Strategy. The JPMorgan SmartRetirement Blend 2015 Fund is generally intended for investors who retired on or around the year 2015 (the target retirement year) and plan to withdraw their investment in the Fund throughout retirement. The Fund seeks to help investors save for retirement and then, after reaching the target retirement year, withdraw a portion of their investment in the Fund each year until December 31, 2050 (target maturity year). The Fund assumes a person will be at or around age 65 at the target retirement year. The Fund is designed to provide exposure to equity, fixed income and cash/cash equivalent asset classes by investing in mutual funds and exchange traded funds (ETFs) within the same group of investment companies (i.e., … Show more… The JPMorgan SmartRetirement Blend 2015 Fund is generally intended for investors who retired on or around the year 2015 (the target retirement year) and plan to withdraw their investment in the Fund throughout retirement. The Fund seeks to help investors save for retirement and then, after reaching the target retirement year, withdraw a portion of their investment in the Fund each year until December 31, 2050 (target maturity year). The Fund assumes a person will be at or around age 65 at the target retirement year. The Fund is designed to provide exposure to equity, fixed income and cash/cash equivalent asset classes by investing in mutual funds and exchange traded funds (ETFs) within the same group of investment companies (i.e., J.P. Morgan Funds), passive ETFs that are managed by unaffiliated investment advisers in certain limited instances (unaffiliated passive ETFs) (collectively with the J.P. Morgan Funds, the underlying funds) and/or direct investments in securities and other financial instruments. The Fund may also invest in derivatives. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use futures contracts to gain exposure to, or to overweight or underweight its investments among, various sectors or markets. The Fund may also use exchange traded futures for cash management and to gain market exposure pending investment in underlying funds. Blend in the Funds name means that the Funds adviser, J.P. Morgan Investment Management Inc. (JPMIM or the Adviser), uses passive underlying funds and strategies as well as actively-managed underlying funds and strategies. In allocating the Funds assets between actively-managed underlying funds and passive underlying funds, the Adviser generally uses passive ETFs for asset classes where the price of the asset is assumed to be fair and accurate, reflecting all relevant information that is available about the value of the asset (efficient markets). Examples of efficient markets include U.S. Large Cap Equities, U.S. Small/Mid Cap Equities, and Developed International Equities. Generally, the amount of the Funds assets allocated to passive underlying funds will decrease the closer a Fund is to its target retirement year. In selecting underlying funds, the Adviser expects to select J.P. Morgan Funds without considering or canvassing the universe of unaffiliated underlying funds available even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. For actively-managed underlying funds, the Adviser limits its selection to J.P. Morgan Funds. For efficient markets exposure, the Adviser expects to use J.P. Morgan passive ETFs unless the investment is not available. To the extent the Adviser determines in its sole discretion that an investment in a J.P. Morgan passive ETF is not available, only then will the Adviser consider an unaffiliated passive ETF. The Funds asset allocation strategy is designed with two main goals in mind: promoting asset accumulation prior to retirement, which is the Funds Savings Phase, and supporting investors withdrawing their investment in the Fund throughout retirement, which is the Funds Spending Phase. As a result, the Funds asset allocation strategy will change over time, generally becoming more conservative as it approaches the target retirement year and then remaining relatively stable afterwards. This means the asset allocation strategy during the Savings Phase will generally start with a greater emphasis on equity investments and gradually shift to more emphasis on fixed income investments. During the Spending Phase, which the Fund has now reached, the Fund will generally have a greater emphasis on fixed income investments. The anticipated target allocations between asset classes over the life of the Fund are displayed in the glide path below. In addition, the Fund's target allocations based on its position along the glide path as of the date of this prospectus are included in the table following the glide path. Target Allocations 1 Fixed Income 55.00% U.S. Fixed Income 36.50% Inflation Managed 7.50% High Yield Fixed Income 7.70% Emerging Markets Debt 3.30% Equity 40.00% U.S. Large Cap Equity 19.60% U.S. Mid Cap Equity 2.40% U.S. Small Cap Equity 2.00% REITs 1.60% International Equity 9.80% Emerging Markets Equity 4.60% Money Market Funds/Cash and Cash Equivalents 5.00% Money Market Funds/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 both underlying funds and direct investments to implement its target allocations. The amount of the Funds assets allocated to underlying funds and direct investments will vary over time. The Adviser will periodically assess the target allocations shown above taking into account various factors, such as current market conditions, assumptions regarding future market performance, time horizon and data on the savings and spending behavior of investors, and may make adjustments. Based on the Advisers assessment, these adjustments may include modifying the existing allocations among asset classes or, among other things, adding or removing asset classes or maintaining asset allocations for longer or shorter periods of time. As a result of the Advisers ability to make these modifications, as well as a Fund moving along its glide path each year, the Funds actual allocations may differ from what is shown above by +/- 15%. In addition, as the