JPMorgan SmartRetirement Funds

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1 Semi-Annual Report JPMorgan SmartRetirement Funds December 31, 2016 (Unaudited) JPMorgan SmartRetirement Income Fund JPMorgan SmartRetirement 2015 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

2 CONTENTS CEO s Letter... 1 Fund Facts... 2 Funds Commentary... 4 Schedules of Portfolio Investments Financial Statements Financial Highlights Notes to Financial Statements Schedule of Shareholder Expenses Board Approval of Investment Advisory Agreement Tax Letter Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund s share price is lower than when you invested. Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund. Prospective investors should refer to the Funds prospectus for a discussion of the Funds investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

3 CEO S LETTER January 25, 2017 (Unaudited) Dear Shareholder, The continued expansion of the U.S. economy through the second half of 2016 helped support U.S. equity prices and spurred the U.S. Federal Reserve (the Fed ) to raise interest rates in December. During the period, corporate earnings overall showed positive growth and by the end of the year the unemployment rate had reached it lowest levels since We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy. Gross domestic product in the U.S. rose by an estimated 3.5% in the third quarter of 2016, surpassing other developed markets. Global oil prices also continued to rise for most of the reporting period and the price of West Texas Intermediate crude reached a 15-month high in November. The Standard & Poor s 500 Index reached fresh closing highs in July and August and remained buoyant through October. The November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. However, within 24 hours global share prices had largely recovered. U.S. equity prices rallied through the end of the year, reaching new highs in December. Against this backdrop, the Fed raised interest rates by a quarter of a percentage point on December 14th. Economic growth has picked up since the middle of the year, said Fed Chairwoman Janet Yellen. We expect the economy will continue to perform well. While the prospect of further interest rate increases put pressure on U.S. bond prices, equities provided investors with positive returns. We believe the market performance over the past year has further validated both patience and diversification as fundamental components of a sound investment strategy. We look forward to managing your investment needs for years to come. Should you have any questions, please visit or contact the J.P. Morgan Funds Service Center at Sincerely yours, George C.W. Gatch CEO, Investment Funds Management, J.P. Morgan Asset Management DECEMBER 31, 2016 JPMORGAN SMARTRETIREMENT FUNDS 1

4 JPMorgan SmartRetirement Funds FUND FACTS SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) Broad Based Benchmark Return Fund Net Assets as of December 31, 2016 Fund Fund Return* Broad Based Benchmark JPMorgan SmartRetirement Income Fund 1.81% 1.01% S&P Target Date Retirement Income Index $2,137,354,630 JPMorgan SmartRetirement 2015 Fund 1.80% 2.69% S&P Target Date 2015 Index $2,520,805,606 JPMorgan SmartRetirement 2020 Fund 2.76% 3.44% S&P Target Date 2020 Index $7,068,054,124 JPMorgan SmartRetirement 2025 Fund 3.40% 4.13% S&P Target Date 2025 Index $6,895,344,477 JPMorgan SmartRetirement 2030 Fund 4.09% 4.75% S&P Target Date 2030 Index $7,497,492,610 JPMorgan SmartRetirement 2035 Fund 4.66% 5.37% S&P Target Date 2035 Index $5,383,822,586 JPMorgan SmartRetirement 2040 Fund 5.35% 5.81% S&P Target Date 2040 Index $5,464,867,382 JPMorgan SmartRetirement 2045 Fund 5.38% 6.20% S&P Target Date 2045 Index $3,429,271,062 JPMorgan SmartRetirement 2050 Fund 5.31% 6.53% S&P Target Date 2050 Index $2,803,964,817 JPMorgan SmartRetirement 2055 Fund 5.24% 6.80% S&P Target Date 2055 Index $ 806,170,479 JPMorgan SmartRetirement 2060 Fund^ 1.78% 2.87% S&P Target Date Index $ 1,844,513 * Returns for the JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2055 Fund and JPMorgan SmartRetirement 2060 Fund are based on Select Class Shares. The remaining JPMorgan SmartRetirement Funds returns are based on Institutional Class Shares. ^ Fund return for JPMorgan SmartRetirement 2060 Fund is for the period August 31, 2016 (Fund inception date) through December 31, Benchmark return for JPMorgan SmartRetirement 2060 Fund is for the period August 31, 2016 through December 31, JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2016

