JPMORGAN SMARTRETIREMENT FUNDS
JPMORGAN TRUST I
JPMorgan SmartRetirement® Income Fund
JPMorgan SmartRetirement® 2020 Fund
JPMorgan SmartRetirement® 2025 Fund
JPMorgan SmartRetirement® 2030 Fund
JPMorgan SmartRetirement® 2035 Fund
JPMorgan SmartRetirement® 2040 Fund
JPMorgan SmartRetirement® 2045 Fund
JPMorgan SmartRetirement® 2050 Fund
JPMorgan SmartRetirement® 2055 Fund
JPMorgan SmartRetirement® 2060 Fund
JPMORGAN TRUST IV
JPMorgan SmartRetirement® 2065 Fund
(All Share Classes)
(each, a “Fund” and collectively, the “Funds”)
Supplement dated January 13, 2023
to the current Summary Prospectuses and Prospectuses dated November 1, 2022
As part of the annual review process, effective February 1, 2023, the glide path in the “What are the Fund’s main investment strategies?” and the “More About the Funds- Principal Investment Strategies” sections of each Fund’s summary prospectuses and prospectuses (other than the JPMorgan SmartRetirement Income Fund) have been revised and replaced with the following:
SUP-SR-123
Effective February 1, 2023, the Target Allocations table and corresponding footnote in the “What are the Fund’s main investment strategies?” section of each Fund’s summary prospectuses and prospectuses have been revised and replaced with the following:
JPMorgan SmartRetirement Income Fund and JPMorgan SmartRetirement 2020 Fund
| Target Allocations1 | ||||
| Fixed Income | 55.00 | % | ||
| U.S. Fixed Income | 36.50 | % | ||
| Inflation Managed | 7.50 | % | ||
| High Yield Fixed Income | 9.35 | % | ||
| Emerging Markets Debt | 1.65 | % | ||
| Equity | 40.00 | % | ||
| U.S. Large Cap Equity | 19.60 | % | ||
| U.S. Mid Cap Equity | 2.80 | % | ||
| U.S. Small Cap Equity | 2.40 | % | ||
| REITs | 0.80 | % | ||
| International Equity | 11.20 | % | ||
| Emerging Markets Equity | 3.20 | % | ||
| Money Market/Cash and Cash Equivalents | 5.00 | % | ||
| Money Market/Cash and Cash Equivalents | 5.00 | % | ||
Note: Above allocations may not sum up to 100% due to rounding.
| 1 | As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
JPMorgan SmartRetirement 2025 Fund
| Target Allocations1 | ||||
| Fixed Income | 50.20 | % | ||
| U.S. Fixed Income | 35.36 | % | ||
| Inflation Managed | 4.80 | % | ||
| High Yield Fixed Income | 8.54 | % | ||
| Emerging Markets Debt | 1.50 | % | ||
| Equity | 47.80 | % | ||
| U.S. Large Cap Equity | 23.44 | % | ||
| U.S. Mid Cap Equity | 3.34 | % | ||
| U.S. Small Cap Equity | 2.88 | % | ||
| REITs | 0.95 | % | ||
| International Equity | 13.06 | % | ||
| Emerging Markets Equity | 4.13 | % | ||
| Money Market/Cash and Cash Equivalents | 2.00 | % | ||
| Money Market/Cash and Cash Equivalents | 2.00 | % | ||
Note: Above allocations may not sum up to 100% due to rounding.
| 1 | As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
JPMorgan SmartRetirement 2030 Fund
| Target Allocations1 | ||||
| Equity | 60.77 | % | ||
| U.S. Large Cap Equity | 29.81 | % | ||
| U.S. Mid Cap Equity | 4.24 | % | ||
| U.S. Small Cap Equity | 3.65 | % | ||
| REITs | 1.20 | % | ||
| International Equity | 16.40 | % | ||
| Emerging Markets Equity | 5.47 | % | ||
| Fixed Income | 39.23 | % | ||
| U.S. Fixed Income | 30.16 | % | ||
| Inflation Managed | 1.20 | % | ||
| High Yield Fixed Income | 6.68 | % | ||
| Emerging Markets Debt | 1.19 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
Note: Above allocations may not sum up to 100% due to rounding.
