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JPMorgan SmartRetirement ® 2050 Fund - Institutional (JTSIX)

JPMorgan SmartRetirement ® 2050 Fund - Institutional (JTSIX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

JPMorgan SmartRetirement Funds

  • Are a series of target-date funds that serve as vehicles to help invest for retirement.
  • Employ a rigorous, systematic fund screening and selection process.
  • Use an asset allocation strategy that becomes more conservative as the Fund nears its target retirement date.
  • Invests in a mix of underlying strategies, which changes over time with the goal of maintaining an appropriate mix of asset classes and underlying investments.
  • Provide asset allocation from a single fund by pursuing a "fund-of-funds" strategy.

Objective

The Fund seeks high total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date.

Strategy/Investment process

  • Uses an asset allocation strategy designed for investors expecting to retire around the year 2050, becoming more conservative as the Fund nears the target retirement date.
  • Invests in a combination of equity, fixed income and short-term JPMorgan mutual funds.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV 16.88% 10.53% 19.50% 6.23%
S&P Target Date 2050 Index 17.54% 10.69% 18.63% 5.06%
Lipper Mixed-Asset Target 2050 Funds Average 14.89% 9.18% 17.75% 3.95%
S&P Target Date 2045 Index 16.83% 10.42% 18.45% 4.94%

Performance Inception Date:7/31/07

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Benchmark since inception returns are as of month-end. The performance quoted is past performance and is not a guarantee of future results.

Effective November 22, 2013, the Fund's primary benchmark changed from the S&P Target Date 2045 Index to the S&P Target Date 2050 Index to more closely align the Fund's primary benchmark to its target retirement date.

Annual operating expenses (%)
Expense cap expiration date 10/31/2014
Expense cap 0.04%
Total annual operating expenses 1.01%
Fee waivers and/or expense reimbursements 0.26%
Net expenses 0.75%

Net Expenses,Fee waivers and/or expense reimbursements
The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses (underlying fund), dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Acquired fund fees and expenses
  6/30/2013 9/30/2013 12/31/2013 3/31/2014
Acquired fund fees and expenses 0.71 0.71 0.71 0.69
Acquired fund fees and expenses are calculated based on the underlying fund holdings during the trailing 12-month period and use the net expense ratio in the most recent financial statement for each underlying fund as of each date presented. The expense cap for the Fund does not include Acquired Fund Fees.
Ratings (as of 3/31/2014)
Morningstar overall rating: (154 funds)
Morningstar category: Target Date 2046-2050

Overall rating Institutional Shares; Target Date 2046-2050 Category; 154 funds. Three year rating 4 stars; 154 funds. Five year rating 5 stars; 129 funds. 10 year period not yet rated.

2014, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

Minimum investments
Minimum investments Minimum subsequent investments
Regular $3M Regular No Minimum.
IRA $3M IRA No Minimum.
Daily stats (as of 4/17/2014)
NAV YTD
$18.03 0.64%
$0.05 | 0.28%  
 
