• The Fund’s security selection in the information technology and communication services sectors detracted from performance.
• An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.
• The Fund captured 34% of the Index’s positive return with 58% of its volatility. 
• The Fund’s security selection in the real estate sector contributed to performance.
• An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.

KEY FUND STATISTICS

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

The Fund added “Derivatives Risk” disclosure to its prospectus as of March 1, 2026. This disclosure was added in light of a larger concentration of portfolio securities invested in derivatives. 

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund’s security selection in the information technology and communication services sectors detracted from performance.
• An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.
• The Fund captured 34% of the Index’s positive return with 58% of its volatility. 
• The Fund’s security selection in the real estate sector contributed to performance.
• An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.

KEY FUND STATISTICS

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

The Fund added “Derivatives Risk” disclosure to its prospectus as of March 1, 2026. This disclosure was added in light of a larger concentration of portfolio securities invested in derivatives. 

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund’s security selection in the information technology and communication services sectors detracted from performance.
• An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.
• The Fund captured 34% of the Index’s positive return with 58% of its volatility. 
• The Fund’s security selection in the real estate sector contributed to performance.
• An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.

KEY FUND STATISTICS

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

The Fund added “Derivatives Risk” disclosure to its prospectus as of March 1, 2026. This disclosure was added in light of a larger concentration of portfolio securities invested in derivatives. 

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund’s security selection in the information technology and communication services sectors detracted from performance.
• An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.
• The Fund captured 34% of the Index’s positive return with 58% of its volatility. 
• The Fund’s security selection in the real estate sector contributed to performance.
• An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.

KEY FUND STATISTICS

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

The Fund added “Derivatives Risk” disclosure to its prospectus as of March 1, 2026. This disclosure was added in light of a larger concentration of portfolio securities invested in derivatives. 

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund’s security selection in the information technology and communication services sectors detracted from performance.
• An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.
• The Fund captured 34% of the Index’s positive return with 58% of its volatility. 
• The Fund’s security selection in the real estate sector contributed to performance.
• An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.

KEY FUND STATISTICS

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

The Fund added “Derivatives Risk” disclosure to its prospectus as of March 1, 2026. This disclosure was added in light of a larger concentration of portfolio securities invested in derivatives. 

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund captured 53% of the Index’s positive return with 67% of its volatility. 
• The Fund’s security selection in the industrial cyclical and software and services sectors detracted from relative performance. 
• The Fund’s underweight allocations to Intel and Applied Materials were among the top detractors. 
• The Fund’s security selection in the pharm/MedTech and financial services sectors contributed to relative performance. 
• The Fund’s overweight allocations to Seagate Technology and Micron Technology were among the top contributors. 

KEY FUND STATISTICS

Effective January 29, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 0.84% as of June 30, 2025 to 0.92% as of June 30, 2026.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)

Effective January 29, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 1.34% as of June 30, 2025 to 1.42% as of June 30, 2026.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund captured 53% of the Index’s positive return with 67% of its volatility. 
• The Fund’s security selection in the industrial cyclical and software and services sectors detracted from relative performance. 
• The Fund’s underweight allocations to Intel and Applied Materials were among the top detractors. 
• The Fund’s security selection in the pharm/MedTech and financial services sectors contributed to relative performance. 
• The Fund’s overweight allocations to Seagate Technology and Micron Technology were among the top contributors. 

KEY FUND STATISTICS

Effective January 29, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 0.59% as of June 30, 2025 to 0.67% as of June 30, 2026.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)

Effective January 29, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 0.45% as of June 30, 2025 to 0.53% as of June 30, 2026.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund captured 53% of the Index’s positive return with 67% of its volatility. 
• The Fund’s security selection in the industrial cyclical and software and services sectors detracted from relative performance. 
• The Fund’s underweight allocations to Intel and Applied Materials were among the top detractors. 
• The Fund’s security selection in the pharm/MedTech and financial services sectors contributed to relative performance. 
• The Fund’s overweight allocations to Seagate Technology and Micron Technology were among the top contributors. 

