JPMORGAN SMARTRETIREMENT 2050 FUND CLASS I (JTSSX) Exchange: NMFQS

The JPMorgan SmartRetirement® 2050 Fund is a “fund of funds” that primarily invests in other mutual funds within the same group of investment companies, and is generally intended for investors expecting to retire around the year 2050 (target retirement date). The Fund is designed to provide exposure to a variety of asset classes through investments in underlying funds, and over time the Fund’s asset allocation strategy will change. The “glide path” depicted in the chart below shows how the Fund’s strategic target allocations among asset and sub-asset classes generally become more conservative as the target retirement date approaches (i.e., more emphasis on fixed income and less on equity). The table accompanying the chart is simply the glide path in tabular form. Strategic Target Allocations1 Years to Target Date 40+ 35 30 25 20 15 10 5 0 -5 -10 Equity 91.0% 91.0% 91.0% 91.0% 82.0% 73.0% 61.0% 48.5% 32.5% 32.5% 32.5% U.S. Large Cap Equity Funds 40.0% 40.0% 40.0% 40.0% 36.0% 32.1% 26.8% 21.3% 14.3% 14.3% 14.3% U.S. Small/Mid Cap Equity Funds 9.2% 9.2% 9.2% 9.2% 8.3% 7.4% 6.2% 4.9% 3.3% 3.3% 3.3% REIT Funds 5.5% 5.5% 5.5% 5.5% 5.0% 4.4% 3.7% 2.9% 2.0% 2.0% 2.0% International Equity Funds 27.3% 27.3% 27.3% 27.3% 24.6% 21.9% 18.3% 14.6% 9.8% 9.8% 9.8% Emerging Markets Equity Funds 9.1% 9.1% 9.1% 9.1% 8.2% 7.3% 6.1% 4.9% 3.3% 3.3% 3.3% Commodities 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Commodities Funds 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Fixed Income 9.0% 9.0% 9.0% 9.0% 18.0% 27.0% 39.0% 51.5% 62.5% 62.5% 62.5% U.S. Fixed Income Funds 6.1% 6.1% 6.1% 6.1% 13.7% 21.6% 31.2% 38.2% 41.3% 41.3% 41.3% Inflation Managed Funds 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 3.0% 7.5% 7.5% 7.5% High Yield Fixed Income Funds 2.0% 2.0% 2.0% 2.0% 2.8% 3.4% 5.0% 7.2% 10.0% 10.0% 10.0% Emerging Markets Debt Funds 1.0% 1.0% 1.0% 1.0% 1.5% 2.0% 2.8% 3.2% 3.8% 3.8% 3.8% Money Market Funds/Cash and Cash Equivalents 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 5.0% 5.0% Money Market Funds/Cash and Cash Equivalents 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 5.0% 5.0% 5.0% Note: Above allocations may not sum up to 100% due to rounding.1 As of the date of this prospectus, the Fund utilizes mutual funds and, to a lesser extent, exchange-traded funds (ETFs) to implement its strategic target allocations although the Fund also has flexibility to utilize other direct investments in securities and derivatives to implement its strategic target allocations in the future. The glide path shows the Fund’s long term strategic target allocations as of the date of this prospectus. The Fund’s actual allocations may differ due to changes to these strategic target allocations or due to tactical allocations. In establishing the Fund’s strategic target allocations, the Adviser focuses on asset classes and underlying funds that the Adviser believes will outperform the S&P Target Date 2050 Index (the Fund’s benchmark) and peer group over the long term. The Adviser will use tactical allocations to take advantage of short to intermediate term opportunities through a combination of positions in underlying funds and direct investments, including derivatives.The Adviser will review the Fund’s strategic target allocations shown in the glide path at least annually (generally, in the first quarter of each calendar year), and may adjust the targets in its discretion, consistent with the Fund’s investment strategy. These changes might include modifying the existing strategic target allocations among the asset and sub-asset classes or, among other things, adding or removing asset and sub-asset classes or maintaining long-term strategic target allocations for longer or shorter periods of time. Consistent with this strategy, the Fund’s strategic target allocations shown in the glide path and table above may be different from the Fund’s actual strategic target allocations by +/- 5% for the equity, fixed income, money market/cash and cash equivalents and commodity asset and sub-asset classes. Additionally, as a result of short to intermediate term tactical allocations, the Fund may deviate from the strategic target allocations at any given time by up to +/- 15% for equity and fixed income, +/- 20% for money market/cash and cash equivalents and +/- 5% for commodity asset and sub-asset classes. The Adviser will review its tactical decisions on a periodic basis and may make modifications in its discretion.As a result of the Adviser’s ability to make these modifications, the Fund’s actual allocations may differ from what is shown in the glide path and table above. Updated information concerning the Fund’s strategic target allocations and actual allocations to underlying funds and investments is available in the Fund’s shareholder reports and on the Fund’s website from time to time.The Fund is a “to” target date fund. This means that the Fund intends to reach its most conservative strategic target allocations around the end of the year of the target retirement date. When the strategic target allocations of the Fund are substantially the same as those of the JPMorgan SmartRetirement Income Fund, the Fund may be merged into the JPMorgan SmartRetirement Income Fund at the discretion of the Fund’s Board of Trustees.In addition to investing in mutual funds within the same group of investment companies, the Fund may invest in ETFs within the same group of investment companies (together with mutual funds within the same group of investment companies, J.P. Morgan Funds) and may, for the limited purposes described below, also invest in market cap weighted index ETFs that are managed by unaffiliated investment advisers (unaffiliated passive ETFs) (collectively with the J.P. Morgan Funds, the underlying funds). Market-cap weighted ETFs are ETFs that seek to passively track, as closely as possible, an index comprised of stocks or bonds that are weighted by market capitalization or issuance outstanding, respectively. The Fund may also invest directly in securities and derivatives. Derivatives are instruments that have a value based on another instrument, exchange rate or index such as futures. 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.The Adviser will select and substitute underlying funds. 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 passive ETFs, the Adviser expects to use a J.P. Morgan ETF unless the Adviser determines the investment is not available. To the extent the Adviser determines that an investment in a J.P. Morgan passive ETF is not available, only then will the Adviser consider an unaffiliated underlying fund.