UNDER THE SECURITIES ACT OF 1933 |
☒ |
Pre-Effective Amendment No. |
☐ |
Post-Effective Amendment No. 135 |
☒ |
UNDER THE INVESTMENT COMPANY ACT OF 1940 |
☒ |
Amendment No. 136 |
☒ |
Carmine Lekstutis, Esq. JPMorgan Chase & Co. 4 New York Plaza
New York, New York 10004 |
Jon S. Rand, Esq. Dechert LLP 1095 Avenue of the Americas New York, NY 10036 |
☐ |
immediately upon filing pursuant to paragraph (b) |
☐ |
on [date] pursuant to paragraph (b) |
☐ |
60 days after filing pursuant to paragraph (a)(1) |
☐ |
on (date) pursuant to paragraph (a)(1) |
☒ |
75 days after filing pursuant to paragraph (a)(2) |
☐ |
on (date) pursuant to paragraph (a)(2) |
☐ |
The post-effective amendment designates a new effective date for a previously filed post-effective amendment. |
1 | |
10 | |
10 | |
13 | |
13 | |
25 | |
25 | |
26 | |
26 | |
27 | |
27 | |
31 | |
37 | |
40 | |
41 | |
44 |
44 | |
46 | |
47 | |
49 | |
49 | |
49 | |
51 | |
52 | |
52 | |
52 | |
52 | |
52 | |
54 | |
55 | |
Back cover
|
SHAREHOLDER FEES (Fees paid directly from your investment) | |||
|
Class A |
Class C |
Class I |
Maximum Sales Charge (Load) Imposed on Purchases as % of Offering Price |
4.50% |
NONE |
NONE |
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares |
NONE1 |
1.00% |
NONE |
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 |
NONE |
NONE |
NONE |
Distribution (Rule 12b-1) Fees |
0.25 |
0.75 |
NONE |
Other Expenses |
0.45 |
0.45 |
0.45 |
Service Fees |
0.25 |
0.25 |
0.25 |
Remainder of Other Expenses1
|
0.20 |
0.20 |
0.20 |
Acquired Fund (Underlying Fund) Fees and Expenses |
0.42 |
0.42 |
0.42 |
Total Annual Fund Operating Expenses |
1.12 |
1.62 |
0.87 |
Fee Waivers and/or Expense Reimbursements2
|
-0.28 |
-0.20 |
-0.20 |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimburse- ments2
|
0.84 |
1.42 |
0.67 |
IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||
|
1 Year |
3 Years |
CLASS A SHARES ($) |
532 |
763 |
CLASS C SHARES ($) |
245 |
492 |
CLASS I SHARES ($) |
68 |
258 |
IF YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD BE: | ||
|
1 Year |
3 Years |
CLASS A SHARES ($) |
532 |
763 |
CLASS C SHARES ($) |
145 |
492 |
CLASS I SHARES ($) |
68 |
258 |
Target Allocations1 | |
Equity |
94.00% |
U.S. Large Cap Equity |
46.05% |
U.S. Mid Cap Equity |
5.65% |
U.S. Small Cap Equity |
4.70% |
REITs |
3.75% |
International Equity |
23.05% |
Emerging Markets Equity |
10.80% |
Fixed Income |
6.00% |
U.S. Fixed Income |
4.80% |
Inflation Managed |
0.00% |
High Yield Fixed Income |
0.85% |
Emerging Markets Debt |
0.35% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
Portfolio Manager |
Managed Fund Since |
Primary Title with
Investment Adviser |
Daniel Oldroyd |
2022 |
Managing Director |
Silvia Trillo |
2022 |
Managing Director |
Ove Fladberg |
2022 |
Managing Director |
Jeffrey A. Geller |
2022 |
Managing Director |
For Class A and Class C Shares |
|
To establish an account |
$500 |
To add to an account |
$50 |
For Class I Shares |
|
To establish an account |
$1,000,000 |
To add to an account |
No minimum levels |
Target Allocations1 | ||||||||||||
Years to Target Date |
40+ |
35 |
30 |
25 |
20 |
15 |
10 |
5 |
0 |
-10 |
-20 |
-35 |
Equity |
94.00% |
94.00% |
94.00% |
94.00% |
87.00% |
78.00% |
66.00% |
53.00% |
40.00% |
40.00% |
40.00% |
40.00% |
U.S. Large Cap Equity |
46.05% |
46.05% |
46.05% |
46.05% |
42.65% |
38.25% |
32.35% |
25.95% |
19.60% |
19.60% |
19.60% |
19.60% |
U.S. Mid Cap Equity |
5.65% |
5.65% |
5.65% |
5.65% |
5.20% |
4.70% |
3.95% |
3.20% |
2.40% |
2.40% |
2.40% |
2.40% |
U.S. Small Cap Equity |
4.70% |
4.70% |
4.70% |
4.70% |
4.35% |
3.90% |
3.30% |
2.65% |
2.00% |
2.00% |
2.00% |
2.00% |
REITs |
3.75% |
3.75% |
3.75% |
3.75% |
3.50% |
3.10% |
2.65% |
2.10% |
1.60% |
1.60% |
1.60% |
1.60% |
International Equity |
23.05% |
23.05% |
23.05% |
23.05% |
21.30% |
19.10% |
16.15% |
13.00% |
9.80% |
9.80% |
9.80% |
9.80% |
Emerging Markets Equity |
10.80% |
10.80% |
10.80% |
10.80% |
10.00% |
8.95% |
7.60% |
6.10% |
4.60% |
4.60% |
4.60% |
4.60% |
Fixed Income |
6.00% |
6.00% |
6.00% |
6.00% |
13.00% |
22.00% |
34.00% |
47.00% |
55.00% |
55.00% |
55.00% |
55.00% |
U.S. Fixed Income |
4.80% |
4.80% |
4.80% |
4.80% |
10.40% |
17.60% |
27.20% |
34.60% |
36.50% |
36.50% |
36.50% |
36.50% |
Inflation Managed |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
3.00% |
7.50% |
7.50% |
7.50% |
7.50% |
High Yield Fixed Income |
0.85% |
0.85% |
0.85% |
0.85% |
1.80% |
3.10% |
4.75% |
6.60% |
7.70% |
7.70% |
7.70% |
7.70% |
Emerging Markets Debt |
0.35% |
0.35% |
0.35% |
0.35% |
0.80% |
1.30% |
2.05% |
2.80% |
3.30% |
3.30% |
3.30% |
3.30% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.00% |
5.00% |
5.00% |
5.00% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.00% |
5.00% |
5.00% |
5.00% |
FUNDAMENTAL POLICIES |
The Fund’s investment strategy may involve “fundamental policies.” A policy is fundamental if it cannot be changed without the
consent of a majority of the outstanding shares of the Fund. The Fund’s
investment objective is fundamental, although over time, the
Fund’s investment objective migrates from seeking total return to seeking
current income and some capital appreciation as the Target Date Fund
approaches its target date. All other fundamental policies are specifically identified in the Statement of Additional Information. |
|
JPMorgan SmartRetirement® 2065 Fund |
Active Asset Allocation Risk |
• |
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk
|
• |
|
JPMorgan SmartRetirement® 2065 Fund |
CFTC Regulation Risk |
○ |
Commodity Risk |
○ |
Credit Risk |
• |
Currency Risk |
○ |
Cyber Security Risk |
○ |
Derivatives Risk |
• |
Equity Securities Risk |
• |
Exchange Traded Notes Risk |
○ |
Foreign Securities and Emerging Market Risk |
• |
General Market Risk |
• |
Geographic Focus Risk |
• |
Government Securities Risk |
• |
High Portfolio Turnover Risk |
○ |
High Yield Securities Risk |
• |
Index Funds Risk |
○ |
Industry and Sector Focus Risk |
• |
Inflation-Managed Strategies Risk |
• |
Investment Risk |
• |
Investments in Mutual Funds and ETFs Risk |
• |
Interest Rate Risk |
• |
Loan Risk |
• |
Maturity Date and Redemption Risk |
• |
New Fund Risk |
• |
Non-Diversified Risk |
○ |
Prepayment Risk |
• |
Real Estate Securities Risk |
• |
Risk Associated with the Fund Holding Cash, Money Market Instruments and Other
Short-Term Investments |
• |
Sample Withdrawal Amount Risk |
• |
Securities and Financial Instruments Risk |
• |
Securities Lending Risk |
○ |
Smaller Company Risk |
• |
Sovereign Debt Risk |
• |
Strategy Risk |
○ |
Transactions and Liquidity Risk |
• |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (like futures and options) that derive their value from the performance of underlying assets or
securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased.
They include securities issued by the U.S. government, its agencies and
instrumentalities, repurchase agreements, certificates of deposit,
bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
|
Class A |
Class C |
Class I |
Eligibility1,2 |
May be purchased by the
general public3 |
May be purchased by the
general public4 |
May be purchased by:
•Institutional Investors who meet the minimum investment requirements; •Individuals purchasing
directly from the Fund
through JPMorgan
Distribution Services, Inc.
(the “Distributor”) and
meeting the investment
minimum requirements;
•Financial Intermediaries or any other organization, including affiliates of JPMorgan Chase & Co. (JPMorgan Chase), authorized to act in a fiduciary, advisory or custodial capacity for its clients or customers;
•Brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares (“Eligible Brokerage Program”); and
•Employees of JPMorgan Chase and its affiliates and officers or trustees of the J.P. Morgan Funds.5 |
Minimum Investment1,6,7 |
$500 for each Fund or
$50, if establishing a monthly
$50 Systematic Investment
Plan8 |
$500 for each Fund or
$50, if establishing a monthly
$50 Systematic Investment
Plan8 |
$1,000,000 — An investor can
combine purchases of Class I
Shares of other J.P. Morgan
Funds in order to meet the
minimum.
$1,000 for each Fund or $50, if
establishing a monthly $50
Systematic Investment Plan for
investments through an
Eligible Brokerage Program.
$1,000 for each Fund or $50, if
establishing a monthly $50
Systematic Investment Plan4
for investments by employees
of JPMorgan Chase and its
affiliates and officers or
trustees of the J.P. Morgan
Funds.9 |
|
Class A |
Class C |
Class I |
Minimum Subsequent
Investments1 |
$5010 |
$5010 |
No minimum except $50 for
investments by employees of
JPMorgan Chase and its
affiliates, officers or trustees of
the J.P. Morgan Funds and
investments through an
Eligible Brokerage Program. |
Systematic Investment Plan |
Yes |
Yes |
No, except for investments by
employees of JPMorgan Chase
and its affiliates, officers or
trustees of the J.P. Morgan
Funds and investment through
an Eligible Brokerage Program. |
Systematic Redemption Plan |
Yes |
Yes |
No, except for investments by
employees of JPMorgan Chase
and its affiliates, officers or
trustees of the J.P. Morgan
Funds. |
Front-End Sales Charge
(refer to Sales Charges and
Financial Intermediary
Compensation Section for more
details) |
Up to 4.50% reduced or waived
for large purchases and certain
investors, eliminated for
purchases of $1 million or
more. |
None |
None |
Contingent Deferred Sales
Charge (CDSC)
(refer to Sales Charges and
Financial Intermediary
Compensation Section for more
details) |
On purchases of $1 million or
more:
•1.00% on redemptions made within 12 months after purchase. •0.50% on redemptions made
between 12 and 18 months
after purchase.
Waived under certain
circumstances. |
•1.00% on redemptions made within 12 months after purchase. Waived under certain circumstances. |
None |
Distribution (12b-1) Fee |
0.25% of the average daily net
assets. |
0.75% of the average daily net
assets. |
None |
Service Fee |
0.25% of the average daily net
assets. |
0.25% of the average daily net
assets. |
0.25% of the average daily net
assets. |
Redemption Fee |
None |
None |
None |
|
Class A |
Class C |
Class I |
Conversion Feature11 |
None |
Class C Shares will be
converted to Class A Shares in
the following instances:
•If an investor is eligible to purchase Class A Shares, then their Class C Share positions will convert to Class A Shares after 8 years, calculated from the first day of the month of purchase and processed on the tenth business day of the anniversary month. •If Class C Shares held in an
account with a third party
broker of record are
transferred to an account
with the Distributor, those
Class C Shares will be
converted to Class A Shares
on the tenth business day of
the month following the
transfer. |
None |
Advantages |
If you are eligible to have the
sales charge reduced or
eliminated or you have a long-
term investment horizon, these
shares have lower distribution
fees over a longer term
investment horizon than Class
C Shares. |
No front-end sales charge is
assessed so you own more
shares initially. These shares
may make sense for investors
who have a shorter investment
horizon relative to Class A
Shares. |
No front-end sales charge or
CDSC is assessed so you own
more shares initially. In
addition, Class I Shares have
lower fees than Class A and
Class C Shares. |
Disadvantages |
A front-end sales charge is
generally assessed, diminishing
the number of shares owned. If
you are eligible to have the
sales charge reduced or
eliminated, you may be subject
to a CDSC. Class A Shares may
not make sense for investors
who have a shorter investment
horizon relative to Class C
Shares. |
Shares are subject to CDSC and
have higher ongoing
distribution fees. This means
that over the long term Class C
Shares accrue higher fees than
Class A Shares. |
Limited availability and higher
minimum initial investment
than Class A and Class C
Shares. |
Class A Shares
Amount of Investment |
Sales Charge
as a % of
Offering Price |
Sales Charge
as a % of your
Investment1 |
Commission
as a % of
Offering Price2 |
CDSC |
Less than $50,000 |
4.50 |
4.71 |
4.05 |
0.00 |
$50,000-$99,999 |
3.50 |
3.63 |
3.05 |
0.00 |
$100,000-$249,999 |
3.00 |
3.09 |
2.55 |
0.00 |
$250,000 to $499,999 |
2.50 |
2.56 |
2.05 |
0.00 |
$500,000 to $999,999 |
2.00 |
2.04 |
1.60 |
0.00 |
Amount of Investment |
Sales Charge
as a % of
Offering Price |
Sales Charge
as a % of your
Investment |
Finder’s Fee
as a % of your
Investment3 |
CDSC
as a % of your
Redemption3,4 |
$1,000,000 to $3,999,999 |
0.00 |
0.00 |
1.00 |
0-12 months — 1.00% 12-18
months — 0.50% |
$4,000,000 to $9,999,999 |
0.00 |
0.00 |
0.75 | |
$10,000,000 to $49,999,999 |
0.00 |
0.00 |
0.50 | |
$50,000,000 or more |
0.00 |
0.00 |
0.25 |
Class A Shares
Amount of Investment |
Sales Charge
as a % of
Offering Price |
Sales Charge
as a % of your
Investment |
Finder’s Fee
as a % of your
Investment |
CDSC
as a % of your
Redemption1 |
$0 to $3,999,999 |
0.00 |
0.00 |
1.00 |
0.00 |
$4,000,000 to $9,999,999 |
0.00 |
0.00 |
0.75 |
0.00 |
$10,000,000 to $49,999,999 |
0.00 |
0.00 |
0.50 |
0.00 |
$50,000,000 or more |
0.00 |
0.00 |
0.25 |
0.00 |
Class C Shares
Amount of Investment |
Sales Charge
as a % of
Offering Price |
Sales Charge
as a % of your
Investment |
Commission
as a % of
Offering Price |
CDSC
as a % of your
Redemption |
All Investments |
0.00 |
0.00 |
1.00 |
0-12 months —1.00% |
Class |
Rule 12b-1 Fee |
Class A |
0.25% |
Class C |
0.75% |
Class I |
None |
Class |
Service Fee |
Class A |
0.25% |
Class C |
0.25% |
Class I |
0.25% |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS
| ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online
1-800-480-4111
Shareholder Services representatives
are available Monday through Friday
from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com Note: Certain account types are not available for online account access. Please call for additional information. |
A new account generally may not be
opened by phone or online. Employees of JPMorgan Chase & Co. may open a new account online.
A new fund position can be added to an
existing account by phone or online if
you have bank information on file. The
minimum initial investment
requirement must be met. |
You must already have bank
information on file. If we do not have
bank information on file, you must
submit written instructions. Please call
for instructions on how to add bank
information to your account. |
By Mail
Regular mailing address:
J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
Overnight mailing address:
J.P. Morgan Funds Services
430 W 7th Street, Suite 219143
Kansas City, MO 64105-1407 |
Mail the completed and signed
application with a check to our Regular
or Overnight mailing address. Refer to the Additional Information Regarding Purchases section. |
Please mail your check and include
your name, the Fund name, and your
fund account number. |
All checks must be made payable to one of the following: •J.P. Morgan Funds; or
•The specific Fund in which you are investing.
Please include your existing account number, if applicable. All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit cards,
cash, starter checks, money orders or credit card checks. The Funds and/or the
Distributor reserve the right to refuse “third-party”
checks and checks drawn on non- U.S. financial institutions even if
payment may be effected through a U.S. financial institution. Checks
made payable to any individual or company and endorsed to J.P.
Morgan Funds or the Fund are considered third-party checks. |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS
| ||
|
Opening a New Account |
Purchasing into an Existing Account |
By ACH or Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Attn: J.P. Morgan Funds Services
ABA: 021 000 021
DDA: 323 125 832
FBO: Fund Name Fund: Fund #
Account: Your Account # and
Your Account Registration |
You may include bank information on
your application for your initial
purchase to be processed via
Automated Clearing House (ACH)
rather than sending a check. New accounts cannot be opened by wire purchase. |
Purchase by ACH: To process a
purchase via ACH using bank
information on file you may call us or
process the purchase online. Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
Systematic Investment Plan1 |
You may include instructions to set up
a Systematic Investment Plan on your
application. Bank Information must be
included. Refer to Choosing A Share Class for fund minimums. |
If bank information is on file, you may call, go online or mail written instructions to start, edit or delete a Systematic Investment Plan.
