JPMorgan Tax Aware Real Return Fund Class I TXRIX Strategy

The investment seeks to maximize after-tax inflation protected return. The fund is designed to protect after‑tax return by, under normal circumstances, primarily investing in a portfolio of municipal obligations whose interest payments are excluded from federal income taxes. It will invest primarily in securities that, at the time of purchase, are rated as investment grade by Moody’s Investors Service Inc. (Moody’s), S&P, or Fitch, meaning that such securities will carry a minimum rating of Baa3, BBB–, or BBB–, respectively or the equivalent by another national rating organization, or are unrated but deemed by the adviser to be of comparable quality.