NAV as of:
  • Mon
    Mar 10
    2014
    $18.18
     
  • Tue
    Mar 11
    2014
    $18.08
     
  • Wed
    Mar 12
    2014
    $18.08
     
  • Thu
    Mar 13
    2014
    $17.87
     
  • Fri
    Mar 14
    2014
    $17.85
     
  • Mon
    Mar 17
    2014
    $18.01
     
  • Tue
    Mar 18
    2014
    $18.14
     
  • Wed
    Mar 19
    2014
    $18.01
     
  • Thu
    Mar 20
    2014
    $18.06
     
  • Fri
    Mar 21
    2014
    $18.01
     
  • Mon
    Mar 24
    2014
    $17.94
     
  • Tue
    Mar 25
    2014
    $18.03
     
  • Wed
    Mar 26
    2014
    $17.93
     
  • Thu
    Mar 27
    2014
    $17.95
     
  • Fri
    Mar 28
    2014
    $18.04
     
  • Mon
    Mar 31
    2014
    $18.15
     
  • Tue
    Apr 01
    2014
    $18.29
     
  • Wed
    Apr 02
    2014
    $18.33
     
  • Thu
    Apr 03
    2014
    $18.27
     
  • Fri
    Apr 04
    2014
    $18.08
     
  • Mon
    Apr 07
    2014
    $17.92
     
  • Tue
    Apr 08
    2014
    $17.97
     
  • Wed
    Apr 09
    2014
    $18.16
     
  • Thu
    Apr 10
    2014
    $17.81
     
  • Fri
    Apr 11
    2014
    $17.66
     
  • Mon
    Apr 14
    2014
    $17.76
     
  • Tue
    Apr 15
    2014
    $17.81
     
  • Wed
    Apr 16
    2014
    $17.98
     
  • Thu
    Apr 17
    2014
    $18.03
     
 
52 Week High $18.33
(4/02/2014)
52 Week Low $15.93
(6/24/2013)
Net Asset Class $488,317,224.15
Net Asset Fund $1,021,158,915.82
Basics
Ticker JTSIX
CUSIP 4812A4807
Share Class Inception Date 07/31/2007
Fund Number 2253
Asset Class Asset Allocation
Cut-off time1 4:00 P.M.

The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor.

The JPMorgan SmartRetirement Funds are target date funds with the target date being the approximate date when investors plan to start withdrawing their money. Generally, the asset allocation of each Fund will change on an annual basis with the asset allocation becoming more conservative as the Fund nears the target retirement date. The principal value of the Fund(s) is not guaranteed at any time, including at the target date.

Certain underlying funds may invest in foreign/emerging market securities, small capitalization securities and/or high-yield fixed income instruments. There may be unique risks associated with investing in these types of securities. International investing involves increased risk and volatility due to possibilities of currency exchange rate volatility, political, social or economic instability, foreign taxation and differences in auditing and other financial standards. The Fund may invest a portion of its securities in small-cap stocks. Small-capitalization funds typically carry more risk than stock funds investing in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

There may be additional fees or expenses associated with investing in a Fund of Funds strategy.

Real estate investing may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographical sector. Real estate investing may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrower.

IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties.

The underlying funds may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index. In addition, the Fund may invest directly in derivatives. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund's or the underlying Funds' original investments. Many derivatives will give rise to a form of leverage. As a result, the Fund or an underlying fund may be more volatile than if the Fund or the underlying Fund had not been leveraged because the leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's or the underlying Fund's portfolio securities. Derivatives are also subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index. The use of derivatives for hedging or risk management purposes or to increase income or gain may not be successful, resulting in losses, and the cost of such strategies may reduce the Fund's or the underlying funds' returns. Derivatives also expose the Fund or the underlying funds to the credit risk of the derivative counterparty.

Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss.

1Please refer to the prospectus for additional information about cut-off times.

The performance of the Lipper Mixed-Asset Target 2050 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index.

The S&P Target Date Index Series (each, an Index) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for each particular target date. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international REITs, core fixed income, short term treasuries, Treasury Inflation Protected Securities, high yield corporate bonds and commodities and are represented by exchange traded funds (ETFs) in the index calculation. The original inception date for the Indexes was September 25, 2008 (the Original Inception Date), except the S&P Target Date 2050 Index (the Index), which was May 31, 2011. Subsequently, Standard & Poor's (S&P) decided to provide return information for periods prior to the Original Inception Date. Return information for the Indexes, except the S&P Target Date 2050 Index, is now available beginning from May 31, 2005. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for each Index. Prior to March 1, 2010, each Index was reconstituted once per year on the last trading day of May, with effect on the first trading day of June. Reconstitution is the process whereby asset class weights are established for the upcoming year. Effective March 1, 2010, each Index is reconstituted on the same schedule. However, the Indexes are now rebalanced on a monthly basis. Rebalancing is the process whereby the asset class weights that were determined at the previous reconstitution are reestablished. This process takes place after the close of business on the last trading day of each month, with effect on the first trading day of the following month. The Index returns are calculated on a daily basis and will continue to be calculated daily. The performance of the index does not reflect the deduction of expenses associated with a fund or the ETFs included in the index, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. Investors cannot invest directly in an index.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

©2014, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.