You cannot have a Systematic
Investment Plan and a Systematic
Redemption Plan or Systematic
Exchange Plan on the same fund
account. If bank information is not on file, you will be required to submit a completed form with your bank information and Systematic Investment Plan details. |
EXCHANGE PRIVILEGES |
Class A Shares of the Fund may be exchanged for: |
•Class A Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime
Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class C Shares of the Fund may be exchanged for: |
•Class C Shares of another J.P. Morgan Fund (except for JPMorgan Prime Money
Market Fund). Your new Class C Shares will be subject to the CDSC of the
Fund from which you exchanged, and the current holding period for your exchanged Class C Shares is carried over to your new shares. |
•Class I, Class L or Class R6 Shares, if available, of the same Fund, provided
you meet the eligibility requirements for the class you are exchanging
into. In addition, the Class C Shares that you wish to exchange must not currently be subject to any CDSC. |
Class I Shares of the Fund may be exchanged for: |
•Class I Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime
Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that
class. |
HOW TO REDEEM | |
By Phone or Online
Note: Certain account types are not available for online account access. |
Call us at 1-800-480-4111
Shareholder Services representatives are available Monday through Friday from 8:00
am to 6:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address:
J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
Overnight mailing address:
J.P. Morgan Funds Services
430 W 7th Street, Suite 219143
Kansas City, MO 64105-1407 |
Systematic Redemption
Plan2, 3 Note:The Funds currently
do not charge for this
service, but may impose a
charge in the future. |
You may include instructions to set up a Systematic Redemption Plan on your application. Payment
instructions must be included. You may call, or mail written instructions to start, edit or delete a Systematic Redemption Plan. You may send a written redemption request to your Financial Intermediary, if applicable, or to the Fund at
the following address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 You may redeem over the phone. Please see “Can I redeem by phone?” for more information. If you own Class A or Class C Shares, the applicable CDSC will be deducted from those payments unless
such payments are made: 4 •Monthly and constitute no more than 1/12 of 10% of your then-current balance in the Fund each
month; or
•Quarterly and constitute no more than ¼ of 10% of your then-current balance in the Fund each
quarter. It may not be in your best interest to buy additional Class A Shares while participating in a Systematic
Redemption Plan. This is because Class A Shares have an upfront sales
charge. |
1 | |
10 | |
10 | |
13 | |
13 | |
25 | |
25 | |
26 | |
26 | |
27 | |
27 | |
29 | |
30 | |
32 | |
33 |
35 | |
36 | |
37 | |
38 | |
40 | |
41 | |
41 | |
42 | |
43 | |
43 | |
43 | |
43 | |
43 | |
44 | |
Back cover
|
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|||||
|
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Management Fees |
NONE |
NONE |
NONE |
NONE |
NONE |
Distribution (Rule 12b-1) Fees |
0.50 |
0.25 |
NONE |
NONE |
NONE |
Other Expenses |
0.45 |
0.45 |
0.45 |
0.30 |
0.20 |
Service Fees |
0.25 |
0.25 |
0.25 |
0.10 |
NONE |
Remainder of Other Expenses1
|
0.20 |
0.20 |
0.20 |
0.20 |
0.20 |
Acquired Fund (Underlying Fund) Fees and Expenses |
0.42 |
0.42 |
0.42 |
0.42 |
0.42 |
Total Annual Fund Operating Expenses |
1.37 |
1.12 |
0.87 |
0.72 |
0.62 |
Fee Waivers and/or Expense Reimbursements2
|
-0.20 |
-0.20 |
-0.20 |
-0.20 |
-0.20 |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements2
|
1.17 |
0.92 |
0.67 |
0.52 |
0.42 |
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST
WOULD BE: | ||
|
1 Year |
3 Years |
CLASS R2 SHARES ($) |
119 |
414 |
CLASS R3 SHARES ($) |
94 |
336 |
CLASS R4 SHARES ($) |
68 |
258 |
CLASS R5 SHARES ($) |
53 |
210 |
CLASS R6 SHARES ($) |
43 |
178 |
Target Allocations1 | |
Equity |
94.00% |
U.S. Large Cap Equity |
46.05% |
U.S. Mid Cap Equity |
5.65% |
U.S. Small Cap Equity |
4.70% |
REITs |
3.75% |
International Equity |
23.05% |
Emerging Markets Equity |
10.80% |
Fixed Income |
6.00% |
U.S. Fixed Income |
4.80% |
Inflation Managed |
0.00% |
High Yield Fixed Income |
0.85% |
Emerging Markets Debt |
0.35% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
Portfolio Manager |
Managed Fund Since |
Primary Title with
Investment Adviser |
Daniel Oldroyd |
2022 |
Managing Director |
Silvia Trillo |
2022 |
Managing Director |
Ove Fladberg |
2022 |
Managing Director |
Jeffrey A. Geller |
2022 |
Managing Director |
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 |
Target Allocations1 | ||||||||||||
Years to Target Date |
40+ |
35 |
30 |
25 |
20 |
15 |
10 |
5 |
0 |
-10 |
-20 |
-35 |
Equity |
94.00% |
94.00% |
94.00% |
94.00% |
87.00% |
78.00% |
66.00% |
53.00% |
40.00% |
40.00% |
40.00% |
40.00% |
U.S. Large Cap Equity |
46.05% |
46.05% |
46.05% |
46.05% |
42.65% |
38.25% |
32.35% |
25.95% |
19.60% |
19.60% |
19.60% |
19.60% |
U.S. Mid Cap Equity |
5.65% |
5.65% |
5.65% |
5.65% |
5.20% |
4.70% |
3.95% |
3.20% |
2.40% |
2.40% |
2.40% |
2.40% |
U.S. Small Cap Equity |
4.70% |
4.70% |
4.70% |
4.70% |
4.35% |
3.90% |
3.30% |
2.65% |
2.00% |
2.00% |
2.00% |
2.00% |
REITs |
3.75% |
3.75% |
3.75% |
3.75% |
3.50% |
3.10% |
2.65% |
2.10% |
1.60% |
1.60% |
1.60% |
1.60% |
International Equity |
23.05% |
23.05% |
23.05% |
23.05% |
21.30% |
19.10% |
16.15% |
13.00% |
9.80% |
9.80% |
9.80% |
9.80% |
Emerging Markets Equity |
10.80% |
10.80% |
10.80% |
10.80% |
10.00% |
8.95% |
7.60% |
6.10% |
4.60% |
4.60% |
4.60% |
4.60% |
Fixed Income |
6.00% |
6.00% |
6.00% |
6.00% |
13.00% |
22.00% |
34.00% |
47.00% |
55.00% |
55.00% |
55.00% |
55.00% |
U.S. Fixed Income |
4.80% |
4.80% |
4.80% |
4.80% |
10.40% |
17.60% |
27.20% |
34.60% |
36.50% |
36.50% |
36.50% |
36.50% |
Inflation Managed |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
3.00% |
7.50% |
7.50% |
7.50% |
7.50% |
High Yield Fixed Income |
0.85% |
0.85% |
0.85% |
0.85% |
1.80% |
3.10% |
4.75% |
6.60% |
7.70% |
7.70% |
7.70% |
7.70% |
Emerging Markets Debt |
0.35% |
0.35% |
0.35% |
0.35% |
0.80% |
1.30% |
2.05% |
2.80% |
3.30% |
3.30% |
3.30% |
3.30% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.00% |
5.00% |
5.00% |
5.00% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.00% |
5.00% |
5.00% |
5.00% |
FUNDAMENTAL POLICIES |
The Fund’s investment strategy may involve “fundamental policies.” A policy is fundamental if it cannot be changed without the
consent of a majority of the outstanding shares of the Fund. The Fund’s
investment objective is fundamental, although over time, the
Fund’s investment objective migrates from seeking total return to seeking
current income and some capital appreciation as the Target Date Fund
approaches its target date. All other fundamental policies are specifically identified in the Statement of Additional Information. |
|
JPMorgan SmartRetirement® 2065 Fund |
Active Asset Allocation Risk |
• |
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk
|
• |
|
JPMorgan SmartRetirement® 2065 Fund |
CFTC Regulation Risk |
○ |
Commodity Risk |
○ |
Credit Risk |
• |
Currency Risk |
○ |
Cyber Security Risk |
○ |
Derivatives Risk |
• |
Equity Securities Risk |
• |
Exchange Traded Notes Risk |
○ |
Foreign Securities and Emerging Market Risk |
• |
General Market Risk |
• |
Geographic Focus Risk |
• |
Government Securities Risk |
• |
High Portfolio Turnover Risk |
○ |
High Yield Securities Risk |
• |
Index Funds Risk |
○ |
Industry and Sector Focus Risk |
• |
Inflation-Managed Strategies Risk |
• |
Investment Risk |
• |
Investments in Mutual Funds and ETFs Risk |
• |
Interest Rate Risk |
• |
Loan Risk |
• |
Maturity Date and Redemption Risk |
• |
New Fund Risk |
• |
Non-Diversified Risk |
○ |
Prepayment Risk |
• |
Real Estate Securities Risk |
• |
Risk Associated with the Fund Holding Cash, Money Market Instruments and Other
Short-Term Investments |
• |
Sample Withdrawal Amount Risk |
• |
Securities and Financial Instruments Risk |
• |
Securities Lending Risk |
○ |
Smaller Company Risk |
• |
Sovereign Debt Risk |
• |
Strategy Risk |
○ |
Transactions and Liquidity Risk |
• |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (like futures and options) that derive their value from the performance of underlying assets or
securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased.
They include securities issued by the U.S. government, its agencies and
instrumentalities, repurchase agreements, certificates of deposit,
bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
|
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Eligibility1,2 |
May be purchased
by Group
Retirement Plans.1 |
May be purchased
by Group
Retirement Plans.1 |
May be purchased
by Group
Retirement Plans.1 |
May be purchased
by
•Group Retirement Plans,1
•Section 529 college savings plans, |
May be purchased
by
•Group Retirement Plans,1
•Section 529 college savings plans,
•Investors through a fee-based advisory program of a financial intermediary that has entered into a written agreement with the Distributor to offer such shares through an omnibus account held at the Fund, •Discretionary
accounts, as
described below, •Institutional
Investors, as
described below, •Other investors
as described
below. |
|
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Minimum
Investment1,3 |
No minimum |
No minimum |
No minimum |
No minimum |
$5,000,000 —
Discretionary
Accounts.
$5,000,000 —
Institutional
Investors. $15,000,000 — Other Investors.
There is no
minimum for other
Class R6 eligible
investors as
described in
“Eligibility” above. |
Minimum
Subsequent
Investments |
No minimum |
No minimum |
No minimum |
No minimum |
No minimum |
Distribution (12b-1)
Fee |
0.50% of the
average daily net
assets. |
0.25% of the
average daily net
assets. |
None |
None |
None |
Service Fee |
0.25% of the
average daily net
assets. |
0.25% of the
average daily net
assets. |
0.25% of the
average daily net
assets. |
0.10% of the
average daily net
assets. |
None |
Redemption Fee |
None |
None |
None |
None |
None |
Class |
Rule 12b-1 Fee |
Class R2 |
0.50% |
Class R3 |
0.25% |
Class R4 |
None |
Class R5 |
None |
Class R6 |
None |
Class |
Service Fee |
Class R2 |
0.25% |
Class R3 |
0.25% |
Class R4 |
0.25% |
Class R5 |
0.10% |
Class R6 |
None |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS
| ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online
1-800-480-4111
Shareholder Services representatives
are available Monday through Friday
from 8:00 am to 6:00 pm ET.
www.jpmorganfunds.com
Note: Certain account types are not
available for online account access.
Please call for additional information. |
A new account may not be opened by
phone or online.
A new fund position can be added to an
existing account by phone or online if
you have bank information on file. The
minimum initial investment
requirement must be met. |
You must already have bank
information on file. If we do not have
bank information on file, you must
submit written instructions. Please call
for instructions on how to add bank
information to your account. |
By Mail
Regular mailing address:
J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
Overnight mailing address:
J.P. Morgan Funds Services
430 W 7th Street, Suite 219143
Kansas City, MO 64105-1407 |
Mail the completed and signed
application with a check to our Regular
or Overnight mailing address.
Refer to the Additional Information
Regarding Purchases section. |
Please mail your check and include
your name, the Fund name, and your
fund account number. |
All checks must be made payable to one of the following:
•J.P. Morgan Funds; or •The specific Fund in which you are investing. Please include your existing account number, if applicable. All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit cards,
cash, starter checks, money orders or credit card checks. The Funds and/or the
Distributor reserve the right to refuse “third-party”
checks and checks drawn on non- U.S. financial institutions even if
payment may be effected through a U.S. financial institution. Checks
made payable to any individual or company and endorsed to J.P.
Morgan Funds or the Fund are considered third-party checks. | ||
By Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, MA 02169 Attn: J.P. Morgan Funds Services ABA: 021 000 021 DDA: 323 125 832 FBO: Fund Name
Fund: Fund # Account: Your Account # and Your Account Registration |
Purchase by Wire: If you choose to pay
by wire, please call to notify the Fund
of your purchase. You must also initiate
the wire with your financial institution. |
Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
EXCHANGE PRIVILEGES |
Class R2 Shares of the Fund may be exchanged for: |
•Class R2 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class R3 Shares of the Fund may be exchanged for: |
•Class R3 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class R4 Shares of the Fund may be exchanged for: |
•Class R4 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class R5 Shares of the Fund may be exchanged for: |
•Class R5 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class R6 Shares of the Fund may be exchanged for: |
•Class R6 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
HOW TO REDEEM | |
By Phone or Online
Note: Certain account
types are not available for online account access.
Please call for additional
information. |
Call us at 1-800-480-4111
Shareholder Services representatives are available Monday through Friday from 8:00
am to 6:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
1 | |
10 | |
10 | |
13 | |
24 | |
25 | |
25 | |
25 | |
25 | |
27 | |
27 | |
29 | |
29 | |
32 | |
32 |
35 | |
35 | |
36 | |
37 | |
40 | |
40 | |
40 | |
42 | |
43 | |
43 | |
43 | |
44 | |
44 | |
46 | |
Back cover
|
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|
Management Fees |
Class I |
Distribution (Rule 12b-1) Fees |
0.15% |
Other Expenses |
NONE |
Service Fees |
0.53 |
Remainder of Other
Expenses1 |
0.25 |
Acquired Fund (Underlying Fund) Fees and Expenses |
0.28 |
Total Annual Fund Operating Expenses |
0.13 |
Fee Waivers and/or Expense Reimbursements2 |
0.81 |
Total Annual Fund Operating Expenses after Fee Waiv- ers and/or Expense Reimbursements2 |
-0.37 |
Management Fees |
0.44 |
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST
WOULD BE: | ||
|
1 Year |
3 Years |
CLASS I SHARES ($) |
45 |
222 |
Target Allocations1 | |
Equity |
94.00% |
U.S. Large Cap Equity |
46.05% |
U.S. Mid Cap Equity |
5.65% |
U.S. Small Cap Equity |
4.70% |
REITs |
3.75% |
International Equity |
23.05% |
Emerging Markets Equity |
10.80% |
Fixed Income |
6.00% |
U.S. Fixed Income |
4.80% |
Inflation Managed |
0.00% |
High Yield Fixed Income |
0.85% |
Emerging Markets Debt |
0.35% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
Portfolio Manager |
Managed
Fund Since |
Primary Title with Investment Adviser |
Daniel Oldroyd |
2022 |
Managing Director |
Silvia Trillo |
2022 |
Managing Director |
Ove Fladberg |
2022 |
Managing Director |
Jeffrey A. Geller |
2022 |
Managing Director |
For Class I Shares | |
To establish an account |
$1,000,000 |
To add to an account |
No minimum levels |
Target Allocations1 | ||||||||||||
Years to Target Date |
40+ |
35 |
30 |
25 |
20 |
15 |
10 |
5 |
0 |
-10 |
-20 |
-35 |
Equity |
94.00% |
94.00% |
94.00% |
94.00% |
87.00% |
78.00% |
66.00% |
53.00% |
40.00% |
40.00% |
40.00% |
40.00% |
U.S. Large Cap Equity |
46.05% |
46.05% |
46.05% |
46.05% |
42.65% |
38.25% |
32.35% |
25.95% |
19.60% |
19.60% |
19.60% |
19.60% |
U.S. Mid Cap Equity |
5.65% |
5.65% |
5.65% |
5.65% |
5.20% |
4.70% |
3.95% |
3.20% |
2.40% |
2.40% |
2.40% |
2.40% |
U.S. Small Cap Equity |
4.70% |
4.70% |
4.70% |
4.70% |
4.35% |
3.90% |
3.30% |
2.65% |
2.00% |
2.00% |
2.00% |
2.00% |
REITs |
3.75% |
3.75% |
3.75% |
3.75% |
3.50% |
3.10% |
2.65% |
2.10% |
1.60% |
1.60% |
1.60% |
1.60% |
International Equity |
23.05% |
23.05% |
23.05% |
23.05% |
21.30% |
19.10% |
16.15% |
13.00% |
9.80% |
9.80% |
9.80% |
9.80% |
Emerging Markets Equity |
10.80% |
10.80% |
10.80% |
10.80% |
10.00% |
8.95% |
7.60% |
6.10% |
4.60% |
4.60% |
4.60% |
4.60% |
Fixed Income |
6.00% |
6.00% |
6.00% |
6.00% |
13.00% |
22.00% |
34.00% |
47.00% |
55.00% |
55.00% |
55.00% |
55.00% |
U.S. Fixed Income |
4.80% |
4.80% |
4.80% |
4.80% |
10.40% |
17.60% |
27.20% |
34.60% |
36.50% |
36.50% |
36.50% |
36.50% |
Inflation Managed |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
3.00% |
7.50% |
7.50% |
7.50% |
7.50% |
High Yield Fixed Income |
0.85% |
0.85% |
0.85% |
0.85% |
1.80% |
3.10% |
4.75% |
6.60% |
7.70% |
7.70% |
7.70% |
7.70% |
Emerging Markets Debt |
0.35% |
0.35% |
0.35% |
0.35% |
0.80% |
1.30% |
2.05% |
2.80% |
3.30% |
3.30% |
3.30% |
3.30% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.00% |
5.00% |
5.00% |
5.00% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.00% |
5.00% |
5.00% |
5.00% |
FUNDAMENTAL POLICIES |
The Fund’s investment strategy may involve “fundamental policies.” A policy is fundamental if it cannot be changed without the
consent of a majority of the outstanding shares of the Fund. The Fund’s
investment objective is fundamental, although over time, the
Fund’s investment objective migrates from seeking total return to seeking
current income and some capital appreciation as the Target Date Fund
approaches its target date. All other fundamental policies are specifically identified in the Statement of Additional Information. |
|
JPMorgan SmartRetirement® Blend 2065 Fund |
Active Asset Allocation Risk |
• |
Asset-Backed, Mortgage-Related and Other Mortgage-Backed Securities
Risk |
• |
|
JPMorgan SmartRetirement® Blend 2065 Fund |
Commodity Risk |
○ |
Credit Risk |
• |
Currency Risk |
○ |
Cyber Security Risk |
○ |
Derivatives Risk |
• |
Equity Securities Risk |
• |
Exchange Traded Notes Risk |
○ |
Foreign Securities and Emerging Market Risk |
• |
General Market Risk |
• |
Geographic Focus Risk |
○ |
Government Securities Risk |
• |
High Portfolio Turnover Risk |
○ |
High Yield Securities Risk |
• |
Index Strategy Risk |
• |
Industry and Sector Focus Risk |
• |
Inflation-Managed Strategies Risk |
○ |
Investment Risk |
• |
Investments in Mutual Funds and ETFs Risk |
• |
Interest Rate Risk |
• |
Loan Risk |
• |
Maturity Date and Redemption Risk |
• |
New Fund Risk |
• |
Non-Diversified Risk |
○ |
Prepayment Risk |
• |
Real Estate Securities Risk |
• |
Risk Associated with the Fund Holding Cash, Money Market Instruments and Other
Short-Term Investments |
• |
Sample Withdrawal Amount Risk |
• |
Securities and Financial Instruments Risk |
• |
Securities Lending Risk |
○ |
Smaller Company Risk |
• |
Sovereign Debt Risk |
• |
Strategy Risk |
○ |
Transactions and Liquidity Risk |
• |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (like futures and options) that derive their value from the performance of underlying assets or
securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased.
