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style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/OICAX; C/OCGCX; I/ONCFX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">52</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0450 0.0100 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund) Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund) Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0005 0.0005 0.0025 0.0075 0.0027 0.0027 0.0027 0.0025 0.0025 0.0025 0.0002 0.0002 0.0002 0.0036 0.0036 0.0036 0.0093 0.0143 0.0068 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 541 733 942 1542 246 452 782 1577 69 218 379 847 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 541 733 942 1542 146 452 782 1577 69 218 379 847 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">13%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.13 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a conservative growth fund, the majority of the Fund’s assets will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds, although a portion of its assets also will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">up to 20% of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to achieve a long-term risk/return profile similar to a fund that invests 70% in income securities and 30% in equity securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a conservative growth fund, the majority of the Fund’s assets will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds, although a portion of its assets also will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to achieve a long-term risk/return profile similar to a fund that invests 70% in income securities and 30% in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to </span><span style="font-family:Arial Narrow;font-size:10pt;">time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.06pt;">9.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.06pt;">-7.80%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1.36%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0913 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.0780 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0136 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0545 0.0288 0.0480 0.0381 0.0143 0.0336 0.0345 0.0172 0.0328 0.0891 0.0331 0.0483 0.1066 0.0408 0.0555 0.0730 -0.0036 0.0201 0.0745 0.0068 0.0206 0.1715 0.1315 0.1429 0.3122 0.0892 0.0818 0.1066 0.0389 0.0524 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/OGIAX; C/OGBCX; I/OIBFX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">52</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0450 0.0100 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund) Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund) Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0005 0.0005 0.0025 0.0075 0.0026 0.0026 0.0026 0.0025 0.0025 0.0025 0.0001 0.0001 0.0001 0.0037 0.0037 0.0037 0.0093 0.0143 0.0068 <span style="font-family:Arial Narrow;font-size:8pt;">The “Acquired Fund (Underlying Fund) Fees and Expenses” in the table have </span><span style="font-family:Arial Narrow;font-size:8pt;">been restated to reflect the expense reductions for the applicable Underlying Funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 541 733 942 1542 246 452 782 1577 69 218 379 847 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 541 733 942 1542 146 452 782 1577 69 218 379 847 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">11%</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.11 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a balanced fund, approximately half of the Fund’s assets will be allocated to J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds and approximately half will be invested in J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to 20% </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 50% in income securities and 50% in equity securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a balanced fund, approximately half of the Fund’s assets will be allocated to J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds and approximately half will be invested in J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 50% in income securities and 50% in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material </span><span style="font-family:Arial Narrow;font-size:10pt;">information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return), and the Lipper Mixed-Asset Target Allocation Moderate Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Moderate Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return), and the Lipper Mixed-Asset Target Allocation Moderate Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Moderate Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.72pt;">12.90%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.72pt;">-11.69%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3.59%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1290 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1169 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0359 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0739 0.0508 0.0690 0.0553 0.0351 0.0525 0.0499 0.0349 0.0499 0.1086 0.0553 0.0695 0.1270 0.0631 0.0767 0.0730 -0.0036 0.0201 0.0745 0.0068 0.0206 0.1715 0.1315 0.1429 0.3122 0.0892 0.0818 0.1360 0.0666 0.0779 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/ONGIX; C/ONECX; I/ONGFX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">52</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0450 0.0100 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund) Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund) Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0005 0.0005 0.0025 0.0075 0.0027 0.0027 0.0027 0.0025 0.0025 0.0025 0.0002 0.0002 0.0002 0.0039 0.0039 0.0039 0.0096 0.0146 0.0071 -0.0002 0.0094 0.0146 0.0071 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 542 740 955 1573 249 462 797 1611 73 227 395 883 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 542 740 955 1573 149 462 797 1611 73 227 395 883 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">10%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth and income fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds while a moderate portion will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to 20% </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 70% in equity securities and 30% in income securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth and income fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds while a moderate portion will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 70% in equity securities and 30% in income securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in </span><span style="font-family:Arial Narrow;font-size:10pt;">general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how any class </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how any class </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.09pt;">16.02%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.09pt;">-14.90%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">5.37%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1602 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1490 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0537 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0882 0.0666 0.0860 0.0738 0.0528 0.0694 0.0575 0.0482 0.0642 0.1233 0.0710 0.0862 0.1418 0.0791 0.0936 0.1715 0.1315 0.1429 0.0745 0.0068 0.0206 0.3122 0.0892 0.0818 0.1528 0.0797 0.0933 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual </span><span style="font-family:Arial Narrow;font-size:10pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual </span><span style="font-family:Arial Narrow;font-size:10pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/ONGAX; C/OGGCX; I/ONIFX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">52</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0450 0.0100 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund) Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund) Fees and Expenses are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0005 0.0005 0.0025 0.0075 0.0027 0.0027 0.0026 0.0025 0.0025 0.0025 0.0002 0.0002 0.0001 0.0041 0.0041 0.0041 0.0098 0.0148 0.0072 -0.0002 0.0096 0.0148 0.0072 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 544 746 965 1596 251 468 808 1633 74 230 401 894 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 544 746 965 1596 151 468 808 1633 74 230 401 894 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">4%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds, although a portion of its assets also will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">20% of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 90% in equity securities and 10% in income securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, all of the Fund’s assets will be invested in investments consistent with a growth allocation fund of funds strategy. A growth allocation fund of funds strategy invests at least 80% of its assets in equity funds.</span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds, although a portion of its assets also will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 90% in equity securities and 10% in income securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, all of the Fund’s assets will be invested in investments consistent with a growth allocation fund of funds strategy. A growth allocation fund of funds strategy invests at least 80% of its assets in equity funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit </span><span style="font-family:Arial Narrow;font-size:10pt;">risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Target Allocation Aggressive Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Target Allocation Aggressive Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.05pt;">19.97%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.05pt;">-19.07%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">7.63%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1997 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1907 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0763 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1136 0.0858 0.1047 0.1036 0.0735 0.0888 0.0724 0.0644 0.0806 0.1495 0.0900 0.1050 0.1685 0.0983 0.1125 0.1715 0.1315 0.1429 0.0745 0.0068 0.0206 0.3122 0.0892 0.0818 0.1775 0.0924 0.1030 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/*; R3/*; R4/*; R5/* </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">*</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The share class does not have an exchange ticker symbol because it currently is not offered to the general public.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0005 0.0005 0.0005 0.0050 0.0025 0.0027 0.0027 0.0027 0.0012 0.0025 0.0025 0.0025 0.0010 0.0002 0.0002 0.0002 0.0002 0.0036 0.0036 0.0036 0.0036 0.0118 0.0093 0.0068 0.0053 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">"Remainder of Other Expenses" and "Acquired Fund (Underlying Fund) Fees and Expenses" are based on estimated amounts for the current fiscal year.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 120 375 649 1432 95 296 515 1143 69 218 379 847 54 170 296 665 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">13%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.13 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a conservative growth fund, the majority of the Fund’s assets will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds, although a portion of its assets also will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">up to 20% of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to achieve a long-term risk/return profile similar to a fund that invests 70% in income securities and 30% in equity securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a conservative growth fund, the majority of the Fund’s assets will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds, although a portion of its assets also will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to achieve a long-term risk/return profile similar to a fund that invests 70% in income securities and 30% in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government </span><span style="font-family:Arial Narrow;font-size:10pt;">National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or </span><span style="font-family:Arial Narrow;font-size:10pt;">frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus,</span><span style="font-family:Arial Narrow;font-size:10pt;">the bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in the prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Class R2, Class R3, Class R4 and Class R5 Shares would be substantially similar to the performance of Class A Shares because the Fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus,</span> <span style="font-family:Arial Narrow;font-size:10pt;">the bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in the prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Class R2, Class R3, Class R4 and Class R5 Shares would be substantially similar to the performance of Class A Shares because the Fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.06pt;">9.13%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.06pt;">-7.80%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1.36%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0913 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.0780 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0136 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0545 0.0288 0.0480 0.0381 0.0143 0.0336 0.0345 0.0172 0.0328 0.0730 -0.0036 0.0201 0.0745 0.0068 0.0206 0.1715 0.1315 0.1429 0.3122 0.0892 0.0818 0.1066 0.0389 0.0524 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/*; R3/*; R4/*; R5/* </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">*</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The share class does not have an exchange ticker symbol because it currently is not offered to the general public.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0005 0.0005 0.0005 0.0050 0.0025 0.0026 0.0026 0.0026 0.0011 0.0025 0.0025 0.0025 0.0010 0.0001 0.0001 0.0001 0.0001 0.0037 0.0037 0.0037 0.0037 0.0118 0.0093 0.0068 0.0053 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">"Remainder of Other Expenses" and "Acquired Fund (Underlying Fund) Fees and Expenses" are based on estimated amounts for the current fiscal year.</span> <span style="font-family:Arial Narrow;font-size:8pt;">The “Acquired Fund (Underlying Fund) Fees and Expenses” in the table have </span><span style="font-family:Arial Narrow;font-size:8pt;">been restated to reflect the expense reductions for the applicable Underlying Funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 120 375 649 1432 95 296 515 1143 69 218 379 847 54 170 296 665 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">11%</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.11 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a balanced fund, approximately half of the Fund’s assets will be allocated to J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds and approximately half will be invested in J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to 20% </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 50% in income securities and 50% in equity securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a balanced fund, approximately half of the Fund’s assets will be allocated to J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds and approximately half will be invested in J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 50% in income securities and 50% in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus</span><span style="font-family:Arial Narrow;font-size:10pt;">, </span><span style="font-family:Arial Narrow;font-size:10pt;">the bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in the prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Allocation Moderate Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Class R2, Class R3, Class R4 and Class R5 Shares would be substantially similar to the performance of Class A Shares because the Fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus</span> <span style="font-family:Arial Narrow;font-size:10pt;">the bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in the prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Allocation Moderate Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Class R2, Class R3, Class R4 and Class R5 Shares would be substantially similar to the performance of Class A Shares because the Fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.72pt;">12.90%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.72pt;">-11.69%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3.59%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1290 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1169 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0359 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0739 0.0508 0.0690 0.0553 0.0351 0.0525 0.0499 0.0349 0.0499 0.0730 -0.0036 0.0201 0.0745 0.0068 0.0206 0.1715 0.1315 0.1429 0.3122 0.0892 0.0818 0.1360 0.0666 0.0779 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/*; R3/*; R4/*; R5/* </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">*</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The share class does not have an exchange ticker symbol because it currently is not offered to the general public.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0005 0.0005 0.0005 0.0050 0.0025 0.0027 0.0027 0.0027 0.0012 0.0025 0.0025 0.0025 0.0010 0.0002 0.0002 0.0002 0.0002 0.0039 0.0039 0.0039 0.0039 0.0121 0.0096 0.0071 0.0056 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">"Remainder of Other Expenses" and "Acquired Fund (Underlying Fund) Fees and Expenses" are based on estimated amounts for the current fiscal year.