5 Portfolio Composition by Asset Class* JPMorgan SmartRetirement Income Fund Fixed Income % U.S. Equity International Equity Short-Term Investment Alternative Assets U.S. Treasury Obligation JPMorgan SmartRetirement 2015 Fund Fixed Income % U.S. Equity International Equity Short-Term Investment Alternative Assets U.S. Treasury Obligation JPMorgan SmartRetirement 2020 Fund Fixed Income % U.S. Equity International Equity Alternative Assets Short-Term Investment U.S. Treasury Obligation JPMorgan SmartRetirement 2025 Fund Fixed Income % U.S. Equity International Equity Alternative Assets Short-Term Investment U.S. Treasury Obligations JPMorgan SmartRetirement 2030 Fund U.S. Equity % Fixed Income International Equity Alternative Assets Short-Term Investment U.S. Treasury Obligation JPMorgan SmartRetirement 2035 Fund U.S. Equity % International Equity Fixed Income Alternative Assets Short-Term Investment U.S. Treasury Obligation JPMorgan SmartRetirement 2040 Fund U.S. Equity % International Equity Fixed Income Alternative Assets U.S. Treasury Obligation Short-Term Investment JPMorgan SmartRetirement 2045 Fund U.S. Equity % International Equity Fixed Income Alternative Assets Short-Term Investment U.S. Treasury Obligation JPMorgan SmartRetirement 2050 Fund U.S. Equity % International Equity Fixed Income Alternative Assets Short-Term Investment U.S. Treasury Obligation JPMorgan SmartRetirement 2055 Fund U.S. Equity % International Equity Fixed Income Alternative Assets Short-Term Investment U.S. Treasury Obligation JPMorgan SmartRetirement 2060 Fund U.S. Equity % International Equity Fixed Income Alternative Assets Short-Term Investment * The percentages indicated are based on total investments as of December 31, Each Fund s portfolio composition is subject to change. DECEMBER 31, 2016 JPMORGAN SMARTRETIREMENT FUNDS 3

6 JPMorgan SmartRetirement Funds FUNDS COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) INVESTMENT OBJECTIVES The JPMorgan SmartRetirement Income Fund seeks current income and some capital appreciation. The JPMorgan SmartRetirement 2015 Fund seeks total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes its target retirement date. The remaining JPMorgan SmartRetirement Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date. HOW DID THE MARKET PERFORM? U.S. equity investments generally continued to outperform both other developed markets and emerging markets during the second half of Rebounding in the wake of the U.K. s vote to exit from the European Union, the Standard & Poor s 500 (the S&P 500 ) reached new closing highs in July and August. Global oil prices also continued to rise during the reporting period and reached 15-month highs in advance of the November 30th meeting of the Organization of Petroleum Exporting Countries. Meanwhile, the November 8th victory of Republican Party presidential candidate Donald Trump surprised many investors and led to brief declines in global equities. The U.S. equity market recovered within a day and in the following weeks the S&P 500 surpassed 2,200 points for the first time and reached eight new closing highs by the end of The Dow Jones Industrial Average surpassed 19,000 points for the first time and reached 17 new closing highs between the election and the end of the year. In particular, energy, pharmaceutical and financial sector stocks generally rose amid investor expectations that a Trump administration s policies would be beneficial for those industries. Overall, bond markets underperformed equity markets during the reporting period as rising stock prices attracted investors and expectations for rising interest rates in the U.S. hurt prices for U.S. Treasury bonds and core fixed-income debt securities. During the reporting period, value stocks generally outperformed growth stocks and small-cap and mid-cap stocks outperformed large-cap stocks. By sector, the energy and financials sectors were top performers, while the health care and real estate sectors underperformed other sectors. WHAT WERE THE MAIN DRIVERS OF THE FUNDS PERFORMANCE? Nine of the eleven JPMorgan SmartRetirement Funds (Institutional Share Class or Select Share Class) (the Funds ) underperformed their respective S&P Target Date indexes (the benchmarks ) for the six months ended December 31, The SmartRetirement Income Fund outperformed its benchmark for the six month reporting period and the SmartRetirement 2060 Fund underperformed its benchmark for the five months from Fund inception to December 31, In terms of manager selection, the Funds investments in the JPMorgan High Yield Bond Fund and the JPMorgan Mid Cap Equity Fund detracted from performance as both funds underperformed relative to the Funds respective benchmarks during the reporting period. The Funds investments in the JPMorgan Disciplined Equity Fund and the JPMorgan US Equity Fund made a positive contribution to relative performance. The Funds strategic allocation to underlying funds that focused on real estate investment trusts detracted from absolute performance, while the Funds strategic allocation to underlying funds that focused on emerging markets equity made a positive contribution to absolute performance. From a tactical perspective, the Funds positioning in emerging markets debt detracted from absolute performance, while the Funds overweight position in underlying funds that focused on high yield debt (also known as junk bonds ) contributed to absolute performance. Strategic asset allocation involves setting long-term target allocations to various asset classes and periodically rebalancing the portfolio in accordance with those targets. Tactical asset allocation generally involves a more active trading approach and seeks to take advantage of short-to-intermediate term investment opportunities. HOW WERE THE FUNDS POSITIONED? The Funds invested in underlying J.P. Morgan Funds to implement the Funds portfolio managers asset allocation decisions. The Funds portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the JPMorgan SmartRetirement portfolios. Relative to their respective S&P Target Date benchmarks, the Funds invested across a broader range of asset classes. The Funds portfolio managers believed that this diversification would help shield the Funds from market volatility and contribute to the Funds long-term risk-adjusted returns. In addition, they sought to invest in asset classes that have had historically lower correlations to the broader fixed income and equity markets, investing in underlying funds that hold real estate investment securities, commodity-related investments and U.S. Treasury Inflation Protected Securities. The Funds portfolio managers also used futures contracts to help manage cash flows and implement tactical asset allocations. 4 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2016