They include securities issued by the U.S. government, its agencies and
instrumentalities, repurchase agreements, certificates of deposit,
bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
|
Class I |
Eligibility1,2,3 |
May be purchased by: •Institutional Investors who meet the minimum investment
requirements;
•Individuals purchasing directly from the Fund through JPMorgan Distribution Services, Inc. (the “Distributor”) and meeting the investment minimum requirements; •Financial Intermediaries or any other organization, including
affiliates of JPMorgan Chase & Co. (JPMorgan Chase),
authorized to act in a fiduciary, advisory or custodial capacity
for its clients or customers;
•Brokerage program of a Financial Intermediary that has entered into a written agreement with the Distributor to offer such shares (“Eligible Brokerage Program”); and •Employees of JPMorgan Chase and its affiliates and officers or
trustees of the J.P. Morgan Funds. |
|
Class I |
Minimum Investment1,4,5 |
$1,000,000 — An investor can combine purchases of Class I
Shares of other J.P. Morgan Funds in order to meet the minimum.
$1,000 for each Fund or $50, if establishing a monthly $50
Systematic Investment Plan for investments through an Eligible
Brokerage Program.
$1,000 for each Fund or $50, if establishing a monthly $50
Systematic Investment Plan6 for investments by employees of
JPMorgan Chase and its affiliates and officers or trustees of the
J.P. Morgan Funds.3 |
Minimum Subsequent Investments1 |
No minimum except $50 for investments by employees of
JPMorgan Chase and its affiliates and officers or trustees of the
J.P. Morgan Funds and investments through an Eligible
Brokerage Program. |
Systematic Investment Plan |
No, except for investments by employees of JPMorgan Chase and
its affiliates and officers or trustees of the J.P. Morgan Funds and
investments through an Eligible Brokerage Program. |
Systematic Redemption Plan |
No, except for investments by employees of JPMorgan Chase and
its affiliates and officers or trustees of the J.P. Morgan Funds.
|
Contingent Deferred Sales Charge (CDSC) (refer to Financial
Intermediary Compensation Section for more
details) |
None |
Distribution (12b-1) Fee |
None |
Service Fee |
0.25% of the average daily net assets. |
Redemption Fee |
None |
Advantages |
No front-end sales charge or CDSC is assessed so you own more
shares initially. In addition, Class I Shares have lower fees than
Class A and Class C Shares. |
Disadvantages |
Limited availability and higher minimum initial investment than Class A and Class C Shares. |
Class |
Service Fee |
Class I |
0.25% |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS
| ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online
1-800-480-4111
Shareholder Services representatives
are available Monday through Friday
from 8:00 am to 6:00 pm ET. www.jpmorganfunds.com Note: Certain account types are not available for online account access. Please call for additional information. |
A new account generally may not be
opened by phone or online. Employees of JPMorgan Chase & Co. may open a new account online.
A new fund position can be added to an
existing account by phone or online if
you have bank information on file. The
minimum initial investment
requirement must be met. |
You must already have bank
information on file. If we do not have
bank information on file, you must
submit written instructions. Please call
for instructions on how to add bank
information to your account. |
By Mail
Regular mailing address:
J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
Overnight mailing address:
J.P. Morgan Funds Services
430 W 7th Street, Suite 219143
Kansas City, MO 64105-1407 |
Mail the completed and signed
application with a check to our Regular
or Overnight mailing address. Refer to the Additional Information Regarding Purchases section. |
Please mail your check and include
your name, the Fund name, and your
fund account number. |
All checks must be made payable to one of the following:
•J.P. Morgan Funds; or •The specific Fund in which you are investing. Please include your existing account number, if applicable.
All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit
cards, cash, starter checks, money orders or credit card checks. The
Funds and/or the Distributor reserve the right to refuse
“third-party” checks and checks drawn on non- U.S.
financial institutions even if payment may be effected through a U.S. financial institution. Checks made payable to any individual or company and endorsed to J.P.
Morgan Funds or the Fund are considered third-party checks. | ||
By ACH or Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc.
2000 Crown Colony Drive
Quincy, MA 02169
Attn: J.P. Morgan Funds Services
ABA: 021 000 021
DDA: 323 125 832
FBO: Fund Name Fund: Fund #
Account: Your Account # and
Your Account Registration |
You may include bank information on
your application for your initial
purchase to be processed via
Automated Clearing House (ACH)
rather than sending a check. New accounts cannot be opened by wire purchase. |
Purchase by ACH: To process a purchase via ACH using bank information on file you may call us or process the purchase online.
Purchase by Wire: If you choose to pay
by wire, please call to notify the Fund
of your purchase. You must also initiate
the wire with your financial institution. |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS
| ||
|
Opening a New Account |
Purchasing into an Existing Account |
Systematic Investment Plan1 |
You may include instructions to set up
a Systematic Investment Plan on your
application. Bank Information must be
included. Refer to Choosing A Share Class for fund minimums. |
If bank information is on file, you may call, go online or mail written instructions to start, edit or delete a Systematic Investment Plan.
You cannot have a Systematic
Investment Plan and a Systematic
Redemption Plan or Systematic
Exchange Plan on the same fund
account. If bank information is not on file, you will be required to submit a completed form with your bank information and Systematic Investment Plan details. |
EXCHANGE PRIVILEGES |
Class I Shares of a Fund may be exchanged for: |
•Class I Shares of another J.P. Morgan Fund, |
•Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime
Money Market Fund), or |
•Another share class of the same Fund if you are eligible to purchase that
class. |
HOW TO REDEEM | |
By Phone or Online
Note: certain account types are not available for online account access. |
Call us at 1-800-480-4111
Shareholder Services representatives are available Monday through Friday from 8:00
am to 7:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address:
J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
Overnight mailing address:
J.P. Morgan Funds Services
430 W 7th Street, Suite 219143
Kansas City, MO 64105-1407 |
Systematic Redemption
Plan2, 3 |
You may include instructions to set up a Systematic Redemption Plan on your application. Payment
instructions must be included. You may call, or mail written instructions to start, edit or delete a Systematic Redemption Plan. You may send a written redemption request to your Financial Intermediary, if applicable, or to the Fund at
the following address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 You may redeem over the phone. Please see “Can I redeem by phone?” for more information. |
JPMorgan SmartRetirement Blend Income Fund |
0.00% |
JPMorgan SmartRetirement Blend 2020 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2025 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2030 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2035 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2040 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2045 Fund |
0.02 |
JPMorgan SmartRetirement Blend 2050 Fund |
0.01 |
JPMorgan SmartRetirement Blend 2055 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2060 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2065 Fund
|
0.00 |
1 | |
10 | |
10 | |
13 | |
24 | |
25 | |
25 | |
25 | |
25 | |
27 | |
27 | |
29 | |
30 | |
32 | |
33 |
35 | |
36 | |
37 | |
38 | |
40 | |
41 | |
41 | |
42 | |
43 | |
43 | |
43 | |
44 | |
44 | |
46 | |
Back cover
|
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the
value of your investment) |
|||||
|
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Management Fees |
0.15% |
0.15% |
0.15% |
0.15% |
0.15% |
Distribution (Rule 12b-1) Fees |
0.50 |
0.25 |
NONE |
NONE |
NONE |
Other Expenses |
0.53 |
0.53 |
0.53 |
0.38 |
0.28 |
Service Fees |
0.25 |
0.25 |
0.25 |
0.10 |
NONE |
Remainder of Other Expenses1
|
0.28 |
0.28 |
0.28 |
0.28 |
0.28 |
Acquired Fund (Underlying Fund) Fees and Expenses |
0.13 |
_r10.13 |
0.13 |
0.13 |
:span0.13 |
Total Annual Fund Operating Expenses |
1.31 |
1.06 |
0.81 |
0.66 |
0.56 |
Fee Waivers and/or Expense Reimbursements2
|
-0.37 |
-0.37 |
-0.37 |
-0.37 |
-0.37 |
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements2
|
0.94 |
0.69 |
0.44 |
0.29 |
0.19 |
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST
WOULD BE: | ||
|
1 Year |
3 Years |
CLASS R2 SHARES ($) |
96 |
379 |
CLASS R3 SHARES ($) |
70 |
300 |
CLASS R4 SHARES ($) |
45 |
222 |
CLASS R5 SHARES ($) |
30 |
174 |
CLASS R6 SHARES ($) |
19 |
142 |
Target Allocations1 | |
Equity |
94.00% |
U.S. Large Cap Equity |
46.05% |
U.S. Mid Cap Equity |
5.65% |
U.S. Small Cap Equity |
4.70% |
REITs |
3.75% |
International Equity |
23.05% |
Emerging Markets Equity |
10.80% |
Fixed Income |
6.00% |
U.S. Fixed Income |
4.80% |
Inflation Managed |
0.00% |
High Yield Fixed Income |
0.85% |
Emerging Markets Debt |
0.35% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
Portfolio Manager |
Managed
Fund Since |
Primary Title with Investment Adviser |
Daniel Oldroyd |
2022 |
Managing Director |
Silvia Trillo |
2022 |
Managing Director |
Ove Fladberg |
2022 |
Managing Director |
Jeffrey A. Geller |
2022 |
Managing Director |
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 |
Target Allocations1 | ||||||||||||
Years to Target Date |
40+ |
35 |
30 |
25 |
20 |
15 |
10 |
5 |
0 |
-10 |
-20 |
-35 |
Equity |
94.00% |
94.00% |
94.00% |
94.00% |
87.00% |
78.00% |
66.00% |
53.00% |
40.00% |
40.00% |
40.00% |
40.00% |
U.S. Large Cap Equity |
46.05% |
46.05% |
46.05% |
46.05% |
42.65% |
38.25% |
32.35% |
25.95% |
19.60% |
19.60% |
19.60% |
19.60% |
U.S. Mid Cap Equity |
5.65% |
5.65% |
5.65% |
5.65% |
5.20% |
4.70% |
3.95% |
3.20% |
2.40% |
2.40% |
2.40% |
2.40% |
U.S. Small Cap Equity |
4.70% |
4.70% |
4.70% |
4.70% |
4.35% |
3.90% |
3.30% |
2.65% |
2.00% |
2.00% |
2.00% |
2.00% |
REITs |
3.75% |
3.75% |
3.75% |
3.75% |
3.50% |
3.10% |
2.65% |
2.10% |
1.60% |
1.60% |
1.60% |
1.60% |
International Equity |
23.05% |
23.05% |
23.05% |
23.05% |
21.30% |
19.10% |
16.15% |
13.00% |
9.80% |
9.80% |
9.80% |
9.80% |
Emerging Markets Equity |
10.80% |
10.80% |
10.80% |
10.80% |
10.00% |
8.95% |
7.60% |
6.10% |
4.60% |
4.60% |
4.60% |
4.60% |
Fixed Income |
6.00% |
6.00% |
6.00% |
6.00% |
13.00% |
22.00% |
34.00% |
47.00% |
55.00% |
55.00% |
55.00% |
55.00% |
U.S. Fixed Income |
4.80% |
4.80% |
4.80% |
4.80% |
10.40% |
17.60% |
27.20% |
34.60% |
36.50% |
36.50% |
36.50% |
36.50% |
Inflation Managed |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
3.00% |
7.50% |
7.50% |
7.50% |
7.50% |
High Yield Fixed Income |
0.85% |
0.85% |
0.85% |
0.85% |
1.80% |
3.10% |
4.75% |
6.60% |
7.70% |
7.70% |
7.70% |
7.70% |
Emerging Markets Debt |
0.35% |
0.35% |
0.35% |
0.35% |
0.80% |
1.30% |
2.05% |
2.80% |
3.30% |
3.30% |
3.30% |
3.30% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.00% |
5.00% |
5.00% |
5.00% |
Money Market Funds/Cash and Cash Equivalents |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
5.00% |
5.00% |
5.00% |
5.00% |
FUNDAMENTAL POLICIES |
The Fund’s investment strategy may involve “fundamental policies.” A policy is fundamental if it cannot be changed without the
consent of a majority of the outstanding shares of the Fund. The Fund’s
investment objective is fundamental, although over time, the
Fund’s investment objective migrates from seeking total return to seeking
current income and some capital appreciation as the Target Date Fund
approaches its target date. All other fundamental policies are specifically identified in the Statement of Additional Information. |
|
JPMorgan SmartRetirement® Blend 2065 Fund |
Active Asset Allocation Risk |
• |
Asset-Backed, Mortgage-Related and Other Mortgage-Backed Securities
Risk |
• |
|
JPMorgan SmartRetirement® Blend 2065 Fund |
Commodity Risk |
○ |
Credit Risk |
• |
Currency Risk |
○ |
Cyber Security Risk |
○ |
Derivatives Risk |
• |
Equity Securities Risk |
• |
Exchange Traded Notes Risk |
○ |
Foreign Securities and Emerging Market Risk |
• |
General Market Risk |
• |
Geographic Focus Risk |
○ |
Government Securities Risk |
• |
High Portfolio Turnover Risk |
○ |
High Yield Securities Risk |
• |
Index Strategy Risk |
• |
Industry and Sector Focus Risk |
• |
Inflation-Managed Strategies Risk |
○ |
Investment Risk |
• |
Investments in Mutual Funds and ETFs Risk |
• |
Interest Rate Risk |
• |
Loan Risk |
• |
Maturity Date and Redemption Risk |
• |
New Fund Risk |
• |
Non-Diversified Risk |
○ |
Prepayment Risk |
• |
Real Estate Securities Risk |
• |
Risk Associated with the Fund Holding Cash, Money Market Instruments and Other
Short-Term Investments |
• |
Sample Withdrawal Amount Risk |
• |
Securities and Financial Instruments Risk |
• |
Securities Lending Risk |
○ |
Smaller Company Risk |
• |
Sovereign Debt Risk |
• |
Strategy Risk |
○ |
Transactions and Liquidity Risk |
• |
Volcker Rule Risk |
○ |
WHAT IS A DERIVATIVE? |
Derivatives are securities or contracts (like futures and options) that derive their value from the performance of underlying assets or
securities. |
WHAT IS A CASH EQUIVALENT? |
Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are purchased.
