Summary Prospectus July
1, 2025
| JPMorgan High Yield Fund Class/Ticker: A/OHYAX C/OGHCX I/OHYFX |
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 July 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 a high level of current income by investing primarily in a diversified portfolio of debt
securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective.
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 $100,000 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 157 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 |
3.75% |
NONE |
NONE |
| Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares |
NONE1 |
1.00% |
NONE |
1
For purchases under $1 million.
“Acquired Fund Fees and Expenses” are expenses incurred
indirectly by the Fund through its ownership of shares in other investment companies, including
affiliated money market funds, other mutual funds, exchange-traded funds and business development
companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired 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
|
0.50% |
0.50% |
0.50% |
| Distribution (Rule 12b-1) Fees |
0.25 |
0.75 |
NONE |
| Other Expenses
|
0.35 |
0.35 |
0.34 |
| Service Fees
|
0.25 |
0.25 |
0.25 |
| Remainder of Other Expenses
|
0.10 |
0.10 |
0.09 |
| Acquired Fund Fees and Expenses
|
0.01 |
0.01 |
0.01 |
| Total Annual Fund Operating Expenses
|
1.11 |
1.61 |
0.85 |
| Fee Waivers and/or Expense Reimbursements 1 |
-0.21 |
-0.21 |
-0.20 |
| Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments 1 |
0.90 |
1.40 |
0.65 |
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 0.90%, 1.40% and 0.65% 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
for all Share Classes. These waivers are in effect through 6/30/26, 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 $10,000 in
the Fund for the time periods indicated. The Example also assumes that your investment has a 5%
return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown
1
in the fee table through 6/30/26 and total
annual fund operating expenses thereafter. Your actual costs may be higher or lower.
| IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
| ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
463 |
695 |
944 |
1,658 |
| CLASS C SHARES ($) |
243 |
488 |
856 |
1,760 |
| CLASS I SHARES ($) |
66 |
251 |
452 |
1,030 |
| IF YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD BE: | ||||
| |
1 Year |
3 Years |
5 Years |
10 Years |
| CLASS A SHARES ($) |
463 |
695 |
944 |
1,658 |
| CLASS C SHARES ($) |
143 |
488 |
856 |
1,760 |
| CLASS I SHARES ($) |
66 |
251 |
452 |
1,030 |
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 26% of the average value of its portfolio.
What are the Fund’s main investment strategies?
The Fund invests in all types of high yield, high risk debt securities. The Fund also may invest in convertible securities, preferred stock, common stock and loan participations and
assignments and commitments to purchase loan assignments.
Under normal circumstances, the Fund invests at least 80% of its Assets in bonds, other debt securities, loan
assignments and participations (Loans), commitments to purchase loan assignments (Unfunded
Commitments) and preferred stocks that are rated below investment grade or unrated. For purposes of this policy, “Assets” means net assets plus the amount of borrowings for investment
purposes.
Up to 20% of the Fund’s total assets may be
invested in other securities, including investment grade securities. The Fund’s average
weighted maturity ordinarily will range between three and ten years, although the Fund may shorten its weighted average maturity to as little as two years if deemed appropriate for temporary defensive purposes. The Fund
may have a longer or shorter average weighted maturity under certain market
conditions.
The Fund may invest no more than 30% of its net assets in Loans and Unfunded Commitments. Loans will typically
consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured
loans, second lien loans or more junior (Junior Loans) and bridge loans. Loans may be issued by
obligors in the U.S. or in foreign or emerging markets.
The Fund may invest up to 100% of the Fund’s total assets in below investment grade or unrated securities. Such securities are also known as “junk bonds,”
“high yield bonds” and “non-investment grade bonds.” Such securities may include so called “distressed debt”. Distressed debt includes securities of issuers experiencing financial or
operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy
proceedings, reorganizations or financial restructurings or securities of issuers operating in
troubled industries. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation, government or its agencies and instrumentalities.
In addition to direct investments in securities, 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, options and swaps to hedge various investments, for risk management and/or to increase income or gain to the Fund. In particular, the Fund may invest in swaps
structured as credit default swaps related to individual Loans or other securities or indexes of
Loans or other securities to gain exposure to such Loans and other securities, to mitigate risk exposure or to manage cash flow needs.
Although the Fund predominantly invests in debt securities and income producing securities, it may also invest
in common stock from time to time. In addition, the Fund may acquire and hold such securities (or
rights to acquire such securities) in connection with an amendment, waiver, conversion or exchange of fixed income securities, in connection with the bankruptcy or workout of distressed fixed income securities,
or upon the exercise of a right or warrant obtained on account of a fixed income
security.
