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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 to provide a high total return from a diversified portfolio of equity and fixed income investments.</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> 0.0450 0.0100 <span style="color:#000000;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="color:#000000;font-family:Arial Narrow;font-size:10pt;">Acquired </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 </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> 0.0048 0.0048 0.0048 0.0025 0.0075 0.0051 0.0051 0.0047 0.0025 0.0025 0.0025 0.0026 0.0026 0.0022 0.0009 0.0009 0.0009 0.0133 0.0183 0.0104 -0.0037 -0.0037 -0.0033 0.0096 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> 544 818 1112 1949 249 540 956 1986 73 298 542 1241 <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> 544 818 1112 1949 149 540 956 1986 73 298 542 1241 <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;">68%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.68 <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;">Drawing on a variety of analytical tools, the Fund’s adviser typically seeks to invest the Fund’s assets among various types of asset classes which include the following allocations: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">35%–80% equity securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">15%–65% fixed income securities </span><span style="font-family:Arial Narrow;font-size:7pt;">●</span><span style="font-family:Arial Narrow;font-size:10pt;">0-10% alternative securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">0%–10% convertible securities</span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in separate underlying strategies by investing directly in individual securities, in other mutual funds and exchange traded funds (ETFs) within the same group of investment companies (J.P. Morgan Funds), and for the limited purposes described below, in passive ETFs that are managed by unaffiliated investment advisers (unaffiliated passive ETFs). The Fund may also invest in unaffiliated closed-end registered investment companies and other pooled investment vehicles (collectively with J.P. Morgan Funds and unaffiliated ETFs, underlying funds), across asset classes, including: U.S. equity and developed international equity across market capitalizations, emerging markets equity, domestic and foreign fixed income, high yield fixed income, emerging markets debt, and real estate investment trusts (REITs). A passive ETF is a registered investment company that seeks to track the performance of a particular market index. These indices include </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not only broad-based market indices but more specific indices as well, including those relating to particular sectors, markets, factors, regions or industries. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may periodically increase or decrease the Fund’s actual asset allocations according to the relative attractiveness of each asset class. </span><span style="font-family:Arial Narrow;font-size:10pt;">Within its equity allocations, the Fund invests primarily in the common stock of U.S. and foreign companies, REITs, and underlying funds</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">primarily invest in such securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">Within its fixed income allocations, the Fund invests primarily in corporate bonds, asset-backed, mortgage- related and mortgage-backed securities, U.S. and foreign government securities, loan assignments and participations (Loans) and commitments to purchase loan assignments, emerging market debt and underlying funds</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">that primarily invest in such securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in fixed income securities of any credit quality but may only invest up to 25% of its total assets in certain below investment grade securities (also known as high yield securities or junk bonds). This limit on below investment grade securities will include all investments held either directly by the Fund or in underlying funds held by the Fund which invest primarily in below investment grade securities (as disclosed in the underlying fund’s prospectus). In addition, the Fund may invest in underlying funds that may invest in fixed income securities of various credit qualities, including at times below investment grade securities, in order to expose the Fund to certain asset classes, such as emerging market debt. The remainder of the fixed income allocation will be invested directly in securities that, at the time of purchase are rated investment grade by a nationally recognized statistical rating organization or in securities that are unrated but are deemed by the Fund’s adviser to be of comparable quality. The Fund may invest in fixed income securities of any average weighted maturity or duration. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 30% of its total assets in shares of equity or fixed income underlying funds in order to expose the Fund to certain asset classes. To the extent the Fund invests in underlying funds, the adviser expects to select J.P. Morgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. For both actively-managed underlying funds and ETFs, the adviser limits its selection to J.P. Morgan Funds. For passive ETFs, the adviser expects to invest in affiliated ETFs that are J.P. Morgan Funds (J.P. Morgan ETFs), unless the adviser determines the investment is not available. To the extent the adviser determines in its sole discretion that an investment in a passive J.P. Morgan ETF is not available, only then will the adviser consider an unaffiliated passive ETF. In addition, the Fund may seek to gain passive exposure to one or more markets by investing directly in the securities underlying a particular index. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may also invest up to 10% of its assets in convertible securities. Additionally, the Fund may also invest up to 10% of its securities in alternative securities. The Fund's alternative securities investments may include individual securities, investments in underlying funds, and other pooled investment vehicles, including vehicles that hold or provide exposure to commodities, currencies or commodity futures. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to investments in underlying funds and direct investments in securities, the Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, and swaps to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund’s returns. The Fund may use futures contracts, options (including options on interest rate futures contracts and interest rate swaps), swaps, and credit default swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may utilize exchange traded futures contracts for cash management and to gain exposure to equities pending investment in individual securities. The Fund may invest in securities denominated in any currency. The Fund may also utilize foreign currency derivatives such as forward currency transactions to hedge exposure to non-dollar investments back to the U.S. dollar, as well as to gain exposure to certain currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund will generally maintain its assets within the allocations above, the Fund may hold cash or cash equivalents for various purposes, including in connection with segregation for derivatives transactions, as collateral for derivatives transactions or for temporary defensive purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser establishes the strategic and tactical allocation for the Fund and makes the day-to-day decisions concerning strategies and overall construction of the Fund. As attractive investments arise across asset classes and strategies, the adviser attempts to capture these opportunities by allocating the Fund’s assets among strategies and asset classes within pre-defined ranges. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment decisions within strategies and asset classes are implemented either by the portfolio managers of the Fund’s underlying strategies who select individual securities for the Fund or with the Fund’s purchase of underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The frequency with which the Fund buys and sells underlying investments will vary from year to year, depending on, but not limited to: market conditions, performance of the underlying investments, and changes in the adviser’s investment views.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Drawing on a variety of analytical tools, the Fund’s adviser typically seeks to invest the Fund’s assets among various types of asset classes which include the following allocations: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">35%–80% equity securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">15%–65% fixed income securities </span><span style="font-family:Arial Narrow;font-size:7pt;">●</span><span style="font-family:Arial Narrow;font-size:10pt;">0-10% alternative securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">0%–10% convertible securities</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;">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;">Foreign Securities and Emerging Markets Risk.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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,” the 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 the Fund’s ability to buy and sell securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may focus its investments in a single country or small group of countries and be subject to greater volatility than a more geographically diversified fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 countries in “emerging markets.” 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, the 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 risks 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;">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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Investment Company and Pooled Investment Vehicle Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests primarily in shares of other investment companies, including J.P. Morgan Funds, unaffiliated closed-end funds, unaffiliated passive ETFs and other pooled investment vehicles, which may include those holding commodities,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">currencies or commodity futures. Shareholders bear both their proportionate share of the Fund's expenses and similar expenses of the investment company or pooled investment vehicle. ETFs and other investment companies or pooled investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">The price and movement of an ETF, closed-end fund or pooled investment vehicle designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their net asset value (also known as a discount). Certain ETFs, closed-end funds or pooled investment vehicles traded on exchanges may be thinly traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer. There may be no active market for shares of certain closed-end funds or pooled investment vehicles (especially those not traded on exchanges) and such shares may be highly illiquid. Certain pooled investment vehicles, including many commodity-related vehicles that are not registered investment companies under the 1940 Act, do not have the protections applicable to other types of investments under federal securities or commodities laws and may be subject to counterparty or credit risk. In addition, the adviser's authority to allocate investments among J.P. Morgan Funds and unaffiliated funds creates conflicts of interest. For example, investing in J.P. Morgan Funds could cause the Fund to incur higher fees and could cause the adviser and/or its affiliates to receive greater compensation, increase assets under management or support particular investment strategies or J.P. Morgan Funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund and/or an underlying fund may invest in floating rate Loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in mortgage-related and mortgage-backed securities including so-called “sub-prime” mortgages which may represent interests in pools of mortgages, consumer loans or other assets held in trust that are subject to certain other risks including prepayment and call risks. Mortgage-related and asset-backed securities are subject to certain other risks. The value of these securities will be influenced by the factors affecting the property 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, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk of default, as described under “Credit Risk,” for “sub-prime” mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests 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)). U.S. government securities are subject to market risk, interest rate risk and credit risk. 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 and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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 interest or principal. This would result in losses to the Fund. Securities issued or guaranteed 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">given that the U.S. government would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the Fund’s investments are subject to the risk that an issuer and/or a counterparty 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;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The 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;"> Some of the Fund’s investments are in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds). These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties (including substantial or total loss) 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. </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 securities and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some 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. The inability to dispose of the underlying fund’s securities 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 securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these securities, 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;">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;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, foreign currency exchange contracts, options, and swaps, 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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;">Currency Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and may affect the price of the Fund’s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of the Fund. Although the Fund may attempt to hedge some or all of its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. In </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">addition, the Fund’s use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund’s potential returns.