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0.119 0.024 0.119 0.024 0.119 0.024 0.085 0.069 0.085 0.152 0.119 0.024 0.085 0.461 0.024 0.461 0.018 0.018 0.043 0.024 0.005 0.043 0.024 0.152 0.043 0.461 0.024 0.024 0.152 0.461 0.119 0.018 0000803747 false N-1A JP MORGAN MUTUAL FUND INVESTMENT TRUST N-CSR 2026-06-30 JPMorgan Growth Advantage Fund Class A Shares VHIAX This annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund<br/>(Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>106</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.99<span>%</span></td> </tr> </table> 106 0.0099 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class A Shares, without a sales charge, returned 14.15% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 3000 Growth Index returned 18.24% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and consumer discretionary sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Lam Research and Alphabet detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance.  </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Teradyne contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g156218chartimages_5476380.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">October 29, 1999</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">8.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">9.96<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">17.98<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class A Shares) - excluding sales charge</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">14.15</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.16</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.62</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.13</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Growth Advantage Fund (Class A Shares) 1999-10-29 0.0817 0.0996 0.1798 JPMorgan Growth Advantage Fund (Class A Shares) - excluding sales charge 0.1415 0.1116 0.1862 Russell 3000 Index 0.2282 0.1231 0.1506 Russell 3000 Growth Index 0.1824 0.1317 0.1813 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,367,408</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">101</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>102,247</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 22367408000 101 0.51 102247000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g156218chartimages_5476484.jpg" style="width: 275pt;"/> </div> JPMorgan Growth Advantage Fund Class C Shares JGACX This annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund<br/>(Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>159</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.49<span>%</span></td> </tr> </table> 159 0.0149 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class C Shares, without a sales charge, returned 13.57% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 3000 Growth Index returned 18.24% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and consumer discretionary sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Lam Research and Alphabet detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance.  </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Teradyne contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g156218chartimages_5476381.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">May 1, 2006</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.57</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.61<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.14<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class C Shares) - excluding sales charge</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.57</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.61</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.14</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.13</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Growth Advantage Fund (Class C Shares) 2006-05-01 0.1257 0.1061 0.1814 JPMorgan Growth Advantage Fund (Class C Shares) - excluding sales charge 0.1357 0.1061 0.1814 Russell 3000 Index 0.2282 0.1231 0.1506 Russell 3000 Growth Index 0.1824 0.1317 0.1813 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,367,408</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">101</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>102,247</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 22367408000 101 0.51 102247000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g156218chartimages_5476485.jpg" style="width: 275pt;"/> </div> JPMorgan Growth Advantage Fund Class I Shares JGASX This annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>79</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.74<span>%</span></td> </tr> </table> 79 0.0074 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class I Shares returned 14.45% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 3000 Growth Index returned 18.24% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and consumer discretionary sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Lam Research and Alphabet detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance.  </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Teradyne contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g156218chartimages_5476382.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">May 1, 2006</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">14.45</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.44<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.91<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.13</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Growth Advantage Fund (Class I Shares) 2006-05-01 0.1445 0.1144 0.1891 Russell 3000 Index 0.2282 0.1231 0.1506 Russell 3000 Growth Index 0.1824 0.1317 0.1813 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,367,408</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">101</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>102,247</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 22367408000 101 0.51 102247000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g156218chartimages_5476486.jpg" style="width: 275pt;"/> </div> JPMorgan Growth Advantage Fund Class R2 Shares JGRJX This annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund<br/>(Class R2 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>134</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.25<span>%</span></td> </tr> </table> 134 0.0125 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R2 Shares returned 13.86% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 3000 Growth Index returned 18.24% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and consumer discretionary sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Lam Research and Alphabet detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance.  </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Teradyne contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g156218chartimages_5476383.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class R2 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">July 31, 2017</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.86</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">10.87<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.31<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.13</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Growth Advantage Fund (Class R2 Shares) 2017-07-31 0.1386 0.1087 0.1831 Russell 3000 Index 0.2282 0.1231 0.1506 Russell 3000 Growth Index 0.1824 0.1317 0.1813 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,367,408</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">101</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>102,247</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 22367408000 101 0.51 102247000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g156218chartimages_5476487.jpg" style="width: 275pt;"/> </div> JPMorgan Growth Advantage Fund Class R3 Shares JGTTX This annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund<br/>(Class R3 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>107</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.00<span>%</span></td> </tr> </table> 107 0.0100 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R3 Shares returned 14.14% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 3000 Growth Index returned 18.24% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and consumer discretionary sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Lam Research and Alphabet detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance.  </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Teradyne contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g156218chartimages_5476384.