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 123 384 665 1466 98 306 531 1178 73 227 395 883 57 179 313 701 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">10%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth and income fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds while a moderate portion will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to 20% </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 70% in equity securities and 30% in income securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth and income fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds while a moderate portion will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 70% in equity securities and 30% in income securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in </span><span style="font-family:Arial Narrow;font-size:10pt;">general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus</span><span style="font-family:Arial Narrow;font-size:10pt;">, </span><span style="font-family:Arial Narrow;font-size:10pt;">the bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in the prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Class R2, Class R3, Class R4 and Class R5 Shares would be substantially similar to the performance of Class A Shares because the Fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus</span> <span style="font-family:Arial Narrow;font-size:10pt;">the bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in the prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Class R2, Class R3, Class R4 and Class R5 Shares would be substantially similar to the performance of Class A Shares because the Fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.09pt;">16.02%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.09pt;">-14.90%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">5.37%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1602 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1490 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0537 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0882 0.0666 0.0860 0.0738 0.0528 0.0694 0.0575 0.0482 0.0642 0.1715 0.1315 0.1429 0.0745 0.0068 0.0206 0.3122 0.0892 0.0818 0.1528 0.0797 0.0933 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and </span><span style="font-family:Arial Narrow;font-size:10pt;">the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and </span><span style="font-family:Arial Narrow;font-size:10pt;">the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/*; R3/*; R4/*; R5/* </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">*</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The share class does not have an exchange ticker symbol because it currently is not offered to the general public.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0005 0.0005 0.0005 0.0050 0.0025 0.0026 0.0026 0.0026 0.0011 0.0025 0.0025 0.0025 0.0010 0.0001 0.0001 0.0001 0.0001 0.0041 0.0041 0.0041 0.0041 0.0122 0.0097 0.0072 0.0057 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">"Remainder of Other Expenses" and "Acquired Fund (Underlying Fund) Fees and Expenses" are based on estimated amounts for the current fiscal year.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 124 387 670 1477 99 309 536 1190 74 230 401 894 58 183 318 714 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">4%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds, although a portion of its assets also will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">20% of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 90% in equity securities and 10% in income securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, all of the Fund’s assets will be invested in investments consistent with a growth allocation fund of funds strategy. A growth allocation fund of funds strategy invests at least 80% of its assets in equity funds.</span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds, although a portion of its assets also will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 90% in equity securities and 10% in income securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, all of the Fund’s assets will be invested in investments consistent with a growth allocation fund of funds strategy. A growth allocation fund of funds strategy invests at least 80% of its assets in equity funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying </span><span style="font-family:Arial Narrow;font-size:10pt;">funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus</span><span style="font-family:Arial Narrow;font-size:10pt;">, </span><span style="font-family:Arial Narrow;font-size:10pt;">the bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in the prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Target Allocation Aggressive Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Class R2, Class R3, Class R4 and Class R5 Shares would be substantially similar to the performance of Class A Shares because the Fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus</span> <span style="font-family:Arial Narrow;font-size:10pt;">the bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in the prospectus) has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Target Allocation Aggressive Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Class R2, Class R3, Class R4 and Class R5 Shares would be substantially similar to the performance of Class A Shares because the Fund is invested in the same group of securities and the annual returns would differ only to the extent that the classes do not have the same expenses.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.05pt;">19.97%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.05pt;">-19.07%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">7.63%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1997 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1907 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0763 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1136 0.0858 0.1047 0.1036 0.0735 0.0888 0.0724 0.0644 0.0806 0.1715 0.1315 0.1429 0.0745 0.0068 0.0206 0.3122 0.0892 0.0818 0.1775 0.0924 0.1030 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual </span><span style="font-family:Arial Narrow;font-size:10pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual </span><span style="font-family:Arial Narrow;font-size:10pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R6/JFLJX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0001 0.0001 0.0036 0.0042 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 43 135 235 530 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">13%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.13 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a conservative growth fund, the majority of the Fund’s assets will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds, although a portion of its assets also will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">up to 20% of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to achieve a long-term risk/return profile similar to a fund that invests 70% in income securities and 30% in equity securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a conservative growth fund, the majority of the Fund’s assets will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds, although a portion of its assets also will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to achieve a long-term risk/return profile similar to a fund that invests 70% in income securities and 30% in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to </span><span style="font-family:Arial Narrow;font-size:10pt;">meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or </span><span style="font-family:Arial Narrow;font-size:10pt;">business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years.</span><span style="font-family:Arial Narrow;font-size:10pt;">The table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">performance of Class R6 Shares is based on the performance of Class I Shares (which are not offered in this prospectus) prior to the inception of Class R6 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an </span><span style="font-family:Arial Narrow;font-size:10pt;">indication of how any class of the Fund will perform in the future.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Conservative Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an </span><span style="font-family:Arial Narrow;font-size:10pt;">indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.62pt;">9.28%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.62pt;">-7.64%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1.73%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0928 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.0764 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0173 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1095 0.0435 0.0574 0.0903 0.0270 0.0412 0.0672 0.0277 0.0396 0.0730 -0.0036 0.0201 0.0745 0.0068 0.0206 0.1715 0.1315 0.1429 0.3122 0.0892 0.0818 0.1066 0.0389 0.0524 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from </span><span style="font-family:Arial Narrow;font-size:10pt;">those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from </span><span style="font-family:Arial Narrow;font-size:10pt;">those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R6/JFQUX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0001 0.0001 0.0037 0.0043 <span style="font-family:Arial Narrow;font-size:8pt;">The “Acquired Fund (Underlying Fund) Fees and Expenses” in the table have </span><span style="font-family:Arial Narrow;font-size:8pt;">been restated to reflect the expense reductions for the applicable Underlying Funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 44 138 241 542 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">11%</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.11 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a balanced fund, approximately half of the Fund’s assets will be allocated to J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds and approximately half will be invested in J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to 20% </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 50% in income securities and 50% in equity securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a balanced fund, approximately half of the Fund’s assets will be allocated to J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds and approximately half will be invested in J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 50% in income securities and 50% in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Moderate Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span><span style="font-family:Arial Narrow;font-size:10pt;">The performance of Class R6 </span><span style="font-family:Arial Narrow;font-size:10pt;">Shares is based on the performance of Class I Shares (which are not offered in this prospectus) prior to the inception of Class R6 Shares. The actual returns for Class R6 Shares would have been </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different than those shown because Class R6 Shares have different expenses than Class I Shares. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index, the Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Bloomberg US Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) are the Fund’s additional indices and are more representative of the Fund’s investment universe than the regulatory index. The Lipper Mixed-Asset Target Allocation Moderate Funds Index is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.19pt;">13.01%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.19pt;">-11.62%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3.97%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1301 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1162 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0397 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1298 0.0658 0.0787 0.1083 0.0480 0.0604 0.0834 0.0458 0.0571 0.0730 -0.0036 0.0201 0.0745 0.0068 0.0206 0.1715 0.1315 0.1429 0.3122 0.0892 0.0818 0.1360 0.0666 0.0779 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from </span><span style="font-family:Arial Narrow;font-size:10pt;">those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from </span><span style="font-family:Arial Narrow;font-size:10pt;">those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R6/JFBUX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0001 0.0001 0.0039 0.0045 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 46 144 252 567 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">10%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.10 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth and income fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds while a moderate portion will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to 20% </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 70% in equity securities and 30% in income securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth and income fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds while a moderate portion will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 70% in equity securities and 30% in income securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be </span><span style="font-family:Arial Narrow;font-size:10pt;">more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The performance of </span><span style="font-family:Arial Narrow;font-size:10pt;">Class R6 Shares is based on the performance of Class I Shares (which are not offered in this prospectus) prior to the inception of Class R6 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.55pt;">16.18%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.55pt;">-14.83%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">5.76%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1618 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1483 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0576 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1452 0.0818 0.0956 0.1278 0.0657 0.0770 0.0919 0.0594 0.0715 0.1715 0.1315 0.1429 0.0745 0.0068 0.0206 0.3122 0.0892 0.0818 0.1528 0.0797 0.0933 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R6/JFTUX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund (Underlying Fund) Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies. The impact of Acquired Fund (Underlying Fund) Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund (Underlying Fund) Fees and Expenses are not </span><span style="font-family:Arial Narrow;font-size:10pt;">direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0005 0.0002 0.0002 0.0041 0.0048 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 49 154 269 604 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">4%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.04 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds, although a portion of its assets also will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest up to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">20% of its assets in J.P. Morgan Funds that are exchange-traded funds (ETFs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 90% in equity securities and 10% in income securities.</span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, all of the Fund’s assets will be invested in investments consistent with a growth allocation fund of funds strategy. A growth allocation fund of funds strategy invests at least 80% of its assets in equity funds.</span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund’s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to its Lipper peer group.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a “Fund of Funds.” The Fund’s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth fund, the majority of the Fund’s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds, although a portion of its assets also will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral and other alternative strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Generally, the Fund’s allocation strategy is to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">achieve a long-term risk/return profile similar to a fund that invests 90% in equity securities and 10% in income securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, all of the Fund’s assets will be invested in investments consistent with a growth allocation fund of funds strategy. A growth allocation fund of funds strategy invests at least 80% of its assets in equity funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investments in Mutual Funds and ETFs Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund’s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. In addition, ETFs may trade at a price above (premium) or below (discount) their net asset value, especially during periods of significant market volatility or stress, causing investors to pay significantly more or less than the value of the ETF’s underlying portfolio.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund’s securities goes down, the Fund’s investment in the underlying fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Income Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in income securities that are subject to interest rate risk and credit risk. The Fund’s exposure to bonds and other debt securities will change in value based on changes in interest rates. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. Income securities are also subject to the risk that issuers and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in mortgage-related and asset-backed securities including so-called “sub-prime” mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. The risk of default for “sub-prime” mortgages is generally higher than other types of mortgage-back securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of principal and interest. Securities issued by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future. The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund or underlying fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Funds Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s performance may not correlate with the performance of the index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities and Emerging Markets Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the underlying funds may invest in foreign currencies or securities of foreign issuers, investments in such underlying funds are subject to special risks in addition to those of U.S. investments. Investments in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” an underlying fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit an underlying fund’s ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. These risks are magnified in emerging markets. </span><span style="font-family:Arial Narrow;font-size:10pt;">Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, an underlying fund may have substantial difficulties exercising its legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular, in emerging market countries, which can increase the risk of loss. From time to time, certain companies in which the Fund invests may operate in, or have dealings with, countries subject to sanctions or embargoes imposed by the U.S. government and the United Nations and/or in countries the U.S. government identified as state sponsors of terrorism. One or more of these companies may be subject to constraints under U.S. law or regulations that could negatively affect the company’s performance. Additionally, one or more of these companies could suffer damage to its reputation if the market identifies it as a company that invests or deals with countries that the U.S. government identifies as state sponsors of terrorism or subjects to sanctions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Some of the underlying funds invest in securities of smaller companies (mid cap and small cap companies) which may be riskier, less liquid, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of debt or equity issued by such companies </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Yield Securities and Loan Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Certain underlying funds invest in junk bonds, loan assignments and participations and commitments to purchase loan assignments (Loans) and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and may be subject to greater risk of loss (including substantial or total loss), greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, potentially less protections under the federal securities laws and lack of publicly available information. An underlying fund will not have direct recourse against the issuer of a loan participation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In recent years, there has been a broad trend of weaker or less restrictive covenant protections in both the Loan and high yield markets. Among other things, under such weaker or less restrictive covenants, borrowers might be able to exercise more flexibility with respect to certain activities than borrowers who are subject to stronger or more protective covenants. For example, borrowers might be able to incur more debt, including secured debt, return more capital to shareholders, remove or reduce assets that are designated as collateral securing Loans or high yield securities, increase the claims against assets that are permitted against collateral securing Loans or high yield securities or otherwise manage their business in ways that could impact creditors negatively. In addition, certain privately held borrowers might be permitted to file less frequent, less detailed or less timely financial reporting or other information, which could negatively impact the value of the Loans or high yield securities issued by such borrowers. Each of these factors might negatively impact the Loans and high yield instruments held by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">High yield instruments and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some Loans and other instruments and certain investments may be subject to restrictions on resale. In addition, the settlement period for Loans is uncertain as there is no standardized settlement schedule applicable to such investments. Certain Loans may take more than seven days to settle. The inability to dispose of the underlying fund’s instruments and other investments in a timely fashion could result in losses to the Fund and underlying fund. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for certain underlying funds than for underlying funds that invest primarily in other types of fixed income instruments or equity securities. When Loans and other instruments are prepaid, an underlying fund may have to reinvest in instruments with a lower yield or fail to recover </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">additional amounts (i.e., premiums) paid for these instruments, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Certain Loans may not be considered securities under the federal securities laws and, therefore, investments in such Loans may not be subject to certain protections under those laws. In addition, the adviser may not have access to material non-public information to which other investors may have access.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Convertible Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the underlying funds invest in convertible securities. The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. Certain types of convertible securities may decline in value or lose their value entirely if the issuer’s financial condition is significantly impaired.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Commodity Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Exposure to commodities, commodity-linked investments and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities, commodity-linked investments and derivatives may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation and interest rates, tariffs, supply and demand, or other factors affecting a particular industry or commodity. In addition, to the extent that the Fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use derivatives, including futures contracts and exchange traded futures. Derivatives, including options and futures, may be riskier than other types of investments and may increase the volatility of the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the underlying fund’s original investment. The underlying funds may be more volatile than if they had not been leveraged because the leverage tends to exaggerate any effect on the value of the underlying funds’ portfolio securities. Certain derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s or an underlying fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Inflation-Managed Strategy Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Certain underlying funds are highly concentrated in real estate securities, including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITs are subject to risks associated with the management skill and credit worthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund or an underlying fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, for both the Fund and underlying funds, large purchases of a fund’s shares may adversely affect the fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance to the extent that the fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. At times, the Fund and/or an underlying fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund and/or an underlying fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An underlying fund and the Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The performance of </span><span style="font-family:Arial Narrow;font-size:10pt;">Class R6 Shares is based on the performance of Class I Shares (which are not offered in this prospectus) prior to the inception of Class R6 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indication of how any class of the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.msci.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">)</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000 Index, the Bloomberg US Intermediate Aggregate Index and the Morgan Stanley Capital International (MSCI) Europe, Australia, Far East (EAFE) Index, all broad-based securities market indexes. The table also compares the Fund’s performance to the performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is an index based on the total returns of all mutual funds within the Fund’s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the fees and expenses of the mutual funds included in the index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.68pt;">20.09%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.68pt;">-18.99%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">8.03%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2009 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1899 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0803 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1714 0.1010 0.1144 0.1595 0.0875 0.0975 0.1071 0.0763 0.0885 0.1715 0.1315 0.1429 0.0745 0.0068 0.0206 0.3122 0.0892 0.0818 0.1775 0.0924 0.1030 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from </span><span style="font-family:Arial Narrow;font-size:10pt;">those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from </span><span style="font-family:Arial Narrow;font-size:10pt;">those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> 2026-11-01 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/OIEIX; C/OINCX; I/HLIEX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks capital appreciation and current income.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">139</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0525 0.0100 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0040 0.0040 0.0040 0.0025 0.0075 0.0030 0.0030 0.0029 0.0025 0.0025 0.0025 0.0005 0.0005 0.0004 0.0095 0.0145 0.0069 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 617 812 1023 1630 248 459 792 1600 70 221 384 859 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 617 812 1023 1630 148 459 792 1600 70 221 384 859 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">38%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the equity securities of corporations that regularly pay dividends, including common stocks and debt securities and preferred securities convertible to common stock.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Although the Fund invests primarily in securities of large </span><span style="font-family:Arial Narrow;font-size:10pt;">cap companies, it may invest in equity investments of companies across all market capitalizations. In implementing this strategy, the Fund invests primarily in common stock and real estate investment trusts (REITs). From time to time, the Fund also invests in shares of companies that are not currently paying a dividend. “Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund employs a fundamental </span><span style="font-family:Arial Narrow;font-size:10pt;">bottom-up stock selection process to primarily invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because </span><span style="font-family:Arial Narrow;font-size:10pt;">yield is a key consideration in selecting securities, the Fund may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what the Fund’s adviser believes to be their long-term investment value. The adviser seeks to invest in attractively valued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment </span><span style="font-family:Arial Narrow;font-size:10pt;">process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the equity securities of corporations that regularly pay dividends, including common stocks and debt securities and preferred securities convertible to common stock.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund employs a fundamental </span><span style="font-family:Arial Narrow;font-size:10pt;">bottom-up stock selection process to primarily invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because </span><span style="font-family:Arial Narrow;font-size:10pt;">yield is a key consideration in selecting securities, the Fund may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what the Fund’s adviser believes to be their long-term investment value. The adviser seeks to invest in attractively valued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions </span><span style="font-family:Arial Narrow;font-size:10pt;">in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Value Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> An attractively valued stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company’s value or the factors that the adviser believes will cause the stock price to increase do not occur.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Because the Fund invests in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Although the Fund invests primarily in securities of large cap companies, it may invest in equity investments of companies across all market capitalizations and, to the extent it does, the Fund’s risks increase as it invests more heavily in smaller companies. Investments in securities of smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of securities of larger capitalization companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of </span><span style="font-family:Arial Narrow;font-size:10pt;">certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in </span><span style="font-family:Arial Narrow;font-size:10pt;">growth rates, competition for the services of qualified personnel, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS I SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.93pt;">13.20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.93pt;">-24.08%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">13.72%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1320 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2408 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1372 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1459 0.1065 0.1084 0.1189 0.0921 0.0973 0.1055 0.0832 0.0876 0.0833 0.0919 0.0997 0.1276 0.0983 0.1012 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/OGEAX; C/OEICX; I/HLEIX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard &amp; Poor’s 500 Composite Stock Price Index (S&amp;P 500 Index).</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">139</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0525 0.0100 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0004 0.0004 0.0004 0.0025 0.0075 0.0034 0.0033 0.0033 0.0025 0.0025 0.0025 0.0009 0.0008 0.0008 0.0063 0.0112 0.0037 -0.0018 -0.0017 0.0045 0.0112 0.0020 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 569 699 841 1254 214 356 617 1226 20 102 191 451 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 569 699 841 1254 114 356 617 1226 20 102 191 451 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">9%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.09 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in stocks included in the S&amp;P 500 Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">1</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> and also may invest in stock index futures. The Fund’s adviser attempts to track the aggregate price and dividend performance of securities in the S&amp;P 500 Index to achieve a correlation of at least 0.95 between the performance of the Fund and that of the index without taking into account the Fund’s expenses. Perfect correlation would be 1.00.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The percentage of a stock that the Fund holds will be approximately the same percentage that the stock represents in the S&amp;P 500 Index. The adviser generally picks stocks in the order of their weightings in the S&amp;P 500 Index, starting with the heaviest weighted stock. The Fund may acquire, hold and dispose of the common stock of JPMorgan Chase &amp; Co. for the sole purpose of maintaining conformity with the S&amp;P 500 Index on which the Fund is based and measured. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">circumstances, at least 80% of the Fund’s Assets will be invested in stocks of companies included in the index or indices identified by the Fund and in derivative instruments that provide exposure to stocks of such companies.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> “Assets” means </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">net assets, plus the amount of borrowings for investment </span><span style="font-family:Arial Narrow;font-size:10pt;">purposes. As of the reconstitution of the S&amp;P 500 Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $6.20 billion to $5.50 trillion.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining market exposure to the index while maintaining a cash balance for liquidity. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940 (1940 Act). However, the Fund may operate as a “non-diversified” fund, as defined by the 1940 Act, to the approximate extent the S&amp;P 500 Index is non-diversified. The Fund may, therefore, operate as non-diversified solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the S&amp;P 500 Index. A non-diversified fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in stocks included in the S&amp;P 500 Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">1</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> and also may invest in stock index futures. The Fund’s adviser attempts to track the aggregate price and dividend performance of securities in the S&amp;P 500 Index to achieve a correlation of at least 0.95 between the performance of the Fund and that of the index without taking into account the Fund’s expenses. Perfect correlation would be 1.00.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">circumstances, at least 80% of the Fund’s Assets will be invested in stocks of companies included in the index or indices identified by the Fund and in derivative instruments that provide exposure to stocks of such companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the S&amp;P 500 Index or in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a </span><span style="font-family:Arial Narrow;font-size:10pt;">particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the S&amp;P 500 Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the index. In addition, the Fund’s return may differ from the return of the index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the S&amp;P 500 Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the S&amp;P 500 Index. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the underlying index will affect the performance, volatility, and risk of the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests principally in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mid Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in mid cap companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of other equity securities, especially over the short term.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Diversification Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund is classified as “diversified” under the 1940 Act. However, the Fund may operate as a “non-diversified” fund, as defined by the 1940 Act, to the approximate extent the Underlying Index is non-diversified. The Fund may, therefore, operate as a non-diversified fund solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results of those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of a fund which invests in more securities. The gains and losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified Fund, and a non-diversified Fund’s NAV may be more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> At times the S&amp;P 500 Index and the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the S&amp;P 500 Index and the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The table </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">compares the Fund’s performance to the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">S&amp;P 500 Index (including the aggregate price and dividend performance). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The S&amp;P 500 Index (“Index”) is a product of S&amp;P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&amp;P Dow Jones Indices LLC, a subsidiary of S&amp;P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&amp;P Dow Jones Indices LLC. For more information on any of S&amp;P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&amp;P® is a registered trademark of Standard &amp; Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&amp;P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&amp;P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS I SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.84pt;">20.51%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.84pt;">-19.62%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">12.58%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2051 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1962 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1258 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1765 0.1419 0.1459 0.1730 0.1374 0.1383 0.1065 0.1127 0.1197 0.1120 0.1269 0.1369 0.1565 0.1323 0.1374 0.1788 0.1442 0.1482 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/OLGAX; C/OLGCX; I/SEEGX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">139</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0525 0.0100 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0045 0.0045 0.0045 0.0025 0.0075 0.0028 0.0028 0.0028 0.0025 0.0025 0.0025 0.0003 0.0003 0.0003 0.0098 0.0148 0.0073 -0.0004 -0.0004 -0.0004 0.0094 0.0144 0.0069 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 616 817 1035 1660 247 464 804 1630 70 229 402 903 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 616 817 1035 1660 147 464 804 1630 70 229 402 903 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">72%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.72 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the equity securities of large, well-established</span><span style="font-family:Arial Narrow;font-size:10pt;">growth companies.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Large, well-established </span><span style="font-family:Arial Narrow;font-size:10pt;">companies are companies with market capitalizations similar to those within the universe of the Russell 1000® Growth Index at the time of purchase.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from $2.87</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">billion to $5.50 trillion. Growth companies are those that the adviser believes have growth potential compared to companies in the U.S. large capitalization market more broadly, based on one or more of the following factors: projected future revenue growth, projected future earnings growth,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">historical revenue growth or historical earnings growth.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets”</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Typically, in implementing its strategy, the Fund invests in common stocks of companies with a history of above-average growth or companies expected to enter periods of above-average growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a fundamental bottom-up approach (focusing on the characteristics of individual securities) that seeks to identify companies with positive price momentum and attractive fundamentals. The adviser seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer or group of issues than a diversified fund would. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the original investment thesis, if market expectations exceed the company’s potential to deliver </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and/or due to balance sheet deterioration. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the equity securities of large, well-established</span><span style="font-family:Arial Narrow;font-size:10pt;">growth companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> Large, well-established </span><span style="font-family:Arial Narrow;font-size:10pt;">companies are companies with market capitalizations similar to those within the universe of the Russell 1000® Growth Index at the time of purchase.</span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a fundamental bottom-up approach (focusing on the characteristics of individual securities) that seeks to identify companies with positive price momentum and attractive fundamentals. The adviser seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Growth Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests principally in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Non-Diversified Fund Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities. The value of the Fund’s shares may also be more volatile than the value of a fund which invests in more securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS I SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.1pt;">36.20%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2018</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.1pt;">-18.71%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">5.62%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3620 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2018-12-31 -0.1871 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0562 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1412 0.1269 0.1825 0.1138 0.1121 0.1600 0.1039 0.0989 0.1462 0.0785 0.1120 0.1734 0.1228 0.1185 0.1750 0.1737 0.1359 0.1459 0.1856 0.1532 0.1813 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/OLVAX; C/OLVCX; I/HLQVX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">139</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">$50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0525 0.0100 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0040 0.0040 0.0040 0.0025 0.0075 0.0035 0.0034 0.0034 0.0025 0.0025 0.0025 0.0010 0.0009 0.0009 0.0100 0.0149 0.0074 -0.0007 -0.0005 -0.0005 0.0093 0.0144 0.0069 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 615 820 1042 1679 247 466 808 1643 70 232 407 914 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 615 820 1042 1679 147 466 808 1643 70 232 407 914 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">223%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 2.23 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of large value companies, including common stocks, and debt and preferred securities which are convertible to common stock.</span><span style="font-family:Arial Narrow;font-size:10pt;">Large companies are companies with market capitalizations similar to those within the universe of the Russell 1000® Value Index at the time of purchase.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from approximately $1.76</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">billion to $4.81 trillion. Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors:</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">how</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the stock price compares to the company’s sales, earnings, and assets, as well as the overall value of the company compared to its sales and the capital invested in it.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets”</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">means net assets, plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund invests primarily in common stocks. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: The Fund’s adviser invests in companies whose securities are, in the adviser’s opinion, attractively valued when purchased and which have the potential to increase their intrinsic value per share. In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The adviser takes an in-depth look at company prospects over a period as long as five years, which is designed to provide insight into a company’s real growth potential. The research findings allow the adviser to rank the companies in each industry group according to their relative value.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">On behalf of the Fund, the adviser then buys and sells securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as attractively valued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">catalysts that could trigger a rise in a stock’s price </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high potential reward compared to potential risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">temporary mispricings caused by market overreactions</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s investment strategies may involve active and frequent trading resulting in high portfolio turnover.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of large value companies, including common stocks, and debt and preferred securities which are convertible to common stock.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Large companies are companies with market capitalizations similar to those within the universe of the Russell 1000® Value Index at the time of purchase.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">On behalf of the Fund, the adviser then buys and sells securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as attractively valued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">catalysts that could trigger a rise in a stock’s price </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high potential reward compared to potential risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">temporary mispricings caused by market overreactions</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Value Investing Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company’s value or the factors that the adviser believes will cause the stock price to increase do not occur.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests principally in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mid Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in mid cap companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of other equity securities, especially over the short term.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short-term capital gains that will generally be taxable to shareholders as ordinary income.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates, competition for the services of qualified personnel, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS I SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.64pt;">27.16%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.64pt;">-32.38%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9.74%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2716 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3238 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0974 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1560 0.1294 0.1217 0.1334 0.1068 0.1020 0.1053 0.0974 0.0935 0.0926 0.1147 0.1132 0.1378 0.1211 0.1146 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and </span><span style="font-family:Arial Narrow;font-size:10pt;">the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and </span><span style="font-family:Arial Narrow;font-size:10pt;">the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/OSGIX; C/OMGCX; I/HLGEX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks growth of capital.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">105</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0525 0.0100 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0060 0.0060 0.0060 0.0025 0.0075 0.0035 0.0035 0.0033 0.0025 0.0025 0.0025 0.0010 0.0010 0.0008 0.0120 0.0170 0.0093 -0.0016 -0.0016 -0.0014 0.0104 0.0154 0.0079 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 625 871 1135 1890 257 520 908 1863 81 282 501 1130 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 625 871 1135 1890 157 520 908 1863 81 282 501 1130 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">78%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.78 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of mid cap growth companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Mid cap companies are companies with market capitalizations similar to those within the universe of the Russell Midcap® Growth Index at the time of purchase.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from $1.99</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">billion to $251.61 billion. Growth companies are those that the adviser believes have growth potential compared to companies in the U.S. mid capitalization market more broadly, based on one or more of the following factors: projected future revenue growth, projected future earnings growth, historical revenue growth or historical earnings growth.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund invests primarily in common stocks of mid cap companies which the Fund’s adviser believes are capable of achieving sustained growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process:</span><span style="font-family:Arial Narrow;font-size:10pt;"> In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of mid cap growth companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Mid cap companies are companies with market capitalizations similar to those within the universe of the Russell Midcap® Growth Index at the time of purchase.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mid Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in mid cap companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of other equity securities, especially over the short term.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Growth Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell Midcap</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell Midcap</span><span style="color:#000000;font-family:Arial Narrow;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell Midcap</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell Midcap</span><span style="color:#000000;font-family:Arial Narrow;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS I SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.24pt;">32.44%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.24pt;">-20.65%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1.11%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3244 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2065 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0111 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0857 0.0430 0.1214 0.0635 0.0306 0.1067 0.0665 0.0325 0.0979 0.0263 0.0292 0.1122 0.0676 0.0351 0.1137 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/PGSGX; C/OSGCX; I/OGGFX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">105</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0525 0.0100 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0065 0.0065 0.0065 0.0025 0.0075 0.0036 0.0037 0.0035 0.0025 0.0025 0.0025 0.0011 0.0012 0.0010 0.0126 0.0177 0.0100 -0.0012 -0.0013 -0.0011 0.0114 0.0164 0.0089 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 635 892 1169 1958 267 545 947 1939 91 307 542 1215 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 635 892 1169 1958 167 545 947 1939 91 307 542 1215 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">82%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.82 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the securities of small capitalization growth companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations similar to those within the universe of the Russell 2000® Growth Index at the time of purchase. </span><span style="font-family:Arial Narrow;font-size:10pt;">As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from $27.33 million to $23.35 billion.</span><span style="font-family:Arial Narrow;font-size:10pt;">Growth companies are those that the adviser believes have growth potential compared to companies in the U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">small capitalization market more broadly, based on one or more of the following factors:</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">projected future revenue growth, projected future earnings growth,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">historical revenue growth or historical earnings growth. “Assets” means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund will invest primarily in common stocks. Typically, the Fund invests in securities of companies with a history of above-average growth, as well as companies expected to have above-average growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the securities of small capitalization growth companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations similar to those within the universe of the Russell 2000® Growth Index at the time of purchase. </span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in smaller companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, the share price changes may be more sudden or erratic than the prices of securities of larger companies, especially over the short term.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Growth Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or </span><span style="font-family:Arial Narrow;font-size:10pt;">other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load, which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance figures in the bar chart do not reflect any deduction for the front-end sales load, which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS A SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.43pt;">37.40%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.43pt;">-21.93%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">11.04%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3740 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2193 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1104 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0057 -0.0396 0.0995 -0.0122 -0.0511 0.0827 0.0135 -0.0306 0.0782 0.0459 -0.0340 0.1011 0.0635 -0.0267 0.1082 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: L/JISGX</span><span style="font-family:Arial Narrow;font-size:10pt;">Currently, Class L Shares</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">of the Fund are publicly offered only on a limited basis (see “Investing with J.P. Morgan Funds — CLASS SUBJECT TO A LIMITED OFFERING” in the prospectus for more information.)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0065 0.0020 0.0010 0.0010 0.0085 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 87 271 471 1049 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">82%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.82 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the securities of small capitalization growth companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations similar to those within the universe of the Russell 2000® Growth Index at the time of purchase. </span><span style="font-family:Arial Narrow;font-size:10pt;">As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from $27.33 million to $23.35 billion.</span><span style="font-family:Arial Narrow;font-size:10pt;">Growth companies are those that the adviser believes have growth potential compared to companies in the U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">small capitalization market more broadly, based on one or more of the following factors:</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">projected future revenue growth, projected future earnings growth,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">historical revenue growth or historical earnings growth. “Assets” means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund will invest primarily in common stocks. Typically, the Fund invests in securities of companies with a history of above-average growth, as well as companies expected to have above-average growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the securities of small capitalization growth companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations similar to those within the universe of the Russell 2000® Growth Index at the time of purchase. </span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in smaller companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes </span><span style="font-family:Arial Narrow;font-size:10pt;">than securities of larger companies. As a result, the share price changes may be more sudden or erratic than the prices of securities of larger companies, especially over the short term.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Growth Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class L Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class L Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS L SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.98pt;">37.49%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.98pt;">-21.83%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">11.38%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3749 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2183 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1138 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0656 -0.0252 0.1099 0.0496 -0.0352 0.0951 0.0475 -0.0200 0.0875 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/PSOAX; C/OSVCX; I/PSOPX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">105</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0525 0.0100 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0065 0.0065 0.0065 0.0025 0.0075 0.0038 0.0049 0.0036 0.0025 0.0025 0.0025 0.0013 0.0024 0.0011 0.0128 0.0189 0.0101 -0.0014 -0.0025 -0.0012 0.0114 0.0164 0.0089 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 635 896 1178 1977 267 570 998 2032 91 310 546 1225 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 635 896 1178 1977 167 570 998 2032 91 310 546 1225 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">82%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.82 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap value companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">“</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations</span><span style="font-family:Arial Narrow;font-size:10pt;">similar to those within the universe of the Russell 2000® Value Index at the time of purchase. </span><span style="font-family:Arial Narrow;font-size:10pt;">As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from approximately $5.62 million to $24.23 billion. Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the following factors:</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">how the stock price compares to the company’s sales, earnings,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and assets,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">as well as the overall value of the company compared to its sales and the capital invested in it. “Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund’s equity investments are primarily in common stocks and real estate investment trusts (REITs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining market exposure to the index while maintaining a cash balance for liquidity. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into portfolios.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="font-family:Arial Narrow;font-size:10pt;">In general, stocks are purchased when they are among the top ranked within their sector. Stocks become candidates for sale when their ranking falls, when they appear unattractive or when the company is no longer a small cap company. The Fund may continue to hold the securities if it believes further </span><span style="font-family:Arial Narrow;font-size:10pt;">substantial growth is possible. Risk factor exposures are managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and/or style characteristics of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap value companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations</span><span style="font-family:Arial Narrow;font-size:10pt;">similar to those within the universe of the Russell 2000® Value Index at the time of purchase. </span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into portfolios.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in smaller companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, the share price changes may be more sudden or erratic than the prices of securities of larger companies, especially over the short term.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Value Investing Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company’s value or the factors that the adviser believes will cause the stock price to increase do not occur.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. </span><span style="font-family:Arial Narrow;font-size:10pt;">These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS I SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.94pt;">33.44%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.94pt;">-34.64%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">15.45%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3344 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3464 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1545 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1222 0.0969 0.0876 0.0993 0.0744 0.0694 0.0885 0.0726 0.0671 0.0605 0.0823 0.0790 0.1035 0.0888 0.0804 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: A/PECAX; C/ODMCX; I/WOOPX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">More information about these and other discounts is available from your financial intermediary and in “Investing with J.P. Morgan Funds — SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” on page </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">105</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> and in “Financial Intermediary-Specific Sales Charge Waivers” in Appendix A of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in the J.P. Morgan Funds. </span> 50000 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">SHAREHOLDER FEES </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Fees paid directly from your investment)</span> 0.0525 0.0100 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0055 0.0055 0.0055 0.0025 0.0075 0.0044 0.0044 0.0042 0.0025 0.0025 0.0025 0.0019 0.0019 0.0017 0.0124 0.0174 0.0097 -0.0015 -0.0015 -0.0013 0.0109 0.0159 0.0084 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</span> 630 884 1157 1934 262 533 930 1907 86 296 524 1178 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">IF YOU DO NOT SELL YOUR SHARES, YOUR COST</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 630 884 1157 1934 162 533 930 1907 86 296 524 1178 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">60%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.60 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of small- to mid-cap companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Equity securities represent</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">an ownership interest in the issuer. </span><span style="font-family:Arial Narrow;font-size:10pt;">Small- to mid-cap companies are generally </span><span style="font-family:Arial Narrow;font-size:10pt;">considered to be those companies with market capitalizations similar to those within the universe of the Russell 2500</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index at the time of purchase.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As of the reconstitution of the Russell </span><span style="font-family:Arial Narrow;font-size:10pt;">2500 Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $84.06 billion. In implementing its main strategies, the Fund invests primarily in common stocks. “Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a fundamental bottom-up investment process and seeks to invest in attractively valued companies with leading competitive positions and predictable and durable business models. It also seeks to invest the Fund’s assets in companies whose management has a successful track record of prudent capital allocation.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in a company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of small- to mid-cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small- to mid-cap companies are generally </span><span style="font-family:Arial Narrow;font-size:10pt;">considered to be those companies with market capitalizations similar to those within the universe of the Russell 2500</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index at the time of purchase.</span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a fundamental bottom-up investment process and seeks to invest in attractively valued companies with leading competitive positions and predictable and durable business models. It also seeks to invest the Fund’s assets in companies whose management has a successful track record of prudent capital allocation.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or </span><span style="font-family:Arial Narrow;font-size:10pt;">resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Investments in securities of smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result </span><span style="font-family:Arial Narrow;font-size:10pt;">in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2500</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2500</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Effective 11/1/20, the Fund’s investment strategies changed. The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s past performance would have been different if the Fund were managed using the current strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class I Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2500</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2500</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS I SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.74pt;">22.42%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.74pt;">-28.46%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1.01%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2242 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2846 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0101 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> -0.0268 0.0404 0.0698 -0.0422 0.0189 0.0473 -0.0054 0.0271 0.0508 -0.0805 0.0266 0.0614 -0.0442 0.0327 0.0627 0.1715 0.1315 0.1429 0.1191 0.0726 0.1040 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class I Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/OIEFX; R3/OIEPX; R4/0IEQX; R5/OIERX; R6/OIEJX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks capital appreciation and current income.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0040 0.0040 0.0040 0.0040 0.0040 0.0050 0.0025 0.0030 0.0030 0.0030 0.0015 0.0005 0.0025 0.0025 0.0025 0.0010 0.0005 0.0005 0.0005 0.0005 0.0005 0.0120 0.0095 0.0070 0.0055 0.0045 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 122 381 660 1455 97 303 525 1166 72 224 390 871 56 176 307 689 46 144 252 567 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s </span><span style="font-family:Arial Narrow;font-size:10pt;">performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">38%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.38 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the equity securities of corporations that regularly pay dividends, including common stocks and debt securities and preferred securities convertible to common stock.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Although the Fund invests primarily in securities of large </span><span style="font-family:Arial Narrow;font-size:10pt;">cap companies, it may invest in equity investments of companies across all market capitalizations. In implementing this strategy, the Fund invests primarily in common stock and real estate investment trusts (REITs). From time to time, the Fund also invests in shares of companies that are not currently paying a dividend. “Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund employs a fundamental </span><span style="font-family:Arial Narrow;font-size:10pt;">bottom-up stock selection process to primarily invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because yield is a key consideration in selecting securities, the Fund may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what the Fund’s adviser believes to be their long-term investment value. The adviser seeks to invest in attractively valued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment </span><span style="font-family:Arial Narrow;font-size:10pt;">process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the equity securities of corporations that regularly pay dividends, including common stocks and debt securities and preferred securities convertible to common stock.