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0.120 0.129 0.076 0.018 0.018 0001659326 false N-1A N-CSR JPMorgan Trust IV 2026-06-30 JPMorgan Equity Premium Income Fund Class A Shares JEPAX This annual shareholder report contains important information about the JPMorgan Equity Premium Income 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Equity Premium Income Fund<br/>(Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>88</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;">0.85<span>%</span></td> </tr> </table> 88 0.0085 <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 7.25% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 22.32% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 information technology and communication services sectors detracted from 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;">An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.</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 captured 34% of the Index’s positive return with 58% of its volatility. </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 real estate sector contributed to 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;">An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.</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="g32937chartimages_5491429.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;">SINCE<br/>INCEPTION<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 Equity Premium Income 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;">August 31, 2018</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;">1.61</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; 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;">5.78<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;">7.41<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 Equity Premium Income 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;">7.25</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;">6.92</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;">8.15</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> </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;">S&amp;P 500 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;">22.32</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;">13.41</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;">14.69</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">2.72</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 Equity Premium Income Fund (Class A Shares) 2018-08-31 0.0161 0.0578 0.0741 JPMorgan Equity Premium Income Fund (Class A Shares) - excluding sales charge 0.0725 0.0692 0.0815 S&P 500 Index 0.2232 0.1341 0.1469 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0272 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>5,084,772</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;">129</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;">183</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>14,818</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> 5084772000 129 1.83 14818000 <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="g32937chartimages_5491858.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Equity-Linked Notes that are linked to the S&amp;P 500 Index.</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> 2026-03-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Equity Premium Income Fund Class C Shares JEPCX This annual shareholder report contains important information about the JPMorgan Equity Premium Income 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Equity Premium Income Fund<br/>(Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>139</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;">1.35<span>%</span></td> </tr> </table> 139 0.0135 <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 6.71% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 22.32% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 information technology and communication services sectors detracted from 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;">An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.</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 captured 34% of the Index’s positive return with 58% of its volatility. </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 real estate sector contributed to 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;">An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.</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="g32937chartimages_5491430.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;">SINCE<br/>INCEPTION<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 Equity Premium Income 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;">August 31, 2018<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;">5.71</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;">6.39<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;">7.62<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 Equity Premium Income 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;">6.71</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;">6.39</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;">7.62</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;">S&amp;P 500 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;">22.32</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;">13.41</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;">14.69</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">2.72</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 Equity Premium Income Fund (Class C Shares) 2018-08-31 0.0571 0.0639 0.0762 JPMorgan Equity Premium Income Fund (Class C Shares) - excluding sales charge 0.0671 0.0639 0.0762 S&P 500 Index 0.2232 0.1341 0.1469 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0272 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>5,084,772</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;">129</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;">183</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>14,818</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> 5084772000 129 1.83 14818000 <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="g32937chartimages_5491859.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Equity-Linked Notes that are linked to the S&amp;P 500 Index.</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> 2026-03-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Equity Premium Income Fund Class I Shares JEPIX This annual shareholder report contains important information about the JPMorgan Equity Premium Income 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Equity Premium Income Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>62</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;">0.59<span>%</span></td> </tr> </table> 62 0.0059 <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 7.52% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 22.32% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 information technology and communication services sectors detracted from 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;">An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.</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 captured 34% of the Index’s positive return with 58% of its volatility. </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 real estate sector contributed to 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;">An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.</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="g32937chartimages_5491431.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;">SINCE<br/>INCEPTION<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 Equity Premium Income 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;">August 31, 2018<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;">7.52</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;">7.20<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> <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;">8.42<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;">S&amp;P 500 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;">22.32</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;">13.41</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;">14.69</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">2.72</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 Equity Premium Income Fund (Class I Shares) 2018-08-31 0.0752 0.0720 0.0842 S&P 500 Index 0.2232 0.1341 0.1469 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0272 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>5,084,772</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;">129</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;">183</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>14,818</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> 5084772000 129 1.83 14818000 <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="g32937chartimages_5491860.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Equity-Linked Notes that are linked to the S&amp;P 500 Index.</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> 2026-03-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Equity Premium Income Fund Class R5 Shares JEPSX This annual shareholder report contains important information about the JPMorgan Equity Premium Income 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Equity Premium Income Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>47</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;">0.45<span>%</span></td> </tr> </table> 47 0.0045 <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 7.75% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 22.32% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 information technology and communication services sectors detracted from 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;">An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.</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 captured 34% of the Index’s positive return with 58% of its volatility. </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 real estate sector contributed to 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;">An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.</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="g32937chartimages_5491432.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;">SINCE<br/>INCEPTION<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 Equity Premium Income 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;">August 31, 2018</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;">7.75</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;">7.36<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;">8.58<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;">S&amp;P 500 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;">22.32</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;">13.41</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;">14.69</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">2.72</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 Equity Premium Income Fund (Class R5 Shares) 2018-08-31 0.0775 0.0736 0.0858 S&P 500 Index 0.2232 0.1341 0.1469 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0272 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>5,084,772</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;">129</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;">183</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>14,818</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> 5084772000 129 1.83 14818000 <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="g32937chartimages_5491861.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Equity-Linked Notes that are linked to the S&amp;P 500 Index.</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> 2026-03-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Equity Premium Income Fund Class R6 Shares JEPRX This annual shareholder report contains important information about the JPMorgan Equity Premium Income 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Equity Premium Income Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>36</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;">0.34<span>%</span></td> </tr> </table> 36 0.0034 <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 7.86% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 22.32% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 information technology and communication services sectors detracted from 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;">An overweight in ServiceNow and an underweight in Micron Technology were among the top detractors.</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 captured 34% of the Index’s positive return with 58% of its volatility. </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 real estate sector contributed to 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;">An underweight in Microsoft and an overweight in Ross Stores were among the top contributors.</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="g32937chartimages_5491433.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;">SINCE<br/>INCEPTION<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 Equity Premium Income 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;">August 31, 2018<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;">7.86</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;">7.47<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;">8.69<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;">S&amp;P 500 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;">22.32</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;">13.41</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;">14.69</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">2.72</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 Equity Premium Income Fund (Class R6 Shares) 2018-08-31 0.0786 0.0747 0.0869 S&P 500 Index 0.2232 0.1341 0.1469 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0272 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>5,084,772</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;">129</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;">183</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>14,818</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> 5084772000 129 1.83 14818000 <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="g32937chartimages_5491862.