</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="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 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="font-family:Arial Narrow;font-size:10pt;"> The table </span><span style="font-family:Arial Narrow;font-size:10pt;">compares the Fund’s performance to the performance of the Morgan Stanley Capital International (MSCI) World Index (net total return), a broad-based securities market index and a customized blend of unmanaged indices weighted as follows: 60% MSCI World (net total return) and 40% Bloomberg US Aggregate Index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">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, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">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. (www.msci.com) </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="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 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="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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:30.99pt;">15.26%</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:30.99pt;">-15.73%</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;">3.91%</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 0.1526 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1573 <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 0.0391 <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> 0.1348 0.0656 0.0831 0.0936 0.0407 0.0597 0.0966 0.0451 0.0601 0.0810 0.0533 0.0755 0.1162 0.0576 0.0761 0.2109 0.1215 0.1217 0.1551 0.0713 0.0823 <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: L/JPDVX</span><span style="font-family:Arial Narrow;font-size:10pt;">Currently, Class L Shares of the Fund are publicly offered only on a limited basis (see “Investing with J.P. Morgan Funds — CLASSES 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 to provide a high total return from a diversified portfolio of equity and fixed income investments.</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> 0.0048 0.0031 0.0010 0.0021 0.0009 0.0088 -0.0023 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> 66 258 465 1063 <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;">68%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.68 <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;">Drawing on a variety of analytical tools, the Fund’s adviser typically seeks to invest the Fund’s assets among various types of asset classes which include the following allocations: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">35%–80% equity securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">15%–65% fixed income securities </span><span style="font-family:Arial Narrow;font-size:7pt;">●</span><span style="font-family:Arial Narrow;font-size:10pt;">0-10% alternative securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">0%–10% convertible securities</span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in separate underlying strategies by investing directly in individual securities, in other mutual funds and exchange traded funds (ETFs) within the same group of investment companies (J.P. Morgan Funds), and for the limited purposes described below, in passive ETFs that are managed by unaffiliated investment advisers (unaffiliated passive ETFs). The Fund may also invest in unaffiliated closed-end registered investment companies and other pooled investment vehicles (collectively with J.P. Morgan Funds and unaffiliated ETFs, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">underlying funds), across asset classes, including: U.S. equity and developed international equity across market capitalizations, emerging markets equity, domestic and foreign fixed income, high yield fixed income, emerging markets debt, and real estate investment trusts (REITs). A passive ETF is a registered investment company that seeks to track the performance of a particular market index. These indices include not only broad-based market indices but more specific indices as well, including those relating to particular sectors, markets, factors, regions or industries. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may periodically increase or decrease the Fund’s actual asset allocations according to the relative attractiveness of each asset class. </span><span style="font-family:Arial Narrow;font-size:10pt;">Within its equity allocations, the Fund invests primarily in the common stock of U.S. and foreign companies, REITs, and underlying funds</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">primarily invest in such securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">Within its fixed income allocations, the Fund invests primarily in corporate bonds, asset-backed, mortgage- related and mortgage-backed securities, U.S. and foreign government securities, loan assignments and participations (Loans) and commitments to purchase loan assignments, emerging market debt and underlying funds</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">that primarily invest in such securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in fixed income securities of any credit quality but may only invest up to 25% of its total assets in certain below investment grade securities (also known as high yield securities or junk bonds). This limit on below investment grade securities will include all investments held either directly by the Fund or in underlying funds held by the Fund which invest primarily in below investment grade securities (as disclosed in the underlying fund’s prospectus). In addition, the Fund may invest in underlying funds that may invest in fixed income securities of various credit qualities, including at times below investment grade securities, in order to expose the Fund to certain asset classes, such as emerging market debt. The remainder of the fixed income allocation will be invested directly in securities that, at the time of purchase are rated investment grade by a nationally recognized statistical rating organization or in securities that are unrated but are deemed by the Fund’s adviser to be of comparable quality. The Fund may invest in fixed income securities of any average weighted maturity or duration. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 30% of its total assets in shares of equity or fixed income underlying funds in order to expose the Fund to certain asset classes. To the extent the Fund invests in underlying funds, the adviser expects to select J.P. Morgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. For both actively-managed underlying funds and ETFs, the adviser limits its selection to J.P. Morgan Funds. For passive ETFs, the adviser expects to invest in affiliated ETFs that are J.P. Morgan Funds (J.P. Morgan ETFs), unless </span><span style="font-family:Arial Narrow;font-size:10pt;">the adviser determines the investment is not available. To the extent the adviser determines in its sole discretion that an investment in a passive J.P. Morgan ETF is not available, only then will the adviser consider an unaffiliated passive ETF. In addition, the Fund may seek to gain passive exposure to one or more markets by investing directly in the securities underlying a particular index. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may also invest up to 10% of its assets in convertible securities. Additionally, the Fund may also invest up to 10% of its securities in alternative securities. The Fund's alternative securities investments may include individual securities, investments in underlying funds, and other pooled investment vehicles, including vehicles that hold or provide exposure to commodities, currencies or commodity futures. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to investments in underlying funds and direct investments in securities, the Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, and swaps to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund’s returns. The Fund may use futures contracts, options (including options on interest rate futures contracts and interest rate swaps), swaps, and credit default swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may utilize exchange traded futures contracts for cash management and to gain exposure to equities pending investment in individual securities. The Fund may invest in securities denominated in any currency. The Fund may also utilize foreign currency derivatives such as forward currency transactions to hedge exposure to non-dollar investments back to the U.S. dollar, as well as to gain exposure to certain currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund will generally maintain its assets within the allocations above, the Fund may hold cash or cash equivalents for various purposes, including in connection with segregation for derivatives transactions, as collateral for derivatives transactions or for temporary defensive purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser establishes the strategic and tactical allocation for the Fund and makes the day-to-day decisions concerning strategies and overall construction of the Fund. As attractive investments arise across asset classes and strategies, the adviser attempts to capture these opportunities by allocating the Fund’s assets among strategies and asset classes within pre-defined ranges. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment decisions within strategies and asset classes are implemented either by the portfolio managers of the Fund’s underlying strategies who select individual securities for the Fund or with the Fund’s purchase of underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The frequency with which the Fund buys and sells underlying investments will vary from year to year, depending on, but not limited to: market conditions, performance of the underlying investments, and changes in the adviser’s investment views.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Drawing on a variety of analytical tools, the Fund’s adviser typically seeks to invest the Fund’s assets among various types of asset classes which include the following allocations: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">35%–80% equity securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">15%–65% fixed income securities </span><span style="font-family:Arial Narrow;font-size:7pt;">●</span><span style="font-family:Arial Narrow;font-size:10pt;">0-10% alternative securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">0%–10% convertible securities</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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Foreign Securities and Emerging Markets Risk.</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,” the 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 the Fund’s ability to buy and sell securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may focus its investments in a single country or small group of countries and be subject to greater volatility than a more geographically diversified fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 countries in “emerging markets.” 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, the 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 risks 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">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="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;">Investment Company and Pooled Investment Vehicle Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests primarily in shares of other investment companies, including J.P. Morgan Funds, unaffiliated closed-end funds, unaffiliated passive ETFs and other pooled investment vehicles, which may include those holding commodities,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">currencies or commodity futures. Shareholders bear both their proportionate share of the Fund's expenses and similar expenses of the investment company or pooled investment vehicle. ETFs and other investment companies or pooled investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">The price and movement of an ETF, closed-end fund or pooled investment vehicle designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their net asset value (also known as a discount). Certain ETFs, closed-end funds or pooled investment vehicles traded on exchanges may be thinly traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer. There may be no active market for shares of certain closed-end funds or pooled investment vehicles (especially those not traded on exchanges) and such shares may be highly illiquid. Certain pooled investment vehicles, including many commodity-related vehicles that are not registered investment companies under the 1940 Act, do not have the protections applicable to other types of investments under federal securities or commodities laws and may be subject to counterparty or credit risk. In addition, the adviser's authority to allocate investments among J.P. Morgan Funds and unaffiliated funds creates conflicts of interest. For example, investing in J.P. Morgan Funds could cause the Fund to incur higher fees and could cause the adviser and/or its affiliates to receive greater compensation, increase assets under management or support particular investment strategies or J.P. Morgan Funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund and/or an underlying fund may invest in floating rate Loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in mortgage-related and mortgage-backed securities including so-called “sub-prime” mortgages which may represent interests in pools of mortgages, consumer loans or other assets held in trust that are subject to certain other risks including prepayment and call risks. Mortgage-related and asset-backed securities are subject to certain other risks. The value of these securities will be influenced by the factors affecting the property 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, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk of default, as described under “Credit Risk,” for “sub-prime” mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests 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)). U.S. government securities are subject to market risk, interest rate risk and credit risk. 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 and the market prices for such securities will fluctuate. The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. 