7 JPMorgan SmartRetirement Income Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES May 15, 2006 With Sales Charge** (2.89)% 0.23% 4.22% 3.77% Without Sales Charge CLASS C SHARES May 15, 2006 With CDSC*** Without CDSC CLASS R2 SHARES November 3, CLASS R3 SHARES September 9, CLASS R4 SHARES September 9, CLASS R6 SHARES November 3, INSTITUTIONAL CLASS SHARES May 15, SELECT CLASS SHARES May 15, * Not annualized. ** Sales Charge for Class A Shares is 4.50%. *** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16) $5,000,000 4,500,000 4,000,000 $4,679,008 $4,504,142 $4,354,582 3,500,000 3,000,000 2,500,000 2,000,000 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 JPMorgan SmartRetirement Income Fund - Institutional Class Shares S&P Target Date Retirement Income Index Lipper Mixed-Asset Target Today Funds Average 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Select Class Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares. The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement Income Fund, the S&P Target Date Retirement Income Index and the Lipper Mixed-Asset Target Today Funds Average from December 31, 2006 to December 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund s inception. The performance of the S&P Target Date Retirement Income Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Today Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date Retirement Income Index (the Index ) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the 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. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the 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, the Index is reconstituted on the same schedule. However, the Index is now rebalanced on a monthly basis. Rebalancing is the DECEMBER 31, 2016 JPMORGAN SMARTRETIREMENT FUNDS 5

8 JPMorgan SmartRetirement Income Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) 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. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target Today Funds Average is an average based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Institutional Class Shares have a $3,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 6 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2016

9 JPMorgan SmartRetirement 2015 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES May 15, 2006 With Sales Charge** (2.91)% 0.10% 5.30% 3.76% Without Sales Charge CLASS C SHARES May 15, 2006 With CDSC*** Without CDSC CLASS R2 SHARES November 3, CLASS R6 SHARES November 3, INSTITUTIONAL CLASS SHARES May 15, SELECT CLASS SHARES May 15, * Not annualized. ** Sales Charge for Class A Shares is 4.50%. *** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16) $5,000,000 4,500,000 4,000,000 $4,774,686 $4,673,157 $4,381,962 3,500,000 3,000,000 2,500,000 2,000,000 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 JPMorgan SmartRetirement 2015 Fund - Institutional Class Shares S&P Target Date 2015 Index Lipper Mixed-Asset Target 2015 Funds Index 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares. The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2015 Fund, the S&P Target Date 2015 Index and the Lipper Mixed-Asset Target 2015 Funds Index from December 31, 2006 to December 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund s inception. The performance of the S&P Target Date 2015 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2015 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2015 Index (the Index ) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the 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. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the 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, the Index is reconstituted on the same schedule. However, the Index is 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 Lipper Mixed-Asset Target 2015 Funds Index is an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Institutional Class Shares have a $3,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these DECEMBER 31, 2016 JPMORGAN SMARTRETIREMENT FUNDS 7

