# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001193125-23-008032
**Filing Date:** 2023-1
**Character Count:** 17797
**Document Hash:** 7bdf7a9fd473c4eefdec3382e37663e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-008032.hdr.sgml**: 20230113

**ACCESSION NUMBER**: 0001193125-23-008032

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230113

**DATE AS OF CHANGE**: 20230113

**EFFECTIVENESS DATE**: 20230113

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286
- **IRS NUMBER:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-103022
- **FILM NUMBER:** 23527817

**BUSINESS ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 277 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10172

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan SmartRetirement 2030 Fund (Series ID: S000011875)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032449 | Class A      | JSMAX           |
| C000032450 | Class C      | JSMCX           |
| C000032451 | Class I      | JSMSX           |

**JPMORGAN SMARTRETIREMENT FUNDS** 

**JPMORGAN TRUST I** 

JPMorgan SmartRetirement<sup>®</sup> Income Fund

JPMorgan SmartRetirement<sup>®</sup> 2020 Fund

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

**JPMORGAN TRUST IV** 

JPMorgan SmartRetirement<sup>®</sup> 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:

![LOGO](g447795g27m77.jpg)

**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* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | **55.00%** |
| &nbsp;&nbsp;&nbsp;U.S. Fixed Income | 36.50% |
| &nbsp;&nbsp;&nbsp;Inflation Managed | 7.50% |
| &nbsp;&nbsp;&nbsp;High Yield Fixed Income | 9.35% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt | 1.65% |
| &nbsp;&nbsp;&nbsp;**Equity** | **40.00%** |
| &nbsp;&nbsp;&nbsp;U.S. Large Cap Equity | 19.60% |
| &nbsp;&nbsp;&nbsp;U.S. Mid Cap Equity | 2.80% |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity | 2.40% |
| &nbsp;&nbsp;&nbsp;REITs | 0.80% |
| &nbsp;&nbsp;&nbsp;International Equity | 11.20% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity | 3.20% |
| &nbsp;&nbsp;&nbsp;**Money Market/Cash and Cash Equivalents** | **5.00%** |
| &nbsp;&nbsp;&nbsp;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* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | **50.20%** |
| &nbsp;&nbsp;&nbsp;U.S. Fixed Income | 35.36% |
| &nbsp;&nbsp;&nbsp;Inflation Managed | 4.80% |
| &nbsp;&nbsp;&nbsp;High Yield Fixed Income | 8.54% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt | 1.50% |
| &nbsp;&nbsp;&nbsp;**Equity** | **47.80%** |
| &nbsp;&nbsp;&nbsp;U.S. Large Cap Equity | 23.44% |
| &nbsp;&nbsp;&nbsp;U.S. Mid Cap Equity | 3.34% |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity | 2.88% |
| &nbsp;&nbsp;&nbsp;REITs | 0.95% |
| &nbsp;&nbsp;&nbsp;International Equity | 13.06% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity | 4.13% |
| &nbsp;&nbsp;&nbsp;**Money Market/Cash and Cash Equivalents** | **2.00%** |
| &nbsp;&nbsp;&nbsp;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* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Equity** | **60.77%** |
| &nbsp;&nbsp;&nbsp;U.S. Large Cap Equity | 29.81% |
| &nbsp;&nbsp;&nbsp;U.S. Mid Cap Equity | 4.24% |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity | 3.65% |
| &nbsp;&nbsp;&nbsp;REITs | 1.20% |
| &nbsp;&nbsp;&nbsp;International Equity | 16.40% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity | 5.47% |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | **39.23%** |
| &nbsp;&nbsp;&nbsp;U.S. Fixed Income | 30.16% |
| &nbsp;&nbsp;&nbsp;Inflation Managed | 1.20% |
| &nbsp;&nbsp;&nbsp;High Yield Fixed Income | 6.68% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt | 1.19% |
| &nbsp;&nbsp;&nbsp;**Money Market/Cash and Cash Equivalents** | **0.00%** |
| &nbsp;&nbsp;&nbsp;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* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Equity** | **73.18%** |
| &nbsp;&nbsp;&nbsp;U.S. Large Cap Equity | 35.89% |
| &nbsp;&nbsp;&nbsp;U.S. Mid Cap Equity | 5.11% |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity | 4.40% |
| &nbsp;&nbsp;&nbsp;REITs | 1.45% |
| &nbsp;&nbsp;&nbsp;International Equity | 19.75% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity | 6.58% |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | **26.82%** |
| &nbsp;&nbsp;&nbsp;U.S. Fixed Income | 21.44% |