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 interest or principal. This would result in losses to the Fund. Securities issued or guaranteed 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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the Fund’s investments are subject to the risk that an issuer and/or a counterparty 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;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The 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;"> Some of the Fund’s investments are in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds). These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties (including substantial or total loss) 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. </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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 securities and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some 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. The inability to dispose of the underlying fund’s securities 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 securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these securities, 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;">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;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, foreign currency exchange contracts, options, and swaps, 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, </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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;">Currency Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and may affect the price of the Fund’s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. Devaluation of a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of the Fund. Although the Fund may attempt to hedge some or all of its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. In addition, the Fund’s use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund’s potential returns.</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="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 L 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">compares the Fund’s performance to the performance of the Morgan Stanley Capital International (MSCI) World Index (net total return), a broad-based securities market index and a customized blend of unmanaged indices weighted as follows: 60% MSCI World (net total return) and 40% Bloomberg US Aggregate Index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">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. (www.msci.com) </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="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 L 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;">Past performance (before and after taxes) </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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:32.34pt;">15.23%</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:32.34pt;">-15.69%</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;">3.90%</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 0.1523 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1569 <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 0.0390 <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> 0.1359 0.0663 0.0843 0.0943 0.0412 0.0604 0.0974 0.0456 0.0609 0.2109 0.1215 0.1217 0.1551 0.0713 0.0823 <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/JHQAX; C/JHQCX; I/JHEQX</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 to provide 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;">.</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> 0.0025 0.0025 0.0025 0.0025 0.0075 0.0032 0.0032 0.0032 0.0025 0.0025 0.0025 0.0007 0.0007 0.0007 0.0082 0.0132 0.0057 <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> 604 773 956 1485 234 418 723 1453 58 183 318 714 <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> 604 773 956 1485 134 418 723 1453 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;">27%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.27 <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 seeks to provide capital appreciation through participation in the broad equity markets while hedging overall market exposure relative to traditional long-only equity 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.</span><span style="font-family:Arial Narrow;font-size:10pt;">Equity securities represent an ownership interest in the issuer. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in equity </span><span style="font-family:Arial Narrow;font-size:10pt;">securities, which primarily consist of common stocks of large cap U.S. companies. The Fund will also purchase and sell exchange traded put options and sell exchange traded call options, employing an options overlay known as a “Put/Spread Collar” strategy, designed to provide a continuous market hedge for the portfolio.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The options </span><span style="font-family:Arial Narrow;font-size:10pt;">will typically be based on the S&amp;P 500 Index (the Index) or on exchange-traded funds (ETFs) that replicate the S&amp;P 500 Index (S&amp;P 500 ETFs). The combination of the diversified portfolio of equity securities, combined with the options overlay,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">is intended to provide the Fund with a significant portion of the returns associated with equity market investments, while exposing investors to less risk than traditional long-only equity strategies. “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</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">net assets plus</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the amount of borrowings</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">for investment</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Volatility is one way to measure risk and refers to the variability of the Fund’s or the market’s returns. The Fund seeks to provide a competitive risk-adjusted return over a full market cycle (defined as three to five years) relative to the S&amp;P 500 Total Return Index with lower volatility than traditional long-only equity strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund typically holds options for three month periods (each, an “hedge period”) for the purpose of seeking to provide more predictable returns in any market cycle during the applicable hedge period. The put option spread is generally maintained at a level intended to reduce the Fund's exposure to a market decline by offsetting losses resulting from a decrease in the market. As a result of writing call options to offset the costs associated with the put option spread, some upside may be foregone in certain market environments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The quarterly hedge periods are based on returns from the first business day of January through the last business day of March; the first business day of April through the last business day of June; the first business day of July through the last business day of September; and the first business day of October through the last business day of December. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund’s investments in equity securities will be primarily in common stocks of U.S. companies with market capitalizations similar to those within the universe of the Index. As of the reconstitution of the Index on September 30, 2026, the market capitalizations of the companies in the Index ranged from $6.20 billion to $5.50 trillion. The Fund may also invest in equity securities of U.S. mid cap companies. The adviser’s process focuses on stock selection and tends to maintain sector weightings comparable to those of the broad U.S. large cap market. Within each sector, however, the Fund modestly overweights equity securities that it considers undervalued or fairly valued while modestly underweighting or not holding equity securities that appear overvalued. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund constructs a Put/Spread Collar by buying a put option on the Index at a higher strike price and writing (or selling) a put option on the Index at a relatively lower strike price, resulting in what is known as a put option spread, while simultaneously selling an Index call option. The Fund may need to construct additional Put/Spread Collars if the size of the Fund increases, either through purchases or appreciation. The Fund’s options overlay strategy is intended to provide the Fund with downside protection, while foregoing some upside potential. A put option spread seeks to protect the Fund against a decline in price, but only to the extent of the difference between the strike prices of the put option purchased and the put option sold. Entering into put option spreads is typically less expensive than a strategy of only purchasing put options and may benefit the Fund in a flat to upwardly moving market by reducing the cost of the downside protection; the downside protection of the put option spread, however, is limited as compared to just owning a put option. The premiums received from writing index call options are intended to provide income which substantially offsets the cost of the put option spread, but writing the options </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">also reduces the Fund’s ability to profit from increases in the value of its equity portfolio because in rising markets the call option will be exercised once the market price rises to the option’s strike price. While the Fund typically constructs the Put/Spread Collar utilizing index options, it may also construct the Put/Spread Collar utilizing options on S&amp;P 500 ETFs. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund’s investment strategies may not always provide greater market protection than other equity investments, particularly in rising equity markets when the Fund is expected to underperform traditional long-only equity strategies. In addition, as a result of selling call options to offset the costs associated with the options overlay strategy, some upside may be foregone in certain market environments. </span><span style="font-family:Arial Narrow;font-size:10pt;">While the Fund will not generally invest directly in ETFs, there may be times when it will purchase shares or receive shares of S&amp;P 500 ETFs in order to settle its options positions. The adviser will not normally maintain such positions for an extended period. </span><span style="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 investments in certain securities. In addition to the use of the Put/Spread Collar strategy described above, the Fund may use derivatives, primarily futures contracts,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to gain exposure to indexes or certain securities within indexes, to more effectively gain targeted equity exposure from its cash positions, and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy and efficient management of cash flows. To the extent the Fund invests in index futures with exposure to securities in the index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is also permitted to use other derivatives such as futures, options (including options on futures) and swaps in order to hedge various investments and for risk management. Under certain market conditions, the Fund's use of other derivatives for cash management or other investment management purposes could be significant. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process —Equity Portfolio: With respect to the investment of the equity portfolio, 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 sector group according to their relative value. </span><span style="color:#000000;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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">On behalf of the Fund, the adviser then buys and sells equity securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as attractive and considers selling them when they appear less attractive based on the Fund’s process. Along with attractive valuation, the adviser often considers a number of other criteria, including: </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, such as improving company fundamentals, that could trigger a rise in a stock’s price </span><span style="font-family:Arial Narrow;font-size:7pt;">●</span><span style="font-family:Arial Narrow;font-size:10pt;">impact on the overall risk of the portfolio </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 perceived potential reward compared to perceived 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;">possible temporary mispricings caused by apparent market overreactions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process — Options Overlay Strategy: To implement the Put/Spread Collar strategy, the adviser utilizes exchange traded equity options based either on the Index or on S&amp;P 500 ETFs. The Put/Spread Collar is constructed by buying a put option at a higher strike price while writing a put option at a relatively lower strike price and simultaneously selling a call option that substantially offsets the cost of the put option spread. The Put/Spread Collar strategy is an actively managed process and is designed to provide a continuous market hedge for the portfolio. The put option spread is generally maintained at a level intended to protect the Fund from a decrease in the market of 5% to 20%, with potential upside generally capped at 3.5-5.5%. The upside cap could be more or less, depending on market conditions. The options are systematically reset on at least a quarterly basis to better capitalize on current market conditions and opportunities while seeking to provide predictable returns in all market cycles.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide capital appreciation through participation in the broad equity markets while hedging overall market exposure relative to traditional long-only equity 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in equity </span><span style="font-family:Arial Narrow;font-size:10pt;">securities, which primarily consist of common stocks of large cap U.S. companies. The Fund will also purchase and sell exchange traded put options and sell exchange traded call options, employing an options overlay known as a “Put/Spread Collar” strategy, designed to provide a continuous market hedge for the portfolio.</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;">Strategy Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investment strategies may not always provide greater market protection than other equity instruments, particularly in rising equity markets when the Fund is expected to underperform traditional long-only equity strategies. In addition, as a result of the structure of the options overlay strategy, the Fund is not expected to provide as much market protection during times when the market is only down slightly; during such periods, the Fund is expected to perform in line with broad equity markets. While the equity portfolio invests significantly in companies included in the Index, differences in holdings between the Fund’s equity portfolio and the Index or S&amp;P 500 ETFs may also lead to a less efficient hedge.