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Equity-Linked Notes that are linked to the S&amp;P 500 Index.</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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. </div> 2026-03-01 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 2 Fund Class A Shares JHDAX This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 2 Fund<br/>(Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>98</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;">0.92<span>%</span></td> </tr> </table> 98 0.0092 <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 11.57% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 53% of the Index’s positive return with 67% of its volatility. </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 industrial cyclical and software and services 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 Intel and Applied Materials were among the top detractors. </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 pharm/MedTech and financial services 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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="g32937chartimages_5491434.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;">SINCE<br/>INCEPTION<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 Hedged Equity 2 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;">February 26, 2021</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;">5.73</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;">6.18<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;">7.04<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 Hedged Equity 2 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;">11.57</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;">7.33</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;">8.12</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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 2 Fund (Class A Shares) 2021-02-26 0.0573 0.0618 0.0704 JPMorgan Hedged Equity 2 Fund (Class A Shares) - excluding sales charge 0.1157 0.0733 0.0812 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>5,496,391</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;">158</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;">48</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>13,404</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> 5496391000 158 0.48 13404000 <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="g32937chartimages_5491863.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-01-29 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 2 Fund Class C Shares JHDCX This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 2 Fund<br/>(Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>150</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;">1.42<span>%</span></td> </tr> </table> 150 0.0142 <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 10.98% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 53% of the Index’s positive return with 67% of its volatility. </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 industrial cyclical and software and services 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 Intel and Applied Materials were among the top detractors. </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 pharm/MedTech and financial services 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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="g32937chartimages_5491435.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;">SINCE<br/>INCEPTION<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 Hedged Equity 2 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;">February 26, 2021</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;">9.98</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;">6.80<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;">7.59<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 Hedged Equity 2 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;">10.98</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;">6.80</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;">7.59</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; 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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 2 Fund (Class C Shares) 2021-02-26 0.0998 0.0680 0.0759 JPMorgan Hedged Equity 2 Fund (Class C Shares) - excluding sales charge 0.1098 0.0680 0.0759 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>5,496,391</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;">158</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;">48</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>13,404</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> 5496391000 158 0.48 13404000 <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="g32937chartimages_5491864.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-01-29 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 2 Fund Class I Shares JHQDX This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 2 Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>71</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;">0.67<span>%</span></td> </tr> </table> 71 0.0067 <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 11.85% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 53% of the Index’s positive return with 67% of its volatility. </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 industrial cyclical and software and services 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 Intel and Applied Materials were among the top detractors. </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 pharm/MedTech and financial services 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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="g32937chartimages_5491436.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;">SINCE<br/>INCEPTION<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 Hedged Equity 2 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;">February 26, 2021</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;">11.85</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;">7.60<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;">8.39<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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 2 Fund (Class I Shares) 2021-02-26 0.1185 0.0760 0.0839 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>5,496,391</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;">158</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;">48</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>13,404</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> 5496391000 158 0.48 13404000 <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="g32937chartimages_5491865.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-01-29 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 2 Fund Class R5 Shares JHDFX This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 2 Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>56</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;">0.53<span>%</span></td> </tr> </table> 56 0.0053 <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 12.01% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 53% of the Index’s positive return with 67% of its volatility. </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 industrial cyclical and software and services 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 Intel and Applied Materials were among the top detractors. </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 pharm/MedTech and financial services 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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="g32937chartimages_5491437.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;">SINCE<br/>INCEPTION<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 Hedged Equity 2 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;">February 26, 2021<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;">12.01</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;">7.76<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;">8.55<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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 2 Fund (Class R5 Shares) 2021-02-26 0.1201 0.0776 0.0855 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>5,496,391</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;">158</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;">48</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>13,404</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> 5496391000 158 0.48 13404000 <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="g32937chartimages_5491866.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-01-29 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 2 Fund Class R6 Shares JHDRX This annual shareholder report contains important information about the JPMorgan Hedged Equity 2 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 2 Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>45</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;">0.42<span>%</span></td> </tr> </table> 45 0.0042 <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 12.12% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 53% of the Index’s positive return with 67% of its volatility. </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 industrial cyclical and software and services 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 Intel and Applied Materials were among the top detractors. </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 pharm/MedTech and financial services 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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="g32937chartimages_5491438.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;">SINCE<br/>INCEPTION<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 Hedged Equity 2 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;">February 26, 2021<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;">12.12</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;">7.87<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;">8.67<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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 2 Fund (Class R6 Shares) 2021-02-26 0.1212 0.0787 0.0867 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>5,496,391</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;">158</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;">48</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>13,404</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> 5496391000 158 0.48 13404000 <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="g32937chartimages_5491867.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-01-29 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 3 Fund Class A Shares JHTAX This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 3 Fund<br/>(Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>96</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;">0.92<span>%</span></td> </tr> </table> 96 0.0092 <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 9.41% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 44% of the Index’s positive return with 55% of its volatility. </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 financial services and consumer cyclical 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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 industrial cyclical and software and services 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 underweight allocations to Intel and Applied Materials were among the top detractors. </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="g32937chartimages_5491453.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;">SINCE<br/>INCEPTION<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 Hedged Equity 3 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;">February 26, 2021</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;">3.65</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;">5.66<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;">6.54<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 Hedged Equity 3 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;">9.41</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;">6.80</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;">7.62</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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 3 Fund (Class A Shares) 2021-02-26 0.0365 0.0566 0.0654 JPMorgan Hedged Equity 3 Fund (Class A Shares) - excluding sales charge 0.0941 0.0680 0.0762 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>3,198,101</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;">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;">158</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;">35</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>6,973</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> 3198101000 158 0.35 6973000 <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="g32937chartimages_5491882.