The adviser focuses on value in buying and selling
securities for the Fund by looking at individual securities against the context of broader market
factors. For each issuer, the adviser performs an in-depth analysis of the issuer, including business prospects, management, capital requirements, capital structure, enterprise value and security structure and covenants. In
addition, the adviser monitors investments on an ongoing basis by staying abreast of positive and
negative credit developments expediting the review of the Fund’s investments that are considered to be the most risky. Generally, the adviser will sell a security when, based on fundamental credit analysis and the
considerations described above, the adviser believes the issuer’s credit quality will
deteriorate materially or when the adviser believes that there is better relative value available in the market in securities of comparable quality. As part of its credit analysis, the adviser seeks to assess the impact of
environmental, social and governance (ESG) factors on certain 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 issuers 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.
2
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 or the threat or potential of one or more such factors and occurrences.
High Yield Securities and Loan Risk. The Fund invests in
instruments including junk bonds, Loans and instruments that are issued by companies that are
highly leveraged, less creditworthy or financially distressed. These investments are considered
to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments may be 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 protection under the federal securities laws and lack of publicly available information.
In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the
Loan and high yield markets. Among other things, under such weaker or less restrictive covenants,
borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt,
including secured debt, return more capital to shareholders, remove or reduce assets that are
designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in
ways that could
impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other
information, which could negatively impact the value of the Loans or high yield securities issued
by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund.
High yield securities and Loans that are deemed to be liquid at the time of
purchase may become illiquid. No active trading market may exist for some 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 Fund’s securities and other investments in a timely fashion could result in losses to the Fund. Because some instruments may have a more limited
secondary market, liquidity and valuation risk is more pronounced for the Fund than for funds
that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, the 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.
Covenant Lite Loan Risk. The Fund may invest in, or
obtain exposure to, Loans that are “covenant lite.” Covenants contained in loan
documentation are intended to protect lenders by imposing certain restrictions and other limitations on a borrower’s operations or assets and by providing certain information and consent rights to lenders. Covenant lite loans
may lack financial maintenance covenants that in certain situations can allow lenders to claim a
default on the loan to seek to protect the interests of the lenders. The absence of financial
maintenance covenants in a covenant lite loan might result in a lower recovery in the event of a
default by the borrower. Covenant lite loans have become much more prevalent in recent
years.
Credit Risk. The Fund’s investments are 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 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.
Prepayment Risk. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the
rate at which prepayments or redemptions occur can affect the return on investment of these
securities. When debt obligations are prepaid or when securities are called, the Fund may have to
3
reinvest in securities with a lower yield.
The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with
higher coupons, resulting in an unexpected capital loss.
Smaller Company Risk. Investments in 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 investment in larger, more established companies.
Investments in smaller companies may trade less frequently and in smaller volumes than
investments in larger companies. As a result, changes in the price of investments in such companies
may be more sudden or erratic than the prices of investments of large capitalization companies,
especially over the short term. These risks are higher for small cap companies.
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.
Interest Rate Risk. The Fund’s investments in bonds and other debt securities will change in value based on changes in
interest rates. If rates increase, the value of these investments generally declines. Securities
with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate Loans and other variable and floating rate
securities. Although these instruments are generally less sensitive to interest rate changes than
fixed rate instruments, the value of variable and floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of
interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace
at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant
volatility and reduced liquidity for Fund investments.
Derivatives Risk. Derivatives, including options, futures contracts and swaps, may be riskier than other types of investments
and may increase the volatility of the Fund. Derivatives may be particularly 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
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 a Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls
and human error. Certain of the Fund’s transactions in derivatives could also affect the
amount, timing and character of distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not
engage in such transactions, which may adversely impact the Fund’s after-tax
returns.
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.
Foreign Issuer Risk. U.S. dollar-denominated securities
of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not
faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States
or other governments, and regulatory issues facing issuers in such foreign countries. 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. Foreign issuers may not be subject to uniform accounting, auditing and financial
reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.