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund employs a fundamental </span><span style="font-family:Arial Narrow;font-size:10pt;">bottom-up stock selection process to primarily invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because yield is a key consideration in selecting securities, the Fund may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what the Fund’s adviser believes to be their long-term investment value. The adviser seeks to invest in attractively valued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Value Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> An attractively valued stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company’s value or the factors that the adviser believes will cause the stock price to increase do not occur.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Because the Fund invests in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Although the Fund invests primarily in securities of large cap companies, it may invest in equity investments of companies across all market capitalizations and, to the extent it does, the Fund’s risks increase as it invests more heavily in smaller companies. Investments in securities of smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of securities of larger capitalization companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates, competition for the services of qualified personnel, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R5 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The performance for the Class R4 Shares is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">based on the performance of the Class I Shares (which are not offered in this prospectus) prior to their inception. The performance for the Class R3 Shares is based on the performance of the Class A Shares (which are not offered in this prospectus) prior to their inception. The actual returns for Class R4 would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares currently have the same expenses as Class A Shares. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R5 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS R5 SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.41pt;">13.23%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.41pt;">-24.07%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">13.83%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1323 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2407 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1383 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1479 0.1081 0.1101 0.1205 0.0933 0.0986 0.1070 0.0845 0.0889 0.1405 0.1009 0.1028 0.1431 0.1037 0.1056 0.1460 0.1064 0.1084 0.1487 0.1092 0.1112 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R5 Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R5 Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R6/OGFAX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard &amp; Poor’s 500 Composite Stock Price Index (S&amp;P 500 Index).</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> -0.00075 0.00045 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 5 32 61 147 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">9%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.09 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in stocks included in the S&amp;P 500 Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">1</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> and also may invest in stock index futures. The Fund’s adviser attempts to track the aggregate price and dividend performance of securities in the S&amp;P 500 Index to achieve a correlation of at least 0.95 between the performance of the Fund and that of the index without taking into account the Fund’s expenses. Perfect correlation would be 1.00.</span><span style="font-family:Arial Narrow;font-size:10pt;">The percentage of a stock that the Fund holds will be approximately the same percentage that the stock represents in the S&amp;P 500 Index. The adviser generally picks stocks in the order of their weightings in the S&amp;P 500 Index, starting with the heaviest weighted stock. The Fund may acquire, hold and dispose of the common stock of JPMorgan Chase &amp; Co. for the sole purpose of maintaining conformity with the S&amp;P 500 Index on which the Fund is based and measured. </span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal </span><span style="font-family:Arial Narrow;font-size:10pt;">circumstances, at least 80% of the Fund’s Assets will be invested in stocks of companies included in the index or indices identified by the Fund and in derivative instruments that provide exposure to stocks of such companies.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Assets” means </span><span style="font-family:Arial Narrow;font-size:10pt;">net assets, plus the amount of borrowings for investment purposes. As of the reconstitution of the S&amp;P 500 Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $6.20 billion to $5.50 trillion.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to its </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining market exposure to the index while maintaining a cash balance for liquidity. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund is classified as “diversified” under the Investment Company Act of 1940 (1940 Act). However, the Fund may operate as a “non-diversified” fund, as defined by the 1940 Act, to the approximate extent the S&amp;P 500 Index is non-diversified. The Fund may, therefore, operate as non-diversified solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the S&amp;P 500 Index. A non-diversified fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in stocks included in the S&amp;P 500 Index</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">1</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> and also may invest in stock index futures. The Fund’s adviser attempts to track the aggregate price and dividend performance of securities in the S&amp;P 500 Index to achieve a correlation of at least 0.95 between the performance of the Fund and that of the index without taking into account the Fund’s expenses. Perfect correlation would be 1.00.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal </span><span style="font-family:Arial Narrow;font-size:10pt;">circumstances, at least 80% of the Fund’s Assets will be invested in stocks of companies included in the index or indices identified by the Fund and in derivative instruments that provide exposure to stocks of such companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the S&amp;P 500 Index or in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Index Related Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s return may not track the return of the S&amp;P 500 Index for a number of reasons and therefore may not achieve its investment objective. For example, the Fund incurs a number of operating expenses not applicable to the index, and incurs costs in buying and selling securities, especially when rebalancing the Fund’s securities holdings to reflect changes in the composition of the index. In addition, the Fund’s return may differ from the return of the index as a result of, among other things, pricing differences and the inability to purchase certain securities included in the index due to regulatory or other restrictions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk that the Fund may not track the performance of the S&amp;P 500 Index may be heightened during times of increased market volatility or other unusual market conditions.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Passive Management Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Unlike many investment companies, the Fund is not “actively” managed. Therefore, it would not generally sell a security because the security’s issuer was in financial trouble unless that security is removed from the S&amp;P 500 Index. Therefore, the Fund’s performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or lessen the impact of a market decline or a decline in the value of one or more issuers. The structure and composition of the underlying index will affect the performance, volatility, and risk of the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests principally in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mid Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in mid cap companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of other equity securities, especially over the short term.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Diversification Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund is classified as “diversified” under the 1940 Act. However, the Fund may operate as a “non-diversified” fund, as defined by the 1940 Act, to the approximate extent the Underlying Index is non-diversified. The Fund may, therefore, operate as a non-diversified fund solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index. A non-diversified fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a </span><span style="font-family:Arial Narrow;font-size:10pt;">diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results of those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of a fund which invests in more securities. The gains and losses on such holdings may have a greater impact on a non-diversified Fund’s performance than they would on the performance of a diversified Fund, and a non-diversified Fund’s NAV may be more volatile.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> At times the S&amp;P 500 Index and the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of issuers in other industries and sectors. To the extent that the S&amp;P 500 Index and the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s Shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The table </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">compares the Fund’s performance to the performance of the S&amp;P 500 Index (including the aggregate price and dividend performance). The performance in the table for Class R6 Shares is based on the performance of the Class I Shares (which are not offered in this prospectus) prior to the inception of the Class R6 Shares. The actual returns of the Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The S&amp;P 500 Index (“Index”) is a product of S&amp;P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&amp;P Dow Jones Indices LLC, a subsidiary of S&amp;P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&amp;P Dow Jones Indices LLC. For more information on any of S&amp;P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&amp;P® is a registered trademark of Standard &amp; Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&amp;P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&amp;P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS R6 SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.85pt;">20.55%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.85pt;">-19.58%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">12.71%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2055 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1958 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1271 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1782 0.1437 0.1476 0.1743 0.1387 0.1395 0.1078 0.1141 0.1210 0.1788 0.1442 0.1482 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/JLGZX; R3/JLGPX; R4/JLGQX; R5/JLGRX; R6/JLGMX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated money market funds, other mutual funds, exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0045 0.0045 0.0045 0.0045 0.0045 0.0050 0.0025 0.0029 0.0028 0.0028 0.0013 0.0003 0.0025 0.0025 0.0025 0.0010 0.0004 0.0003 0.0003 0.0003 0.0003 0.0124 0.0098 0.0073 0.0058 0.0048 -0.0005 -0.0004 -0.0004 -0.0004 -0.0004 0.0119 0.0094 0.0069 0.0054 0.0044 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 121 388 676 1496 96 308 538 1198 70 229 402 903 55 182 320 722 45 150 265 600 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">72%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.72 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the equity securities of large, well-established</span><span style="font-family:Arial Narrow;font-size:10pt;">growth companies.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Large, well-established </span><span style="font-family:Arial Narrow;font-size:10pt;">companies are companies with market capitalizations similar to those within the universe of the Russell 1000® Growth Index at the time of purchase.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from $2.87</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">billion to $5.50 trillion. Growth companies are those that the adviser believes have growth potential compared to companies in the U.S. large capitalization market more broadly, based on one or more of the following factors: projected future </span><span style="font-family:Arial Narrow;font-size:10pt;">revenue growth, projected future earnings growth,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">historical revenue growth or historical earnings growth.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets”</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Typically, in implementing its strategy, the Fund invests in common stocks of companies with a history of above-average growth or companies expected to enter periods of above-average growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a fundamental bottom-up approach (focusing on the characteristics of individual securities) that seeks to identify companies with positive price momentum and attractive fundamentals. The adviser seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is non-diversified and may invest a greater percentage of its assets in a particular issuer or group of issues than a diversified fund would. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the original investment thesis, if market expectations exceed the company’s potential to deliver and/or due to balance sheet deterioration. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the equity securities of large, well-established</span><span style="font-family:Arial Narrow;font-size:10pt;">growth companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> Large, well-established </span><span style="font-family:Arial Narrow;font-size:10pt;">companies are companies with market capitalizations similar to those within the universe of the Russell 1000® Growth Index at the time of purchase.</span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a fundamental bottom-up approach (focusing on the characteristics of individual securities) that seeks to identify companies with positive price momentum and attractive fundamentals. The adviser seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Growth Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests principally in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Non-Diversified Fund Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s shares being more sensitive to economic results of those issuing the securities. The value of the Fund’s shares may also be more volatile than the value of a fund which invests in more securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The performance for Class R3 and Class R4 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares is based on the performance of Class I Shares (which are not offered in this prospectus) prior to their inception. Prior class performance for Class R3 Shares has been adjusted to reflect differences in expenses between classes. The actual returns of Class R4 Shares would have been similar to those </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">shown because Class R4 Shares had similar expenses to Class I Shares. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS R2 SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.0pt;">36.00%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2018</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.0pt;">-18.84%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">5.74%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3600 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2018-12-31 -0.1884 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0574 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1430 0.1286 0.1844 0.1162 0.1140 0.1621 0.1044 0.1004 0.1480 0.1356 0.1213 0.1768 0.1384 0.1241 0.1796 0.1411 0.1269 0.1825 0.1440 0.1297 0.1856 0.1737 0.1359 0.1459 0.1856 0.1532 0.1813 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R5 Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R5 Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/JLVZX; R3/OLVTX; R4/OLVRX; R5/JLVRX; R6/JLVMX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0040 0.0040 0.0040 0.0040 0.0040 0.0050 0.0025 0.0035 0.0034 0.0036 0.0020 0.0009 0.0025 0.0025 0.0025 0.0010 0.0010 0.0009 0.0011 0.0010 0.0009 0.0125 0.0099 0.0076 0.0060 0.0049 -0.0006 -0.0005 -0.0007 -0.0006 -0.0005 0.0119 0.0094 0.0069 0.0054 0.0044 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 121 391 681 1506 96 310 542 1208 70 236 415 936 55 186 329 744 45 152 269 611 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">223%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 2.23 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of large value companies, including common stocks, and debt and preferred securities which are convertible to common stock.</span><span style="font-family:Arial Narrow;font-size:10pt;">Large companies are companies with market capitalizations similar to those within the universe of the Russell 1000® Value Index at the time of purchase.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from approximately $1.76</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">billion to $4.81 trillion. Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors:</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">how</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the stock price compares to the company’s sales, earnings, and assets, as well as the overall value of the company compared to its sales and the capital invested in it.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets”</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">means net assets, plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund invests primarily in common stocks. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: The Fund’s adviser invests in companies whose securities are, in the adviser’s opinion, attractively valued when purchased and which have the potential to increase their intrinsic value per share. In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The adviser takes an in-depth look at company prospects over a period as long as five years, which is designed to provide insight into a company’s real growth potential. The research findings allow the adviser to rank the companies in each industry group according to their relative value.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">On behalf of the Fund, the adviser then buys and sells securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as attractively valued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">catalysts that could trigger a rise in a stock’s price </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high potential reward compared to potential risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">temporary mispricings caused by market overreactions</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s investment strategies may involve active and frequent trading resulting in high portfolio turnover.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of large value companies, including common stocks, and debt and preferred securities which are convertible to common stock.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Large companies are companies with market capitalizations similar to those within the universe of the Russell 1000® Value Index at the time of purchase.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">On behalf of the Fund, the adviser then buys and sells securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as attractively valued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">catalysts that could trigger a rise in a stock’s price </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high potential reward compared to potential risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">temporary mispricings caused by market overreactions</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Value Investing Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company’s value or the factors that the adviser believes will cause the stock price to increase do not occur.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests principally in large cap company securities, it may underperform other funds during periods when the Fund’s large cap securities are out of favor.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mid Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in mid cap companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of other equity securities, especially over the short term.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Portfolio Turnover Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short-term capital gains that will generally be taxable to shareholders as ordinary income.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates, competition for the services of qualified personnel, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R5 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The performance for the Class R3 Shares are </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">based on the performance of Class A Shares (which are not offered in this prospectus) prior to the inception of Class R3 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares. The performance for the Class R4 Shares are based on the performance of Class I Shares (which are not offered in this prospectus) prior to the inception of Class R4 Shares. The actual returns of Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R5 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 1000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS R5 SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.19pt;">27.22%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.19pt;">-32.33%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9.86%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2722 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3233 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0986 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1584 0.1311 0.1234 0.1356 0.1084 0.1035 0.1066 0.0987 0.0949 0.1503 0.1239 0.1162 0.1539 0.1267 0.1191 0.1563 0.1295 0.1218 0.1595 0.1324 0.1246 0.1737 0.1359 0.1459 0.1591 0.1133 0.1053 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R5 Shares, and after-tax returns for the other classes will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R5 Shares, and after-tax returns for the other classes will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/JMGZX; R3/JMGPX; R4/JMGQX; R5/JMGFX; R6/JMGMX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks growth of capital.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0060 0.0060 0.0060 0.0060 0.0060 0.0050 0.0025 0.0038 0.0034 0.0034 0.0018 0.0009 0.0025 0.0025 0.0025 0.0010 0.0013 0.0009 0.0009 0.0008 0.0009 0.0148 0.0119 0.0094 0.0078 0.0069 -0.0013 -0.0009 -0.0009 -0.0008 -0.0009 0.0135 0.0110 0.0085 0.0070 0.0060 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 137 455 796 1757 112 369 646 1435 87 291 511 1146 72 241 425 959 61 212 375 850 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">78%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.78 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of mid cap growth companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Mid cap companies are companies with market capitalizations similar to those within the universe of the Russell Midcap® Growth Index at the time of purchase.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from $1.99</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">billion to $251.61 billion. Growth companies are those that the adviser believes have growth potential compared to companies in the U.S. mid capitalization market more broadly, based on one or more of the following factors: projected future revenue growth, projected future earnings growth, historical revenue growth or historical earnings growth.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">“Assets” means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund invests primarily in common stocks of mid cap companies which the Fund’s adviser believes are capable of achieving sustained growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process:</span><span style="font-family:Arial Narrow;font-size:10pt;"> In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of mid cap growth companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Mid cap companies are companies with market capitalizations similar to those within the universe of the Russell Midcap® Growth Index at the time of purchase.</span> <span style="font-family:Arial Narrow;font-size:10pt;"> In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Mid Cap Company Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investments in mid cap companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of other equity securities, especially over the short term.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Growth Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell Midcap</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell Midcap</span><span style="color:#000000;font-family:Arial Narrow;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The performance of the Class R3 and Class R4 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares is based on the performance of the Class I Shares (which are not offered in this prospectus) prior to their inception. Prior class performance for Class R3 and Class R4 Shares have been </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">adjusted to reflect differences in expenses between the classes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell Midcap</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell Midcap</span><span style="color:#000000;font-family:Arial Narrow;font-size:4.5pt;position:relative;top:-7pt;">® </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS R2 SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.55pt;">32.25%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:32.55pt;">-20.77%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1.26%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3225 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2077 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0126 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0878 0.0450 0.1235 0.0664 0.0330 0.1091 0.0672 0.0341 0.0998 0.0797 0.0372 0.1153 0.0823 0.0398 0.1179 0.0852 0.0424 0.1207 0.0868 0.0441 0.1228 0.1715 0.1315 0.1429 0.0866 0.0665 0.1249 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R6 Shares, and after-tax returns for the other class will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R6 Shares, and after-tax returns for the other class will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/JSGZX; R3/JGRQX; R4/JGLYX; R5/JGSVX; R6/JGSMX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0065 0.0065 0.0065 0.0065 0.0065 0.0050 0.0025 0.0038 0.0039 0.0036 0.0021 0.0010 0.0025 0.0025 0.0025 0.0010 0.0013 0.0014 0.0011 0.0011 0.0010 0.0153 0.0129 0.0101 0.0086 0.0075 -0.0013 -0.0014 -0.0011 -0.0011 -0.0010 0.0140 0.0115 0.0090 0.0075 0.0065 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 143 471 822 1812 117 395 694 1544 92 311 547 1226 77 263 466 1051 66 230 407 921 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">82%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.82 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the securities of small capitalization growth companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations similar to those within the universe of the Russell 2000® Growth Index at the time of purchase. </span><span style="font-family:Arial Narrow;font-size:10pt;">As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from $27.33 million to $23.35 billion.</span><span style="font-family:Arial Narrow;font-size:10pt;">Growth companies are those that the adviser believes have growth potential compared to companies in the U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">small capitalization market more broadly, based on one or more of the following factors:</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">projected future revenue growth, projected future earnings growth,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">historical revenue growth or historical earnings growth. “Assets” means net assets plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund will invest primarily in common stocks. Typically, the Fund invests in securities of companies with a history of above-average growth, as well as companies expected to have above-average growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in the company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in the securities of small capitalization growth companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations similar to those within the universe of the Russell 2000® Growth Index at the time of purchase. </span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions that can achieve sustainable growth.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Investments in smaller companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, the share price changes may be more sudden or erratic than the prices of securities of larger companies, especially over the short term.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Growth Investing Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is </span><span style="font-family:Arial Narrow;font-size:10pt;">subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Healthcare Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Companies in the healthcare sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the healthcare sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies. Healthcare companies are also subject to extensive litigation based on product liability and similar claims. In addition, their products can become obsolete due to industry innovation, changes in technologies or other market developments. Many new products in the healthcare sector require significant research and development and may be subject to regulatory approvals, all of which may be time consuming and costly with no guarantee that any product will come to market.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Technology Sector Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Market or economic factors impacting technology companies could have an impact on the value of the Fund’s investments. The value of stocks of technology companies is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence and frequent new product introduction, unpredictable changes in growth rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">competition for the services of qualified personnel,</span><span style="font-family:Arial Narrow;font-size:10pt;">government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs, all of which may have an adverse effect on their profit margins. Stocks of technology companies, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect their profitability.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R2 Shares has varied from year to year for the past ten calendar years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The table shows the average annual total </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">returns over the past one year, five years and ten years. The table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The performance for Class R3 Shares is based </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">on the performance of Class A Shares (which are not offered in this prospectus) prior to the inception of Class R3 Shares. The performance for the Class R4 Shares is based on the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance of the Class I Shares (which are not offered in this prospectus) prior to the inception of the Class R4 Shares. Prior class performance for Class R3 and Class R4 Shares has been adjusted to reflect differences in expenses between the classes. The performance in the table for the Class R5 Shares is based on the performance of the Class L Shares (which are not offered in this prospectus) prior to the inception of the Class R5 Shares. The actual returns of the Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class L Shares. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R2 Shares has varied from year to year for the past ten calendar years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The table shows the average annual total </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">returns over the past one year, five years and ten years. The table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Growth Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS R2 SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.97pt;">37.31%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.97pt;">-21.98%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">11.52%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.3731 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.2198 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1152 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0660 -0.0243 0.1110 0.0496 -0.0343 0.0962 0.0476 -0.0194 0.0885 0.0583 -0.0316 0.1027 0.0608 -0.0292 0.1054 0.0638 -0.0267 0.1082 0.0652 -0.0252 0.1099 0.1715 0.1315 0.1429 0.1301 0.0318 0.0957 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R6 Shares, and after-tax returns for the other class will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R6 Shares, and after-tax returns for the other class will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R2/JSVZX; R3/JSVPX; R4/JSVQX; R5/JSVRX; R6/JSVUX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0065 0.0065 0.0065 0.0065 0.0065 0.0050 0.0025 0.0046 0.0040 0.0055 0.0022 0.0011 0.0025 0.0025 0.0025 0.0010 0.0021 0.0015 0.0030 0.0012 0.0011 0.0161 0.0130 0.0120 0.0087 0.0076 -0.0021 -0.0015 -0.0030 -0.0012 -0.0011 0.0140 0.0115 0.0090 0.0075 0.0065 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 143 488 856 1893 117 397 699 1555 92 351 631 1428 77 266 470 1061 66 232 412 932 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">82%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.82 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap value companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">“</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations</span><span style="font-family:Arial Narrow;font-size:10pt;">similar to those within the universe of the Russell 2000® Value Index at the time of purchase. </span><span style="font-family:Arial Narrow;font-size:10pt;">As of </span><span style="font-family:Arial Narrow;font-size:10pt;">September 30, 2026, the market capitalizations of the companies in the index ranged from approximately $5.62 million to $24.23 billion. Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the following factors:</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">how the stock price compares to the company’s sales, earnings,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and assets,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">as well as the overall value of the company compared to its sales and the capital invested in it. “Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund’s equity investments are primarily in common stocks and real estate investment trusts (REITs). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining market exposure to the index while maintaining a cash balance for liquidity. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into portfolios.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="font-family:Arial Narrow;font-size:10pt;">In general, stocks are purchased when they are among the top ranked within their sector. Stocks become candidates for sale when their ranking falls, when they appear unattractive or when the company is no longer a small cap company. The Fund may continue to hold the securities if it believes further substantial growth is possible. Risk factor exposures are managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and/or style characteristics of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap value companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations</span><span style="font-family:Arial Narrow;font-size:10pt;">similar to those within the universe of the Russell 2000® Value Index at the time of purchase. </span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into portfolios.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in smaller companies may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, the share price changes may be more sudden or erratic than the prices of securities of larger companies, especially over the short term.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Value Investing Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company’s value or the factors that the adviser believes will cause the stock price to increase do not occur.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not </span><span style="font-family:Arial Narrow;font-size:10pt;">fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Real Estate Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regulatory index.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The performance for the Class R4 Shares is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">based on the performance of the Class I Shares (which are not offered in this prospectus) prior to their inception. The performance for the Class R3 Shares is based on the performance of the Class A Shares (which are not offered in this prospectus) prior to their inception. Prior class performance for Class R3 and Class R4 Shares has been adjusted to reflect differences in expenses between classes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index. The Russell 3000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2000</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Value Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">regulatory index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">(before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS R6 SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.38pt;">33.49%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.38pt;">-34.62%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">15.65%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3349 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3462 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.1565 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.1241 0.0993 0.0901 0.1007 0.0762 0.0713 0.0899 0.0743 0.0689 0.1158 0.0911 0.0820 0.1188 0.0939 0.0847 0.1216 0.0966 0.0874 0.1230 0.0982 0.0889 0.1715 0.1315 0.1429 0.1259 0.0888 0.0927 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R6 Shares, and after-tax returns for the other class will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R6 Shares, and after-tax returns for the other class will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: R3/WOOOX; R6/WOOSX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0055 0.0055 0.0025 0.0047 0.0016 0.0025 0.0022 0.0016 0.0127 0.0071 -0.0018 -0.0012 0.0109 0.0059 <span style="font-family:Arial Narrow;font-size:8pt;">10/31/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 111 385 680 1518 60 215 383 871 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">60%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.60 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of small- to mid-cap companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Equity securities represent</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">an ownership interest in the issuer. </span><span style="font-family:Arial Narrow;font-size:10pt;">Small- to mid-cap companies are generally </span><span style="font-family:Arial Narrow;font-size:10pt;">considered to be those companies with market capitalizations similar to those within the universe of the Russell 2500</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index at the time of purchase.</span><span style="font-family:Arial Narrow;font-size:10pt;"> As of the reconstitution of the Russell </span><span style="font-family:Arial Narrow;font-size:10pt;">2500 Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $84.06 billion. In implementing its main strategies, the Fund invests primarily in common stocks. “Assets” means net assets, plus the amount of borrowings for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: </span><span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a fundamental bottom-up investment process and seeks to invest in attractively valued companies with leading competitive </span><span style="font-family:Arial Narrow;font-size:10pt;">positions and predictable and durable business models. It also seeks to invest the Fund’s assets in companies whose management has a successful track record of prudent capital allocation.</span><span style="font-family:Arial Narrow;font-size:10pt;">As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive, and securities of issuers that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities of issuers that may be positively impacted by such factors. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security for several reasons. A security may be sold due to a change in a company’s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, at least 80% of the Fund’s Assets will be invested in equity securities of small- to mid-cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small- to mid-cap companies are generally </span><span style="font-family:Arial Narrow;font-size:10pt;">considered to be those companies with market capitalizations similar to those within the universe of the Russell 2500</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index at the time of purchase.</span> <span style="font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser employs </span><span style="font-family:Arial Narrow;font-size:10pt;">a fundamental bottom-up investment process and seeks to invest in attractively valued companies with leading competitive </span><span style="font-family:Arial Narrow;font-size:10pt;">positions and predictable and durable business models. It also seeks to invest the Fund’s assets in companies whose management has a successful track record of prudent capital allocation.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Equity Market Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The price of equity securities may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund’s securities goes down, your investment in the Fund decreases in value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in </span><span style="font-family:Arial Narrow;font-size:10pt;">general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Smaller Company Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Investments in securities of smaller companies (mid cap and small cap companies) may be riskier, less liquid, more volatile and more vulnerable to economic, market and industry changes than securities of larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, changes in the price of securities issued by such companies may be more sudden or erratic than the prices of securities of larger companies, especially over the short term. These risks are higher for small cap companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. The Fund may be more volatile than if the Fund had not been leveraged because the leverage tends to exaggerate any effect on the value of the Fund’s portfolio securities. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement </span><span style="font-family:Arial Narrow;font-size:10pt;">issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Financials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Financial services companies are subject to extensive governmental regulation which may limit both the amounts and types of loans and other financial commitments they can make, the interest rates and fees they can charge, the scope of their activities, the prices they can charge and the amount of capital they must maintain. Profitability is largely dependent on the availability and cost of capital funds and can fluctuate significantly when interest rates change or due to increased competition. In addition, deterioration of the credit markets generally may cause an adverse impact in a broad range of markets, including U.S. and international credit and interbank money markets generally, thereby affecting a wide range of financial institutions and markets. Certain events in the financials sector may cause an unusually high degree of volatility in the financial markets, both domestic and foreign, and cause certain financial services companies to incur large losses. Securities of financial services companies may experience a dramatic decline in value when such companies experience substantial declines in the valuations of their assets, take action to raise capital (such as the issuance of debt or equity securities), or cease operations. Credit losses resulting from financial difficulties of borrowers and financial losses associated with investment activities can negatively impact the sector. Insurance companies may be subject to severe price competition. Adverse economic, business or political developments could adversely affect financial institutions engaged in mortgage finance or other lending or investing activities directly or indirectly connected to the value of real estate.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industrials Sector Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund could experience a loss and its liquidity may be negatively impacted when selling securities or liquidating other investments to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2500</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index. The Russell 3000</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2500</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="font-family:Arial Narrow;font-size:10pt;">Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="font-family:Arial Narrow;font-size:10pt;">Effective 11/1/20, the Fund’s investment strategies changed. The Fund’s past performance may have been different if the Fund were managed using the current strategies. The performance for the Class R3 Shares is based on the performance of the Class A Shares (which are not offered in this prospectus) prior to their inception. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares currently have similar expenses to Class A Shares. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser’s presentation thereof.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="font-family:Arial Narrow;font-size:10pt;">The </span><span style="font-family:Arial Narrow;font-size:10pt;">table compares the Fund’s performance to the performance of the Russell 3000</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index and Russell 2500</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index. The Russell 3000</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index serves as the Fund’s regulatory index and provides a broad measure of market performance. The Russell 2500</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-2.75pt;">® </span><span style="font-family:Arial Narrow;font-size:10pt;">Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past </span><span style="font-family:Arial Narrow;font-size:10pt;">performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-480-4111</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS — CLASS R6 SHARES</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.29pt;">22.49%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.29pt;">-28.42%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">9/30/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1.25%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.2249 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2842 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-09-30 0.0125 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> -0.0247 0.0430 0.0725 -0.0409 0.0211 0.0493 -0.0039 0.0291 0.0528 -0.0296 0.0377 0.0671 0.1715 0.1315 0.1429 0.1191 0.0726 0.1040 <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R6 Shares, and after-tax returns for the other class will vary.</span><span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are shown only for the Class R6 Shares, and after-tax returns for the other class will vary.</span> <span style="font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns depend on the </span><span style="font-family:Arial Narrow;font-size:10pt;">investor’s tax situation and may differ from those shown,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> For purchases under $250,000. "Remainder of Other Expenses" and "Acquired Fund (Underlying Fund) Fees and Expenses" are based on estimated amounts for the current fiscal year. For purchases under $1 million. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.45% and 0.20% of the average daily net assets of Class A and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.045% of the average daily net assets of Class R6 Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. For purchases under $1 million. For purchases under $1 million. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.93%, 1.44% and 0.69% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.19%, 0.94%, 0.69%, 0.54% and 0.44% of the average daily net assets of Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. For purchases under $250,000. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund (Underlying Fund) Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.55% of the average daily net assets of Class A Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. "Remainder of Other Expenses" and "Acquired Fund (Underlying Fund) Fees and Expenses" are based on estimated amounts for the current fiscal year. For purchases under $1 million. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.04%, 1.54% and 0.79% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.35%, 1.10%, 0.85%, 0.70% and 0.60% of the average daily net assets of Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. For purchases under $1 million. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.94%, 1.44% and 0.69% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.19%, 0.94%, 0.69%, 0.54% and 0.44% of the average daily net assets of Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. For purchases under $1 million. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.14%, 1.64% and 0.89% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.40%, 1.15%, 0.90%, 0.75% and 0.65% of the average daily net assets of Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. For purchases under $250,000. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund (Underlying Fund) Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.55% of the average daily net assets of Class A Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. "Remainder of Other Expenses" and "Acquired Fund (Underlying Fund) Fees and Expenses" are based on estimated amounts for the current fiscal year. For purchases under $1 million. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.14%, 1.64% and 0.89% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.40%, 1.15%, 0.90%, 0.75% and 0.65% of the average daily net assets of Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. For purchases under $250,000. Effective 11/1/2026, certain Underlying Funds’ Total Annual Operating Expenses After Fee Waivers and Expense Reimbursements were reduced. The “Acquired Fund (Underlying Fund) Fees and Expenses” in the table have been restated to reflect the expense reductions for the applicable Underlying Funds. "Remainder of Other Expenses" and "Acquired Fund (Underlying Fund) Fees and Expenses" are based on estimated amounts for the current fiscal year. Effective 11/1/2026, certain Underlying Funds’ Total Annual Operating Expenses After Fee Waivers and Expense Reimbursements were reduced. The “Acquired Fund (Underlying Fund) Fees and Expenses” in the table have been restated to reflect the expense reductions for the applicable Underlying Funds. Effective 11/1/2026, certain Underlying Funds’ Total Annual Operating Expenses After Fee Waivers and Expense Reimbursements were reduced. The “Acquired Fund (Underlying Fund) Fees and Expenses” in the table have been restated to reflect the expense reductions for the applicable Underlying Funds. For purchases under $1 million. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.09%, 1.59% and 0.84% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.09% and 0.59% of the average daily net assets of Class R3 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.