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-02-26 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 3 Fund Class C Shares JHTCX This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 3 Fund<br/>(Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>148</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;">1.42<span>%</span></td> </tr> </table> 148 0.0142 <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 8.87% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 44% of the Index’s positive return with 55% of its volatility. </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 financial services and consumer cyclical 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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 industrial cyclical and software and services 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 underweight allocations to Intel and Applied Materials were among the top detractors. </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="g32937chartimages_5491454.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;">SINCE<br/>INCEPTION<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 Hedged Equity 3 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;">February 26, 2021</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;">7.87</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;">6.26<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;">7.08<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;">JPMorgan Hedged Equity 3 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;">8.87</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;">6.26</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;">7.08</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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 3 Fund (Class C Shares) 2021-02-26 0.0787 0.0626 0.0708 JPMorgan Hedged Equity 3 Fund (Class C Shares) - excluding sales charge 0.0887 0.0626 0.0708 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>3,198,101</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;">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;">158</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;">35</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>6,973</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> 3198101000 158 0.35 6973000 <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="g32937chartimages_5491883.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-02-26 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 3 Fund Class I Shares JHQTX This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 3 Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>70</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;">0.67<span>%</span></td> </tr> </table> 70 0.0067 <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 9.72% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 44% of the Index’s positive return with 55% of its volatility. </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 financial services and consumer cyclical 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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 industrial cyclical and software and services 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 underweight allocations to Intel and Applied Materials were among the top detractors. </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="g32937chartimages_5491455.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;">SINCE<br/>INCEPTION<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 Hedged Equity 3 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;">February 26, 2021<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;">9.72</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;">7.07<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;">7.90<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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 3 Fund (Class I Shares) 2021-02-26 0.0972 0.0707 0.0790 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>3,198,101</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;">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;">158</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;">35</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>6,973</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> 3198101000 158 0.35 6973000 <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="g32937chartimages_5491884.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-02-26 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 3 Fund Class R5 Shares JHTGX This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 3 Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>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;">0.52<span>%</span></td> </tr> </table> 54 0.0052 <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 9.88% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 44% of the Index’s positive return with 55% of its volatility. </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 financial services and consumer cyclical 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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 industrial cyclical and software and services 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 underweight allocations to Intel and Applied Materials were among the top detractors. </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="g32937chartimages_5491456.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;">SINCE<br/>INCEPTION<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 Hedged Equity 3 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;">February 26, 2021<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;">9.88</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;">7.23<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;">8.05<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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 3 Fund (Class R5 Shares) 2021-02-26 0.0988 0.0723 0.0805 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>3,198,101</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;">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;">158</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;">35</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>6,973</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> 3198101000 158 0.35 6973000 <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="g32937chartimages_5491885.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-02-26 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Hedged Equity 3 Fund Class R6 Shares JHTRX This annual shareholder report contains important information about the JPMorgan Hedged Equity 3 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Hedged Equity 3 Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>44</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;">0.42<span>%</span></td> </tr> </table> 44 0.0042 <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 9.99% for the twelve months ended June 30, 2026. The S&amp;P 500 Index (the "Index") returned 21.88% and the ICE BofA 3-Month US Treasury Bill Index returned 3.84% 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 captured 44% of the Index’s positive return with 55% of its volatility. </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 financial services and consumer cyclical 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 overweight allocations to Seagate Technology and Micron Technology were among the top contributors. </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 industrial cyclical and software and services 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 underweight allocations to Intel and Applied Materials were among the top detractors. </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="g32937chartimages_5491457.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;">SINCE<br/>INCEPTION<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 Hedged Equity 3 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;">February 26, 2021</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;">9.99</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;">7.35<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;">8.17<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;">S&amp;P 500 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;">21.88</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;">12.92</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;">14.67</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;">ICE BofA 3-Month US Treasury Bill 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;">3.84</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;">3.53</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;">3.31</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> </tr> </table> JPMorgan Hedged Equity 3 Fund (Class R6 Shares) 2021-02-26 0.0999 0.0735 0.0817 S&P 500 Index 0.2188 0.1292 0.1467 ICE BofA 3-Month US Treasury Bill Index 0.0384 0.0353 0.0331 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>3,198,101</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;">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;">158</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;">35</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>6,973</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> 3198101000 158 0.35 6973000 <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="g32937chartimages_5491886.jpg" style="width: 275pt;"/> </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: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; vertical-align: top; width: 6%; font-size: 8pt; padding: 6pt 0 3pt 0;">(a)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 6pt 0 3pt 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 8pt; margin: 0px;">Put Options Purchased</div> </td> </tr> </table> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> 2026-02-26 <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Preferred and Income Securities Fund Class A Shares JPDAX This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Preferred and Income Securities Fund<br/>(Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>78</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> 78 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 A Shares, without a sales charge, returned 6.27% for the twelve months ended June 30, 2026. The Bloomberg US Aggregate Index returned 3.79%, the ICE BofA US All Capital Securities Index ("the Index") returned 5.89% and the Preferred and Income Securities Composite Benchmark returned 6.57% 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 within the contingent convertible bond allocation 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 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.</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="g32937chartimages_5491425.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;">SINCE<br/>INCEPTION<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 Preferred and Income Securities 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;">March 31, 2022</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;">2.28</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;">3.80<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 Preferred and Income Securities 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;">6.27</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;">4.74</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;">Bloomberg US Aggregate 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;">3.79</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;">1.53</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;">ICE BofA US All Capital Securities 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;">5.89</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;">4.03</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;">Preferred and Income Securities Composite Benchmark</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;">6.57</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;">4.26</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 Preferred and Income Securities Fund (Class A Shares) 2022-03-31 0.0228 0.0380 JPMorgan Preferred and Income Securities Fund (Class A Shares) - excluding sales charge 0.0627 0.0474 Bloomberg US Aggregate Index 0.0379 0.0153 ICE BofA US All Capital Securities Index 0.0589 0.0403 Preferred and Income Securities Composite Benchmark 0.0657 0.0426 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>2,235,860</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;">194</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;">18</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>8,561</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> 2235860000 194 0.18 8561000 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491854.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">At a meeting held on February 10-12, 2026, Board of Trustees of JPMorgan Trust IV approved the reorganization (the “Reorganization”) of the Fund into a newly created exchange-traded fund, JPMorgan Preferred and Income Securities ETF (“Preferred and Income Securities ETF”). The Reorganization occurred as of the close of business on July 10, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Following the Reorganization, the Fund’s performance and financial history was adopted by Preferred and Income Securities ETF. Preferred and Income Securities ETF is managed in a substantially similar manner as the Fund. Effective as of the close of business on July 10, 2026, the Fund ceased operations in connection with the consummation of the Reorganization.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective March 1, 2026, the Fund’s Class A Shares were publicly offered only on a limited basis. Investors were not eligible to purchase Class A Shares of the Fund unless they met certain requirements.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective March 1, 2026, no sales charge was imposed on purchases of Class A Shares of the Fund, no contingent deferred sales charge was imposed on redemptions of Class A Shares and the Fund’s principal underwriter voluntarily waived all of its distribution fees.