Summary
Prospectus March 1, 2025
| JPMorgan Emerging Markets Research Enhanced
Equity Fund Class/Ticker: R6/EMRSX |
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 long-term 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 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
|
0.25% |
| Distribution (Rule 12b-1) Fees |
NONE |
| Other Expenses
|
0.16 |
| Service Fees
|
NONE |
| Remainder of Other
Expenses |
0.16 |
| Total Annual Fund Operating Expenses |
0.41 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.06 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements 1 |
0.35 |
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 0.35% 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 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 $10,000 in the Fund for
the time periods indicated. The Example
also assumes that your investment has a 5% return each year and that the Fund’s operating
expenses remain the same. Your actual costs may be higher or
lower.
| WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST
WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS R6 SHARES ($) |
36 |
126 |
224 |
512 |
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 40% of the average value of its portfolio.
What are the Fund’s main investment
strategies?
Under normal circumstances, the Fund invests at
least 80% of its Assets in equity securities and equity-related instruments that are tied
economically to emerging markets. “Assets” means net assets, plus the amount of borrowings for investment purposes. Emerging markets include most countries in the world except Australia, Canada, Japan, New Zealand,
the United Kingdom, the United States, most of the countries of Western Europe and Hong
Kong.
The equity securities and equity-related instruments in
which the Fund may invest include, but are not limited to, common stock, preferred stock,
convertible securities, trust or partner-ship interests, depositary receipts, real estate investment trusts (REITS), privately placed securities, warrants and rights, participation notes or other structured notes, and
other instruments that provide economic exposure to one or more equity securities. Certain of the
equity securities in which the Fund invests are expected to be issued by companies that rely on
variable interest entity (“VIE”) structures. In implementing its strategy, the Fund
seeks to construct a portfolio of long holdings that will outperform the Morgan Stanley Capital
International (MSCI) Emerging Markets Index (net total
return)1 (the Index) over time while maintaining similar risk characteristics, including sector and geographic risks.
The Fund
1
primarily invests in securities included
within the universe of the Index, however, the Fund may also invest in securities not included
within the Index or securities or instruments with similar economic characteristics.
The Fund may invest in securities across all market capitalizations,
although the Fund may invest a significant portion of its assets in companies of any one particular market capitalization category.
Within each sector, the Fund may modestly overweight equity securities that it considers undervalued while
modestly under-weighting or not holding equity securities that appear over-valued. By emphasizing
investment in equity securities that appear undervalued or fairly valued, the Fund seeks returns
that modestly exceed those of the Index over the long term with a modest level of
volatility.
The Fund may use exchange-traded funds and
exchange-traded futures to gain exposure to particular foreign securities or markets and for the
efficient management of cash flows. 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.
Securities and equity-related instruments tied economically to an emerging market include: (i) securities of issuers that are organized under the laws of an emerging markets
country or that maintain their principal place of business in an emerging markets country; (ii)
securities that are traded principally in an emerging market country; (iii) securities of issuers that, during their most recent fiscal year, derived at least 50% of their revenues or profits from goods produced or sold,
investments made, or services performed in an emerging markets country or that have at least 50%
of their assets in an emerging market country; or (iv) securities or other instruments that expose the Fund to the economic fortunes and risks of one or more emerging market countries.
Investment Process: In managing the Fund, 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.
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.
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 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.
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 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.
1
The 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
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.
Depositary Receipts
Risk. The Fund’s investments may take the form of depositary receipts, including
unsponsored depositary receipts. Unsponsored depositary receipts may not provide as much
information about the underlying issuer and may not carry the same voting privileges as sponsored depositary receipts. Unsponsored depositary receipts are issued by one or more depositaries in response to market demand,
but without a formal agreement with the company that issues the underlying
securities.
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 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.
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.
Real Estate Securities Risk. The Fund’s investments in real estate securities, including REITs, are subject to the same risks as
direct investments in real estate and mortgages, and their value will depend on the value of the
underlying real estate interests. These risks include default, prepayments, changes in value
resulting from changes in interest rates and demand for real and rental property, and the
management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its
proportionate share of expenses, including
management fees, paid by each REIT in which it invests in addition to the expenses of the
Fund.
Greater China Region Risk. In addition to the risks listed under “Foreign Securities and Emerging Markets Risk,”
investments in Mainland China, Hong Kong and Taiwan are subject to significant legal, regulatory,
monetary and economic risks, as well as the potential for regional and global conflicts, including actions that are contrary to the interests of the U.S.
Investments in Mainland China involve political and legal uncertainties, currency fluctuations and aggressive currency controls, the risk of confiscatory taxation, and
nationalization or expropriation of assets, which could adversely affect and significantly
diminish the values of the Mainland Chinese companies in which the Fund invests. The Mainland Chinese securities markets are emerging markets characterized by greater price volatility. Mainland China is dominated
by the one-party rule of the Communist Party, and the Mainland Chinese government exercises
significant control over Mainland China’s economic growth. There is the potential of increased tariffs and restrictions on trade between the United States and Mainland China. An increase in tariffs or trade
restrictions, or even the threat of such developments, could lead to a significant reduction in
international trade, which could have a negative impact on Mainland Chinese companies and a commensurately negative impact on the Fund. There is also the risk that the U.S. government or other governments may sanction Chinese
issuers or otherwise prohibit U.S. persons (such as the Fund) from investing in certain Chinese
issuers, which may negatively affect the liquidity and price of their securities.
The political reunification of Mainland China and Taiwan, over which
Mainland China continues to claim sovereignty, is a highly complex issue. There is the potential for future political, military or economic disturbances that may have an adverse impact on the values of the Fund’s investments in
Mainland China and elsewhere, or make certain Fund investments impractical or impossible. Any
escalation of hostility between Mainland China and Taiwan would likely have a significant adverse impact on the value and liquidity of the Fund’s investments in both Mainland China and elsewhere, causing
substantial investment losses for the Fund.