They include securities issued by the U.S. government, its agencies and
instrumentalities, repurchase agreements, certificates of deposit,
bankers’ acceptances, commercial paper, money market mutual funds and bank deposit accounts. |
|
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Eligibility1 |
May be purchased
by Group
Retirement Plans.1 |
May be purchased
by Group
Retirement Plans.1 |
May be purchased
by Group
Retirement Plans.1 |
May be purchased
by
•Group Retirement Plans,1
•Section 529 college savings plans. |
May be purchased
by
•Group retirement plans,1
•Section 529 college savings plans •Investors through
a fee-based
advisory program
of a financial
intermediary that
has entered into a
written
agreement with
the Distributor to
offer such shares
through an
omnibus account
held at the Fund
•Discretionary Accounts, as described below •Institutional
Investors, as
described below
•Other investors, as described below. |
|
Class R2 |
Class R3 |
Class R4 |
Class R5 |
Class R6 |
Minimum
Investment2 |
No minimum |
No minimum |
No minimum |
No minimum |
$5,000,000 —
Discretionary
Accounts, as
described below.
$5,000,000 —
Institutional
Investors, as
described below.
$15,000,000 —
Other Investors, as
described below.
There is no
minimum for other
Class R6 eligible
investors as
described in
“Eligibility” above. |
Minimum
Subsequent
Investments |
No minimum |
No minimum |
No minimum |
No minimum |
No minimum |
Distribution (12b-
1) Fee |
0.50% of the
average daily net
assets. |
0.25% of the
average daily net
assets. |
None |
None |
None |
Service Fee |
0.25% of the
average daily net
assets. |
0.25% of the
average daily net
assets. |
0.25% of the
average daily net
assets. |
0.10% of the
average daily net
assets. |
None |
Redemption Fee |
None |
None |
None |
None |
None |
Class |
Rule 12b-1 Fee |
Class R2 |
0.50% |
Class R3 |
0.25% |
Class R4 |
None |
Class R5 |
None |
Class R6 |
None |
Class |
Service Fee |
Class R2 |
0.25% |
Class R3 |
0.25% |
Class R4 |
0.25% |
Class R5 |
0.10% |
Class R6 |
None |
HOW TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS
| ||
|
Opening a New Account |
Purchasing into an Existing Account |
By Phone or Online
1-800-480-4111
Shareholder Services representatives
are available Monday through Friday
from 8:00 am to 6:00 pm ET.
www.jpmorganfunds.com
Note: Certain account types are not
available for online account access.
Please call for additional information. |
A new account may not be opened by
phone or online.
A new fund position can be added to an
existing account by phone or online if
you have bank information on file. The
minimum initial investment
requirement must be met. |
You must already have bank
information on file. If we do not have
bank information on file, you must
submit written instructions. Please call
for instructions on how to add bank
information to your account. |
By Mail
Regular mailing address:
J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
Overnight mailing address:
J.P. Morgan Funds Services
430 W 7th Street, Suite 219143
Kansas City, MO 64105-1407 |
Mail the completed and signed
application with a check to our Regular
or Overnight mailing address.
Refer to the Additional Information
Regarding Purchases section. |
Please mail your check and include
your name, the Fund name, and your
fund account number. |
All checks must be made payable to one of the following:
•J.P. Morgan Funds; or •The specific Fund in which you are investing. Please include your existing account number, if applicable. All checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit cards,
cash, starter checks, money orders or credit card checks. The Funds and/or the
Distributor reserve the right to refuse “third-party”
checks and checks drawn on non- U.S. financial institutions even if
payment may be effected through a U.S. financial institution. Checks
made payable to any individual or company and endorsed to J.P.
Morgan Funds or the Fund are considered third-party checks. | ||
By Wire1 1-800-480-4111 Wire Instructions: DST Asset Manager Solutions, Inc. 2000 Crown Colony Drive Quincy, MA 02169 Attn: J.P. Morgan Funds Services ABA: 021 000 021 DDA: 323 125 832 FBO: Fund Name
Fund: Fund # Account: Your Account # and Your Account Registration |
Purchase by Wire: If you choose to pay
by wire, please call to notify the Fund
of your purchase. You must also initiate
the wire with your financial institution. |
Purchase by Wire: If you choose to pay by wire, please call to notify the Fund of your purchase. You must also initiate the wire with your financial institution. |
EXCHANGE PRIVILEGES |
Class R2 Shares of the Fund may be exchanged for: |
•Class R2 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class R3 Shares of the Fund may be exchanged for: |
•Class R3 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class R4 Shares of the Fund may be exchanged for: |
•Class R4 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class R5 Shares of the Fund may be exchanged for: |
•Class R5 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
Class R6 Shares of the Fund may be exchanged for: |
•Class R6 Shares of another J.P. Morgan Fund, |
•Another share class of the same Fund if you are eligible to purchase that
class. |
HOW TO REDEEM | |
By Phone or Online
Note: Certain account
types are not available for online account access.
Please call for additional
information. |
Call us at 1-800-480-4111
Shareholder Services representatives are available Monday through Friday from 8:00
am to 6:00 pm ET. www.jpmorganfunds.com |
By Mail |
Regular mailing address: J.P. Morgan Funds Services P.O. Box 219143 Kansas City, MO 64121-9143 Overnight mailing address: J.P. Morgan Funds Services 430 W 7th Street, Suite 219143 Kansas City, MO 64105-1407 |
JPMorgan SmartRetirement Blend Income Fund |
0.00% |
JPMorgan SmartRetirement Blend 2020 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2025 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2030 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2035 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2040 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2045 Fund |
0.02 |
JPMorgan SmartRetirement Blend 2050 Fund |
0.01 |
JPMorgan SmartRetirement Blend 2055 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2060 Fund |
0.00 |
JPMorgan SmartRetirement Blend 2065 Fund
|
0.00 |
1 | |
1 | |
1 | |
1 | |
1 | |
3 | |
3 | |
3 | |
8 | |
8 | |
8 | |
8 | |
8 | |
9 | |
9 | |
10 | |
10 | |
11 | |
11 | |
11 | |
11 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
14 | |
14 | |
14 | |
14 | |
14 |
Fund |
Class
A |
Class
C |
Class
I |
Class
R2 |
Class
R3 |
Class
R4 |
Class
R5 |
Class R6 |
SmartRetirement® 2065 Fund |
X |
X |
X |
X |
X |
X |
X |
X |
1. |
|
The Fund may not underwrite the securities of other issuers except to the extent that the Fund
may be deemed to be an underwriter under certain securities laws in the disposition of
“restricted securities;” |
| ||
2. |
|
The Fund may not purchase or sell commodities or commodity contracts except as may be
permitted by the 1940 Act or unless acquired as a result of ownership of securities or
other instruments issued by persons that purchase or sell commodities or
commodities contracts; but this shall not prevent the Fund from
purchasing, selling and entering into financial futures contracts
(including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities,
interest rates and currencies), warrants, swaps, forward contracts, foreign currency
spot and forward contracts or other derivative instruments including
derivatives related to physical commodities; |
| ||
| ||
3. |
|
The Fund may not borrow money, except to the extent permitted by applicable law; |
| ||
4. |
|
The Fund may make loans to other persons in accordance with the Fund’s investment
objectives and policies and to the extent permitted by applicable law; |
| ||
5. |
|
The Fund may not purchase securities of any issuer if such purchase would not be consistent
with the maintenance of the Fund’s status as a diversified company under the
1940 Act, or the rules or regulations thereunder, as such statute, rules
or regulations may be amended from time to time; |
|
6. |
|
The Fund may not purchase the securities of any issuer if, as a result more than 25% of a
Fund’s total assets would be invested in securities of one or more issuers whose
principal business activities are in the same industry. This policy does
not apply to investments in other registered investment companies in the
same “group of investment companies” as that term is defined
in Section 12(d)(1)(G) of the 1940 Act, securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or repurchase agreements secured
thereby, and futures and options transactions issued or guaranteed by the U.S.
government or any of its agencies or instrumentalities; |
| ||
7. |
|
The Fund may not issue senior securities (as defined in the 1940 Act) except with respect to
any permissible borrowings; and |
| ||
8. |
|
The Fund may not purchase or sell real estate; however, the Fund may, to the extent consistent
with its investment objective, purchase securities secured by real estate or interests
therein or securities issued by companies investing in real estate or interests
therein. |
Instrument |
Part II
Section Reference |
Adjustable Rate Mortgage Loans (“ARMs”):
Loans in a mortgage pool which provide for a fixed initial mortgage interest rate for a specified period
of time, after which the rate may be subject to periodic
adjustments. |
Mortgage-Related
Securities |
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases, and credit card receivables or other
securities backed by other types of receivables or other
assets. |
Asset-Backed
Securities |
Auction Rate Securities: Auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies. |
Auction Rate
Securities |
Instrument |
Part II
Section Reference |
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on
and accepted by a commercial bank. Maturities are generally six months or
less. Certificates of deposit are negotiable certificates
issued by a bank for a specified period of time and earning
a specified return. Time deposits are non-negotiable
receipts issued by a bank in exchange for the deposit of
funds. |
Bank Obligations |
Borrowings: A Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of a Fund’s
assets and may cause a Fund to liquidate portfolio positions when it would
not be advantageous to do so. A Fund must maintain
continuous asset coverage of 300% of the amount borrowed,
with the exception for borrowings not in excess of 5% of the
Fund’s total assets made for temporary administrative
purposes. |
Miscellaneous
Investment
Strategies and Risks |
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging
markets for new bonds in connection with debt restructurings.
|
Foreign Investments
(including Foreign
Currencies) |
Call and Put Options: 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. A Fund will sell only covered call
and secured put options. |
Options and Futures
Transactions |
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a
few days to nine months. |
Commercial Paper |
Commodity-Linked Derivatives: Securities whose value derives from the price of a commodity, including commodity futures and commodity options.
* |
Miscellaneous
Investment
Strategies and Risks |
Commodity-Related Pooled Investment Vehicles: Ownership interests in grantor trusts and other pooled investment vehicles that hold tangible assets
such as gold, silver or other commodities or invest in commodities
futures. Grantor trusts are typically traded on an
exchange. |
Commodity-Related
Pooled Investment
Vehicles |
Common Stock: Shares of ownership of a company. |
Equity Securities,
Warrants and Rights |
Common Stock Warrants and Rights: Securities, typically issued with preferred stock or bonds, that give the holder the right to buy a proportionate
amount of common stock at a specified price. |
Equity Securities,
Warrants and Rights |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
Convertible
Securities |
Corporate Debt Securities: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility,
banking and other corporate issuers. |
Debt Instruments |
Credit Default Swaps (“CDSs”): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the
specified life of the agreement. The other party makes no payment unless a
credit event, relating to a predetermined reference asset,
occurs. If such an event occurs, the party will then make a
payment to the first party, and the swap will
terminate. |
Swaps and Related
Swap Products |
Custodial Receipts: A Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal
payments or both on certain U.S. Treasury notes or bonds in connection
with programs sponsored by banks and brokerage firms. These
are not considered to be U.S. government securities. These
notes and bonds are held in custody by a bank on behalf of
the owners of the receipts. |
Custodial Receipts |
Demand Features: Securities that are subject to puts and standby commitments to purchase the securities at a fixed price (usually with accrued
interest) within a fixed period of time following demand by a
Fund. |
Demand Features |
Instrument |
Part II
Section Reference |
Emerging Market Securities: Securities issued by issuers or governments in countries with emerging economies or securities markets which may be
undergoing significant evolution or rapid development. |
Foreign Investments
(including Foreign
Currencies) |
Exchange-Traded Funds (“ETFs”): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a
portfolio of securities or stocks designed to track the price performance
and dividend yield of a particular broad-based, sector or
international index. ETFs include a wide range of
investments. |
Investment
Company Securities
and Exchange-
Traded Funds |
Exchange Traded Notes (“ETNs”): Senior, unsubordinated debt securities whose returns are linked to the performance of a particular market
benchmark or strategy minus applicable fees. |
Miscellaneous
Investment
Strategies and Risks |
Foreign Currency Transactions: Strategies used to hedge against currency risks, for other risk management purposes or to increase income or gain to a
Fund. These strategies may consist of use of any of the following: options
on currencies, currency futures, options on such futures,
forward foreign currency transactions (including
non-deliverable forwards (“NDFs”)), forward rate
agreements and currency swaps, caps and floors. |
Foreign Investments
(including Foreign
Currencies) |
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks
and foreign banks. Foreign securities may also include American Depositary
Receipts (“ADRs”), Global Depositary Receipts
(“GDRs”), European Depositary Receipts
(“EDRs”) and American Depositary Securities. |
Foreign Investments
(including Foreign
Currencies) |
High Yield/High Risk Securities/Junk Bonds: Securities that are generally rated below investment grade by the primary rating agencies or are unrated
but deemed by a Fund’s adviser to be of comparable
quality. |
Debt Instruments |
Inflation-Linked Debt Securities: Fixed and floating rate debt securities of varying maturities issued by the U.S. government as well as securities issued
by other entities such as corporations, foreign governments and foreign
issuers. |
Debt Instruments |
Initial Public Offerings (“IPOs”): A transaction in which a previously private company makes its first sale of stock to the public. |
Equity Securities,
Warrants and Rights |
Interfund Lending: Involves lending money and borrowing money for temporary purposes through a credit facility. |
Miscellaneous
Investment
Strategies and Risks |
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of
interest to which the inverse floater is indexed. |
Inverse Floaters and
Interest Rate Caps |
Investment Company Securities: Shares of other investment companies, including money market funds for which the adviser and/or its affiliates
serve as investment adviser or administrator. The adviser will waive
certain fees when investing in funds for which it serves as
investment adviser, to the extent required by law or by
contract. |
Investment
Company Securities
and Exchange-
Traded Funds |
Loan Assignments and Participations: Assignments of, or participations in, all or a portion of loans to corporations or to governments, including
governments of lesser developed countries. |
Loans |
Master Limited Partnership (“MLPs”): Limited partnerships that are publicly traded on a securities exchange. |
Master Limited
Partnerships |
Mortgages (Directly Held): Debt instruments secured by real property. |
Mortgage-Related
Securities |
Mortgage-Backed Securities: Debt obligations secured by real estate loans and pools of loans such as collateralized mortgage obligations (“CMOs”),
commercial mortgage-backed securities (“CMBSs”) and other
asset-backed structures. |
Mortgage-Related
Securities |
Mortgage Dollar Rolls: A transaction in which a Fund sells securities for delivery in a current month and simultaneously contracts with the same party
to repurchase similar but not identical securities on a specified future
date. |
Mortgage-Related Securities |
Instrument |
Part II
Section Reference |
Municipal Securities: Securities issued by a state or political subdivision to obtain funds for various public purposes. Municipal securities include,
among others, private activity bonds and industrial development bonds, as
well as general obligation notes, tax anticipation notes,
bond anticipation notes, revenue anticipation notes, other
short-term tax-exempt obligations, municipal leases,
obligations of municipal housing authorities and single
family revenue bonds. |
Municipal Securities |
New Financial Products: New options and futures contracts and other financial products continue to be developed and a Fund may invest in such
options, contracts and products. |
Miscellaneous
Investment
Strategies and Risks |
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments
and governmental agencies. |
Foreign Investments
(including Foreign
Currencies) |
Options and Futures Transactions: A Fund may purchase and sell (a) exchange traded and over-the-counter put and call options on securities,
indexes of securities and futures contracts on securities and indexes of
securities and (b) futures contracts on securities and
indexes of securities. |
Options and Futures
Transactions |
Preferred Stock: A class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends and
in liquidation. |
Equity Securities,
Warrants and Rights |
Private Placements, Restricted Securities and Other
Unregistered
Securities: Securities not registered under the Securities
Act of 1933, such as privately placed commercial paper and
Rule 144A securities. |
Miscellaneous
Investment
Strategies and Risks |
Real Estate Investment Trusts (“REITs”):
Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or
interest. |
Real Estate
Investment Trusts |
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an
agreed upon date. This is treated as a loan. |
Repurchase
Agreements |
Reverse Repurchase Agreements: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed
upon date. This is treated as a borrowing by a Fund. |
Reverse Repurchase
Agreements |
Securities Issued in Connection with Reorganizations
and Corporate
Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt
securities. |
Miscellaneous
Investment
Strategies and Risks |
Securities Lending: The lending of up to 331/3% of a Fund’s total assets. In return, the Fund will receive cash, other securities, and/ or letters of credit as
collateral. * |
Securities Lending |
Short Selling: A Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, a
Fund must borrow the security to make delivery to the buyer. A Fund is
obligated to replace the security borrowed by purchasing it
subsequently at the market price at the time of replacement.
* |
Short Selling |
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts
(“GICs”) and Bank Investment Contracts
(“BICs”). |
Short-Term Funding
Agreements |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political
subdivisions. |
Foreign Investments
(including Foreign
Currencies) |
Stripped Mortgage-Backed Securities: Derivative multi-class mortgage securities which are usually structured with two classes of shares that receive
different proportions of the interest and principal from a pool of
mortgage assets. These include Interest-Only
(“IO”) and Principal-Only (“PO”)
securities issued outside a Real Estate Mortgage Investment Conduit
(“REMIC”) or CMO structure. |
Mortgage-Related Securities |
Instrument |
Part II
Section Reference |
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are
individually negotiated agreements and may be traded over-the-counter.