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Preferred and Income Securities Fund Class C Shares JPDCX This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Preferred and Income Securities Fund<br/>(Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>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;">1.04<span>%</span></td> </tr> </table> 107 0.0104 <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 5.96% for the twelve months ended June 30, 2026. The Bloomberg US Aggregate Index returned 3.79%, the ICE BofA US All Capital Securities Index ("the Index") returned 5.89% and the Preferred and Income Securities Composite Benchmark returned 6.57% 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 within the contingent convertible bond allocation 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 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.</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="g32937chartimages_5491428.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;">SINCE<br/>INCEPTION<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 Preferred and Income Securities 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;">August 1, 2022</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;">4.96</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;">4.24<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 Preferred and Income Securities 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;">5.96</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;">4.24</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> </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;">Bloomberg US Aggregate 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;">3.79</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;">1.53</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;">ICE BofA US All Capital Securities 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;">5.89</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;">4.03</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;">Preferred and Income Securities Composite Benchmark</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;">6.57</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;">4.26</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 Preferred and Income Securities Fund (Class C Shares) 2022-08-01 0.0496 0.0424 JPMorgan Preferred and Income Securities Fund (Class C Shares) - excluding sales charge 0.0596 0.0424 Bloomberg US Aggregate Index 0.0379 0.0153 ICE BofA US All Capital Securities Index 0.0589 0.0403 Preferred and Income Securities Composite Benchmark 0.0657 0.0426 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>2,235,860</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;">194</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;">18</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>8,561</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> 2235860000 194 0.18 8561000 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491857.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">At a meeting held on February 10-12, 2026, Board of Trustees of JPMorgan Trust IV approved the reorganization (the “Reorganization”) of the Fund into a newly created exchange-traded fund, JPMorgan Preferred and Income Securities ETF (“Preferred and Income Securities ETF”). The Reorganization occurred as of the close of business on July 10, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Following the Reorganization, the Fund’s performance and financial history was adopted by Preferred and Income Securities ETF. Preferred and Income Securities ETF is managed in a substantially similar manner as the Fund. Effective as of the close of business on July 10, 2026, the Fund ceased operations in connection with the consummation of the Reorganization.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective March 1, 2026, the Fund’s Class C Shares were publicly offered only on a limited basis. Investors were not eligible to purchase Class C Shares of the Fund unless they met certain requirements.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Effective March 1, 2026, no contingent deferred sales charge was imposed on redemptions of Class C Shares of the Fund and the Fund’s principal underwriter voluntarily waived all of its distribution fees.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Preferred and Income Securities Fund Class I Shares JPDIX This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Preferred and Income Securities Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>62</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> 62 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 I Shares returned 6.54% for the twelve months ended June 30, 2026. The Bloomberg US Aggregate Index returned 3.79%, the ICE BofA US All Capital Securities Index ("the Index") returned 5.89% and the Preferred and Income Securities Composite Benchmark returned 6.57% 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 within the contingent convertible bond allocation 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 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.</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="g32937chartimages_5491426.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;">SINCE<br/>INCEPTION<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 Preferred and Income Securities 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;">March 31, 2022</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;">6.54</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;">4.97<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;">Bloomberg US Aggregate 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;">3.79</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;">1.53</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;">ICE BofA US All Capital Securities 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;">5.89</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;">4.03</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;">Preferred and Income Securities Composite Benchmark</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;">6.57</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;">4.26</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 Preferred and Income Securities Fund (Class I Shares) 2022-03-31 0.0654 0.0497 Bloomberg US Aggregate Index 0.0379 0.0153 ICE BofA US All Capital Securities Index 0.0589 0.0403 Preferred and Income Securities Composite Benchmark 0.0657 0.0426 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>2,235,860</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;">194</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;">18</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>8,561</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> 2235860000 194 0.18 8561000 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491855.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">At a meeting held on February 10-12, 2026, Board of Trustees of JPMorgan Trust IV approved the reorganization (the “Reorganization”) of the Fund into a newly created exchange-traded fund, JPMorgan Preferred and Income Securities ETF (“Preferred and Income Securities ETF”). The Reorganization occurred as of the close of business on July 10, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Following the Reorganization, the Fund’s performance and financial history was adopted by Preferred and Income Securities ETF. Preferred and Income Securities ETF is managed in a substantially similar manner as the Fund. Effective as of the close of business on July 10, 2026, the Fund ceased operations in connection with the consummation of the Reorganization.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan Preferred and Income Securities Fund Class R6 Shares JPDRX This annual shareholder report contains important information about the JPMorgan Preferred and Income Securities 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="color: rgb(0, 0, 0); font-family: 'arial'; font-size: 9pt; font-weight: bold; background-color: rgb(219, 245, 247); background-image: initial; margin: 0px;">This report describes material changes to the Fund that occurred during the reporting period.</div> <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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Preferred and Income Securities Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>56</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;">0.55<span>%</span></td> </tr> </table> 56 0.0055 <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 6.49% for the twelve months ended June 30, 2026. The Bloomberg US Aggregate Index returned 3.79%, the ICE BofA US All Capital Securities Index ("the Index") returned 5.89% and the Preferred and Income Securities Composite Benchmark returned 6.57% 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 within the contingent convertible bond allocation 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 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.</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="g32937chartimages_5491427.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;">SINCE<br/>INCEPTION<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 Preferred and Income Securities 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;">March 31, 2022</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;">6.49</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;">5.02<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;">Bloomberg US Aggregate 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;">3.79</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;">1.53</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;">ICE BofA US All Capital Securities 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;">5.89</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;">4.03</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;">Preferred and Income Securities Composite Benchmark</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;">6.57</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;">4.26</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 Preferred and Income Securities Fund (Class R6 Shares) 2022-03-31 0.0649 0.0502 Bloomberg US Aggregate Index 0.0379 0.0153 ICE BofA US All Capital Securities Index 0.0589 0.0403 Preferred and Income Securities Composite Benchmark 0.0657 0.0426 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>2,235,860</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;">194</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;">18</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>8,561</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> 2235860000 194 0.18 8561000 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491856.jpg" style="width: 275pt;"/> </div> <div style="font-family: 'arial'; color: rgb(0, 0, 0); font-size: 11.52pt; font-weight: bold; margin: 20pt 0px 3pt 0px;"><b>Material changes to the Fund during the period</b></div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">At a meeting held on February 10-12, 2026, Board of Trustees of JPMorgan Trust IV approved the reorganization (the “Reorganization”) of the Fund into a newly created exchange-traded fund, JPMorgan Preferred and Income Securities ETF (“Preferred and Income Securities ETF”). The Reorganization occurred as of the close of business on July 10, 2026.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">Following the Reorganization, the Fund’s performance and financial history was adopted by Preferred and Income Securities ETF. Preferred and Income Securities ETF is managed in a substantially similar manner as the Fund. Effective as of the close of business on July 10, 2026, the Fund ceased operations in connection with the consummation of the Reorganization.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-size: 9pt; margin: 0px 0px 7.5pt 0px;">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.</div> www.jpmorganfunds.com/funddocuments 1-800-480-4111 JPMorgan SmartRetirement® Blend 2065 Fund Class I Shares JSBSX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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<span style="white-space: nowrap;"> </span>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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>35</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;">0.31<span>%</span></td> </tr> </table> 35 0.0031 <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 23.08% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement Blend 2065 Composite Benchmark returned 23.06% 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;">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.</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;">Manager selection was additive for the twelve months ended June 30, 2026. The JPMorgan<span style="white-space: nowrap;"> </span>Core Plus Bond Fund added value. Conversely, the JPMorgan BetaBuilders International Equity ETF 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;">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. </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="g32937chartimages_5491439.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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;">November 1, 2022</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;">23.08</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;">18.75<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement Blend 2065 Composite Benchmark</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;">23.06</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> <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;">19.55</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 SmartRetirement® Blend 2065 Fund (Class I Shares) 2022-11-01 0.2308 0.1875 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement Blend 2065 Composite Benchmark 0.2306 0.1955 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>181,802</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;">16</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;">22</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 181802000 16 0.22 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491868.