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Options Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The value of the Fund’s option positions will fluctuate in response to changes in the value of the underlying index. The value of options is affected by changes in the value and dividend rates of the securities held by the S&amp;P 500 ETFs or represented in the Index underlying the option, changes in interest rates, changes in the actual or perceived volatility of the S&amp;P 500 ETFs or the Index and the remaining time to the options expiration, as well as trading conditions in the options market. Selling call options can reduce equity market risk, but it </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">limits the opportunity to profit from an increase in the market value of stocks in exchange for upfront cash at the time of selling the call option. The Fund also risks losing all or part of the cash paid for purchasing put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired and could result in losses.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk</span><span style="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;">. 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 options and 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing. These investments increase the risk that the value of the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of 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 </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 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 and the ICE BofA 3-Month US Treasury Bill 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;">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;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</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 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 I SHARES</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.61pt;">9.06%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2018</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:28.61pt;">-5.42%</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;">0.43%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0906 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2018-12-31 -0.0542 <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 0.0043 <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> 0.0749 0.0900 0.0932 0.0732 0.0878 0.0906 0.0455 0.0708 0.0760 0.0159 0.0756 0.0846 0.0567 0.0818 0.0862 0.1788 0.1442 0.1482 0.0418 0.0318 0.0218 <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/JUEAX; C/JUECX; I/JUESX</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 to provide high total return from a portfolio of selected 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 0.0031 0.0031 0.0030 0.0025 0.0025 0.0025 0.0006 0.0006 0.0005 0.0096 0.0146 0.0070 -0.0002 -0.0002 -0.0001 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> 616 813 1026 1639 247 460 796 1609 70 223 389 870 <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> 616 813 1026 1639 147 460 796 1609 70 223 389 870 <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;">53%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.53 <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 U.S. 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;">In implementing</span><span style="font-family:Arial Narrow;font-size:10pt;"> its strategy, the Fund invests primarily in common stocks of large- and medium-capitalization U.S. companies but it may also invest up to 20% of its Assets in common stocks of foreign companies, including depositary receipts.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Depositary receipts </span><span style="font-family:Arial Narrow;font-size:10pt;">are financial instruments representing a foreign company’s publicly traded securities. A depositary receipt trades on a stock exchange in a country different from the company’s local market. “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 focuses on those equity securities that it considers attractively valued and seeks to outperform the Benchmark through superior stock selection. By emphasizing attractively valued equity securities, the Fund seeks to produce returns that exceed those of the Benchmark. </span><span style="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 investments in certain securities. The Fund may use derivatives, primarily futures contracts, to gain exposure to its index or certain securities in its index, or to more effectively gain targeted equity exposure from its cash positions. To the extent the Fund invests in index futures with exposure to securities in the index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: 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, 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 sector group according to their relative value. </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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 equity 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 to be 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 apparent market over-reactions.</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 U.S. companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">In implementing</span><span style="font-family:Arial Narrow;font-size:10pt;"> its strategy, the Fund invests primarily in common stocks of large- and medium-capitalization U.S. companies but it may also invest up to 20% of its Assets in common stocks of foreign companies, including depositary receipts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">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;">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;">Foreign Securities Risk.</span><span style="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, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the 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 the 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.</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, </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing. These investments increase the risk that the value of the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of 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="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 S&amp;P 500 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 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 over 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 </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:#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:29.68pt;">22.53%</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:29.68pt;">-17.17%</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;">5.27%</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 0.2253 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1717 <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 0.0527 <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> 0.1438 0.1340 0.1471 0.1270 0.1167 0.1268 0.0937 0.1023 0.1154 0.0814 0.1191 0.1383 0.1255 0.1256 0.1398 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: L/JMUEX</span><span style="font-family:Arial Narrow;font-size:10pt;">Currently, Class L Shares of the Fund are publicly offered only on a limited basis (see “Investing with J.P. Morgan Funds — CLASSES 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 to provide high total return from a portfolio of selected 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 0.0015 0.0010 0.0005 0.0055 <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> 56 176 307 689 <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;">53%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.53 <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 U.S. 