Summary
Prospectus November 1, 2024
| JPMorgan Investor Balanced Fund
Class/Ticker: A/OGIAX C/OGBCX I/OIBFX |
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. 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 consistent with the
preservation of capital by investing primarily in a diversified group of mutual funds within the
same group of investment companies that invest primarily in equity and fixed income securities.
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 $50,000 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 49 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 |
4.50% |
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 (Underlying Fund) Fees and Expenses” are
expenses incurred indirectly by the Fund through its ownership of shares in other investment
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 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
|
0.05% |
0.05% |
0.05% |
| Distribution (Rule 12b-1) Fees |
0.25 |
0.75 |
NONE |
| Other Expenses
|
0.27 |
0.27 |
0.27 |
| Service Fees
|
0.25 |
0.25 |
0.25 |
| Remainder of Other Expenses
|
0.02 |
0.02 |
0.02 |
| Acquired Fund (Underlying Fund) Fees and Expenses
|
0.39 |
0.39 |
0.39 |
| Total Annual Fund Operating Expenses
|
0.96 |
1.46 |
0.71 |
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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.
| IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
| ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
544 |
742 |
957 |
1,575 |
| CLASS C SHARES ($) |
249 |
462 |
797 |
1,611 |
| CLASS I SHARES ($) |
73 |
227 |
395 |
883 |
| IF YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
544 |
742 |
957 |
1,575 |
| CLASS C SHARES ($) |
149 |
462 |
797 |
1,611 |
| CLASS I SHARES ($) |
73 |
227 |
395 |
883 |
1
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 7% of the average value of its portfolio.
What are the Fund’s main investment strategies?
The Fund is a “Fund of Funds.” The Fund’s main investment
strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a balanced
fund, approximately half of the Fund’s assets will be allocated to J.P. Morgan equity funds
including J.P. Morgan international equity funds and J.P. Morgan specialty funds and
approximately half will be invested in J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have
exposure to alternative equity asset classes such as real estate investment trusts (REITs) or
commodities. The Fund may invest up to 20% of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). Generally, the Fund’s allocation strategy is to achieve a long-term risk/return profile
similar to a fund that invests 50% in income securities and 50% in equity securities.
The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or
the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines
the strategic weight for each asset class represented by the underlying funds by using three to
five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper
peer group.
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, including that preservation of capital may not be achieved.
Investments in Mutual Funds and ETFs Risk. The Fund invests in other J.P. Morgan Funds as a primary strategy, 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. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above
(premium) or below (discount) their net asset value, especially during periods of significant
market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.
Equity Securities Risk. Certain underlying funds invest in equity securities (such as stocks) that 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 company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying
fund’s portfolio or the securities market as a whole, such as changes in economic or
political conditions. When the value of the underlying fund’s securities goes down, the
Fund’s investment in the underlying fund 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.
Income Securities Risk. Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk.
The Fund’s 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. 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 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
2
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.
Certain underlying funds invest
in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. 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. The risk of default for
“sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.
These securities are also subject to prepayment and call risk. In periods of declining interest
rates, the underlying 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 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. In periods of rising interest rates, the underlying 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 underlying fund may exhibit
additional volatility.
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 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. 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. Securities issued 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. The
issuer of certain securities may repay principal in advance, especially when yields fall. Changes
in the rate at which prepayments occur can affect the return on investment of these securities.
When debt obligations are prepaid or when securities are called, the Fund or underlying fund also
may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons,
resulting in an unexpected capital loss.
Index
Funds Risk. Index funds are not actively managed and are designed to track the performance and
holdings of a specified index. Securities may be purchased, held and sold by an index
fund at times when an actively managed fund
would not do so. There is also the risk that the underlying fund’s performance may not
correlate with the performance of the index.
Foreign
Securities and Emerging Markets Risk. Underlying funds that invest in foreign currencies, 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, sanctions or other measures by the United States or other governments, currency
fluctuations, higher transaction costs, delayed settlement, possible foreign controls on
investment, expropriation and nationalization risks 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,” the 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 the 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 countries 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, the 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 market countries, which can increase the
risks of loss.
High Yield Securities and Loan
Risk. Certain underlying funds invest in junk bonds, loan assignments and participations and
commitments to purchase loan assignments (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. An underlying fund will not
have direct recourse against the issuer of a loan participation.
3
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 the Fund.
High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No
active trading market may exist for some Loans and other 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 instruments 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 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. 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.
Convertible Securities Risk. Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and,
because of the conversion feature, tends to vary with fluctuations in the market value of the
underlying securities.
Strategy Risk. A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be
unattractive. This strategy involves complex securities transactions that require the underlying
fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or
price. Losses on short sales are potentially unlimited because there is no upward limit on the
price a borrowed security could attain.
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.
Commodity Risk. Certain underlying funds have exposure to commodities. Exposure to commodities, commodity-related securities and derivatives may subject an underlying
fund to greater volatility than investments in traditional securities, particularly if the
instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a
particular industry or commodity. In addition, to the extent that an underlying fund gains
exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced
counterparty risk.
Derivatives Risk. The underlying funds may use derivatives. Derivatives may be riskier than other investments because they
may be sensitive to changes in economic and market conditions and could result in losses that
significantly exceed the original investment. Many derivatives create leverage thereby causing
the underlying fund to be more volatile than they would be if they had not used derivatives.
Certain derivatives also expose the underlying funds to counterparty risk (the risk that the
derivative counterparty will not fulfill its contractual obligation), including credit risk of
the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim
on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform
as expected, so the Fund 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 to risks of mispricing or improper valuation. Derivatives also
can expose the Fund 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 counterparty and operational
risk, which includes documentation or settlement issues, system failures, inadequate controls and
human error.
Inflation-Managed Strategy Risk.
The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of
fixed income securities to create the equivalent of a portfolio of inflation-protected fixed
income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying
funds may make direct investments in inflation-protected securities. Unlike conventional bonds,
the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation
4
(e.g., CPI-U). There can be no assurance
that the inflation index used will accurately measure the actual rate of inflation. These
securities may lose value in the event that the actual rate of inflation is different than the
rate of the inflation index.
Real Estate Securities
Risk. Certain underlying funds are highly concentrated in real estate securities, including
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 the management skill and credit worthiness 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.
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.
Industry and Sector Focus
Risk. At times an underlying fund 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 an underlying fund or the Fund increases the relative emphasis of 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.
Geographic Focus Risk. An underlying fund and the Fund
may focus its investments in one or more regions or small groups of countries. As a result, the
Fund’s performance may be subject to greater volatility than a more geographically diversified fund.
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 A Shares has varied from year to year for
the past ten calendar years. The table shows the average annual total returns for the past one
year, five years, and ten years. The table compares the Fund’s performance to the
performance of the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate
Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset
Target Allocation Moderate Funds Index. The Bloomberg U.S. Aggregate Index serves as the
Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg
U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return), and the Lipper Mixed-Asset Target Allocation Moderate Funds Index are the Fund’s additional indices and are more
representative of the Fund’s investment universe than the regulatory index. The Lipper
Mixed-Asset Target Allocation Moderate Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes
the fees and expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the
future. Updated performance information is available by
visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance
figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.
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.
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
5
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)
| YEAR-BY-YEAR RETURNS — CLASS A SHARES |
| Best Quarter |
2nd quarter, 2020 |
12.90% |
| Worst Quarter |
1st quarter, 2020 |
-11.69% |
| The Fund’s year-to-date total return |
through |
9/30/24 |
was |
11.93% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2023) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| CLASS A SHARES |
|
|
|
| Return Before Taxes |
8.25 % |
6.57 % |
5.15 % |
| Return After Taxes on Distributions |
7.12 |
4.99 |
3.63 |
| Return After Taxes on Distributions and Sale of Fund Shares |
5.20 |
4.78 |
3.66 |
| CLASS C SHARES |
|
|
|
| Return Before Taxes |
11.86 |
7.02 |
5.19 |
| CLASS I SHARES |
|
|
|
| Return Before Taxes |
13.70 |
7.84 |
5.91 |
| BLOOMBERG U.S. AGGREGATE INDEX1 (Reflects No Deduction for Fees, Expenses, or Taxes) |
5.53 |
1.10 |
1.81 |
| BLOOMBERG U.S. INTERMEDIATE AGGREGATE INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
5.18 |
1.14 |
1.62 |
| RUSSELL 3000 INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
25.96 |
15.16 |
11.48 |
| MSCI EAFE INDEX (Net Total Return) (Reflects No Deduction for Fees, Expenses, or Taxes, Except Foreign Withholding Taxes) |
18.24 |
8.16 |
4.28 |
| LIPPER MIXED-ASSET TARGET ALLOCA- TION MODERATE FUNDS INDEX (Reflects No Deduction for Taxes) |
13.34 |
7.86 |
5.83 |
1
As a result of new regulatory requirements, the Fund's regulatory index has changed from the Bloomberg U.S. Intermediate Aggregate Index to the Bloomberg U.S. Aggregate Index.
After-tax returns
are shown only for Class A 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
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 Fund Since |
Primary Title with
Investment Adviser |
| Ove Fladberg |
2010 |
Managing Director |
| Michael Loeffler |
2005 |
Executive Director |
| Nicholas D’Eramo |
2014 |
Executive Director |
| Anshul Mohan |
2016 |
Executive Director |
| Luying Wei |
2022 |
Executive Director |
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Purchase and Sale of Fund
Shares
Purchase minimums
| For Class A and Class C Shares | |
| To establish an account |
$500 |
| 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 intends to make distributions that may be taxed as ordinary income or capital gains, except when your
investment is in an IRA, 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.
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