Adviser monitors the risk profile of the Fund over various market environments, it may determine that conditions are not favorable and that deviations beyond +/- 15% are necessary to substantially reduce risk in order to preserve capital. Updated information concerning the Funds actual allocations to underlying funds and investments is available in the Funds shareholder reports and on the Funds website from time to time. The Fund is currently in the Spending Phase. During the Spending Phase, the Adviser will seek to achieve certain long-term risk and return targets that allow investors to withdraw a portion of their investment in the fund each year until the target maturity year. In connection with this, the Adviser will produce an annual sample withdrawal amount. The sample withdrawal amount is a generic hypothetical example that seeks to estimate a percentage of an investors investment in the Fund as of the beginning of the year that theoretically could be redeemed by an investor during that year while still allowing for redemptions in future years through the target maturity year. It attempts to balance income needs in the current year against the need for income in the future. Investors may use the sample withdrawal amount as a consideration in determining how much of their investment to withdraw each year during the Spending Phase. The sample withdrawal amount will be made available in January of each year on the Funds website, www.jpmorganfunds.com, and by calling 1-800-480-4111. Because it is assumed that investors will be withdrawing a portion of their investment in the Fund each year during the Spending Phase, the Funds assets are expected to decline over time and approach zero in the target maturity year. In addition, as assets decline and approach zero, there may be a point before the target maturity year where the Adviser can no longer manage the Fund in-line with its investment goal. Accordingly, it is expected that the Fund will be liquidated or merged into the SmartRetirement Blend Income Fund at the discretion of the Funds Board of Trustees at or prior to the target maturity year. The Adviser anticipates that the sample withdrawal amount will increase as a percentage of an investors investment in the several years immediately preceding the target maturity year and that the sample withdrawal amount will be 100% of an investors investment in the year 2050. As a result, the Fund and the sample withdrawal amount will be less useful for those who invest closer to the target maturity year. The sample withdrawal amount is not expected to be level from year to year and instead will likely vary each year. If investors choose to follow the sample withdrawal amount, they will be redeeming shares and their investment in the Fund will be reduced. The sample withdrawal amount assumes the reinvestment of distributions in additional shares of the Fund. In addition, the sample withdrawal amount is not designed to comply with any required minimum distribution rules applicable to tax-deferred retirement accounts nor does it take into account any tax considerations to investors (including, for example, any early withdrawal penalties that may be imposed on investors in tax-deferred retirement accounts). Many of the assumptions and factors upon which the sample withdrawal amount will be based are the result of estimates and judgment calls by the Adviser. If those assumptions and factors are inaccurate or incomplete, the withdrawal amount may not accurately reflect the amount that an investor could redeem during the year while still allowing for redemptions in future years. Investors should not consider the Fund as a complete solution for his or her investment or retirement income needs or as a guarantee of income. In making a decision about their investment in the Fund in their individual situation, or in assessing the adequacy of estimated distributions that they may receive at any particular time, investors should consider all of their other assets, income and investments in addition to their investment in the Fund. The provision of a sample withdrawal amount is for the purpose of outlining a possible theoretical course of action. The sample withdrawal amount is a generic hypothetical example as of a specific calculation date that does not consider, nor is it based upon, an investors specific circumstances including his or her age, financial needs, risk tolerance, required minimum distribution amount under the Internal Revenue Code with respect to any year, if any, other assets and overall investment objectives. No suggestion is offered herein that any particular redemption amount is advisable under the circumstances outlined in the sample withdrawal amount, and, more generally, there is no recommendation herein regarding any particular course of conduct in any particular situation or with respect to any particular investor. The sample withdrawal amount does not constitute and is not intended to constitute a suggestion, recommendation or impartial advice of any kind. Instead, it will be presented merely for educational purposes so as to give an indication as to the kinds of approaches that may be possible, and each should make an independent decision regarding how to proceed based on the own independent analysis, taking into account whatever independent advice from the investors professional adviser, tax adviser or other third parties that the investor may regard as necessary or appropriate to obtain. JPMIM may hire affiliated and/or unaffiliated sub-advisers to manage any of the asset classes described under each Funds What are the Funds main investment strategies? section in the Risk/Return Summary. When using sub-advisers to manage each Funds assets, the Adviser, subject to certain conditions and oversight by the Funds Board of Trustees, will have the right to hire, terminate, or replace sub-advisers without investor approval. Each Fund will notify investors of changes to sub-advisers. Please see The Adviser, Sub-Advisers, Administrator and Distributor on page 143 for more details. Show less