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2065 Fund Class R2 Shares JSBZX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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<span style="white-space: nowrap;"> </span>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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 Fund<br/>(Class R2 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>90</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;">0.81<span>%</span></td> </tr> </table> 90 0.0081 <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 22.46% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement Blend 2065 Composite Benchmark returned 23.06% 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;">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.</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;">Manager selection was additive for the twelve months ended June 30, 2026. The JPMorgan<span style="white-space: nowrap;"> </span>Core Plus Bond Fund added value. Conversely, the JPMorgan BetaBuilders International Equity ETF 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;">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. </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="g32937chartimages_5491442.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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;">November 1, 2022</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;">22.46</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;">18.15<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement Blend 2065 Composite Benchmark</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;">23.06</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> <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;">19.55</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 SmartRetirement® Blend 2065 Fund (Class R2 Shares) 2022-11-01 0.2246 0.1815 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement Blend 2065 Composite Benchmark 0.2306 0.1955 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>181,802</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;">16</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;">22</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 181802000 16 0.22 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491871.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2065 Fund Class R3 Shares JSBPX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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<span style="white-space: nowrap;"> </span>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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 Fund<br/>(Class R3 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63</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;">0.56<span>%</span></td> </tr> </table> 63 0.0056 <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 22.79% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement Blend 2065 Composite Benchmark returned 23.06% 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;">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.</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;">Manager selection was additive for the twelve months ended June 30, 2026. The JPMorgan<span style="white-space: nowrap;"> </span>Core Plus Bond Fund added value. Conversely, the JPMorgan BetaBuilders International Equity ETF 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;">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. </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="g32937chartimages_5491443.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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;">November 1, 2022</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;">22.79</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;">18.46<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement Blend 2065 Composite Benchmark</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;">23.06</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> <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;">19.55</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 SmartRetirement® Blend 2065 Fund (Class R3 Shares) 2022-11-01 0.2279 0.1846 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement Blend 2065 Composite Benchmark 0.2306 0.1955 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>181,802</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;">16</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;">22</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 181802000 16 0.22 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491872.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2065 Fund Class R4 Shares JSBQX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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<span style="white-space: nowrap;"> </span>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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 Fund<br/>(Class R4 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>35</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;">0.32<span>%</span></td> </tr> </table> 35 0.0032 <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 23.07% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement Blend 2065 Composite Benchmark returned 23.06% 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;">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.</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;">Manager selection was additive for the twelve months ended June 30, 2026. The JPMorgan<span style="white-space: nowrap;"> </span>Core Plus Bond Fund added value. Conversely, the JPMorgan BetaBuilders International Equity ETF 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;">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. </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="g32937chartimages_5491444.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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;">November 1, 2022</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;">23.07</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;">18.75<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement Blend 2065 Composite Benchmark</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;">23.06</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> <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;">19.55</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 SmartRetirement® Blend 2065 Fund (Class R4 Shares) 2022-11-01 0.2307 0.1875 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement Blend 2065 Composite Benchmark 0.2306 0.1955 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>181,802</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;">16</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;">22</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 181802000 16 0.22 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491873.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2065 Fund Class R5 Shares JSMDX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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<span style="white-space: nowrap;"> </span>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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>19</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;">0.17<span>%</span></td> </tr> </table> 19 0.0017 <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 23.24% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement Blend 2065 Composite Benchmark returned 23.06% 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;">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.</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;">Manager selection was additive for the twelve months ended June 30, 2026. The JPMorgan<span style="white-space: nowrap;"> </span>Core Plus Bond Fund added value. Conversely, the JPMorgan BetaBuilders International Equity ETF 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;">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. </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="g32937chartimages_5491440.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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;">November 1, 2022</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;">23.24</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; 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;">18.93<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement Blend 2065 Composite Benchmark</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;">23.06</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> <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;">19.55</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 SmartRetirement® Blend 2065 Fund (Class R5 Shares) 2022-11-01 0.2324 0.1893 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement Blend 2065 Composite Benchmark 0.2306 0.1955 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>181,802</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;">16</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;">22</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 181802000 16 0.22 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491869.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2065 Fund Class R6 Shares JSBYX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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<span style="white-space: nowrap;"> </span>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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>7</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;">0.06<span>%</span></td> </tr> </table> 7 0.0006 <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 23.38% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement Blend 2065 Composite Benchmark returned 23.06% 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;">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.</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;">Manager selection was additive for the twelve months ended June 30, 2026. The JPMorgan<span style="white-space: nowrap;"> </span>Core Plus Bond Fund added value. Conversely, the JPMorgan BetaBuilders International Equity ETF 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;">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. </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="g32937chartimages_5491441.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2065 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;">November 1, 2022<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;">23.38</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;">19.05<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement Blend 2065 Composite Benchmark</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;">23.06</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> <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;">19.55</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 SmartRetirement® Blend 2065 Fund (Class R6 Shares) 2022-11-01 0.2338 0.1905 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement Blend 2065 Composite Benchmark 0.2306 0.1955 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>181,802</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;">16</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;">22</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 181802000 16 0.22 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491870.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2065 Fund Class A Shares JSMEX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 Fund<br/>(Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>48</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;">0.44<span>%</span></td> </tr> </table> 48 0.0044 <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 18.58% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement 2065 Composite Benchmark returned 22.71% 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;">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.</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;">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.</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;">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.</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="g32937chartimages_5491445.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">November 1, 2022<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;">13.25</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;">16.19<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">18.58</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;">17.66</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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement 2065 Composite Benchmark</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;">22.71</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;">19.22</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 SmartRetirement® 2065 Fund (Class A Shares) 2022-11-01 0.1325 0.1619 JPMorgan SmartRetirement® 2065 Fund (Class A Shares) - excluding sales charge 0.1858 0.1766 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement 2065 Composite Benchmark 0.2271 0.1922 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>176,516</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;">24</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;">19</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 176516000 24 0.19 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491874.