Summary
Prospectus March 1, 2025
| JPMorgan International Hedged Equity
Fund Class/Ticker: A/JIHAX C/JIHCX I/JIHIX |
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 March 1, 2025, 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 to provide capital appreciation.
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 tables 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 89 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 a % of the Offering Price of Shares |
5.25% |
NONE |
NONE |
| Maximum Deferred Sales Charge (Load) as a % of the Original Cost of Shares |
NONE1 |
1.00% |
NONE |
1
For purchases under $1 million.
| 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
|
0.25% |
0.25% |
0.25% |
| Distribution (Rule 12b-1) Fees |
0.25 |
0.75 |
NONE |
| Other Expenses
|
0.58 |
0.73 |
0.57 |
| Service Fees
|
0.25 |
0.25 |
0.25 |
| Remainder of Other Expenses
|
0.33 |
0.48 |
0.32 |
| Total Annual Fund Operating Expenses
|
1.08 |
1.73 |
0.82 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.23 |
-0.38 |
-0.22 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments 1 |
0.85 |
1.35 |
0.60 |
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 0.85%, 1.35% and 0.60% of the average daily net assets of Class A, Class C and Class I 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 2/28/26, 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 $10,000 in
the Fund for the time periods indicated. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.
1
| IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
| ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
607 |
829 |
1,068 |
1,753 |
| CLASS C SHARES ($) |
237 |
508 |
903 |
1,837 |
| CLASS I SHARES ($) |
61 |
240 |
433 |
993 |
| IF YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
607 |
829 |
1,068 |
1,753 |
| CLASS C SHARES ($) |
137 |
508 |
903 |
1,837 |
| CLASS I SHARES ($) |
61 |
240 |
433 |
993 |
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 27% of the average value of its portfolio.
What are the Fund’s main investment strategies?
The Fund seeks to provide capital appreciation through participation in international equity markets while hedging overall market exposure relative to traditional
long-only equity strategies.
Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities.
“Assets” means net assets plus the amount of borrowings for investment purposes. The Fund primarily invests in equity securities of foreign companies across all market capitalizations, including
foreign subsidiaries of U.S. companies. The equity securities in which the Fund may invest
include, but are not limited to, common stock, preferred stock, depositary receipts, privately placed securities and real estate investment trusts. In implementing its strategy, the Fund constructs a portfolio of long holdings that
seeks to outperform the Morgan Stanley Capital International (MSCI) Europe, Australasia, Far East
(EAFE) Index1 (net total return) (the Index) over time while maintaining similar risk characteristics, including sector and geographic risk. The Fund
primarily invests in securities included within the universe of the Index, however, the Fund may
also invest in securities not included within the Index.
Within each sector, the Fund may modestly overweight equity securities that it considers undervalued while
modestly underweighting or not holding equity securities that appear overvalued. By emphasizing
investment in equity securities that appear undervalued or fairly valued, the Fund seeks to
constitute a portfolio of long holdings with returns that modestly exceed those of the Index over
the long term with a modest level of volatility.
The Fund’s options overlay strategy is intended to provide the Fund with downside protection, while foregoing some upside potential. The Fund will also systematically
purchase and sell exchange traded put options and sell exchange traded call options, employing an
option overlay known as a “Put/Spread Collar” strategy. A call option gives the buyer the right to buy, and obligates the seller of the option to sell, a security at a specified price at a future date. A put option
gives the buyer the right to sell, and obligates the seller of the option to buy, a security at a
specified price at a future date. The options may be based on the Index or on exchange-traded funds (ETFs) that seek to provide investment returns linked to the performance of the Index. The combination of the diversified
portfolio of equity securities, the downside protection from put options and the income from the
index call options is intended to provide the Fund with a portion of the returns associated with its long investments while exposing investors to less risk than traditional long-only equity strategies. Specifically,
the Fund seeks to provide a competitive risk adjusted return over a full market cycle (defined as
three to five years) relative to the Index with lower volatility than traditional long-only equity strategies.
The Fund may invest in securities denominated in any currency and may from time to time hedge a portion of its foreign currency exposure using currency forwards. An issuer
of a security will be deemed to be located in a particular country if: (i) the principal trading
market for the security is in such country, (ii) the issuer is organized under the laws of such country or (iii) the issuer derives at least 50% of its revenues or profits from such country or has at least 50% of its total
assets situated in such country.