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. Contingent convertible securities
or CoCos are subject to additional risk factors. A contingent convertible security is a hybrid debt security typically issued by a non-U.S. bank that may be convertible into equity or may be written down if a pre-specified
trigger event such as a decline in capital ratio below a prescribed threshold occurs. If such a
trigger event occurs, a Fund may lose the principal amount invested on a permanent or temporary basis or the contingent convertible security may be converted to equity. In addition to being subject to a possible
write-down upon the occurrence of a trigger event, contingent convertible securities may also be
subject to a permanent write-down or conversion into equity (in whole or in part), if the applicable bank regulator or other public administrative authority having responsibility for managing the orderly
dissolution of an institution (the “resolution authority”) has determined that the issuer is not viable. Even though the Fund does not invest in common stock as a principal investment strategy, the
Fund will be subject to increased equity market risk in the event that such securities are
converted to equity. Coupon payments on contingent
4
convertibles securities may be
discretionary and may be cancelled by the issuer. Holders of contingent convertible securities
may suffer a loss of capital when comparable equity holders do not. As contingent convertible securities may be perpetual or have long-dated maturities, they may face greater interest rate sensitivity and may be subject to
greater fluctuations in value than securities with shorter maturity dates. Such securities also
may be subject to prepayment risk due to optional or mandatory redemption provisions. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial
condition is significantly impaired.
Preferred Securities Risk. Preferred securities generally have a preference as to dividends and liquidation over an issuer’s common stock but ranks junior to debt
securities in an issuer’s capital structure. Unlike interest payments on debt securities,
dividends on preferred securities are payable only if declared by the issuer’s board of
directors. As a consequence, if the board of directors of an issuer does not declare dividends or distributions for the relevant dividend or distribution periods, the issuer will not be obligated to pay dividends or
distributions on the relevant payment date, and such dividends and distributions may be
forfeited. Holders of preferred securities typically do not have voting rights except in certain circumstances where they may be given only limited voting rights. Preferred securities also may be subject to optional or mandatory
redemption provisions.
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.
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 how the performance of the Fund’s Class I 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 ICE BofA US High Yield Constrained Index
and the Bloomberg U.S. Corporate High Yield — 2% Issuer Capped Index. The Bloomberg U.S. Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The ICE BofA US High Yield Constrained Index and the Bloomberg U.S. Corporate High Yield — 2% Issuer Capped Index are the Fund’s additional indexes and are more representative of the
Fund’s investment universe than the regulatory index. The 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.
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.
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.
5
| YEAR-BY-YEAR RETURNS — CLASS I SHARES |
| Best Quarter |
2nd quarter, 2020 |
7.87% |
| Worst Quarter |
1st quarter, 2020 |
-13.49% |
| The Fund’s year-to-date total return |
through |
3/31/25 |
was |
0.93% |
. |
| AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2024) |
|||
| |
Past
1 Year |
Past
5 Years |
Past
10 Years |
| CLASS I SHARES |
|
|
|
| Return Before Taxes |
8.64 % |
3.64 % |
4.32 % |
| Return After Taxes on Distributions |
5.50 |
1.20 |
1.84 |
| Return After Taxes on Distributions and Sale of Fund Shares |
5.04 |
1.69 |
2.17 |
| CLASS A SHARES |
|
|
|
| Return Before Taxes |
4.35 |
2.63 |
3.69 |
| CLASS C SHARES |
|
|
|
| Return Before Taxes |
6.89 |
2.88 |
3.66 |
| BLOOMBERG U.S. AGGREGATE INDEX1 (Reflects No Deduction for Fees, Expenses, or Taxes) |
1.25 |
-0.33 |
1.35 |
| ICE BOFA US HIGH YIELD CONSTRAINED INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
8.20 |
4.05 |
5.09 |
| BLOOMBERG U.S. CORPORATE HIGH YIELD - 2% ISSUER CAPPED INDEX (Reflects No Deduction for Fees, Expenses, or Taxes) |
8.19 |
4.20 |
5.16 |
1
As a result of new regulatory requirements, the Fund’s regulatory index has
changed from the ICE BofA US High Yield Constrained Index to the Bloomberg U.S. Aggregate
Index.
After-tax returns are shown for only the Class I 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 the investor’s tax situation and may differ
from those shown, and 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 |
| Robert Cook |
2019 |
Managing Director |
| James P. Shanahan, Jr.* |
1998 |
Managing Director |
| Thomas Hauser |
2019 |
Managing Director |
| Jeffrey Lovell |
2019 |
Managing Director |
*
Mr. Shanahan has announced that he will step down from his portfolio management responsibilities effective February 1, 2026. Until then, Mr. Shanahan will continue to
serve on the portfolio management team, and upon his transition, Messrs. Cook, Hauser and Lovell
will continue to be responsible for the management of the Fund.
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.
6
SPRO-HY-ACI-725