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2065 Fund Class C Shares JSMHX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 Fund<br/>(Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>109</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> 109 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 C Shares, without a sales charge, returned 17.93% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement 2065 Composite Benchmark returned 22.71% 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;">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.</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;">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.</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;">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.</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="g32937chartimages_5491446.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">November 1, 2022</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;">16.93</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;">17.00<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">17.93</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;">17.00</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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement 2065 Composite Benchmark</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;">22.71</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;">19.22</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 SmartRetirement® 2065 Fund (Class C Shares) 2022-11-01 0.1693 0.1700 JPMorgan SmartRetirement® 2065 Fund (Class C Shares) - excluding sales charge 0.1793 0.1700 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement 2065 Composite Benchmark 0.2271 0.1922 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>176,516</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;">24</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;">19</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 176516000 24 0.19 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491875.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2065 Fund Class I Shares JSMJX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>27</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;">0.25<span>%</span></td> </tr> </table> 27 0.0025 <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 18.81% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement 2065 Composite Benchmark returned 22.71% 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;">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.</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;">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.</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;">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.</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="g32937chartimages_5491447.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">November 1, 2022</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;">18.81</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;">17.89<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement 2065 Composite Benchmark</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;">22.71</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;">19.22</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 SmartRetirement® 2065 Fund (Class I Shares) 2022-11-01 0.1881 0.1789 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement 2065 Composite Benchmark 0.2271 0.1922 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>176,516</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;">24</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;">19</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 176516000 24 0.19 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491876.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2065 Fund Class R2 Shares JSMKX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 Fund<br/>(Class R2 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>82</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> 82 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 R2 Shares returned 18.22% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement 2065 Composite Benchmark returned 22.71% 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;">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.</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;">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.</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;">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.</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="g32937chartimages_5491450.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">November 1, 2022</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;">18.22</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;">17.30<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement 2065 Composite Benchmark</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;">22.71</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;">19.22</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 SmartRetirement® 2065 Fund (Class R2 Shares) 2022-11-01 0.1822 0.1730 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement 2065 Composite Benchmark 0.2271 0.1922 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>176,516</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;">24</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;">19</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 176516000 24 0.19 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491879.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2065 Fund Class R3 Shares JSMPX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 Fund<br/>(Class R3 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>55</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> 55 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 R3 Shares returned 18.55% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement 2065 Composite Benchmark returned 22.71% 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;">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.</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;">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.</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;">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.</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="g32937chartimages_5491451.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">November 1, 2022<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;">18.55</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;">17.59<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement 2065 Composite Benchmark</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;">22.71</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;">19.22</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 SmartRetirement® 2065 Fund (Class R3 Shares) 2022-11-01 0.1855 0.1759 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement 2065 Composite Benchmark 0.2271 0.1922 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>176,516</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;">24</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;">19</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 176516000 24 0.19 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491880.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2065 Fund Class R4 Shares JSMLX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 Fund<br/>(Class R4 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>27</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;">0.25<span>%</span></td> </tr> </table> 27 0.0025 <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 18.83% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement 2065 Composite Benchmark returned 22.71% 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;">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.</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;">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.</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;">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.</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="g32937chartimages_5491452.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">November 1, 2022</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;">18.83</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;">17.88<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement 2065 Composite Benchmark</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;">22.71</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;">19.22</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 SmartRetirement® 2065 Fund (Class R4 Shares) 2022-11-01 0.1883 0.1788 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement 2065 Composite Benchmark 0.2271 0.1922 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>176,516</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;">24</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;">19</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 176516000 24 0.19 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491881.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2065 Fund Class R5 Shares JSMMX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11</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;">0.10<span>%</span></td> </tr> </table> 11 0.0010 <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 18.99% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement 2065 Composite Benchmark returned 22.71% 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;">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.</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;">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.</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;">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.</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="g32937chartimages_5491448.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">November 1, 2022</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;">18.99</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;">18.06<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement 2065 Composite Benchmark</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;">22.71</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;">19.22</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 SmartRetirement® 2065 Fund (Class R5 Shares) 2022-11-01 0.1899 0.1806 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement 2065 Composite Benchmark 0.2271 0.1922 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>176,516</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;">24</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;">19</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 176516000 24 0.19 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491877.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2065 Fund Class R6 Shares JSMOX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>0</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;">0.00<span>%</span></td> </tr> </table> 0 0.0000 <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 19.15% for the twelve months ended June 30, 2026. The MSCI ACWI Index (net total return) returned 21.34%, the S&amp;P Target Date 2065+ Index (the "Index") returned 22.71% and the JPM SmartRetirement 2065 Composite Benchmark returned 22.71% 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;">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.</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;">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.</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;">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.</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="g32937chartimages_5491449.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2065 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;">November 1, 2022<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;">19.15</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; 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;">18.18<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;">MSCI ACWI Index (net total return)</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;">21.34</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;">20.78</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;">S&amp;P Target Date 2065+ 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;">22.71</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;">19.22</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;">JPM SmartRetirement 2065 Composite Benchmark</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;">22.71</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;">19.22</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 SmartRetirement® 2065 Fund (Class R6 Shares) 2022-11-01 0.1915 0.1818 MSCI ACWI Index (net total return) 0.2134 0.2078 S&P Target Date 2065+ Index 0.2271 0.1922 JPM SmartRetirement 2065 Composite Benchmark 0.2271 0.1922 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>176,516</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;">24</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;">19</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 176516000 24 0.19 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5491878.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2070 Fund Class I Shares JAKDX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11</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;">0.32<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 11 0.0032 <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 6.53% for the period since inception, February 27, 2026, to<span style="white-space: nowrap;"> </span>June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement Blend 2070 Composite Benchmark returned 6.05% for the period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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;">Manager selection detracted for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund added value. Conversely, the JPMorgan Emerging Markets Research Enhanced Equity Fund detracted.