Structured investments are organized and operated to
restructure the investment characteristics of the underlying
index, commodity, currency or financial
instrument. |
Structured
Investments |
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal
amount from the seller of the cap or floor to the extent that a specified
index exceeds or falls below a predetermined interest rate
or amount. A Fund may enter into these transactions to
manage its exposure to changing interest rates and other
factors. |
Swaps and Related
Swap Products |
Synthetic Variable Rate Instruments: Instruments that generally involve the deposit of a long-term tax exempt bond in a custody or trust arrangement
and the creation of a mechanism to adjust the long-term interest rate on
the bond to a variable short-term rate and a right (subject
to certain conditions) on the part of the purchaser to
tender it periodically to a third party at par. |
Swaps and Related
Swap Products |
Temporary Defensive Positions: To respond to unusual circumstances a Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Miscellaneous
Investment
Strategies and Risks |
Treasury Receipts: A Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are
issued by banks or brokerage firms and that are created by depositing U.S.
Treasury notes and U.S. Treasury bonds into a special
account at a custodian bank. Receipts include Treasury
Receipts (“TRs”), Treasury Investment Growth
Receipts (“TIGRs”), and Certificates of Accrual on Treasury Securities (“CATS”). |
Treasury Receipts |
Trust Preferreds: Securities with characteristics of both subordinated debt and preferred stock. Trust preferreds are generally long term securities that
make periodic fixed or variable interest payments. |
Trust Preferred
Securities |
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of
securities issued by Government National Mortgage Association
(“Ginnie Mae”), the Federal National Mortgage
Association (“Fannie Mae”) and the Federal Home
Loan Mortgage Corporation (“Freddie Mac”), including funding notes, subordinated benchmark notes, CMOs and REMICs. |
Mortgage-Related
Securities |
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed
as to principal and interest payments by the full faith and credit of the
United States, and separately traded principal and interest
component parts of such obligations that are transferable
through the Federal book-entry system known as Separate
Trading of Registered Interest and Principal of Securities
(“STRIPS”) and Coupons Under Book Entry Safekeeping
(“CUBES”). |
U.S. Government
Obligations |
Variable and Floating Rate Instruments: Obligations with interest rates which are reset daily, weekly, quarterly or some other frequency and which
may be payable to a Fund on demand or at the expiration of a specified
term. |
Debt Instruments |
When-Issued Securities, Delayed Delivery Securities and
Forward Commitments: Purchase or contract to purchase
securities at a fixed price for delivery at a future
date. |
When-Issued
Securities, Delayed
Delivery Securities
and Forward
Commitments |
Instrument |
Part II
Section Reference |
Zero-Coupon, Pay-in-Kind and Deferred Payment
Securities: Zero-coupon securities are securities that are sold at a discount to par value and on which
interest payments are not made during the life of the security.
Pay-in-kind securities are securities that have interest
payable by delivery of additional securities. Deferred
payment securities are zero-coupon debt securities which
convert on a specified date to interest bearing debt securities. |
Debt Instruments |
Committee |
Fiscal Year Ended
June 30, 2022 |
Audit and Valuation Committee |
[ ] |
Compliance Committee |
[ ] |
Governance Committee |
[ ] |
Equity Committee |
[ ] |
ETF Committee*
|
[ ] |
Committee |
Fiscal Year Ended
June 30, 2022 |
Fixed Income Committee |
[ ] |
Money Market and Alternative Products Committee |
[ ] |
Name of Trustee |
Dollar Range of
Equity Securities in
JPMorgan SmartRetirement 2065 Fund1 |
Aggregate Dollar
Range of Equity Securities in all Registered
Investment Companies Overseen by the
Trustee in Family of Investment Companies1, 2 |
Independent Trustees |
|
|
John F. Finn |
None |
Over $100,000 |
Stephen P. Fisher |
None |
Over $100,000 |
Gary L. French3
|
None |
Over $100,000 |
Kathleen M. Gallagher |
None |
Over $100,000 |
Robert J. Grassi3
|
None |
Over $100,000 |
Frankie D. Hughes |
None |
Over $100,000 |
Raymond Kanner |
None |
Over $100,000 |
Thomas P. Lemke3
|
None |
Over $100,000 |
Lawrence R. Maffia3
|
None |
Over $100,000 |
Mary E. Martinez |
None |
Over $100,000 |
Marilyn McCoy |
None |
Over $100,000 |
Dr. Robert A. Oden, Jr. |
None |
Over $100,000 |
Marian U. Pardo |
None |
Over $100,000 |
Emily A. Youssouf3
|
None |
$10,0001-$50,000 |
Interested Trustees |
|
|
Robert Deutsch3
|
None |
Over $100,000 |
Nina O. Shenker3
|
None |
None |
Name of Trustee |
JPMorgan SmartRetirement 2065 Fund |
Total
Compensation Paid From
Fund Complex1 |
Independent Trustees |
|
|
John F. Finn |
0 |
$620,000 |
Stephen P. Fisher |
0 |
445,000 |
Gary L. French2
|
0 |
157,500 |
Kathleen M. Gallagher |
0 |
432,5003
|
Robert J. Grassi2
|
0 |
156,000 |
Dennis P. Harrington4
|
0 |
407,500 |
Frankie D. Hughes |
0 |
395,000 |
Raymond Kanner |
0 |
445,0005
|
Thomas P. Lemke2
|
0 |
158,000 |
Lawrence R. Maffia2
|
0 |
156,000 |
Mary E. Martinez |
0 |
520,000 |
Marilyn McCoy |
0 |
395,0006
|
Mitchell M. Merin7
|
0 |
395,000 |
Dr. Robert A. Oden, Jr. |
0 |
445,000 |
Marian U. Pardo |
0 |
445,000 |
Emily A. Youssouf2
|
0 |
156,000 |
Interested Trustees |
|
|
Robert Deutsch2
|
0 |
150,000 |
Nina O. Shenker2
|
0 |
N/A |
|
Non-Performance Based Fee Advisory Accounts | |||||
|
Registered Investment Companies |
Other
Pooled Investment Vehicles |
Other
Accounts | |||
|
Number of
Accounts |
Total
Assets ($thousands) |
Number of
Accounts |
Total
Assets ($thousands) |
Number of
Accounts |
Total Assets ($thousands) |
JPMorgan SmartRetirement 2065 Fund |
|
|
|
|
|
|
Daniel Oldroyd |
x |
x |
x |
x |
x |
x |
Silvia Trillo |
x |
x |
x |
x |
x |
x |
Ove Fladberg |
x |
x |
x |
x |
x |
x |
Jeffrey A. Geller |
x |
x |
x |
x |
x |
x |
|
Performance Based Fee Advisory Accounts | ||||||||
Registered Investment Companies |
Other
Pooled Investment Vehicles |
Other
Accounts | |||||||
Number of
Accounts |
Total
Assets ($thousands) |
Number of
Accounts |
Total
Assets ($thousands) |
Number of
Accounts |
Total Assets ($thousands) | ||||
JPMorgan SmartRetirement 2065 Fund |
|
|
|
|
|
| |||
Daniel Oldroyd |
x |
x |
x |
x |
x |
x | |||
Silvia Trillo |
x |
x |
x |
x |
x |
x | |||
Ove Fladberg |
x |
x |
x |
x |
x |
x | |||
Jeffrey A. Geller |
x |
x |
x |
x |
x |
x |
Name of Fund |
Benchmark |
JPMorgan SmartRetirement 2065 Fund |
2065 Composite Benchmark*, S&P Target Date 2065+
Index |
Class A, Class C, Class I, Class R2, Class R3 and Class R4 |
Up to 0.25% |
Class R5 |
Up to 0.10% |
Class R6 |
None |
Amount of
Purchases |
Finders’ Fee |
$1,000,000 – $3,999,999* |
1.00% |
$4,000,000 – $9,999,999 |
0.75% |
$10,000,000 – $49,999,999 |
0.50% |
$50,000,000 or more |
0.25% |
1 | |
1 | |
1 | |
1 | |
1 | |
3 | |
3 | |
3 | |
7 | |
7 | |
8 | |
8 | |
8 | |
8 | |
9 | |
10 | |
10 | |
10 | |
10 | |
11 | |
11 | |
11 | |
11 | |
11 | |
11 | |
11 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
12 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 | |
13 |
Fund |
Class
I |
Class
R2 |
Class
R3 |
Class
R4 |
Class
R5 |
Class R6 |
SmartRetirement® Blend 2065 Fund |
X |
X |
X |
X |
X |
X |
Instrument |
Part II
Section Reference |
Adjustable Rate Mortgage Loans (“ARMs”):
Loans in a mortgage pool which provide for a fixed initial mortgage interest rate for a specified period
of time, after which the rate may be subject to periodic
adjustments. |
Mortgage-Related
Securities |
Asset-Backed Securities: Securities secured by company receivables, home equity loans, truck and auto loans, leases, and credit card receivables or other
securities backed by other types of receivables or other
assets. |
Asset-Backed
Securities |
Auction Rate Securities: Auction rate municipal securities and auction rate preferred securities issued by closed-end investment companies. |
Auction Rate
Securities |
Bank Obligations: Bankers’ acceptances, certificates of deposit and time deposits. Bankers’ acceptances are bills of exchange or time drafts drawn on
and accepted by a commercial bank. Maturities are generally six months or
less. Certificates of deposit are negotiable certificates
issued by a bank for a specified period of time and earning
a specified return. Time deposits are non-negotiable
receipts issued by a bank in exchange for the deposit of
funds. |
Bank Obligations |
Borrowings: A Fund may borrow for temporary purposes and/or for investment purposes. Such a practice will result in leveraging of a Fund’s
assets and may cause a Fund to liquidate portfolio positions when it would
not be advantageous to do so. A Fund must maintain
continuous asset coverage of 300% of the amount borrowed,
with the exception for borrowings not in excess of 5% of the
Fund’s total assets made for temporary administrative
purposes. |
Miscellaneous
Investment
Strategies and Risks |
Brady Bonds: Securities created through the exchange of existing commercial bank loans to public and private entities in certain emerging
markets for new bonds in connection with debt restructurings.
|
Foreign Investments (including Foreign Currencies) |
Instrument |
Part II
Section Reference |
Call and Put Options: 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. A Fund will sell only covered call
and secured put options. |
Options and Futures
Transactions |
Commercial Paper: Secured and unsecured short-term promissory notes issued by corporations and other entities. Maturities generally vary from a
few days to nine months. |
Commercial Paper |
Commodity-Linked Derivatives: Securities whose value derives from the price of a commodity, including commodity futures and commodity options.
* |
Miscellaneous
Investment
Strategies and Risks |
Commodity-Related Pooled Investment Vehicles: Ownership interests in grantor trusts and other pooled investment vehicles that hold tangible assets
such as gold, silver or other commodities or invest in commodities
futures. Grantor trusts are typically traded on an
exchange. |
Commodity-Related
Pooled Investment
Vehicles |
Common Stock: Shares of ownership of a company. |
Equity Securities,
Warrants and Rights |
Common Stock Warrants and Rights: Securities, typically issued with preferred stock or bonds, that give the holder the right to buy a proportionate
amount of common stock at a specified price. |
Equity Securities,
Warrants and Rights |
Convertible Securities: Bonds or preferred stock that can convert to common stock including contingent convertible securities. |
Convertible
Securities |
Corporate Debt Securities: May include bonds and other debt securities of domestic and foreign issuers, including obligations of industrial, utility,
banking and other corporate issuers. |
Debt Instruments |
Credit Default Swaps (“CDSs”): A swap agreement between two parties pursuant to which one party pays the other a fixed periodic coupon for the
specified life of the agreement. The other party makes no payment unless a
credit event, relating to a predetermined reference asset,
occurs. If such an event occurs, the party will then make a
payment to the first party, and the swap will
terminate. |
Swaps and Related
Swap Products |
Custodial Receipts: A Fund may acquire securities in the form of custodial receipts that evidence ownership of future interest payments, principal
payments or both on certain U.S. Treasury notes or bonds in connection
with programs sponsored by banks and brokerage firms. These
are not considered to be U.S. government securities. These
notes and bonds are held in custody by a bank on behalf of
the owners of the receipts. |
Custodial Receipts |
Demand Features: Securities that are subject to puts and standby commitments to purchase the securities at a fixed price (usually with accrued
interest) within a fixed period of time following demand by a
Fund. |
Demand Features |
Emerging Market Securities: Securities issued by issuers or governments in countries with emerging economies or securities markets which may be
undergoing significant evolution or rapid development. |
Foreign Investments
(including Foreign
Currencies) |
Exchange-Traded Funds (“ETFs”): Ownership interest in unit investment trusts, depositary receipts, and other pooled investment vehicles that hold a
portfolio of securities or stocks designed to track the price performance
and dividend yield of a particular broad-based, sector or
international index. ETFs include a wide range of
investments. |
Investment
Company Securities
and Exchange-
Traded Funds |
Exchange Traded Notes (“ETNs”): Senior, unsubordinated debt securities whose returns are linked to the performance of a particular market
benchmark or strategy minus applicable fees. |
Miscellaneous
Investment
Strategies and Risks |
Foreign Currency Transactions: Strategies used to hedge against currency risks, for other risk management purposes or to increase income or gain to a
Fund. These strategies may consist of use of any of the following: options
on currencies, currency futures, options on such futures,
forward foreign currency transactions (including
non-deliverable forwards (“NDFs”)), forward rate
agreements and currency swaps, caps and floors. |
Foreign Investments (including Foreign Currencies) |
Instrument |
Part II
Section Reference |
Foreign Investments: Equity and debt securities (e.g., bonds and commercial paper) of foreign entities and obligations of foreign branches of U.S. banks
and foreign banks. Foreign securities may also include American Depositary
Receipts (“ADRs”), Global Depositary Receipts
(“GDRs”), European Depositary Receipts
(“EDRs”) and American Depositary Securities. |
Foreign Investments
(including Foreign
Currencies) |
High Yield/High Risk Securities/Junk Bonds: Securities that are generally rated below investment grade by the primary rating agencies or are unrated
but deemed by a Fund’s adviser to be of comparable
quality. |
Debt Instruments |
Inflation-Linked Debt Securities: Fixed and floating rate debt securities of varying maturities issued by the U.S. government as well as securities issued
by other entities such as corporations, foreign governments and foreign
issuers. |
Debt Instruments |
Initial Public Offerings (“IPOs”): A transaction in which a previously private company makes its first sale of stock to the public. |
Equity Securities,
Warrants and Rights |
Interfund Lending: Involves lending money and borrowing money for temporary purposes through a credit facility. |
Miscellaneous
Investment
Strategies and Risks |
Inverse Floating Rate Instruments: Leveraged variable debt instruments with interest rates that reset in the opposite direction from the market rate of
interest to which the inverse floater is indexed. |
Inverse Floaters and
Interest Rate Caps |
Investment Company Securities: Shares of other investment companies, including money market funds for which the adviser and/or its affiliates
serve as investment adviser or administrator. The adviser will waive
certain fees when investing in funds for which it serves as
investment adviser, to the extent required by law or by
contract. |
Investment
Company Securities
and Exchange-
Traded Funds |
Loan Assignments and Participations: Assignments of, or participations in, all or a portion of loans to corporations or to governments, including
governments of lesser developed countries. |
Loans |
Master Limited Partnership (“MLPs”): Limited partnerships that are publicly traded on a securities exchange. |
Master Limited
Partnerships |
Mortgages (Directly Held): Debt instruments secured by real property. |
Mortgage-Related
Securities |
Mortgage-Backed Securities: Debt obligations secured by real estate loans and pools of loans such as collateralized mortgage obligations (“CMOs”),
commercial mortgage-backed securities (“CMBSs”) and other
asset-backed structures. |
Mortgage-Related
Securities |
Mortgage Dollar Rolls: A transaction in which a Fund sells securities for delivery in a current month and simultaneously contracts with the same party
to repurchase similar but not identical securities on a specified future
date. |
Mortgage-Related
Securities |
Municipal Securities: Securities issued by a state or political subdivision to obtain funds for various public purposes. Municipal securities include,
among others, private activity bonds and industrial development bonds, as
well as general obligation notes, tax anticipation notes,
bond anticipation notes, revenue anticipation notes, other
short-term tax-exempt obligations, municipal leases,
obligations of municipal housing authorities and single
family revenue bonds. |
Municipal Securities |
New Financial Products: New options and futures contracts and other financial products continue to be developed and a Fund may invest in such
options, contracts and products. |
Miscellaneous
Investment
Strategies and Risks |
Obligations of Supranational Agencies: Obligations which are chartered to promote economic development and are supported by various governments
and governmental agencies. |
Foreign Investments
(including Foreign
Currencies) |
Options and Futures Transactions: A Fund may purchase and sell (a) exchange traded and over-the-counter put and call options on securities,
indexes of securities and futures contracts on securities and indexes of
securities and (b) futures contracts on securities and
indexes of securities. |
Options and Futures Transactions |
Instrument |
Part II
Section Reference |
Preferred Stock: A class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends and
in liquidation. |
Equity Securities,
Warrants and Rights |
Private Placements, Restricted Securities and Other
Unregistered
Securities: Securities not registered under the Securities
Act of 1933, such as privately placed commercial paper and
Rule 144A securities. |
Miscellaneous
Investment
Strategies and Risks |
Real Estate Investment Trusts (“REITs”):
Pooled investment vehicles which invest primarily in income producing real estate or real estate related loans or
interest. |
Real Estate
Investment Trusts |
Repurchase Agreements: The purchase of a security and the simultaneous commitment to return the security to the seller at an agreed upon price on an
agreed upon date. This is treated as a loan. |
Repurchase
Agreements |
Reverse Repurchase Agreements: The sale of a security and the simultaneous commitment to buy the security back at an agreed upon price on an agreed
upon date. This is treated as a borrowing by a Fund. |
Reverse Repurchase
Agreements |
Securities Issued in Connection with Reorganizations
and Corporate
Restructurings: In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt
securities. |
Miscellaneous
Investment
Strategies and Risks |
Securities Lending: The lending of up to 331/3% of a Fund’s total assets. In return, the Fund will receive cash, other securities, and/ or letters of credit as
collateral. * |
Securities Lending |
Short Selling: A Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, a
Fund must borrow the security to make delivery to the buyer. A Fund is
obligated to replace the security borrowed by purchasing it
subsequently at the market price at the time of replacement.