| &nbsp;&nbsp;&nbsp;Inflation Managed | 0.00% |
| &nbsp;&nbsp;&nbsp;High Yield Fixed Income | 4.57% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt | 0.81% |
| &nbsp;&nbsp;&nbsp;**Money Market/Cash and Cash Equivalents** | **0.00%** |
| &nbsp;&nbsp;&nbsp;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* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Equity** | **83.40%** |
| &nbsp;&nbsp;&nbsp;U.S. Large Cap Equity | 40.89% |
| &nbsp;&nbsp;&nbsp;U.S. Mid Cap Equity | 5.84% |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity | 5.00% |
| &nbsp;&nbsp;&nbsp;REITs | 1.67% |
| &nbsp;&nbsp;&nbsp;International Equity | 22.25% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity | 7.75% |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | **16.60%** |
| &nbsp;&nbsp;&nbsp;U.S. Fixed Income | 13.28% |
| &nbsp;&nbsp;&nbsp;Inflation Managed | 0.00% |
| &nbsp;&nbsp;&nbsp;High Yield Fixed Income | 2.82% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt | 0.50% |
| &nbsp;&nbsp;&nbsp;**Money Market/Cash and Cash Equivalents** | **0.00%** |
| &nbsp;&nbsp;&nbsp;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* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Equity** | **91.20%** |
| &nbsp;&nbsp;&nbsp;U.S. Large Cap Equity | 44.66% |
| &nbsp;&nbsp;&nbsp;U.S. Mid Cap Equity | 6.40% |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity | 5.47% |
| &nbsp;&nbsp;&nbsp;REITs | 1.84% |
| &nbsp;&nbsp;&nbsp;International Equity | 24.16% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity | 8.67% |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | **8.80%** |
| &nbsp;&nbsp;&nbsp;U.S. Fixed Income | 7.04% |
| &nbsp;&nbsp;&nbsp;Inflation Managed | 0.00% |
| &nbsp;&nbsp;&nbsp;High Yield Fixed Income | 1.39% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt | 0.37% |
| &nbsp;&nbsp;&nbsp;**Money Market/Cash and Cash Equivalents** | **0.00%** |
| &nbsp;&nbsp;&nbsp;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* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Equity** | **94.00%** |
| &nbsp;&nbsp;&nbsp;U.S. Large Cap Equity | 46.00% |
| &nbsp;&nbsp;&nbsp;U.S. Mid Cap Equity | 6.60% |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity | 5.65% |
| &nbsp;&nbsp;&nbsp;REITs | 1.90% |
| &nbsp;&nbsp;&nbsp;International Equity | 24.90% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity | 8.95% |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | **6.00%** |
| &nbsp;&nbsp;&nbsp;U.S. Fixed Income | 4.80% |
| &nbsp;&nbsp;&nbsp;Inflation Managed | 0.00% |
| &nbsp;&nbsp;&nbsp;High Yield Fixed Income | 0.85% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt | 0.35% |
| &nbsp;&nbsp;&nbsp;**Money Market/Cash and Cash Equivalents** | **0.00%** |
| &nbsp;&nbsp;&nbsp;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:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;**Fixed Income** | **55.00%** |
| &nbsp;&nbsp;&nbsp;U.S. Fixed Income | 36.50% |
| &nbsp;&nbsp;&nbsp;Inflation Managed | 7.50% |
| &nbsp;&nbsp;&nbsp;High Yield Fixed Income | 9.35% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Debt | 1.65% |
| &nbsp;&nbsp;&nbsp;**Equity** | **40.00%** |
| &nbsp;&nbsp;&nbsp;U.S. Large Cap Equity | 19.60% |
| &nbsp;&nbsp;&nbsp;U.S. Mid Cap Equity | 2.80% |
| &nbsp;&nbsp;&nbsp;U.S. Small Cap Equity | 2.40% |
| &nbsp;&nbsp;&nbsp;REITs | 0.80% |
| &nbsp;&nbsp;&nbsp;International Equity | 11.20% |
| &nbsp;&nbsp;&nbsp;Emerging Markets Equity | 3.20% |
| &nbsp;&nbsp;&nbsp;**Money Market/Cash and Cash Equivalents** | **5.00%** |
| &nbsp;&nbsp;&nbsp;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:

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Target Allocations<sup>1</sup>** | | | | | | | | | |
| &nbsp;&nbsp;&nbsp;**Years to Target Date** | **40+** | **35** | **30** | **25** | **20** | **15** | **10** | **5** | **0** | **-5** | **-10** | **-20** | **-35** |
| &nbsp;&nbsp;&nbsp;**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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;**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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;&nbsp; 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% |
| &nbsp;&nbsp;&nbsp;**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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; 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**