</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="g32937chartimages_5517108.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 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;">February 27, 2026</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;">6.53<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement Blend 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® Blend 2070 Fund (Class I Shares) 2026-02-27 0.0653 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement Blend 2070 Composite Benchmark 0.0605 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>2,132</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;">14</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;">11</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 2132000 14 0.11 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5517113.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2070 Fund Class R2 Shares JAKEX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund<br/>(Class R2 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>28</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;">0.82<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 28 0.0082 <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 6.33% for the period since inception, February 27, 2026, to<span style="white-space: nowrap;"> </span>June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement Blend 2070 Composite Benchmark returned 6.05% for the period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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;">Manager selection detracted for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund added value. Conversely, the JPMorgan Emerging Markets Research Enhanced Equity Fund detracted.</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="g32937chartimages_5517252.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 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;">February 27, 2026<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;">6.33<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement Blend 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® Blend 2070 Fund (Class R2 Shares) 2026-02-27 0.0633 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement Blend 2070 Composite Benchmark 0.0605 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>2,132</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;">14</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;">11</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 2132000 14 0.11 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5517257.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2070 Fund Class R3 Shares JAKFX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund<br/>(Class R3 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>20</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;">0.57<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 20 0.0057 <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 6.40% for the period since inception, February 27, 2026, to<span style="white-space: nowrap;"> </span>June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement Blend 2070 Composite Benchmark returned 6.05% for the period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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;">Manager selection detracted for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund added value. Conversely, the JPMorgan Emerging Markets Research Enhanced Equity Fund detracted.</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="g32937chartimages_5517300.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 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;">February 27, 2026<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;">6.40<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement Blend 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® Blend 2070 Fund (Class R3 Shares) 2026-02-27 0.0640 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement Blend 2070 Composite Benchmark 0.0605 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>2,132</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;">14</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;">11</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 2132000 14 0.11 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5517305.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2070 Fund Class R4 Shares JAKGX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund<br/>(Class R4 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11</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;">0.32<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 11 0.0032 <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 6.53% for the period since inception, February 27, 2026, to<span style="white-space: nowrap;"> </span>June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement Blend 2070 Composite Benchmark returned 6.05% for the period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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;">Manager selection detracted for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund added value. Conversely, the JPMorgan Emerging Markets Research Enhanced Equity Fund detracted.</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="g32937chartimages_5517348.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 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;">February 27, 2026</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;">6.53<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement Blend 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® Blend 2070 Fund (Class R4 Shares) 2026-02-27 0.0653 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement Blend 2070 Composite Benchmark 0.0605 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>2,132</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;">14</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;">11</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 2132000 14 0.11 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5517353.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2070 Fund Class R5 Shares JAKHX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>6</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;">0.17<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 6 0.0017 <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 6.60% for the period since inception, February 27, 2026, to<span style="white-space: nowrap;"> </span>June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement Blend 2070 Composite Benchmark returned 6.05% for the period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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;">Manager selection detracted for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund added value. Conversely, the JPMorgan Emerging Markets Research Enhanced Equity Fund detracted.</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="g32937chartimages_5517156.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 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;">February 27, 2026</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;">6.60<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> </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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement Blend 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® Blend 2070 Fund (Class R5 Shares) 2026-02-27 0.0660 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement Blend 2070 Composite Benchmark 0.0605 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>2,132</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;">14</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;">11</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 2132000 14 0.11 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5517161.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® Blend 2070 Fund Class R6 Shares JAKJX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>3</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;">0.07<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 3 0.0007 <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 6.60% for the period since inception, February 27, 2026, to<span style="white-space: nowrap;"> </span>June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement Blend 2070 Composite Benchmark returned 6.05% for the period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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;">Manager selection detracted for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund added value. Conversely, the JPMorgan Emerging Markets Research Enhanced Equity Fund detracted.</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="g32937chartimages_5517204.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> Blend 2070 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;">February 27, 2026</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;">6.60<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> </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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement Blend 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® Blend 2070 Fund (Class R6 Shares) 2026-02-27 0.0660 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement Blend 2070 Composite Benchmark 0.0605 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>2,132</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;">14</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;">11</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 2132000 14 0.11 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5517209.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2070 Fund Class A Shares JAJKX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund<br/>(Class A Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>15</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;">0.44<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 15 0.0044 <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 5.33% for the period since inception, February 27, 2026, to June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement 2070 Composite Benchmark returned 6.05% for the same period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Manager selection detracted from relative performance for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund and the JPMorgan Emerging Markets Equity Fund added value. Conversely, the JPMorgan Global Select Equity ETF and the JPMorgan Value Advantage Fund detracted.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of the first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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="g32937chartimages_5516724.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">February 27, 2026</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;">0.57<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">5.33</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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® 2070 Fund (Class A Shares) 2026-02-27 0.0057 JPMorgan SmartRetirement® 2070 Fund (Class A Shares) - excluding sales charge 0.0533 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement 2070 Composite Benchmark 0.0605 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>3,089</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;">23</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;">12</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 3089000 23 0.12 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5516729.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2070 Fund Class C Shares JAJSX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund<br/>(Class C Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>34</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 34 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 C Shares, without a sales charge, returned 5.13% for the period since inception, February 27, 2026, to June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement 2070 Composite Benchmark returned 6.05% for the same period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Manager selection detracted from relative performance for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund and the JPMorgan Emerging Markets Equity Fund added value. Conversely, the JPMorgan Global Select Equity ETF and the JPMorgan Value Advantage Fund detracted.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of the first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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="g32937chartimages_5516772.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">February 27, 2026</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;">4.13<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">5.13</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> <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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® 2070 Fund (Class C Shares) 2026-02-27 0.0413 JPMorgan SmartRetirement® 2070 Fund (Class C Shares) - excluding sales charge 0.0513 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement 2070 Composite Benchmark 0.0605 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>3,089</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;">23</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;">12</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 3089000 23 0.12 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5516777.