The Fund constructs a Put/Spread Collar by buying a put option on the Index or an ETF at a higher strike price
and writing (or selling) a put option on the same instrument at a relatively lower strike price,
resulting in what is known as a put option spread, while simultaneously selling an Index or ETF call option. The Fund may elect to construct additional Put/Spread Collars if the size of the Fund increases, either
through purchases or appreciation. A put option spread seeks to protect the Fund against a
decline in price, but only to the extent of the difference between the strike prices of the put option purchased and the put option sold. Entering into put option spreads is typically less expensive than a strategy of only
purchasing put options and may benefit the Fund in a flat to upwardly moving market by reducing
the cost of the downside protection; the downside protection of the put option spread, however, is limited as compared to just owning a put option. The premiums received from writing call options are intended to provide
income which substantially offsets the cost of the put option spread, but writing the call
options also reduces the Fund’s ability to profit from increases in the value of its equity portfolio because in rising markets the call option will be exercised once the market price rises to the option’s strike
price.
In addition to the use of the Put/Spread Collar strategy described above, the Fund may use exchange-traded
futures, primarily futures on indexes, to more effectively gain targeted equity exposure from its
cash positions and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy and efficient management of cash flows.
1
MSCI
EAFE Index is a registered service mark of Morgan Stanley Capital International, which does not sponsor and is in no way affiliated with the Fund.
2
Investment Process —
Long Portfolio: In constructing its long portfolio, the adviser combines fundamental research with a disciplined portfolio construction process. The adviser utilizes proprietary research, risk management
techniques and individual security selection in constructing the Fund’s portfolio.
In-depth, fundamental research into individual securities is conducted by research analysts who
emphasize each issuer’s long-term prospects. This research allows the adviser to rank
issuers within each sector group according to what it believes to be their relative value. As
part of its investment process, the adviser seeks to assess the impact of environmental, social and
governance (ESG) factors on many issuers in the universe in which the Fund may invest. The
adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in securities and
ascertain key issues that merit engagement with issuers. These assessments may not be conclusive
and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such
factors.
The adviser will ordinarily overweight securities which it deems
to be attractive and underweight or not hold those securities which it believes are unattractive.
The adviser may sell a security as its valuations or rankings change or if more attractive
investments become available.
In managing the Fund, the adviser
will seek to help manage risk in the Fund’s portfolio by investing in issuers in at least three foreign countries. However, the Fund may invest a substantial part of its assets in just one
country.
Investment Process — Options Overlay Strategy: To
implement the Put/Spread Collar strategy, the adviser utilizes exchange traded equity options
based either on the Index or on ETFs that seek to provide investment returns linked to the performance of the Index. The Put/Spread Collar is constructed by buying a put option at a higher strike price while writing
a put option at a relatively lower strike price and simultaneously selling a call option that
substantially offsets the cost of the put option spread. The Put/Spread Collar strategy is an actively managed process and is designed to provide a continuous market hedge for the portfolio. The put option spread is
generally maintained at a level whereby the Fund is protected from a decrease in the market of
five to twenty percent. The options are reset on at least a quarterly basis to seek to better capitalize on current market conditions and opportunities while seeking to provide predictable returns in all market
cycles.
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.
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.
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.
Foreign Securities and Emerging Markets Risk. 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,” the 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 “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
3
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 markets countries, which can increase the risks of loss.
Strategy Risk. The Fund’s investment strategies may
not always provide greater market protection than other equity instruments particularly in rising
equity markets when the Fund is expected to underperform traditional long-only equity strategies.
In addition, as a result of the structure of the options overlay strategy, the Fund is not expected to provide market protection during times of low market volatility; during such periods, the Fund is expected to perform in line
with broad equity markets.
Options Risk. The value of the Fund’s positions in Index options or options on ETFs will fluctuate in response to changes in the value of the underlying index. Writing index
call options or options on ETFs can reduce equity market risk, but it limits the opportunity to
profit from an increase in the market value of stocks in exchange for upfront cash at the time of selling the call option. The Fund also risks losing all or part of the cash paid for purchasing put options. Unusual market
conditions or the lack of a ready market for any particular option at a specific time may reduce
the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired and could result in losses.
Derivatives Risk. Derivatives, including options and futures, 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. Certain derivatives also 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, derivatives may expose the Fund to risks of mispricing or improper valuation. Derivatives
also can expose the Fund to derivative liquidity risk, which includes the 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.
Geographic Focus Risk. 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.
European Market
Risk. The Fund’s performance will be affected by political, social and economic conditions
in the various countries in which it invests in Europe and in Europe more generally, such as
growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the
resource self-sufficiency of European countries and interest and monetary exchange rates between
European countries. European financial markets may experience volatility due to concerns about
high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those
concerns, and fiscal and monetary controls imposed on member countries of the European
Union.