10 JPMorgan SmartRetirement 2015 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 8 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2016

11 JPMorgan SmartRetirement 2020 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES May 15, 2006 With Sales Charge** (2.04)% 0.82% 6.66% 4.19% Without Sales Charge CLASS C SHARES May 15, 2006 With CDSC*** Without CDSC CLASS R2 SHARES November 3, CLASS R3 SHARES September 9, CLASS R4 SHARES September 9, CLASS R6 SHARES November 3, INSTITUTIONAL CLASS SHARES May 15, SELECT CLASS SHARES May 15, * Not annualized. ** Sales Charge for Class A Shares is 4.50%. *** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16) $5,500,000 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 $4,877,327 $4,860,277 $4,526,956 JPMorgan SmartRetirement 2020 Fund - Institutional Class Shares S&P Target Date 2020 Index Lipper Mixed-Asset Target 2020 Funds Index 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Select Class Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares. The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2020 Fund, the S&P Target Date 2020 Index and the Lipper Mixed-Asset Target 2020 Funds Index from December 31, 2006 to December 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund s inception. The performance of the S&P Target Date 2020 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2020 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2020 Index (the Index ) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the 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. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the DECEMBER 31, 2016 JPMORGAN SMARTRETIREMENT FUNDS 9

12 JPMorgan SmartRetirement 2020 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) 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, the Index is reconstituted on the same schedule. However, the Index is 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 Lipper Mixed-Asset Target 2020 Funds Index is an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. Institutional Class Shares have a $3,000,000 minimum initial investment. 10 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2016

13 JPMorgan SmartRetirement 2025 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR SINCE INCEPTION CLASS A SHARES July 31, 2007 With Sales Charge** (1.32)% 1.12% 7.70% 4.38% Without Sales Charge CLASS C SHARES July 31, 2007 With CDSC*** Without CDSC CLASS R2 SHARES November 3, CLASS R3 SHARES September 9, CLASS R4 SHARES September 9, CLASS R6 SHARES November 3, INSTITUTIONAL CLASS SHARES July 31, SELECT CLASS SHARES July 31, * Not annualized. ** Sales Charge for Class A Shares is 4.50%. *** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. LIFE OF FUND PERFORMANCE (7/31/07 TO 12/31/16) $1,900,000 1,600,000 1,300,000 $1,586,961 $1,569,195 $1,421,014 1,000, , ,000 7/07 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 JPMorgan SmartRetirement 2025 Fund - Select Class Shares S&P Target Date 2025 Index 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call The Fund commenced operations on July 31, Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Select Class Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares. Lipper Mixed-Asset Target 2025 Funds Average The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan SmartRetirement 2025 Fund, the S&P Target Date 2025 Index and the Lipper Mixed-Asset Target 2025 Funds Average from July 31, 2007 to December 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2025 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2025 Index (the Index ) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the 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. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the 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 DECEMBER 31, 2016 JPMORGAN SMARTRETIREMENT FUNDS 11

14 JPMorgan SmartRetirement 2025 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is 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. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target 2025 Funds Average is an average based on the total returns of all mutual funds within the Fund s designated category as determined by Lipper, Inc. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. Select Class Shares have a $1,000,000 minimum initial investment. 12 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2016

