times, hold assets in cash, money market
instruments and other short-term investments, which may hurt the Fund’s performance. These
positions may also subject the Fund to additional risks and costs.
Equity Securities Risk. Investments in equity securities
(such as stocks) are more volatile and carry more risks than some other forms of investment. The
price of equity securities may rise or fall because of economic or political changes or changes in a
3
company’s financial condition,
sometimes rapidly or unpredictably. These price movements may result from factors affecting
individual companies, sectors or industries selected for the Fund’s or the underlying
fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund’s investment decreases in
value.
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.
Foreign Securities and Emerging
Markets Risk. Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of
U.S. investments. Investments in foreign issuers and foreign securities (including depositary
receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks,
sanctions or other measures by the United States or other governments, currency fluctuations,
higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other
instruments are not traded “delivery versus payment,” an underlying fund may not
receive timely payment for securities or other instruments it has delivered or receive delivery
of securities paid for and may be subject to increased risk that the counterparty will fail to make
payments or delivery when due or default completely. Foreign market trading hours, clearance and
settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy
and sell securities.
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. These risks are magnified in emerging markets. Emerging market countries typically have less established market economies than
developed countries and may face greater social, economic, regulatory and political
uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market
valuations of securities due to limited public information on issuers. Certain emerging market
countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an
investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a
counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging markets countries, which can increase the risk of loss.
Interest Rate Risk. Investments in income securities are subject to interest rate risk and credit risk. Certain underlying funds’ exposure to bonds and other debt
securities will change in value based on changes in interest rates. Securities with greater
interest rate sensitivity and longer maturities generally are subject to greater fluctuations in
value. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less
sensitive to interest rate changes than other fixed rate instruments, the value of floating rate
Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. An underlying 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 underlying fund
investments.
Credit Risk. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of certain
underlying funds’ 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 an underlying
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.
Mortgage-Related and
Other Asset-Backed Securities Risk. Certain underlying funds invest in mortgage-related and asset-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, an underlying 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. Mortgage-related and
asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid. The risk of default 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.
Government Securities Risk. Some of the underlying funds invest 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)). Securities, such as those issued or guaranteed by Ginnie Mae or
4
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. 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 principal and interest. This would result in losses to an underlying
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.
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 redeemed, an underlying fund may have to reinvest in
securities with a lower yield. The underlying fund may also fail to recover additional amounts
(i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital
loss.
High Yield Securities and Loan Risk.
Certain underlying funds invest in junk bonds, Loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are
considered to be speculative and may be subject to greater risk of loss, greater sensitivity to
economic changes, valuation difficulties, and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a
regular trading market, extended settlement periods, liquidity risks, prepayment risks,
potentially less protections under the federal securities laws and lack of publicly available
information.
In recent years, there has been a broad trend of
weaker or less restrictive covenant protections in both the Loan and high yield markets. 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 Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or
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 Loans
or high yield securities issued by such borrowers. Each of these factors might negatively impact
the Loans and high yield instruments held by an underlying fund.
High yield securities and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some instruments and certain
investments may be subject to restrictions on resale. In addition, the settlement period for
Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to
dispose of the underlying fund’s securities and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have
a more limited secondary market, liquidity and valuation risk is more pronounced for certain
underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest
in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for
these securities, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore,
investments in such Loans may not be subject to certain protections under those laws. In
addition, the adviser may not have access to material non-public information to which other
investors may have access.
Real Estate Securities Risk.
The Fund may be exposed through its direct investments or investments in underlying funds to real
estate securities, including real estate investment trusts (REITs). These securities are subject
to the same risks as direct investments in real estate and mortgages, which include, but are not
limited to, sensitivity to changes in real estate values and property taxes, interest rate risk,
tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes
in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws,
the need for unanticipated renovations, unexpected increases in the cost of energy, environmental
factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with management skill and creditworthiness of the issuer,
and underlying funds will indirectly bear their proportionate share of expenses, including
management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including
REITs.
Smaller Company Risk. Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry
changes than securities of larger, more established companies. The securities of small companies
may trade less frequently and in smaller volumes than securities of larger companies. As a result,
changes in the price of debt or equity issued by such companies may be more sudden or erratic
than the prices of other securities, especially over the short term. These risks are higher for
small cap companies.