Hong Kong is a Special Administrative Region of the People's Republic of China. Since Hong Kong reverted to
Chinese sovereignty in 1997, it has been governed by the Basic Law. Under the Basic Law, Hong
Kong was guaranteed a high degree of autonomy in certain matters, including economic matters,
until 2047. Attempts by the government of Mainland China to exert greater control over Hong
Kong’s economic, political or legal structures or its existing social policy could negatively
affect investor confidence in Hong Kong (as has been the case previously during certain periods),
which in turn could negatively affect markets and business performance.
Chinese operating companies sometimes rely on VIE structures to raise
capital from non-Chinese investors, even though such arrangements are not formally recognized under Chinese law. In a VIE structure, a Mainland China-based operating company establishes an entity (typically offshore) that
enters into service and other contracts (such as powers of attorney, equal pledge agreements and
other services or business cooperation agreements) with the Mainland Chinese company designed to provide economic exposure to the company. The offshore entity then
3
issues exchange-traded shares that are sold
to the public, including non-Chinese investors (such as the Fund). Shares of the offshore entity
are not equity ownership interests in the Mainland Chinese operating company and therefore the ability of the offshore entity to control the activities at the Mainland Chinese company are limited and the Mainland
Chinese company may engage in activities that negatively impact investment value. Under a VIE
structure, the Fund will typically have little or no ability to influence the Mainland China-based operating company through proxy voting or other means because it is not a Mainland Chinese company owner/shareholder.
The VIE structure is designed to provide the offshore entity (and in turn, investors in the
entity) with economic exposure to the Mainland Chinese company that replicates equity ownership, without actual equity ownership of the Mainland Chinese operating company. The VIE contractual arrangements permit the
VIE structure to consolidate its financial statements with those of the underlying Chinese
companies. VIE structures are used due to Mainland Chinese government prohibitions on foreign ownership of companies in certain industries and it is not clear that the contracts are enforceable or that the
structures will otherwise work as intended. Intervention by the Mainland Chinese government with
respect to VIE structures could adversely affect the Mainland Chinese operating company’s
performance, the enforceability of the offshore entity’s contractual arrangements with the
Mainland Chinese company and the value of the offshore entity’s shares. If this were to
occur, the market value of the Fund’s associated portfolio holdings would likely fall,
causing substantial investment losses for the Fund.
Derivatives Risk. Derivatives, including futures and participation notes, may be riskier than other types of investments because they may be more sensitive to changes in
economic or market conditions than other types of investments and could result in losses that
significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Certain derivatives also expose the Fund to
counterparty risk (the risk that the derivative counterparty will not fulfill its contractual
obligations), 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 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 a Fund’s counterparty and operational risk, which includes documentation or settlement issues,
system failures, inadequate controls and human error.
Convertible Securities Risk. 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.
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 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.
Structured Instrument Risk. Instruments that have similar
economic characteristics to equity securities, such as participation notes or other structured
instruments (“structured instruments”), are structured, synthetic instruments that generally attempt to replicate the performance of a particular equity or market (“reference assets”). There
can be no assurance that structured instruments will trade at the same price or have the same
value as the reference assets. In addition, structured instruments may be subject to transfer restrictions and may be illiquid or thinly traded and less liquid than other types of securities, which may also expose the Fund to
risks of mispricing or improper valuation. Structured instruments typically are not secured by
the reference assets and are therefore dependent solely upon the counterparty for repayment. Structured instruments also have the same risks associated with a direct investment in the reference assets.
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.
4
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.
Exchange-Traded Fund (ETF) and Other Investment Company Risk. The Fund may invest in shares of other investment companies and ETFs. Shareholders bear both their proportionate share of the Fund’s expenses and similar expenses
of the underlying investment company or ETF when the Fund invests in shares of another investment
company or ETF. The Fund is subject to the risks associated with the ETF or investment company’s investments. The price and movement of an ETF designed to track an index may not track the index and may result in a loss.
In addition, ETFs and investment companies 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. Certain
ETFs traded on exchanges may be thinly traded and experience large spreads between the
“ask” price quoted by a seller and the “bid” price offered by a
buyer.
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 R6 Shares has varied from year to year for the past six calendar years. The table shows the average
annual total returns for the past one year, five years, and life of the Fund. The table compares
the Fund’s performance to the performance of the MSCI Emerging Markets Index (net total return). The MSCI Emerging Markets 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 predic
tion. 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)
| YEAR-BY-YEAR RETURNS — CLASS R6 SHARES |
| Best Quarter |
4th quarter, 2020 |
21.21% |
| Worst Quarter |
1st quarter, 2020 |
-24.21% |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past |
Past |
Life of Fund
since |
| |
1 Year |
5 Years |
12/11/2018 |
| CLASS R6 SHARES |
|
|
|
| Return Before Taxes |
6.43 % |
0.88 % |
3.99 % |
| Return After Taxes on Distributions |
5.89 |
0.21 |
3.35 |
| Return After Taxes on Distributions and Sale of Fund Shares |
4.29 |
0.71 |
3.13 |
| MSCI EMERGING MARKETS INDEX
(Net Total Return)
(Reflects No Deduction for Fees,
Expenses, or Taxes) |
7.50 |
1.70 |
4.33 |
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)
5
| Portfolio Manager |
Managed the Fund Since |
Primary Title with
Investment Adviser |
| Lina Nassar |
2018 |
Vice President |
| Sonal Tanna |
2022 |
Managing 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.
6
SPRO-EMREE-R6-325