* |
Short Selling |
Short-Term Funding Agreements: Agreements issued by banks and highly rated U.S. insurance companies such as Guaranteed Investment Contracts
(“GICs”) and Bank Investment Contracts
(“BICs”). |
Short-Term Funding
Agreements |
Sovereign Obligations: Investments in debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political
subdivisions. |
Foreign Investments
(including Foreign
Currencies) |
Stripped Mortgage-Backed Securities: Derivative multi-class mortgage securities which are usually structured with two classes of shares that receive
different proportions of the interest and principal from a pool of
mortgage assets. These include Interest-Only
(“IO”) and Principal-Only (“PO”)
securities issued outside a Real Estate Mortgage Investment Conduit
(“REMIC”) or CMO structure. |
Mortgage-Related
Securities |
Structured Investments: A security having a return tied to an underlying index or other security or asset class. Structured investments generally are
individually negotiated agreements and may be traded over-the-counter.
Structured investments are organized and operated to
restructure the investment characteristics of the underlying
index, commodity, currency or financial
instrument. |
Structured
Investments |
Swaps and Related Swap Products: Swaps involve an exchange of obligations by two parties. Caps and floors entitle a purchaser to a principal
amount from the seller of the cap or floor to the extent that a specified
index exceeds or falls below a predetermined interest rate
or amount. A Fund may enter into these transactions to
manage its exposure to changing interest rates and other
factors. |
Swaps and Related
Swap Products |
Synthetic Variable Rate Instruments: Instruments that generally involve the deposit of a long-term tax exempt bond in a custody or trust arrangement
and the creation of a mechanism to adjust the long-term interest rate on
the bond to a variable short-term rate and a right (subject
to certain conditions) on the part of the purchaser to
tender it periodically to a third party at par. |
Swaps and Related Swap Products |
Instrument |
Part II
Section Reference |
Temporary Defensive Positions: To respond to unusual circumstances a Fund may invest in cash and cash equivalents for temporary defensive purposes. |
Miscellaneous
Investment
Strategies and Risks |
Treasury Receipts: A Fund may purchase interests in separately traded interest and principal component parts of U.S. Treasury obligations that are
issued by banks or brokerage firms and that are created by depositing U.S.
Treasury notes and U.S. Treasury bonds into a special
account at a custodian bank. Receipts include Treasury
Receipts (“TRs”), Treasury Investment Growth
Receipts (“TIGRs”), and Certificates of Accrual on Treasury Securities (“CATS”). |
Treasury Receipts |
Trust Preferreds: Securities with characteristics of both subordinated debt and preferred stock. Trust preferreds are generally long term securities that
make periodic fixed or variable interest payments. |
Trust Preferred
Securities |
U.S. Government Agency Securities: Securities issued by agencies and instrumentalities of the U.S. government. These include all types of
securities issued by Government National Mortgage Association
(“Ginnie Mae”), the Federal National Mortgage
Association (“Fannie Mae”) and the Federal Home
Loan Mortgage Corporation (“Freddie Mac”), including funding notes, subordinated benchmark notes, CMOs and REMICs. |
Mortgage-Related
Securities |
U.S. Government Obligations: May include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, all of which are backed
as to principal and interest payments by the full faith and credit of the
United States, and separately traded principal and interest
component parts of such obligations that are transferable
through the Federal book-entry system known as Separate
Trading of Registered Interest and Principal of Securities
(“STRIPS”) and Coupons Under Book Entry Safekeeping
(“CUBES”). |
U.S. Government
Obligations |
Variable and Floating Rate Instruments: Obligations with interest rates which are reset daily, weekly, quarterly or some other frequency and which
may be payable to a Fund on demand or at the expiration of a specified
term. |
Debt Instruments |
When-Issued Securities, Delayed Delivery Securities and
Forward Commitments: Purchase or contract to purchase
securities at a fixed price for delivery at a future
date. |
When-Issued
Securities, Delayed
Delivery Securities
and Forward
Commitments |
Zero-Coupon, Pay-in-Kind and Deferred Payment
Securities: Zero-coupon securities are securities that are sold at a discount to par value and on which
interest payments are not made during the life of the security.
Pay-in-kind securities are securities that have interest
payable by delivery of additional securities. Deferred
payment securities are zero-coupon debt securities which
convert on a specified date to interest bearing debt securities. |
Debt Instruments |
Committee |
Fiscal Year Ended
June 30, 2022 |
Audit and Valuation Committee |
[ ] |
Compliance Committee |
[ ] |
Governance Committee |
[ ] |
Equity Committee |
[ ] |
ETF Committee*
|
[ ] |
Fixed Income Committee |
[ ] |
Money Market and Alternative Products Committee |
[ ] |
Name of Trustee |
Dollar Range of
Equity Securities in
JPMorgan SmartRetirement 2065 Fund1 |
Aggregate Dollar
Range of Equity Securities in all Registered
Investment Companies Overseen by the
Trustee in Family of Investment Companies1, 2 |
Independent Trustees |
|
|
John F. Finn |
None |
Over $100,000 |
Stephen P. Fisher |
None |
Over $100,000 |
Gary L. French3
|
None |
Over $100,000 |
Kathleen M. Gallagher |
None |
Over $100,000 |
Robert J. Grassi3
|
None |
Over $100,000 |
Frankie D. Hughes |
None |
Over $100,000 |
Name of Trustee |
Dollar Range of Equity Securities in JPMorgan SmartRetirement 2065
Fund1 |
Aggregate Dollar
Range of Equity Securities in all Registered
Investment Companies Overseen by the
Trustee in Family of Investment Companies1, 2 |
Raymond Kanner |
None |
Over $100,000 |
Thomas P. Lemke3
|
None |
Over $100,000 |
Lawrence R. Maffia3
|
None |
Over $100,000 |
Mary E. Martinez |
None |
Over $100,000 |
Marilyn McCoy |
None |
Over $100,000 |
Dr. Robert A. Oden, Jr. |
None |
Over $100,000 |
Marian U. Pardo |
None |
Over $100,000 |
Emily A. Youssouf3
|
None |
$10,0001-$50,000 |
Interested Trustees |
|
|
Robert Deutsch3
|
None |
Over $100,000 |
Nina O. Shenker3
|
None |
None |
Name of Trustee |
JPMorgan SmartRetirement 2065 Fund |
Total
Compensation Paid From
Fund Complex1 |
Independent Trustees |
|
|
John F. Finn |
0 |
$620,000 |
Stephen P. Fisher |
0 |
445,000 |
Gary L. French2
|
0 |
157,500 |
Kathleen M. Gallagher |
0 |
432,5003
|
Robert J. Grassi2
|
0 |
156,000 |
Dennis P. Harrington4
|
0 |
407,500 |
Frankie D. Hughes |
0 |
395,000 |
Name of Trustee |
JPMorgan SmartRetirement 2065 Fund |
Total
Compensation Paid From
Fund Complex1 |
Raymond Kanner |
0 |
$445,0005 |
Thomas P. Lemke2
|
0 |
158,000 |
Lawrence R. Maffia2
|
0 |
156,000 |
Mary E. Martinez |
0 |
520,000 |
Marilyn McCoy |
0 |
395,0006
|
Mitchell M. Merin7
|
0 |
395,000 |
Dr. Robert A. Oden, Jr. |
0 |
445,000 |
Marian U. Pardo |
0 |
445,000 |
Emily A. Youssouf2
|
0 |
156,000 |
Interested Trustees |
|
|
Robert Deutsch2
|
0 |
150,000 |
Nina O. Shenker2
|
0 |
N/A |
|
Non-Performance Based Fee
Advisory Accounts | |||||
|
Registered Investment Companies |
Other
Pooled Investment Vehicles |
Other
Accounts | |||
|
Number of
Accounts |
Total
Assets ($thousands) |
Number of
Accounts |
Total
Assets ($thousands) |
Number of
Accounts |
Total Assets ($thousands) |
JPMorgan SmartRetirement Blend 2065 Fund |
|
|
|
|
|
|
Daniel Oldroyd |
|
|
|
|
|
|
Silvia Trillo |
|
|
|
|
|
|
Ove Fladberg |
|
|
|
|
|
|
Jeffrey A. Geller |
|
|
|
|
|
|
|
Performance Based Fee
Advisory Accounts | ||||||||
Registered Investment Companies |
Other
Pooled Investment Vehicles |
Other
Accounts | |||||||
Number of
Accounts |
Total
Assets ($thousands) |
Number of
Accounts |
Total
Assets ($thousands) |
Number of
Accounts |
Total Assets ($thousands) | ||||
JPMorgan SmartRetirement Blend 2065 Fund |
|
|
|
|
|
| |||
Daniel Oldroyd |
|
|
|
|
|
| |||
Silvia Trillo |
|
|
|
|
|
| |||
Ove Fladberg |
|
|
|
|
|
| |||
Jeffrey A. Geller |
|
|
|
|
|
|
Name of Fund |
Benchmark |
JPMorgan SmartRetirement Blend 2065 Fund |
2065 Composite Benchmark*, S&P Target Date 2065+
Index |
Class I, Class R2, Class R3 and Class R4 |
up to 0.25% |
Class R5 |
up to 0.10% |
Class R6 |
None |
5 | |
5 | |
7 | |
7 | |
8 | |
8 | |
9 | |
9 | |
9 | |
9 | |
9 | |
10 | |
11 | |
13 | |
13 | |
13 | |
14 | |
14 | |
14 | |
14 | |
15 | |
15 | |
15 | |
15 | |
17 | |
17 | |
17 | |
17 | |
18 | |
19 | |
19 | |
23 | |
24 | |
25 | |
25 | |
25 | |
26 | |
27 | |
31 | |
31 | |
32 | |
32 | |
32 | |
33 | |
33 | |
34 | |
34 | |
34 | |
35 | |
35 |
35 | |
36 | |
36 | |
37 | |
37 | |
37 | |
38 | |
38 | |
38 | |
38 | |
38 | |
39 | |
42 | |
42 | |
42 | |
42 | |
43 | |
44 | |
45 | |
47 | |
48 | |
50 | |
51 | |
51 | |
52 | |
52 | |
53 | |
53 | |
54 | |
54 | |
55 | |
55 | |
55 | |
55 | |
56 | |
56 | |
56 | |
56 | |
56 | |
57 | |
57 | |
58 | |
58 | |
59 | |
60 | |
60 | |
61 | |
61 | |
62 | |
62 | |
63 | |
64 |
65 | |
66 | |
67 | |
67 | |
67 | |
68 | |
69 | |
69 | |
69 | |
69 | |
70 | |
71 | |
80 | |
81 | |
81 | |
83 | |
84 | |
86 | |
86 | |
86 | |
87 | |
87 | |
87 | |
87 | |
89 | |
89 | |
91 | |
92 | |
96 | |
96 | |
97 | |
98 | |
99 | |
99 | |
100 | |
100 | |
100 | |
106 | |
110 | |
110 | |
113 | |
113 | |
114 | |
115 | |
116 | |
117 | |
117 | |
123 | |
124 | |
124 | |
124 | |
125 |
128 | |
128 | |
130 | |
130 | |
132 | |
132 | |
132 | |
133 | |
134 | |
134 | |
135 | |
136 | |
137 | |
137 | |
141 | |
141 | |
141 | |
141 | |
143 | |
144 | |
145 | |
145 | |
145 | |
146 | |
148 | |
148 | |
150 | |
159 | |
A-1
| |
B-1 |
Name (Year of Birth; Term of Office,
and Length of Time Served)(1) |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(1)
|
Other Trusteeships/ Directorships Held During the Past 5 Years |
Independent Trustees |
|
|
|
John F. Finn (1947); Chair since 2020; Trustee, since 1998. |
Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974–present). |
168 |
Director, Greif, Inc. (GEF) (industrial package products and services) (2007–present); Trustee, Columbus Association for the Performing Arts (1988- present). |
Stephen P. Fisher (1959); Trustee, since 2018. |
Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker- dealer) (serving in various roles 2008- 2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008- 2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005- 2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and Main- Stay Funds Trust (2007-2017) (registered investment companies). |
168 |
Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
Gary L. French
(1951); Trustee, since 2014. |
Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). |
168 |
Independent Trustee, The China Fund, Inc. (2013- 2019); Exchange Traded Concepts Trust II (2012- 2014); Exchange Traded Concepts Trust I (2011- 2014). |
Name (Year of Birth; Term of Office,
and Length of Time Served)(1) |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(1)
|
Other Trusteeships/ Directorships Held During the Past 5 Years |
Kathleen M. Gallagher (1958); Trustee, since 2018. |
Retired; Chief Investment Officer – Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). |
168 |
Non-Executive Director, Legal & General Investment Management (Holdings) (2018- present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017- present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007- 2016). |
Robert J. Grassi
(1957); Trustee, since 2014. |
Sole Proprietor, Academy Hills Advisors LLC (2012- present); Pension Director, Corning Incorporated (2002- 2012). |
168 |
None. |
Frankie D. Hughes (1952); Trustee, since 2008. |
President, Ashland Hughes Properties (property management) (2014–present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993– 2014). |
168 |
None. |
Name (Year of Birth; Term of Office,
and Length of Time Served)(1) |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(1)
|
Other Trusteeships/ Directorships Held During the Past 5 Years |
Raymond Kanner (1953); Trustee, since 2017. |
Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007–2016). |
168 |
Advisory Board Member, Penso Advisors, LLC (2020- present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016– 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013–2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001- 2015). |
Thomas P. Lemke
(1954); Trustee, since 2014. |
Retired since 2013. |
168 |
(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee, since 2014. |
Retired; Director and President, ICI Mutual Insurance Company (2006-2013). |
168 |
Director, ICI Mutual Insurance Company (1999-2013). |
Name (Year of Birth; Term of Office,
and Length of Time Served)(1) |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(1)
|
Other Trusteeships/ Directorships Held During the Past 5 Years |
Mary E. Martinez (1960); Vice Chair since 2021; Trustee, since 2013. |
Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010– present); Managing Director, Bank of America (asset management) (2007– 2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003–2007); President, Excelsior Funds (registered investment companies) (2004–2005). |
168 |
None. |
Marilyn McCoy (1948); Trustee, since 1999. |
Vice President of Administration and Planning, Northwestern University (1985– present). |
168 |
None. |
Dr. Robert A. Oden, Jr.
(1946); Trustee, since 1997. |
Retired; President, Carleton College (2002–2010); President, Kenyon College (1995–2002). |
168 |
Trustee, The Coldwater Conservation Fund; Trustee, American Museum of Fly Fishing (2013–present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth- Hitchcock Medical Center (2011–2020). |
Marian U. Pardo (1946); Trustee, since 2013. |
Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007– present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003–2006). |
168 |
Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006–present). |
Name (Year of Birth; Term of Office,
and Length of Time Served)(1) |
Principal Occupation(s) During Past 5 Years |
Number of Funds in Fund Complex Overseen by Trustee(1)
|
Other Trusteeships/ Directorships Held During the Past 5 Years |
Emily A. Youssouf (1951); Trustee, since 2014. |
Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013-present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015- 2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. |
168 |
Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees |
|
|
|
Robert F.
Deutsch(3)
(1957); Trustee, since 2014. |
Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013). |
168 |
Treasurer and Director of the JUST Capital Foundation (2017- present). |
Nina O.