| 1 | As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
JPMorgan SmartRetirement 2035 Fund
| Target Allocations1 | ||||
| Equity | 73.18 | % | ||
| U.S. Large Cap Equity | 35.89 | % | ||
| U.S. Mid Cap Equity | 5.11 | % | ||
| U.S. Small Cap Equity | 4.40 | % | ||
| REITs | 1.45 | % | ||
| International Equity | 19.75 | % | ||
| Emerging Markets Equity | 6.58 | % | ||
| Fixed Income | 26.82 | % | ||
| U.S. Fixed Income | 21.44 | % | ||
| Inflation Managed | 0.00 | % | ||
| High Yield Fixed Income | 4.57 | % | ||
| Emerging Markets Debt | 0.81 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
Note: Above allocations may not sum up to 100% due to rounding.
| 1 | A As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
JPMorgan SmartRetirement 2040 Fund
| Target Allocations1 | ||||
| Equity | 83.40 | % | ||
| U.S. Large Cap Equity | 40.89 | % | ||
| U.S. Mid Cap Equity | 5.84 | % | ||
| U.S. Small Cap Equity | 5.00 | % | ||
| REITs | 1.67 | % | ||
| International Equity | 22.25 | % | ||
| Emerging Markets Equity | 7.75 | % | ||
| Fixed Income | 16.60 | % | ||
| U.S. Fixed Income | 13.28 | % | ||
| Inflation Managed | 0.00 | % | ||
| High Yield Fixed Income | 2.82 | % | ||
| Emerging Markets Debt | 0.50 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
Note: Above allocations may not sum up to 100% due to rounding.
| 1 | As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
JPMorgan SmartRetirement 2045 Fund
| Target Allocations1 | ||||
| Equity | 91.20 | % | ||
| U.S. Large Cap Equity | 44.66 | % | ||
| U.S. Mid Cap Equity | 6.40 | % | ||
| U.S. Small Cap Equity | 5.47 | % | ||
| REITs | 1.84 | % | ||
| International Equity | 24.16 | % | ||
| Emerging Markets Equity | 8.67 | % | ||
| Fixed Income | 8.80 | % | ||
| U.S. Fixed Income | 7.04 | % | ||
| Inflation Managed | 0.00 | % | ||
| High Yield Fixed Income | 1.39 | % | ||
| Emerging Markets Debt | 0.37 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
Note: Above allocations may not sum up to 100% due to rounding.
| 1 | As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund, JPMorgan SmartRetirement 2060 Fund and JPMorgan SmartRetirement 2065 Fund
| Target Allocations1 | ||||
| Equity | 94.00 | % | ||
| U.S. Large Cap Equity | 46.00 | % | ||
| U.S. Mid Cap Equity | 6.60 | % | ||
| U.S. Small Cap Equity | 5.65 | % | ||
| REITs | 1.90 | % | ||
| International Equity | 24.90 | % | ||
| Emerging Markets Equity | 8.95 | % | ||
| 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/Cash and Cash Equivalents | 0.00 | % | ||
| Money Market/Cash and Cash Equivalents | 0.00 | % | ||
Note: Above allocations may not sum up to 100% due to rounding.