Derivatives Risk. The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and
futures, may be riskier than other types of investments and may increase the volatility of the
Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s or an underlying
fund’s original investment. The Fund and the underlying funds may be more volatile than if
they had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s or underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to
counterparty risk, which is
5
the risk that the derivative counterparty
will not fulfill its contractual obligation (including credit risk associated with the
counterparty). Certain derivatives are synthetic instruments that attempt to replicate the
performance of certain reference assets. With regard to such derivatives, the Fund or the
underlying fund do not have a claim on the reference assets and are subject to enhanced
counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not
correlate as expected with the security or other risk being hedged. In addition, given their
complexity, derivatives expose the Fund and underlying funds to risks of mispricing or improper valuation. Derivatives also can expose the Fund and underlying funds to derivative liquidity risk, which includes risks involving the
liquidity demands that derivatives can create to make payments of margin, collateral or
settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an
underlying fund’s counterparty and operational risk, which includes documentation or
settlement issues, system failures, inadequate controls and human error.
Inflation Managed Strategy Risk. The Fund may invest in
underlying funds that utilize derivatives and debt securities to mimic a portfolio of
inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on
inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are
adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the
effects of changes in market interest rates caused by factors other than inflation (real interest
rates). In general, the price of a TIPS tends to decline when real interest rates increase.
Securities and Financial Instruments Risk. The Fund’s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign
securities are subject to foreign investment, emerging market and derivative risks; debt
securities are subject to credit risk).
Industry and Sector Focus Risk. At times the underlying funds and 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 underlying funds and the Fund increase the
relative emphasis of its investments in a particular industry or sector, the value of the
underlying funds’ and the Fund’s shares’ may fluctuate in response to events
affecting that industry or sector.
Transactions
Risk. The Fund or an underlying 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, for both the Fund and
underlying funds, large purchases of a fund’s 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.
The Fund’s Past
Performance
This section provides some indication of the risks of
investing in the Fund. The bar chart shows the performance of the Fund’s Class R2 Shares for the past calendar year. The table shows the average annual total returns for the past one
year and life of the Fund. The table compares the Fund’s performance to the performance of the MSCI ACWI (net total return) Index,
the S&P Target Date 2065+ Index, and a composite benchmark. The MSCI ACWI (net total return)
Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The S&P Target Date 2065+ Index and the composite benchmark are the Fund’s additional indices and
are more representative of the Fund’s investment universe. The composite benchmark for the
Fund is a customized benchmark of the following unmanaged market indexes: S&P 500 Index, S&P 400 Index, Russell 2000 Index, MSCI US REIT Index, MSCI EAFE Index (net total return), MSCI Emerging Markets Index (net total
return), Bloomberg U.S. Aggregate Index; Bloomberg U.S. Treasury Inflation Notes: 1-10 Year
Index, Bloomberg U.S. High Yield - 2% Issuer Cap Index, EMBI Global Diversified Index and FTSE
3-Month Treasury Bill Index. Each index is weighted to reflect the strategic target allocations
of the Fund and is adjusted over time to correspond to changes in the strategic target allocations
of the Fund. For performance commencing November 1, 2020 to January 31, 2023, the Russell Midcap
Index represented the U.S. Mid Cap Equity component of the benchmark. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares (which are not
offered in this prospectus). The actual returns for Class R3 Shares would have been different
than those shown because Class R3 Shares have different expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares (which are not offered in
this prospectus). The actual returns for Class R4 Shares would have been different than those
shown because Class R4 Shares have different expenses than Class I Shares. Past performance
(before and after taxes) is not necessarily an indication of how any class of the Fund will
perform in the future, historical performance may give you some indication of the risks of
investing in the Fund. Updated performance information will be available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The S&P Target Date 2065+ Index, S&P 500 Index and S&P 400 Index (“Indexes”) are
products of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or
its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are
6
prohibited without written permission of
S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices
LLC’s indices please visit www.spdji.com. S&P® is a
registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their
affiliates nor their third party licensors make any representation or warranty, express or
implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their
affiliates nor their third party licensors shall have any liability for any errors, omissions, or
interruptions of any index or the data included therein.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and
copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation
thereof.