Shenker(3)
(1957); Trustee, since 2022. |
Vice Chair (2017- 2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. |
168 |
Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
Name of Committee |
Members |
Committee Chair |
Audit and Valuation Committee |
Ms. Gallagher Mr. Finn Mr. French Mr. Kanner |
Ms. Gallagher |
Compliance Committee |
Ms. Pardo Mr. Fisher Ms. Hughes Mr. Lemke |
Ms. Pardo |
Governance Committee |
Mr. Finn Ms. Martinez Ms. McCoy Dr. Oden |
Mr. Finn |
ETF Committee |
Mr. Deutsch Mr. Finn Mr. Grassi Mr. Maffia Ms. Martinez Ms. Shenker Ms. Youssouf |
Mr. Deutsch |
Equity Committee |
Mr. Kanner Mr. French Mr. Maffia Ms. Pardo |
Mr. Kanner |
Fixed Income Committee |
Dr. Oden Mr. Grassi Ms. Hughes Ms. Martinez Ms. Shenker Ms. Youssouf |
Dr. Oden |
Money Market and Alternative Products Committee |
Mr. Fisher Mr. Deutsch Ms. Gallagher Mr. Lemke Ms. McCoy |
Mr. Fisher |
Name (Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)* |
Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) |
Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Gregory S. Samuels (1980), Secretary (2019)** (formerly Assistant Secretary 2010-2019) |
Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan Chase since 2010. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) |
Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** |
Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 through June 2021.
|
Matthew Beck (1988), Assistant Secretary (2021)*** |
Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
Name (Year of Birth), Positions Held with the Trusts (Since) |
Principal Occupations During Past 5 Years |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** |
Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962), Assistant Secretary (2005)*** |
Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971), Assistant Secretary (2018)** |
Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
Carmine Lekstutis (1980), Assistant Secretary (2011)** |
Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan Chase since 2011. |
Max Vogel (1990),
Assistant Secretary (2021)** |
Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from October 2015 to March 2017. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** |
Vice President and Assistant General Counsel, JPMorgan Chase since September 2016. |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) |
Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) |
Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
Shannon Gaines (1977), Assistant Treasurer (2018)*** |
Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** |
Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
Michael Mannarino (1985), Assistant Treasurer (2020) |
Vice President, J.P. Morgan Investment Management Inc. since 2014. |
Joseph Parascondola (1963), Assistant Treasurer (2011)* |
Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006. |
Gillian I. Sands (1969), Assistant Treasurer (2012) |
Executive Director, J.P. Morgan Investment Management Inc. since September 2012. |
Money Market Funds: |
|
|
Tier One |
First $250 billion |
0.0013% |
Tier Two |
Over $250 billion |
0.0010% |
Complex
Assets1
Funds: |
|
|
Tier One |
First $75 billion |
0.00425% |
Tier Two |
Next $25 billion |
0.0040% |
Tier Three |
Over $100 billion |
0.0035% |
Non-Complex Assets Funds: |
|
|
Tier One |
First $75 billion |
0.0025% |
Tier Two |
Next $25 billion |
0.0020% |
Tier Three |
Over $100 billion |
0.0015% |
Other Fees: |
|
|
Fund of Funds (for a Fund of Funds that invests in J.P. Morgan Funds only) |
|
$17,5002 |
Additional Share Classes (this additional class expense applies after the fifth class) |
|
$2,000 |
Daily Market-based Net Asset Value Calculation for Money Market Funds |
|
$15,000 per Fund |
Hourly Net Asset Value Calculation for Money Market Funds |
|
$5,000 per Fund |
Floating NAV Support for Money Market Funds |
|
$100,000 per Fund |
Annual Minimums: (except for certain Funds of Funds which are subject to the fee described
above) |
|
Money Market Funds |
$15,000 per Fund |
All Other Funds |
$20,000 per Fund |
Money Market
Funds1:
|
|
|
Tier One |
First $250 billion |
0.0013% |
Tier Two |
Over $250 billion |
0.0010% |
All Funds except Money Market Funds: |
|
|
Tier One |
Up to $100 billion |
0.00375% |
Tier Two |
$100 billion to $175 billion |
0.0030% |
Tier Three |
Over $175 billion |
0.0020% |
Other Fees: |
|
|
Additional Share Classes (this additional class expense applies after the tenth class) |
|
$2,000 per Class |
Daily Market-based Net Asset Value Calculation for Money Market Funds |
|
$15,000 per Fund |
Hourly Net Asset Value Calculation for Money Market Funds |
|
$5,000 per Fund |
Floating NAV Support for Money Market Funds |
|
$85,000 per Fund |
Annual Minimums: |
|
Money Market Funds |
$15,000 per Fund |
All Other Funds |
$20,000 per Fund |
A-1 |
A short-term obligation rated ‘A-1’ is rated in the highest category by S&P Global
Ratings. The obligor’s capacity to meet its financial commitments on the obligation is
strong. Within this category, certain obligations are designated with a plus
sign (+). This indicates that the obligor’s capacity to meet its financial
commitments on these obligations is extremely strong. |
A-2 |
A short-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects
of changes in circumstances and economic conditions than obligations in higher rating
categories. However, the obligor’s capacity to meet its financial
commitments on the obligation is satisfactory. |
A-3 |
A short-term obligation rated ‘A-3’ exhibits adequate protection parameters. However,
adverse economic conditions or changing circumstances are more likely to weaken an
obligor’s capacity to meet its financial commitments on the
obligation. |
B |
A short-term obligation rated ‘B' is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial
commitments; however, it faces major ongoing uncertainties that could lead to the
obligor's inadequate capacity to meet its financial commitments.
|
C |
A short-term obligation rated ‘C’ is currently vulnerable to nonpayment and is
dependent upon favorable business, financial, and economic conditions for the obligor
to meet its financial commitments on the obligation. |
D |
A short-term obligation rated ‘D’ is in default or in breach of an imputed promise. For
non-hybrid capital instruments, the ‘D’ rating category is used when payments on
an obligation are not made on the date due, unless S&P Global Ratings
believes that such payments will be made within any stated grace period.
However, any stated grace period longer than five business days will be treated
as five business days. The ‘D’ rating also will be used upon the
filing of a bankruptcy petition or the taking of a similar action and where
default on an obligation is a virtual certainty, for example due to automatic stay
provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a
distressed debt restructuring. |
F1 |
HIGHEST SHORT-TERM CREDIT QUALITY. Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added “+” to
denote any exceptionally strong credit feature. |
F2 |
GOOD SHORT-TERM CREDIT QUALITY. Good intrinsic capacity for timely payment of financial commitments. |
F3 |
FAIR SHORT-TERM CREDIT QUALITY. The intrinsic capacity for timely payment of financial commitments is adequate. |
B |
SPECULATIVE SHORT-TERM CREDIT QUALITY. Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions. |
C |
HIGH SHORT-TERM DEFAULT RISK. Default is a real possibility. |
RD |
RESTRICTED DEFAULT. Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only. |
D |
DEFAULT. Indicates a broad-based default event for an entity, or the default of a short-
term obligation. |
P-1 |
Ratings of Prime-1 reflect a superior ability to repay short-term debt obligations. |
P-2 |
Ratings of Prime-2 reflect a strong ability to repay short-term debt obligations. |
P-3 |
Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |
NP |
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime
rating categories. |
R-1 (high) |
Highest credit quality. The capacity for the payment of short-term financial obligations
as they fall due is exceptionally high. Unlikely to be adversely affected by future
events. |
R-1 (middle) |
Superior credit quality. The capacity for the payment of short-term financial obligations
as they fall due is very high. Differs from R-1 (high) by a relatively modest degree.
Unlikely to be significantly vulnerable to future events. |
R-1 (low) |
Good credit quality. The capacity for the payment of short-term financial obligations as
they fall due is substantial. Overall strength is not as favorable as higher rating
categories. May be vulnerable to future events, but qualifying negative factors
are considered manageable. |
R-2 (high) |
Upper end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events. |
R-2 (middle) |
Adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events or may be
exposed to other factors that could reduce credit quality. |
R-2 (low) |
Lower end of adequate credit quality. The capacity for the payment of short-term financial obligations as they fall due is acceptable. May be vulnerable to future events.
A number of challenges are present that could affect the issuer’s ability to meet such
obligations. |
R-3 |
Lowest end of adequate credit quality. There is a capacity for the payment of short-term
financial obligations as they fall due. May be vulnerable to future events and the
certainty of meeting such obligations could be impacted by a variety of
developments. |
R-4 |
Speculative credit quality. The capacity for the payment of short-term financial obligations as they fall due is uncertain. |
R-5 |
Highly speculative credit quality. There is a high level of uncertainty as to the capacity
to meet short-term financial obligations as they fall due. |
D |
When the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods,
a downgrade to D may occur. DBRS Morningstar may also use SD (Selective Default)
in cases where only some securities are impacted, such as the case of a “distressed
exchange.” |
AAA |
An obligation rated ‘AAA’ has the highest rating assigned by S&P Global Ratings. The
obligor’s capacity to meet its financial commitments on the obligation is extremely
strong. |
AA |
An obligation rated ‘AA’ differs from the highest-rated obligations only to a small
degree. The obligor’s capacity to meet its financial commitments on the obligation is
very strong. |
A |
An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes
in circumstances and economic conditions than obligations in higher-rated categories.
However, the obligor’s capacity to meet its financial commitments on the
obligation is still strong. |
BBB |
An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse
economic conditions or changing circumstances are more likely to weaken the obligor’s
capacity to meet its financial commitments on the obligation.
|
BB,B,CCC,CC and C |
Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant
speculative characteristics. ‘BB’ indicates the least degree of speculation and
‘C’ the highest. While such obligations will likely have some
quality and protective characteristics, these may be outweighed by large
uncertainties or major exposure to adverse conditions. |
BB |
An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues.
However, it faces major ongoing uncertainties or exposure to adverse business,
financial, or economic conditions that could lead to the obligor’s inadequate capacity
to meet its financial commitments on the obligation. |
B |
An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’,
but the obligor currently has the capacity to meet its financial commitments on the
obligation. Adverse business, financial, or economic conditions will likely
impair the obligor’s capacity or willingness to meet its financial
commitments on the obligation. |
CCC |
An obligation rated ‘CCC’ is currently vulnerable to nonpayment, and is dependent
upon favorable business, financial, and economic conditions for the obligor to meet its
financial commitments on the obligation. In the event of adverse business,
financial, or economic conditions, the obligor is not likely to have the
capacity to meet its financial commitments on the obligation.
|
CC |
An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating
is used when a default has not yet occurred but S&P Global Ratings expects default to
be a virtual certainty, regardless of the anticipated time to
default. |
C |
An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation
is expected to have lower relative seniority or lower ultimate recovery compared with
obligations that are rated higher. |
D |
An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid
capital instruments, the ‘D’ rating category is used when payments on an
obligation are not made on the date due, unless S&P Global Ratings believes
that such payments will be made within five business days in the absence of a
stated grace period or within the earlier of the stated grace period or 30
calendar days. The ‘D’ rating also will be used upon the filing of a
bankruptcy petition or the taking of similar action and where default on an
obligation is a virtual certainty, for example due to automatic stay provisions. A
rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt
restructuring. |
AAA |
HIGHEST CREDIT QUALITY. ‘AAA’ ratings denote the lowest expectation of default
risk. They are assigned only in cases of exceptionally strong capacity for payment of
financial commitments. This capacity is highly unlikely to be adversely affected
by foreseeable events. |
AA |
VERY HIGH CREDIT QUALITY. ‘AA’ ratings denote expectations of very low default
risk. They indicate very strong capacity for payment of financial commitments. This
capacity is not significantly vulnerable to foreseeable events.
|
A |
HIGH CREDIT QUALITY. ‘A’ ratings denote expectations of low default risk. The
capacity for payment of financial commitments is considered strong. This capacity may,
nevertheless, be more vulnerable to adverse business or economic conditions than
is the case for higher ratings. |
BBB |
GOOD CREDIT QUALITY. ‘BBB’ ratings indicate that expectations of default risk are
currently low. The capacity for payment of financial commitments is considered
adequate, but adverse business or economic conditions are more likely to impair this
capacity. |
BB |
SPECULATIVE. ‘BB’ ratings indicate an elevated vulnerability to default risk,
particularly in the event of adverse changes in business or economic conditions over
time; however, business or financial flexibility exists that supports the
servicing of financial commitments. |
B |
HIGHLY SPECULATIVE. ‘B’ ratings indicate that material default risk is present, but a
limited margin of safety remains. Financial commitments are currently being met;
however, capacity for continued payment is vulnerable to deterioration in the business
and economic environment. |
CCC |
SUBSTANTIAL CREDIT RISK. Default is a real possibility. |
CC |
VERY HIGH LEVELS OF CREDIT RISK. Default of some kind appears probable. |
C |
NEAR DEFAULT. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired.
Conditions that are indicative of a ‘C’ category rating for an issuer
include: |
|
•the issuer has entered into a grace or cure period following
non-payment of a material financial obligation;
•the issuer has entered into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation; •the formal announcement by the issuer or their agent of a
distressed debt exchange; •a closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent. |
RD |
RESTRICTED DEFAULT. ‘RD’ ratings indicate an issuer that in Fitch’s opinion has
experienced: |
|
•an uncured payment default or distressed debt exchange on a
bond, loan or other material financial obligation, but
•has not entered into bankruptcy filings, administration, receivership, liquidation or
other formal winding-up procedure, and
•has not otherwise ceased operating. This would include: •the selective payment default on a specific class or currency
of debt; •the uncured expiry of any applicable grace period, cure period or default forbearance
period following a payment default on a bank loan, capital markets security or other
material financial obligation;
•the extension of multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations. |
D |
DEFAULT. ‘D’ ratings indicate an issuer that in Fitch Ratings’ opinion has entered
into bankruptcy filings, administration, receivership, liquidation or other formal
winding-up procedure or that has otherwise ceased business. |
Aaa |
Obligations rated Aaa are judged to be of the highest quality, with minimal risk. |
Aa |
Obligations rated Aa are judged to be of high quality and are subject to very low credit
risk. |
A |
Obligations rated A are judged to be upper-medium-grade and are subject to low credit risk. |
Baa |
Obligations rated Baa are subject to moderate credit risk. They are considered medium- grade and as such may possess certain speculative characteristics. |
Ba |
Obligations rated Ba are judged to have speculative elements and are subject to substantial credit risk. |
B |
Obligations rated B are considered speculative and are subject to high credit risk. |
Caa |
Obligations rated Caa are judged to be of poor standing and are subject to very high credit risk. |
Ca |
Obligations rated Ca are highly speculative and are likely in, or very near, default, with
some prospect of recovery in principal and interest. |
C |
Obligations rated C are the lowest-rated class of bonds and are typically in default, with
little prospect for recovery of principal or interest. |
AAA |
Highest credit quality. The capacity for the payment of financial obligations is exceptionally high and unlikely to be adversely affected by future events. |
AA |
Superior credit quality. The capacity for the payment of financial obligations is considered high. Credit quality differs from AAA only to a small degree. Unlikely to be
significantly vulnerable to future events. |
A |
Good credit quality. The capacity for the payment of financial obligations is substantial,
but of lesser credit quality than AA. May be vulnerable to future events, but qualifying
negative factors are considered manageable. |
BBB |
Adequate credit quality. The capacity for the payment of financial obligations is considered acceptable. May be vulnerable to future events. |
BB |
Speculative, non-investment grade credit quality. The capacity for the payment of financial obligations is uncertain. Vulnerable to future events. |
B |
Highly speculative credit quality. There is a high level of uncertainty as to the capacity
to meet financial obligations. |
CCC/CC/C |
Very highly speculative credit quality. In danger of defaulting on financial obligations.
There is little difference between these three categories, although CC and C ratings are
normally applied to obligations that are seen as highly likely to default, or
subordinated to obligations rated in the CCC to B range. Obligations in respect
of which default has not technically taken place but is considered inevitable
may be rated in the C category. |
D |
When the issuer has filed under any applicable bankruptcy, insolvency or winding up statute or there is a failure to satisfy an obligation after the exhaustion of grace periods,
a downgrade to D may occur. DBRS Morningstar may also use SD (Selective Default)
in cases where only some securities are impacted, such as the case of a “distressed
exchange.” |
AAA |
An insurer rated ‘AAA’ has extremely strong financial security characteristics. ‘AAA’ is
the highest insurer financial strength rating assigned by S&P Global Ratings.
|
AA |
An insurer rated ‘AA’ has very strong financial security characteristics, differing only
slightly from those rated higher. |
A |
An insurer rated ‘A’ has strong financial security characteristics, but is somewhat more
likely to be affected by adverse business conditions than are insurers with higher
ratings. |
BBB |
An insurer rated ‘BBB’ has good financial security characteristics, but is more likely to
be affected by adverse business conditions than are higher-rated insurers. |
BB, B, CCC, and CC |
An insurer rated ‘BB’ or lower is regarded as having vulnerable characteristics that may
outweigh its strengths, ‘BB’ indicates the least degree of vulnerability within
the range and ‘CC’ the highest. |
BB |
An insurer rated ‘BB’ has marginal financial security characteristics. Positive attributes
exist, but adverse business conditions could lead to insufficient ability to meet financial
commitments. |
B |
An insurer rated ‘B’ has weak financial security characteristics. Adverse business
conditions will likely impair its ability to meet financial commitments. |
CCC |
An insurer rated ‘CCC’ has very weak financial security characteristics, and is
dependent on favorable business conditions to meet financial commitments. |
CC |
An insurer rated ‘CC’ has extremely weak financial security characteristics and is likely
not to meet some of its financial commitments. |
SD and D |
An insurer rated ‘SD’ (selective default) or ‘D’ is in default on one or more of its
insurance policy obligations.
The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the
taking of similar action if payments on a policy obligation are at risk. A
‘D’ rating is assigned when S&P Global Ratings believes that the
default will be a general default and that the obligor will fail to pay
substantially all of its obligations in full in accordance with the policy
terms. An ‘SD’ rating is assigned when S&P Global Ratings
believes that the insurer has selectively defaulted on a specific class of
policies but it will continue to meet its payment obligations on other classes
of obligations. An ‘SD’ includes the completion of a distressed debt
restructuring. Claim denials due to lack of coverage or other legally permitted
defenses are not considered defaults. |
AAA |
EXCEPTIONALLY STRONG. ‘AAA’ IFS Ratings denote the lowest expectation of ceased or interrupted payments. They are assigned only in the case of exceptionally strong capacity to meet policyholder and contract obligations. This capacity is highly
unlikely to be adversely affected by foreseeable events. |
AA |
VERY STRONG. ‘AA’ IFS Ratings denote a very low expectation of ceased or interrupted payments. They indicate very strong capacity to meet policyholder and contract obligations. This capacity is not significantly vulnerable to foreseeable events. |
A |
STRONG. ‘A’ IFS Ratings denote a low expectation of ceased or interrupted payments.