| 1 | As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
Effective February 1, 2023, the Target Allocations table and corresponding footnote in the “More About the Funds- Principal Investment Strategies” section of the JPMorgan SmartRetirement Income Fund has been revised and replaced with the following:
| Target Allocations1 | ||||
| Fixed Income | 55.00 | % | ||
| U.S. Fixed Income | 36.50 | % | ||
| Inflation Managed | 7.50 | % | ||
| High Yield Fixed Income | 9.35 | % | ||
| Emerging Markets Debt | 1.65 | % | ||
| Equity | 40.00 | % | ||
| U.S. Large Cap Equity | 19.60 | % | ||
| U.S. Mid Cap Equity | 2.80 | % | ||
| U.S. Small Cap Equity | 2.40 | % | ||
| REITs | 0.80 | % | ||
| International Equity | 11.20 | % | ||
| Emerging Markets Equity | 3.20 | % | ||
| Money Market/Cash and Cash Equivalents | 5.00 | % | ||
| Money Market/Cash and Cash Equivalents | 5.00 | % | ||
| 1 | As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
Effective February 1, 2023, the Target Allocations table and corresponding footnote in the “More About the Funds- Principal Investment Strategies” section of the Funds prospectuses (other than the JPMorgan SmartRetirement Income Fund) have been revised and replaced with the following:
| Target Allocations1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Years to Target Date | 40+ | 35 | 30 | 25 | 20 | 15 | 10 | 5 | 0 | -5 | -10 | -20 | -35 | |||||||||||||||||||||||||||||||||||||||
| Equity | 94.00 | % | 94.00 | % | 94.00 | % | 94.00 | % | 87.00 | % | 78.00 | % | 65.95 | % | 53.00 | % | 40.00 | % | 40.00 | % | 40.00 | % | 40.00 | % | 40.00 | % | ||||||||||||||||||||||||||
| U.S. Large Cap Equity |
46.00 | % | 46.00 | % | 46.00 | % | 46.00 | % | 42.65 | % | 38.25 | % | 32.35 | % | 26.00 | % | 19.60 | % | 19.60 | % | 19.60 | % | 19.60 | % | 19.60 | % | ||||||||||||||||||||||||||
| U.S. Mid Cap Equity |
6.60 | % | 6.60 | % | 6.60 | % | 6.60 | % | 6.10 | % | 5.45 | % | 4.60 | % | 3.70 | % | 2.80 | % | 2.80 | % | 2.80 | % | 2.80 | % | 2.80 | % | ||||||||||||||||||||||||||
| U.S. Small 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 | % | 2.40 | % | ||||||||||||||||||||||||||
| REITs |
1.90 | % | 1.90 | % | 1.90 | % | 1.90 | % | 1.75 | % | 1.55 | % | 1.30 | % | 1.05 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | 0.80 | % | ||||||||||||||||||||||||||
| International Equity |
24.90 | % | 24.90 | % | 24.90 | % | 24.90 | % | 23.05 | % | 21.05 | % | 17.80 | % | 14.30 | % | 11.20 | % | 11.20 | % | 11.20 | % | 11.20 | % | 11.20 | % | ||||||||||||||||||||||||||
| Emerging Markets Equity |
8.95 | % | 8.95 | % | 8.95 | % | 8.95 | % | 8.25 | % | 7.00 | % | 5.95 | % | 4.75 | % | 3.20 | % | 3.20 | % | 3.20 | % | 3.20 | % | 3.20 | % | ||||||||||||||||||||||||||
| Fixed Income | 6.00 | % | 6.00 | % | 6.00 | % | 6.00 | % | 13.00 | % | 22.00 | % | 34.05 | % | 47.00 | % | 55.00 | % | 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 | % | 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 | % | 7.50 | % | ||||||||||||||||||||||||||
| High Yield Fixed Income |
0.85 | % | 0.85 | % | 0.85 | % | 0.85 | % | 2.20 | % | 3.75 | % | 5.80 | % | 8.00 | % | 9.35 | % | 9.35 | % | 9.35 | % | 9.35 | % | 9.35 | % | ||||||||||||||||||||||||||
| Emerging Markets Debt |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.40 | % | 0.65 | % | 1.05 | % | 1.40 | % | 1.65 | % | 1.65 | % | 1.65 | % | 1.65 | % | 1.65 | % | ||||||||||||||||||||||||||
| 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 | % | 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 | % | 5.00 | % | ||||||||||||||||||||||||||
Note: Above allocations may not sum up to 100% due to rounding.
| 1 | As of the date of this prospectus, the Fund utilizes underlying funds to implement its target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its target allocations. |
As a result of the glidepath modifications, the second paragraph after the Target Allocations table in the “More About the Funds- Principal Investment Strategies” section of the Funds prospectuses (other than the JPMorgan SmartRetirement Income Fund) have been revised and replaced with the following:
Each of the Funds may invest in one or more underlying funds in an asset class in an amount equal to the allocation ranges for the applicable asset class. For example, the JPMorgan SmartRetirement 2060 Fund may invest up to 61.00% of its assets in a single underlying fund that is a U.S. Large Cap Equity Fund, or may invest up to 61.00% across multiple underlying funds that are U.S. Large Cap Equity Funds.
MODIFICATION OF BENCHMARK. Effective February 1, 2023, the Funds will change one of the unmanaged market indexes constituting each of their composite benchmarks. The Russell Mid Cap Index will be removed and the S&P 400 Index will be added as part of each Fund’s composite benchmark. References to each Fund’s composite benchmark have been revised accordingly.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE