Summary
Prospectus November 1, 2024
| JPMorgan Equity Index Fund Class/Ticker: R6/OGFAX |
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 investment results that correspond to the aggregate price and dividend performance of
securities in the Standard & Poor’s 500 Composite Stock Price Index (S&P 500
Index).
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the
Fund. You may pay other fees, such as brokerage commissions and other fees to financial
intermediaries, which are not reflected in the table and examples below.
| ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|
| |
Class R6 |
| Management Fees
|
0.040% |
| Distribution (Rule 12b-1) Fees |
NONE |
| Other Expenses
|
0.080 |
| Service Fees
|
NONE |
| Remainder of Other
Expenses |
0.080 |
| Total Annual Fund Operating Expenses |
0.120 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.075 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements 1 |
0.045 |
1
The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses
to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest,
taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.045% of the average daily net assets of Class R6 Shares. The Fund may invest in one or more
money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse
expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense
reimbursements shown in the fee table through 10/31/25 and total annual fund operating expenses
thereafter. Your actual costs may be higher or lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST
WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS R6 SHARES ($) |
5 |
31 |
60 |
146 |
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 5% of the average value of its portfolio.
What are the Fund’s main investment
strategies?
The Fund invests in stocks included in the S&P
500 Index1 and also may invest in stock index futures. The Fund’s adviser attempts to track the aggregate price and
dividend performance of securities in the S&P 500 Index to achieve a correlation of at least
0.95 between the performance of the Fund and that of the index without taking into account the Fund’s expenses. Perfect correlation would be 1.00.
The percentage of a stock that the Fund holds will be approximately the same percentage that the stock
represents in the S&P 500 Index. The adviser generally picks stocks in the order of their
weightings in the S&P 500 Index, starting with the heaviest weighted stock. The Fund may acquire, hold and dispose of the common stock of JPMorgan Chase & Co. for the
1
“S&P 500” is a registered service mark of Standard &
Poor’s Corporation, which does not sponsor and is in no way affiliated with the Fund.
1
sole purpose of maintaining conformity with
the S&P 500 Index on which the Fund is based and measured. Under normal circumstances, at
least 80% of the Fund’s Assets will be invested in stocks of companies included in the index or indices identified by the Fund and in derivative instruments that provide exposure to stocks of such companies.
“Assets” means net assets, plus the amount of borrowings for investment purposes. As
of the reconstitution of the S&P 500 Index on September 30, 2024, the market capitalizations of the companies in the index ranged from $3.14 billion to $3.54 trillion.
Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may
be used as substitutes for securities in which the Fund can invest. The Fund may use futures
contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures
contracts in response to cash outflows, thereby gaining market exposure to the index while
maintaining a cash balance for liquidity.
The
Fund’s Main Investment Risks
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.
Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market 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
Fund’s portfolio or the securities market as a whole, such as changes in economic or
political conditions. When the value of the Fund’s portfolio securities goes down, your investment in the 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 S&P 500 Index or 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.
Index Related Risk. The Fund’s return may not track the return of the S&P 500 Index for a number of reasons and therefore may not achieve its investment objective. For
example, the Fund incurs a number of operating expenses not applicable to the index, and incurs
costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the index. In addition, the Fund’s return may differ from the
return of the index as a result of, among other things, pricing differences and the inability to
purchase certain securities included in the index due to regulatory or other
restrictions.
The risk that the Fund may not track the performance
of the S&P 500 Index may be heightened during times of increased market volatility or other
unusual market conditions.
Passive Management
Risk. Unlike many investment companies, the Fund is not “actively” managed.
Therefore, it would not generally sell a security because the security’s issuer was in
financial trouble unless that security is removed from the S&P 500 Index. Therefore, the
Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or
more issuers. The structure and composition of the underlying index will affect the performance,
volatility, and risk of the Fund.
Large Cap
Company Risk. Because the Fund invests principally in large cap company securities, it may
underperform other funds during periods when the Fund’s large cap securities are out of
favor.
Mid Cap Company Risk. Investments in mid cap companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than
investments in larger, more established companies. The securities of smaller companies may trade
less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of other equity
securities, especially over the short term.
Derivatives Risk. Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. 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 original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the
Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk,
which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes 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 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,
2
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.
Industry and Sector Focus Risk. At times the S&P 500 Index 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 S&P 500 Index and 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.
Technology Sector Risk. Market or economic factors impacting technology companies could have a major effect on the value of the Fund’s investments. The value of
stocks of technology companies is particularly vulnerable to rapid changes in technology product
cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in
growth rates and competition for the services of qualified personnel, and government regulation
and competition, both domestically and internationally, including competition from foreign
competitors with lower production costs. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on
patent and intellectual property rights, the loss or impairment of which may adversely affect
profitability.
Transactions Risk. The 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,
large purchases of Fund 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 how the performance of the Fund’s Class R6 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 S&P 500 Index (including the aggregate price and dividend performance). The performance in the table for Class R6 Shares is based on the performance of the Class I
Shares (which are not offered in this prospectus) prior to the inception of the Class R6 Shares.
The actual returns of the Class R6 Shares would have been different than those shown because Class R6 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. Updated performance information is available by
visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The S&P 500 Index (“Index”) is a product 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 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.
| YEAR-BY-YEAR RETURNS — CLASS R6 SHARES |
| Best Quarter |
2nd quarter, 2020 |
20.55% |
| Worst Quarter |
1st quarter, 2020 |
-19.58% |
| The Fund’s year-to-date total return |
through |
9/30/24 |
was |
22.05% |
. |
3
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2023) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| CLASS R6 SHARES |
|
|
|
| Return Before Taxes |
26.23 % |
15.64 % |
11.93 % |
| Return After Taxes on Distributions |
25.74 |
15.04 |
10.52 |
| Return After Taxes on Distributions and Sale of Fund Shares |
15.80 |
12.49 |
9.30 |
| S&P 500 INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
26.29 |
15.69 |
12.03 |
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 the Fund Since |
Primary Title with
Investment Adviser |
| Michael Loeffler |
2004 |
Executive Director |
| Nicholas W. D’Eramo |
2014 |
Executive Director |
| Alex Hamilton |
2019 |
Executive Director |
Purchase and Sale of Fund Shares
Purchase minimums
| 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 intends to make distributions that may be taxed as ordinary income or capital gains, except when 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.
4
SPRO-EIND-R6-1124