KEY FUND STATISTICS

Effective January 29, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 0.34% as of June 30, 2025 to 0.42% as of June 30, 2026.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)

Effective February 26, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 0.34% as of June 30, 2025 to 0.42% as of June 30, 2026.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund captured 44% of the Index’s positive return with 55% of its volatility. 
• The Fund’s security selection in the financial services and consumer cyclical sectors contributed to relative performance. 
• The overweight allocations to Seagate Technology and Micron Technology were among the top contributors. 
• The Fund’s security selection in the industrial cyclical and software and services sectors detracted from relative performance. 
• The underweight allocations to Intel and Applied Materials were among the top detractors. 

KEY FUND STATISTICS

Effective February 26, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 0.44% as of June 30, 2025 to 0.52% as of June 30, 2026.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)

Effective February 26, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 0.59% as of June 30, 2025 to 0.67% as of June 30, 2026.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund captured 44% of the Index’s positive return with 55% of its volatility. 
• The Fund’s security selection in the financial services and consumer cyclical sectors contributed to relative performance. 
• The overweight allocations to Seagate Technology and Micron Technology were among the top contributors. 
• The Fund’s security selection in the industrial cyclical and software and services sectors detracted from relative performance. 
• The underweight allocations to Intel and Applied Materials were among the top detractors. 

KEY FUND STATISTICS

Effective February 26, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 1.34% as of June 30, 2025 to 1.42% as of June 30, 2026.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

The Fund added “Significant Holdings Risk” to its prospectus as of March 1, 2026. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing.

This report describes material changes to the Fund that occurred during the reporting period.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)

Effective February 26, 2026, the Fund began engaging in securities lending and using the cash collateral received from those activities to post margin for options on futures contracts. As a result of the cost of this financing, which excludes offsetting interest earned on the collateral posted, the Fund’s annual net expense ratio increased from 0.84% as of June 30, 2025 to 0.92% as of June 30, 2026.

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund’s security selection within the contingent convertible bond allocation detracted from relative performance.
• The Fund’s underweight to $25 par securities, which typically have greater sensitivity to movements in interest rates, contributed to relative performance as interest rates rose over the period.

PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund’s security selection within the contingent convertible bond allocation detracted from relative performance.
• The Fund’s underweight to $25 par securities, which typically have greater sensitivity to movements in interest rates, contributed to relative performance as interest rates rose over the period.

PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund’s security selection within the contingent convertible bond allocation detracted from relative performance.
• The Fund’s underweight to $25 par securities, which typically have greater sensitivity to movements in interest rates, contributed to relative performance as interest rates rose over the period.

PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

• The Fund’s security selection within the contingent convertible bond allocation detracted from relative performance.
• The Fund’s underweight to $25 par securities, which typically have greater sensitivity to movements in interest rates, contributed to relative performance as interest rates rose over the period.

PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)

This is a summary of certain changes to the Fund since July 1, 2025. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

KEY FUND STATISTICS

• Manager selection detracted for the twelve months ended June 30, 2026. The emerging markets equity platform and the JPMorgan Core Plus Bond Fund added value. Conversely, the U.S. large cap platform and the JPMorgan Value Advantage Fund detracted.
• Relative to the Index, holding more emerging markets equities was additive. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the twelve months ended June 30, 2026.
• Active asset allocation was additive for the twelve months ended June 30, 2026. Our global equity overweight was additive, as global equities performed well across the board.

PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

KEY FUND STATISTICS

• Manager selection detracted for the twelve months ended June 30, 2026. The emerging markets equity platform and the JPMorgan Core Plus Bond Fund added value. Conversely, the U.S. large cap platform and the JPMorgan Value Advantage Fund detracted.
• Relative to the Index, holding more emerging markets equities was additive. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the twelve months ended June 30, 2026.
• Active asset allocation was additive for the twelve months ended June 30, 2026. Our global equity overweight was additive, as global equities performed well across the board.

PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

KEY FUND STATISTICS

• Manager selection detracted for the twelve months ended June 30, 2026. The emerging markets equity platform and the JPMorgan Core Plus Bond Fund added value. Conversely, the U.S. large cap platform and the JPMorgan Value Advantage Fund detracted.
• Relative to the Index, holding more emerging markets equities was additive. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the twelve months ended June 30, 2026.
• Active asset allocation was additive for the twelve months ended June 30, 2026. Our global equity overweight was additive, as global equities performed well across the board.