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2070 Fund Class I Shares JAJTX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund<br/>(Class I Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>8</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;">0.25<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 8 0.0025 <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 5.40% for the period since inception, February 27, 2026, to June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement 2070 Composite Benchmark returned 6.05% for the same period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Manager selection detracted from relative performance for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund and the JPMorgan Emerging Markets Equity Fund added value. Conversely, the JPMorgan Global Select Equity ETF and the JPMorgan Value Advantage Fund detracted.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of the first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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="g32937chartimages_5516820.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">February 27, 2026</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;">5.40<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® 2070 Fund (Class I Shares) 2026-02-27 0.0540 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement 2070 Composite Benchmark 0.0605 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>3,089</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;">23</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;">12</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 3089000 23 0.12 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5516825.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2070 Fund Class R2 Shares JAJUX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund<br/>(Class R2 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>25</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 25 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 R2 Shares returned 5.27% for the period since inception, February 27, 2026, to June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement 2070 Composite Benchmark returned 6.05% for the same period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Manager selection detracted from relative performance for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund and the JPMorgan Emerging Markets Equity Fund added value. Conversely, the JPMorgan Global Select Equity ETF and the JPMorgan Value Advantage Fund detracted.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of the first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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="g32937chartimages_5516868.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">February 27, 2026<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;">5.27<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® 2070 Fund (Class R2 Shares) 2026-02-27 0.0527 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement 2070 Composite Benchmark 0.0605 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>3,089</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;">23</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;">12</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 3089000 23 0.12 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5516873.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2070 Fund Class R3 Shares JAJVX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund<br/>(Class R3 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>17</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 17 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 R3 Shares returned 5.33% for the period since inception, February 27, 2026, to June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement 2070 Composite Benchmark returned 6.05% for the same period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Manager selection detracted from relative performance for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund and the JPMorgan Emerging Markets Equity Fund added value. Conversely, the JPMorgan Global Select Equity ETF and the JPMorgan Value Advantage Fund detracted.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of the first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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="g32937chartimages_5516916.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">February 27, 2026</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;">5.33<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® 2070 Fund (Class R3 Shares) 2026-02-27 0.0533 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement 2070 Composite Benchmark 0.0605 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>3,089</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;">23</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;">12</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 3089000 23 0.12 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5516921.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2070 Fund Class R4 Shares JAJYX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund<br/>(Class R4 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9</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;">0.25<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 9 0.0025 <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 5.40% for the period since inception, February 27, 2026, to June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement 2070 Composite Benchmark returned 6.05% for the same period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Manager selection detracted from relative performance for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund and the JPMorgan Emerging Markets Equity Fund added value. Conversely, the JPMorgan Global Select Equity ETF and the JPMorgan Value Advantage Fund detracted.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of the first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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="g32937chartimages_5516964.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">February 27, 2026</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;">5.40<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® 2070 Fund (Class R4 Shares) 2026-02-27 0.0540 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement 2070 Composite Benchmark 0.0605 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>3,089</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;">23</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;">12</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 3089000 23 0.12 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5516969.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2070 Fund Class R5 Shares JAJZX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund<br/>(Class R5 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>3</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;">0.10<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 3 0.0010 <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 5.47% for the period since inception, February 27, 2026, to June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement 2070 Composite Benchmark returned 6.05% for the same period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Manager selection detracted from relative performance for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund and the JPMorgan Emerging Markets Equity Fund added value. Conversely, the JPMorgan Global Select Equity ETF and the JPMorgan Value Advantage Fund detracted.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of the first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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="g32937chartimages_5517012.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">February 27, 2026<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;">5.47<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® 2070 Fund (Class R5 Shares) 2026-02-27 0.0547 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement 2070 Composite Benchmark 0.0605 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>3,089</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;">23</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;">12</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 3089000 23 0.12 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5517017.jpg" style="width: 275pt;"/> </div> JPMorgan SmartRetirement® 2070 Fund Class R6 Shares JAKBX This annual shareholder report contains important information about the JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund (the "Fund") for the period of February 27, 2026 (fund inception) 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 $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; background-color: rgb(245, 247, 248); background-image: initial; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 Fund<br/>(Class R6 Shares)</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>0</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;">0.00<span>%</span></td> </tr> </table> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <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; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: left; width: 2%; padding: 4pt 0 0 0;">*</td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-style: italic; margin-bottom: 0; font-family: 'Arial'; font-size: 9pt; vertical-align: top; text-align: center; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); text-align: left; font-size: 9pt; font-style: normal; padding: 0px; margin: 0px;">This charge is annualized.</div> </td> </tr> </table> 0 0.0000 <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 5.47% for the period since inception, February 27, 2026, to June 30, 2026. The MSCI ACWI Index (net total return) returned 6.43%, the S&amp;P Target Date 2065+ Index (the "Index") returned 6.07% and the JPM SmartRetirement 2070 Composite Benchmark returned 6.05% for the same period 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;">Relative to the Index, holding more emerging markets equities was additive for the four months ended June 30, 2026. Conversely, holding more fixed income relative to the Index detracted, as equities broadly outperformed fixed income for the four months ended June 30, 2026.</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;">Manager selection detracted from relative performance for the four months ended June 30, 2026. The JPMorgan Core Plus Bond Fund and the JPMorgan Emerging Markets Equity Fund added value. Conversely, the JPMorgan Global Select Equity ETF and the JPMorgan Value Advantage Fund detracted.</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;">Active asset allocation was additive for the four months ended June 30, 2026. A global equity overweight, initiated at the end of the first quarter to benefit from attractive valuations and a strong fundamental picture, was additive, as global equities performed well.</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="g32937chartimages_5517060.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;">SINCE<br/>INCEPTION<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 SmartRetirement<sup style="font-size: smaller; vertical-align: super;">®</sup> 2070 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;">February 27, 2026<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;">5.47<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;">MSCI ACWI Index (net total return)</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;">6.43</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;">S&amp;P Target Date 2065+ 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;">6.07</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;">JPM SmartRetirement 2070 Composite Benchmark</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;">6.05</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> <table style="border-collapse: collapse; page-break-inside: avoid; break-inside: avoid; table-layout: auto; width: 100%;"> <tr style="break-inside: avoid-page; page-break-inside: avoid; font-size: 8pt; font-style: normal; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial; height: auto;"> <td style="break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; width: 6pt; font-weight: normal; padding: 4pt 0 0 0;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; vertical-align: super; text-align: left; font-size: 9pt; margin: 0px;">*</div> </td> <td style="font-weight: 400; break-inside: avoid-page; page-break-inside: avoid; color: rgb(0, 0, 0); font-family: 'Arial'; text-align: left; font-size: 9pt; vertical-align: top; padding: 4pt 0 0 5pt;"> <div style="font-weight: 400; font-family: 'arial'; color: rgb(0, 0, 0); font-style: normal; text-align: left; font-size: 9pt; margin: 0px;">Not annualized.</div> </td> </tr> </table> JPMorgan SmartRetirement® 2070 Fund (Class R6 Shares) 2026-02-27 0.0547 MSCI ACWI Index (net total return) 0.0643 S&P Target Date 2065+ Index 0.0607 JPM SmartRetirement 2070 Composite Benchmark 0.0605 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>3,089</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;">23</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;">12</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>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: normal; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: initial; padding: 6pt 0 3pt 0;"></td> </tr> </table> 3089000 23 0.12 0 <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 -<span style="white-space: nowrap;"> </span>ASSET CLASS<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="g32937chartimages_5517065.jpg" style="width: 275pt;"/> </div> Put Options Purchased Put Options Purchased Put Options Purchased Put Options Purchased Put Options Purchased Equity-Linked Notes that are linked to the S&P 500 Index. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. This charge is annualized. Not annualized. Put Options Purchased Equity-Linked Notes that are linked to the S&P 500 Index. Put Options Purchased Put Options Purchased Put Options Purchased Equity-Linked Notes that are linked to the S&P 500 Index. Put Options Purchased Equity-Linked Notes that are linked to the S&P 500 Index. Equity-Linked Notes that are linked to the S&P 500 Index.