15 JPMorgan SmartRetirement 2030 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES May 15, 2006 With Sales Charge** (0.74)% 1.10% 8.39% 4.45% Without Sales Charge CLASS C SHARES May 15, 2006 With CDSC*** Without CDSC CLASS R2 SHARES November 3, CLASS R3 SHARES September 9, CLASS R4 SHARES September 9, CLASS R6 SHARES November 3, INSTITUTIONAL CLASS SHARES May 15, SELECT CLASS SHARES May 15, * Not annualized. ** Sales Charge for Class A Shares is 4.50%. *** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. TEN YEAR PERFORMANCE (12/31/06 TO 12/31/16) $5,500,000 5,000,000 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 $4,996,119 $4,924,541 $4,510,558 JPMorgan SmartRetirement 2030 Fund - Institutional Class Shares S&P Target Date 2030 Index Lipper Mixed-Asset Target 2030 Funds Index 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Select Class Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares. The graph illustrates comparative performance for $3,000,000 invested in Institutional Class Shares of the JPMorgan SmartRetirement 2030 Fund, the S&P Target Date 2030 Index and the Lipper Mixed-Asset Target 2030 Funds Index from December 31, 2006 to December 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the indices reflects an initial investment at the end of the month following the Fund s inception. The performance of the S&P Target Date 2030 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2030 Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2030 Index (the Index ) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the 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. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the Index was reconstituted once per year on the DECEMBER 31, 2016 JPMORGAN SMARTRETIREMENT FUNDS 13

16 JPMorgan SmartRetirement 2030 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) 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, the Index is reconstituted on the same schedule. However, the Index is 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 Lipper Mixed-Asset Target 2030 Funds Index is an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Institutional Class Shares have a $3,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 14 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2016

17 JPMorgan SmartRetirement 2035 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF DECEMBER 31, 2016 INCEPTION DATE OF CLASS 6 MONTH* 1 YEAR 5 YEAR SINCE INCEPTION CLASS A SHARES July 31, 2007 With Sales Charge** (0.14)% 1.37% 9.01% 4.54% Without Sales Charge CLASS C SHARES July 31, 2007 With CDSC*** Without CDSC CLASS R2 SHARES November 3, CLASS R3 SHARES September 9, CLASS R4 SHARES September 9, CLASS R6 SHARES November 3, INSTITUTIONAL CLASS SHARES July 31, SELECT CLASS SHARES July 31, * Not annualized. ** Sales Charge for Class A Shares is 4.50%. *** Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. LIFE OF FUND PERFORMANCE (7/31/07 TO 12/31/16) $1,900,000 1,600,000 1,300,000 $1,613,086 $1,575,926 $1,450,741 1,000, , ,000 7/07 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 JPMorgan SmartRetirement 2035 Fund - Select Class Shares S&P Target Date 2035 Index Lipper Mixed-Asset Target 2035 Funds Average 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call The Fund commenced operations on July 31, Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. Returns for Class R4 Shares prior to their inception date are based on the performance of Select Class Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Select Class Shares. Returns for Class R6 Shares prior to their inception date are based on the performance of Institutional Class Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Institutional Class Shares. The graph illustrates comparative performance for $1,000,000 invested in Select Class Shares of the JPMorgan SmartRetirement 2035 Fund, the S&P Target Date 2035 Index and the Lipper Mixed-Asset Target 2035 Funds Average from July 31, 2007 to December 31, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2035 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target 2035 Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The S&P Target Date 2035 Index (the Index ) reflects exposure to various asset classes included in target date funds driven by a survey of such funds for the 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. Effective March 1, 2010, S&P modified the method used to calculate Index levels and returns for the Index. Prior to March 1, 2010, the 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 DECEMBER 31, 2016 JPMORGAN SMARTRETIREMENT FUNDS 15

18 JPMorgan SmartRetirement 2035 Fund FUND COMMENTARY SIX MONTHS ENDED DECEMBER 31, 2016 (Unaudited) (continued) weights are established for the upcoming year. Effective March 1, 2010, the Index is reconstituted on the same schedule. However, the Index is 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. Investors cannot invest directly in an index. The Lipper Mixed-Asset Target 2035 Funds Average is an average based on the total returns of all mutual funds within the Fund s designated category as determined by Lipper, Inc. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. Select Class Shares have a $1,000,000 minimum initial investment. 16 JPMORGAN SMARTRETIREMENT FUNDS DECEMBER 31, 2016