Source: MSCI. The MSCI information may only be used for your internal use,
may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information
is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and
analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this
information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI
information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement,
merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any
direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
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.
Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its
completeness or accuracy. The Index is used with permission. The Index may not be copied, used,
or distributed without J.P. Morgan's prior written approval. Copyright 2024, J.P. Morgan Chase & Co. All rights reserved.
The JPMorgan SmartRetirement Funds have been developed solely by J.P. Morgan Investment Management
Inc.(JPMIM). The JPMorgan SmartRetirement Funds are not in any way connected
to or sponsored, endorsed, sold or promoted
by FTSE International Limited ("FTSE") or the London Stock Exchange Group plc and its group
undertakings (collectively, the “LSE Group”) or Nareit. All rights in the FTSE 3-Month Treasury Bill Index (the “Index”) vest in FTSE and Nareit. "FTSE®" is a trade mark of the LSE Group and is
used by FTSE International Limited ("FTSE") under licence. "NAREIT®" is a trade mark of the Nareit. The Index is calculated by FTSE. Neither FTSE, nor the LSE Group, nor Nareit accept any liability whatsoever
to any person arising out of (a) the use of, reliance on or any error in the Index or (b)
investment in or operation of the JPMorgan SmartRetirement Funds. FTSE, the LSE Group, and Nareit make no claim, prediction, warranty or representation either as to the results to be obtained from the JPMorgan
SmartRetirement Funds or the suitability of the Index for the purpose to which it is being put by
JPMIM.
| YEAR-BY-YEAR RETURNS - CLASS R2 SHARES |
| Best Quarter |
4th quarter, 2023 |
10.57% |
| Worst Quarter |
3rd quarter, 2023 |
-3.68% |
| The Fund’s year-to-date total return |
through |
9/30/24 |
was |
16.25% |
. |
7
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2023) |
||
| |
Past |
Life of Fund
since |
| |
1 Year |
11/01/2022 |
| CLASS R2 SHARES |
|
|
| Return Before Taxes |
19.10 % |
19.29 % |
| Return After Taxes on Distributions |
18.72 |
18.68 |
| Return After Taxes on Distributions and Sale of Fund Shares |
11.44 |
14.62 |
| CLASS R3 SHARES |
|
|
| Return Before Taxes |
19.35 |
19.55 |
| CLASS R4 SHARES |
|
|
| Return Before Taxes |
19.67 |
19.87 |
| CLASS R5 SHARES |
|
|
| Return Before Taxes |
19.86 |
20.05 |
| CLASS R6 SHARES |
|
|
| Return Before Taxes |
19.95 |
20.15 |
| MSCI ACWI INDEX1 (Net Total Return) (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign With- holding Taxes) |
22.20 |
6.07 |
| S&P TARGET DATE 2065+ INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
19.88 |
20.33 |
| JPM SMARTRETIREMENT 2065 COMPOSITE BENCHMARK (Reflects No Deduction for Fees, Expenses, or Taxes) |
20.21 |
20.86 |
1
As a result of new regulatory requirements, the Fund's regulatory index has changed from the S&P Target Date 2065+ Index to the MSCI ACWI Index (net total return).
After-tax returns are
shown only for the Class R2 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 your tax situation and may differ from those shown. The after-tax returns
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 |
| Daniel Oldroyd |
2022 |
Managing Director |
| Silvia Trillo |
2022 |
Managing Director |
| Ove Fladberg |
2022 |
Managing Director |
| Anshul Mohan |
2023 |
Managing Director |
| Jeffrey A. Geller |
2022 |
Managing Director |
Purchase and Sale of Fund Shares
There are no minimum or maximum purchase requirements with respect to Class
R2, Class R3, Class R4 or Class R5 Shares.
| 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 investment minimum for other Class R6 eligible 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
Tax Information
The Fund does not intend to make distributions that may be taxed as ordinary income or capital gains, because
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.
8
SPRO-SR2065-R2R3R4R5R6-1124