Japan Risk. The Japanese economy may be subject to economic, political and social instability, which could have a negative impact on Japanese securities. In the past,
Japan’s economic growth rate has remained relatively low, and it may remain low in the
future. Furthermore, the Japanese economic growth rate could be impacted by Bank of Japan’s monetary policies, rising interest rates, tax increases, budget deficits, consumer confidence and volatility in the Japanese yen. At
times, the Japanese economy has been adversely impacted by government intervention and
protectionism, changes in its labor market, and an unstable financial services sector. International trade, government support of the financial services sector and other troubled sectors, government policy, natural
disasters, an aging demographic and declining population and/or geopolitical developments
associated with actual or potential conflicts with one or more countries in Asia could significantly affect the Japanese economy. Strained foreign relations with neighboring countries (China, South Korea, North Korea and
Russia) may not only negatively impact the Japanese economy, but also the geographic region as
well as globally. A significant portion of Japan’s trade is conducted with developing nations and can be affected by conditions in these nations or by currency fluctuations. Japan is an island state with few natural
resources and limited land area and is reliant on imports for its commodity needs. Any
fluctuations or shortages in the commodity markets could have a negative impact on the Japanese economy. In addition, Japan's economy has in the past and could in the future be significantly impacted by natural
disasters.
Smaller Company Risk. Investments in securities of smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than securities of
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 securities of large capitalization
companies, especially over the short term. These risks are higher for small cap
companies.
Privately Placed Securities
Risk. Privately placed securities generally are less liquid than publicly traded securities and
the Fund may not always be able to sell such securities without experiencing delays in finding
buyers or reducing the sale price for such securities. The disposition of some of the securities
held by the Fund may be restricted under federal securities laws. As a result, the Fund may not
be able to dispose of such
4
investments at a time when, or at a price
at which, it desires to do so and may have to bear expenses of registering these securities, if
necessary. These securities may also be difficult to value.
Currency Risk. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and may affect the price of the Fund’s shares.
Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange
rates may fluctuate significantly over short periods of time for a number of reasons, including
changes in interest rates. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets
generally are not as regulated as securities markets, may be riskier than other types of
investments and may increase the volatility of the Fund. Although the Fund may attempt to hedge some or all of its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency
fluctuations. The Fund may also hedge from one foreign currency to another. In addition, the
Fund’s use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund’s potential returns.
Industry and Sector Focus Risk. At times, 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 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.
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 the performance of the Fund’s Class I Shares has varied from year to year for the past five years. 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 EAFE Index (net total return), and ICE BofA 3-Month US Treasury Bill Index.
The MSCI EAFE Index (net total return), and ICE BofA 3-Month US Treasury Bill Index does not
include the fees and expenses of the mutual funds in the index. Past performance (before and
after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111 .
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 ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED
TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF
AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD
PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED,
INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING
THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE
DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES
OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR
THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS
THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA,
ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND
THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.
5
| YEAR-BY-YEAR RETURNS - CLASS I SHARES |
| Best Quarter |
4th quarter, 2022 |
7.88% |
| Worst Quarter |
1st quarter, 2020 |
-13.44% |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past |
Past |
Life of Fund
since |
| |
1 Year |
5 Years |
03/15/2019 |
| CLASS I SHARES |
|
|
|
| Return Before Taxes |
5.00 % |
2.81 % |
3.58 % |
| Return After Taxes on Distributions |
4.44 |
2.37 |
3.15 |
| Return After Taxes on Distributions and Sale of Fund Shares |
3.59 |
2.28 |
2.89 |
| CLASS A SHARES |
|
|
|
| Return Before Taxes |
-0.71 |
1.46 |
2.36 |
| CLASS C SHARES |
|
|
|
| Return Before Taxes |
3.22 |
2.04 |
2.80 |
| MSCI EAFE INDEX (Net Total Return)
(Reflects No Deduction for Fees,
Expenses, or Taxes) |
3.82 |
4.73 |
5.87 |
| ICE BOFA 3-MONTH US TREASURY BILL INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
5.25 |
2.47 |
2.44 |
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 the investor’s 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 |
| Hamilton Reiner |
2018 |
Managing Director |
| Piera Elisa Grassi |
2020 |
Managing Director |
| Nicholas Farserotu |
2020 |
Executive Director |
| Winnie Cheung |
2020 |
Executive Director |
| Matt Bensen |
2024 |
Executive Director |
| Judy Jansen |
2024 |
Executive Director |
Purchase and Sale of Fund Shares
Purchase minimums
| For Class A and Class C Shares |
|
| To establish an account |
$1,000 |
| 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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SPRO-IHE-ACI-325