They indicate strong capacity to meet policyholder and contract obligations. This
capacity may, nonetheless, be more vulnerable to changes in circumstances or in
economic conditions than is the case for higher ratings. |
BBB |
GOOD. ‘BBB’ IFS Ratings indicate that there is currently a low expectation of ceased
or interrupted payments. The capacity to meet policyholder and contract obligations on
a timely basis is considered adequate, but adverse changes in circumstances and
economic conditions are more likely to impact this capacity. |
BB |
MODERATELY WEAK. ‘BB’ IFS Ratings indicate that there is an elevated vulnerability to ceased or interrupted payments, particularly as the result of adverse
economic or market changes over time. However, business or financial alternatives may
be available to allow for policyholder and contract obligations to be met in a
timely manner. |
B |
WEAK. ‘B’ IFS Ratings indicate two possible conditions. If obligations are still being
met on a timely basis, there is significant risk that ceased or interrupted payments could
occur in the future, but a limited margin of safety remains. Capacity for
continued timely payments is contingent upon a sustained, favorable business and
economic environment, and favorable market conditions. Alternatively, a
‘B’ IFS Rating is assigned to obligations that have experienced
ceased or interrupted payments, but with the potential for extremely high
recoveries. Such obligations would possess a recovery assessment of
‘RR1’ (Outstanding). |
CCC |
VERY WEAK. ‘CCC’ IFS Ratings indicate two possible conditions. If obligations are
still being met on a timely basis, there is a real possibility that ceased or interrupted
payments could occur in the future. Capacity for continued timely payments is
solely reliant upon a sustained, favorable business and economic environment,
and favorable market conditions. Alternatively, a ‘CCC’ IFS Rating
is assigned to obligations that have experienced ceased or interrupted payments,
and with the potential for average to superior recoveries. Such obligations
would possess a recovery assessment of ‘RR2’ (Superior),
‘RR3’ (Good), and ‘RR4’ (Average). |
CC |
EXTREMELY WEAK. ‘CC’ IFS Ratings indicate two possible conditions. If obligations are still being met on a timely basis, it is probable that ceased or interrupted
payments will occur in the future. Alternatively, a ‘CC’ IFS Rating is assigned to
obligations that have experienced ceased or interrupted payments, with the
potential for average to below-average recoveries. Such obligations would
possess a recovery assessment of ‘RR4’ (Average) or
‘RR5’ (Below Average). |
C |
DISTRESSED. ‘C’ IFS Ratings indicate two possible conditions. If obligations are still
being met on a timely basis, ceased or interrupted payments are imminent. Alternatively,
a ‘C’ IFS Rating is assigned to obligations that have experienced
ceased or interrupted payments, and with the potential for below average to poor
recoveries. Such obligations would possess a recovery assessment of
‘RR5’ (Below Average) or ‘RR6’ (Poor). |
F1 |
Insurers are viewed as having a strong capacity to meet their near-term obligations. When an insurer rated in this rating category is designated with a (+) sign, it is viewed
as having a very strong capacity to meet near-term obligations. |
F2 |
Insurers are viewed as having a good capacity to meet their near-term obligations. |
F3 |
Insurers are viewed as having an adequate capacity to meet their near-term obligations. |
B |
Insurers are viewed as having a weak capacity to meet their near-term obligations. |
C |
Insurers are viewed as having a very weak capacity to meet their near-term obligations. |
RR1 |
OUTSTANDING RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR1’ rated securities have characteristics consistent with securities historically recovering 91%–100% of
current principal and related interest. |
RR2 |
SUPERIOR RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR2’ rated securities have characteristics consistent with securities historically recovering 71%–90% of current
principal and related interest. |
RR3 |
GOOD RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR3’ rated securities have characteristics consistent with securities historically recovering 51%–70% of current
principal and related interest. |
RR4 |
AVERAGE RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR4’ rated securities have characteristics consistent with securities historically recovering 31%–50% of current
principal and related interest. |
RR5 |
BELOW AVERAGE RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR5’ rated securities have characteristics consistent with securities historically recovering 11%–
30% of current principal and related interest. |
RR6 |
POOR RECOVERY PROSPECTS GIVEN DEFAULT. ‘RR6’ rated securities have characteristics consistent with securities historically recovering 0%–10% of current
principal and related interest. |
Aaa |
Insurance companies rated Aaa are judged to be of the highest quality, subject to the
lowest level of credit risk. |
Aa |
Insurance companies rated Aa are judged to be of high quality and are subject to very low credit risk. |
A |
Insurance companies rated A are judged to be upper-medium grade and are subject to low credit risk. |
Baa |
Insurance companies rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics. |
Ba |
Insurance companies rated Ba are judged to be speculative and are subject to substantial
credit risk. |
B |
Insurance companies rated B are considered speculative and are subject to high credit risk. |
Caa |
Insurance companies rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
Ca |
Insurance companies rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
C |
Insurance companies rated C are the lowest rated and are typically in default, with little
prospect for recovery of principal or interest. |
P-1 |
Ratings of Prime-1 reflect a superior ability to repay short-term debt obligations. |
P-2 |
Ratings of Prime-2 reflect a strong ability to repay short-term debt obligations. |
P-3 |
Ratings of Prime-3 reflect an acceptable ability to repay short-term obligations. |
P-4 |
Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime
rating categories. |
SP-1 |
Strong capacity to pay principal and interest. An issue determined to possess a very strong capacity to pay debt service is given a plus (+) designation. |
SP-2 |
Satisfactory capacity to pay principal and interest, with some vulnerability to adverse
financial and economic changes over the term of the notes. |
SP-3 |
Speculative capacity to pay principal and interest. |
D |
‘D’ is assigned upon failure to pay the note when due, completion of a distressed
debt restructuring, or the filing of a bankruptcy petition or the taking of
similar action and where default on an obligation is a virtual certainty, for
example, due to automatic stay provisions. |
MIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by established cash flows, highly reliable liquidity support or demonstrated broad-based access to the market for refinancing. |
MIG 2 |
This designation denotes strong credit quality. Margins of protection are ample, although not as large as in the preceding group. |
MIG 3 |
This designation denotes acceptable credit quality. Liquidity and cash-flow protection
may be narrow, and market access for refinancing is likely to be less
well-established. |
SG |
This designation denotes speculative-grade credit quality. Debt instruments in this category may lack sufficient margins of protection. |
VMIG 1 |
This designation denotes superior credit quality. Excellent protection is afforded by the
superior short-term credit strength of the liquidity provider and structural and legal
protections that ensure the timely payment of purchase price upon
demand. |
VMIG 2 |
This designation denotes strong credit quality. Good protection is afforded by the strong
short-term credit strength of the liquidity provider and structural and legal protections
that ensure the timely payment of purchase price upon demand.
|
VMIG 3 |
This designation denotes acceptable credit quality. Adequate protection is afforded by
the satisfactory short-term credit strength of the liquidity provider and structural and
legal protections that ensure the timely payment of purchase price upon
demand. |
SG |
This designation denotes speculative-grade credit quality. Demand features rated in this
category may be supported by a liquidity provider that does not have a sufficiently
strong short-term rating or may lack the structural or legal protections
necessary to ensure the timely payment of purchase price upon
demand. |
Pfd-1 |
Preferred shares rated Pfd-1 are generally of superior credit quality, and are supported
by entities with strong earnings and balance sheet characteristics. Pfd-1 ratings
generally correspond with issuers with a AAA or AA category reference
point1.
|
Pfd-2 |
Preferred shares rated Pfd-2 are generally of good credit quality. Protection of dividends
and principal is still substantial, but earnings, the balance sheet and coverage ratios are
not as strong as Pfd-1 rated companies. Generally, Pfd-2 ratings correspond with
issuers with an A category or higher reference point. |
Pfd-3 |
Preferred shares rated Pfd-3 are generally of adequate credit quality. While protection of
dividends and principal is still considered acceptable, the issuing entity is more
susceptible to adverse changes in financial and economic conditions, and there
may be other adverse conditions present which detract from debt protection.
Pfd-3 ratings generally correspond with issuers with a BBB category or higher
reference point. |
Pfd-4 |
Preferred shares rated Pfd-4 are generally speculative, where the degree of protection
afforded to dividends and principal is uncertain, particularly during periods of economic
adversity. Issuers with preferred shares rated Pfd-4 generally correspond with
issuers with a BB category or higher reference point. |
Pfd-5 |
Preferred shares rated Pfd-5 are generally highly speculative and the ability of the entity
to maintain timely dividend and principal payments in the future is highly uncertain.
Entities with a Pfd-5 rating generally correspond with issuers with a B category
or higher reference point. Preferred shares rated Pfd-5 often have
characteristics that, if not remedied, may lead to default. |
D |
When the issuer has filed under any applicable bankruptcy, insolvency or winding up or
the issuer is in default per the legal documents, a downgrade to D may occur. Because
preferred share dividends are only payable when approved, the non-payment of a
preferred share dividend does not necessarily result in a D. DBRS Morningstar
may also use SD (Selective Default) in cases where only some securities are
impacted, such as the case of a “distressed exchange”. See the
Default Definition document posted on the website for more
information. |
(a)(1) |
|
(a)(2) |
|
(a)(2)(a) |
|
(b) |
|
(c) |
Instruments Defining Rights of Security Holders. Incorporated by reference to Exhibits (a) and (b). |
(d)(1) |
|
(d)(1)(a) |
|
(e)(1) |
|
(e)(2) |
|
(e)(3) |
|
(e)(4) |
|
(e)(5) |
|
(e)(6) |
|
(e)(7) |
|
(e)(8) |
|
(f) |
|
(g)(1)(a) |
|
(g)(1)(b) |
|
(g)(1)(c) |
|
(g)(1)(d) |
|
(h)(1)(a) |
(h)(1)(b) |
|
(h)(1)(c) |
|
(h)(1)(d) |
|
(h)(1)(e) |
|
(h)(1)(f) |
|
(h)(2)(a) |
|
(h)(2)(b) |
|
(h)(2)(c) |
|
(h)(2)(d) |
|
(h)(2)(e) |
|
(h)(3)(a) |
|
(h)(3)(b) |
|
(h)(3)(c) |
|
(h)(3)(d) |
|
(h)(3)(e) |
|
(h)(4) |
|
(h)(5) |
|
(h)(6) |
|
(h)(7) |
(h)(8) |
|
(h)(9) |
|
(h)(10) |
|
(h)(11) |
|
(h)(12) |
|
(h)(13) |
|
(h)(14) |
|
(h)(15) |
|
(h)(16) |
|
(h)(17) |
|
(h)(18) |
|
(h)(19) |
|
(h)(19)(a) |
|
(h)(19)(b) |
|
(h)(19)(c) |
|
(h)(20) |
|
(h)(21) |
|
(h)(22) |
(h)(23) |
|
(h)(24) |
|
(h)(25) |
|
(h)(26) |
|
(h)(27) |
|
(i) |
Opinion and consent of counsel. To be filed by amendment. |
(j) |
Consent of independent registered public accounting firm. To be filed by amendment. |
(k) |
Not applicable. |
(l) |
Not applicable. |
(m)(1) |
|
(m)(2) |
|
(n)(1) |
|
(n)(2) |
|
(o) |
Reserved. |
(p) |
Codes of Ethics. |
(p)(1) |
|
(p)(2) |
|
(p)(3) |
|
(99)(a) |
|
(99)(b) |
|
(99)(c) |
EX-101.INS |
XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags
are embedded within the Inline XBRL document. |
EX-101.SCH |
XBRL Taxonomy Extension Schema Document. |
EX-101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. |
EX-101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. |
EX-101.LAB |
XBRL Taxonomy Extension Labels Linkbase Document. |
EX-101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. |
Name with Registrant |
Positions and Office with JPMorgan
Distribution Services,
Inc. |
Positions and Offices with the Funds |
Wendy Barta |
Director, Executive Director & President |
None |
Andrea Lisher |
Director & Managing Director |
None |
Joseph F. Sanzone |
Director & Managing Director |
None |
Omar F. Altahawi |
Managing Director & Treasurer |
None |
Gary C. Krivo |
Managing Director & Chief Risk Officer |
None |
Michael R. Machulski |
Director & Managing Director
|
None |
Brian S. Shlissel |
Managing Director |
President & Principal Executive Officer |
James A. Hoffman |
Executive Director |
None |
Name with Registrant |
Positions and Office with JPMorgan
Distribution Services,
Inc. |
Positions and Offices with the Funds |
Carmine Lekstutis |
Executive Director & Chief Legal Officer |
Assistant Secretary |
Jessica K. Ditullio |
Executive Director & Assistant Secretary |
Assistant Secretary |
Kevin Kloza |
Executive Director and Chief Compliance Officer |
None |
Andrea Lang |
Vice President & Anti-Money Laundering Compliance Officer |
None |
Frank J. Drozek |
Executive Director & Assistant Treasurer |
None |
Christopher J. Mohr |
Executive Director & Assistant Treasurer |
None |
Joanna Corey |
Executive Director & Assistant Secretary |
None |
Marcela Castro |
Executive Director & Assistant Secretary |
None |
Afiya M. Jordan |
Vice President & Secretary |
None |
Amee Kantesaria |
Vice President & Assistant Secretary |
None |
Amy Hsu |
Vice President & Assistant Secretary |
None |
Andris Alexander |
Vice President & Assistant Secretary |
None |
Theodore Weisman |
Vice President & Assistant Secretary |
None |
JPMorgan Trust IV | |
By: |
Brian S. Shlissel* |
|
Name: Brian S. Shlissel |
|
Title: President and Principal Executive Officer |
John F. Finn* |
John F. Finn |
Trustee |
Stephen P. Fisher* |
Stephen P. Fisher |
Trustee |
Gary L. French* |
Gary L. French |
Trustee |
Kathleen M. Gallagher* |
Kathleen M. Gallagher |
Trustee |
Robert J. Grassi* |
Robert J. Grassi |
Trustee |
Frankie D. Hughes* |
Frankie D. Hughes |
Trustee |
Raymond Kanner* |
Raymond Kanner |
Trustee |
Thomas P. Lemke* |
Thomas P. Lemke |
Trustee |
Timothy J. Clemens* |
Timothy J. Clemens |
Treasurer and Principal Financial Officer |
*By |
/s/ Carmine Lekstutis |
|
Carmine Lekstutis |
|
Attorney-In-Fact |
Lawrence R. Maffia* |
Lawrence R. Maffia |
Trustee |
Mary E. Martinez* |
Mary E. Martinez |
Trustee |
Marilyn McCoy* |
Marilyn McCoy |
Trustee |
Robert A. Oden, Jr.* |
Robert A. Oden, Jr. |
Trustee |
Marian U. Pardo* |
Marian U. Pardo |
Trustee |
Emily A. Youssouf* |
Emily A. Youssouf |
Trustee |
Robert F. Deutsch* |
Robert F. Deutsch |
Trustee |
Nina O. Shenker* |
Nina O. Shenker |
Trustee |
Brian S. Shlissel* |
Brian S. Shlissel |
President and Principal Executive Officer |
Exhibit No. |
Description |
(a)(2)(a) |
Amended Schedule A, dated August 11, 2022, to the Declaration of Trust, dated November 11, 2015. |
(d)(1)(a) |
Form of Amended Schedule A, dated August 11, 2022, to the Investment Advisory Agreement. |
(e)(4) |
Form of Amended Schedule B to the Distribution Agreement, amended as of August 11, 2022. |
(e)(5) |
Form of Amended Schedule C to the Distribution Agreement, amended as of August 11, 2022. |
(e)(6) |
Form of Amended Schedule D to the Distribution Agreement, amended as of August 11, 2022. |
(e)(8) |
Form of Amended Schedule F to the Distribution Agreement, amended as of August 11, 2022. |
(g)(1)(b) |
Form of Amended Schedule A to the Amended and Restated Global Custody and Fund Accounting Agreement (as
amended August 11, 2022). |
(g)(1)(d) |
Amendment to Third Party Securities Lending Rider as of August 11, 2022. |
(h)(1)(c) |
Form of Amended Schedule B to the Administration Agreement (amended as of August 11, 2022.) |
(h)(2)(b) |
Form of Amended Appendix A, dated as of August 11, 2022, to the Amended and Restated Transfer Agency
Agreement between the Trust and BFDS dated September 1, 2014. |
(h)(3)(e) |
Form of Amended Schedule B to the Shareholder Servicing Agreement, (amended as of August 11, 2022). |
(h)(19)(c) |
Amendment to the Global Securities Lending Agency Agreement as of August 11, 2022. |
(m)(2) |
Amended Schedule B, dated August 11, 2022, to the Combined Amended and Restated Distribution Plan (as amended
November 11, 2015). |
(n)(1) |
Combined Amended and Restated Rule 18f-3, Multi-Class Plan, including Exhibit A, amended as of August 11, 2022. |
(n)(2) |
Amended Exhibit B, dated August 11, 2022, to the Combined Amended and Restated Rule 18f-3 Multi-Class Plan. |
EX-101.INS |
XBRL Instance Document - the instance document does not appear on the Interactive Data File because its XBRL tags
are embedded within the Inline XBRL document. |
EX-101.SCH |
XBRL Taxonomy Extension Schema Document. |
EX-101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document. |
EX-101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document. |
EX-101.LAB |
XBRL Taxonomy Extension Labels Linkbase Document. |
EX-101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document. |