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class R3 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">May 31, 2017</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">14.14</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.14<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.61<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.13</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Growth Advantage Fund (Class R3 Shares) 2017-05-31 0.1414 0.1114 0.1861 Russell 3000 Index 0.2282 0.1231 0.1506 Russell 3000 Growth Index 0.1824 0.1317 0.1813 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,367,408</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">101</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>102,247</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 22367408000 101 0.51 102247000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g156218chartimages_5476488.jpg" style="width: 275pt;"/> </div> JPMorgan Growth Advantage Fund Class R4 Shares JGTUX This annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund<br/>(Class R4 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>80</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.75<span>%</span></td> </tr> </table> 80 0.0075 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R4 Shares returned 14.42% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 3000 Growth Index returned 18.24% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and consumer discretionary sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Lam Research and Alphabet detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance.  </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Teradyne contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g156218chartimages_5476385.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class R4 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">May 31, 2017</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">14.42</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.43<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.91<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.13</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Growth Advantage Fund (Class R4 Shares) 2017-05-31 0.1442 0.1143 0.1891 Russell 3000 Index 0.2282 0.1231 0.1506 Russell 3000 Growth Index 0.1824 0.1317 0.1813 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,367,408</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">101</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>102,247</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 22367408000 101 0.51 102247000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g156218chartimages_5476489.jpg" style="width: 275pt;"/> </div> JPMorgan Growth Advantage Fund Class R5 Shares JGVRX This annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>64</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.60<span>%</span></td> </tr> </table> 64 0.0060 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R5 Shares returned 14.59% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 3000 Growth Index returned 18.24% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and consumer discretionary sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Lam Research and Alphabet detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance.  </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Teradyne contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g156218chartimages_5476386.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">January 8, 2009</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">14.59</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.60<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">19.08<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.13</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Growth Advantage Fund (Class R5 Shares) 2009-01-08 0.1459 0.1160 0.1908 Russell 3000 Index 0.2282 0.1231 0.1506 Russell 3000 Growth Index 0.1824 0.1317 0.1813 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,367,408</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">101</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>102,247</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 22367408000 101 0.51 102247000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g156218chartimages_5476490.jpg" style="width: 275pt;"/> </div> JPMorgan Growth Advantage Fund Class R6 Shares JGVVX This annual shareholder report contains important information about the JPMorgan Growth Advantage Fund (the "Fund") for the period of July 1, 2025 to June 30, 2026. annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;">What were the Fund costs for the last year?</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">(based on a hypothetical $10,000 investment)</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>54</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.50<span>%</span></td> </tr> </table> 54 0.0050 <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); padding-top: 12pt; margin-bottom: 0px; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; clear: both;"> <div style="font-family: 'arial'; text-align: left; font-size: 11.52pt; font-weight: bold; color: rgb(0, 0, 0); margin: 0px;"><b>How did the Fund Perform?</b></div> </div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 0px; background-color: rgb(235, 240, 242); background-image: initial; padding: 0px; border: initial none initial;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; padding-bottom: 10pt; background-color: rgb(235, 240, 242); background-image: initial; margin: 0px;">The Fund's Class R6 Shares returned 14.70% for the twelve months ended June 30, 2026. The Russell 3000 Index (the "Index") returned 22.82% and the Russell 3000 Growth Index returned 18.24% for the twelve months ended June 30, 2026.</div> <ul style="counter-reset: numberedlisting 0 letteringlisting 0 letteredhead 0 lcrmnhead 0 ucletteredhead 0 ucrmnhead 0; break-inside: avoid; padding: 0; margin: 0;"> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the technology and consumer discretionary sectors detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocations to Lam Research and Alphabet detracted from relative performance.</div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s security selection in the industrials and telecommunications sectors contributed to relative performance.  </div> </li> <li style="font-weight: 400; padding-left: 13.5pt; margin-left: 30pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; list-style-type: disc; padding-top: 3px; padding-bottom: 3px;"> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin: 0px;">The Fund’s underweight allocation to Microsoft and overweight allocation to Teradyne contributed to relative performance.</div> </li> </ul> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 0px 0px 3pt 0px;"><b>Fund Performance</b></div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;"> <img alt="Fund Performance - Growth of 10K" src="g156218chartimages_5476387.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 542pt;"/> </div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; width: 60%; text-align: left; padding: 6pt 0 3pt 0;">AVERAGE ANNUAL TOTAL RETURNS<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">INCEPTION<br/>DATE<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">1 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">5 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;">10 YEAR<span></span></td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: center; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">JPMorgan Growth Advantage Fund (Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;">December 23, 2013</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">14.70</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">11.70<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">19.20<span></span></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">22.82</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">12.31</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">15.06</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; padding: 6pt 0 3pt 0;">Russell 3000 Growth Index</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.24</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">13.17</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;">18.13</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> </table> JPMorgan Growth Advantage Fund (Class R6 Shares) 2013-12-23 0.1470 0.1170 0.1920 Russell 3000 Index 0.2282 0.1231 0.1506 Russell 3000 Growth Index 0.1824 0.1317 0.1813 The performance quoted is past performance and is not a guarantee of future results. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 5pt 0px 0px 0px;"><br/>KEY FUND STATISTICS</div> <table style="table-layout: auto; width: 100%; border-collapse: collapse; page-break-inside: avoid; break-inside: avoid;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22,367,408</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">101</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;">51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; white-space: nowrap; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; width: auto; text-align: left; font-weight: bold; padding: 6pt 0 3pt 0;">Total advisory fees paid (000's)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; width: auto; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>102,247</td> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; font-weight: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 22367408000 101 0.51 102247000 <div style="font-family: 'arial'; color: rgb(0, 0, 0); letter-spacing: 1.25px; font-size: 9pt; font-weight: bold; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; text-transform: none; margin: 3pt 0px 5pt 0px;">PORTFOLIO COMPOSITION - SECTOR<br/>(% of Total Investments)</div> <div style="font-weight: 400; font-family: 'arial'; font-size: 9pt; color: rgb(0, 0, 0);"> <img alt="Graphical Representation - Allocation 1 Chart" src="g156218chartimages_5476491.jpg" style="width: 275pt;"/> </div>