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;">In implementing</span><span style="font-family:Arial Narrow;font-size:10pt;"> its strategy, the Fund invests primarily in common stocks of large- and medium-capitalization U.S. companies but it may also invest up to 20% of its Assets in common stocks of foreign companies, including depositary receipts.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Depositary receipts </span><span style="font-family:Arial Narrow;font-size:10pt;">are financial instruments representing a foreign company’s publicly traded securities. A depositary receipt trades on a stock exchange in a country different from the company’s local market. “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 focuses on those equity securities that it considers attractively valued and seeks to outperform the Benchmark through superior stock selection. By emphasizing attractively valued equity securities, the Fund seeks to produce returns that exceed those of the Benchmark. </span><span style="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 investments in certain securities. The Fund may use derivatives, primarily futures contracts, to gain exposure to its index or certain securities in its index, or to more effectively gain targeted equity exposure from its cash positions. To the extent the Fund invests in index futures with exposure to securities in the index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: 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, 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 sector group according to their relative value. </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, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 equity 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 to be 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 apparent market over-reactions.</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 U.S. companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">In implementing</span><span style="font-family:Arial Narrow;font-size:10pt;"> its strategy, the Fund invests primarily in common stocks of large- and medium-capitalization U.S. companies but it may also invest up to 20% of its Assets in common stocks of foreign companies, including depositary receipts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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 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;">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;">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;">Foreign Securities Risk.</span><span style="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, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the 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 the 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.</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;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing. These investments increase the risk that the value of the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of 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, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 S&amp;P 500 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 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 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;">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:#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:30.64pt;">22.52%</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:30.64pt;">-17.10%</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;">5.38%</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 0.2252 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1710 <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 0.0538 <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 0.1358 0.1488 0.1286 0.1181 0.1281 0.0950 0.1037 0.1167 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: A/JLCAX; C/JLPCX; I/JLPSX</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="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide a high total return from a portfolio of selected 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;">More information about these and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">other discounts is available from your financial intermediary and in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">“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;">.</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 0.0098 0.0098 0.0097 0.0063 0.0063 0.0063 0.0025 0.0025 0.0025 0.0010 0.0010 0.0009 0.0188 0.0238 0.0162 -0.0030 -0.0030 -0.0029 0.0158 0.0208 0.0133 <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> 677 1057 1461 2587 311 714 1243 2569 135 483 854 1898 <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> 677 1057 1461 2587 211 714 1243 2569 135 483 854 1898 <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 (including short sales) was </span><span style="font-family:Arial Narrow;font-size:10pt;">97%</span><span style="font-family:Arial Narrow;font-size:10pt;">of the average value of its portfolio.</span> 0.97 <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 value of the Fund’s Assets, which are expected to include both long and short positions, will consist of different U.S. securities, selected from a universe of publicly traded large capitalization securities with characteristics similar to those comprising the S&amp;P 500 Index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund takes long and short positions mainly in equity </span><span style="font-family:Arial Narrow;font-size:10pt;">securities and derivatives on equity securities. “Assets” means 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;">“Plus” in the Fund’s name refers to the additional return the Fund endeavors to add both relative to the S&amp;P 500 Index as well as relative to traditional strategies which do not have the ability to sell stock short.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Selling stock short allows the Fund to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">more fully exploit insights in stocks that the Fund’s adviser expects to underperform, as well as enabling the Fund to establish additional long positions while keeping the Fund’s net exposure to the market at a level similar to a traditional “long-only” strategy. Short sales involve the sale of a security which the fund does not own in expectation of purchasing the same security at a later date at a lower price. To make delivery to the buyer, the Fund must borrow the security, and the fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may also periodically short index futures in order to hedge its market exposure in instances when it is not preferable to enter into short positions on particular securities in the amount desired. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to maintain an approximate net 100% long exposure to the equity market (long market value minus short market value). However the long and short positions held by the Fund will vary in size as market opportunities change. The Fund’s long positions and their equivalents will range between 90% and 150% of the value of the Fund’s net assets. The Fund’s short positions will range between 0% and 50% of the value of the Fund’s net assets. </span><span style="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 investments in certain securities. The Fund currently intends to use swaps (including equity swaps) to establish its short equity positions, if any. The Fund may also use swaps to establish long equity positions, without owning or taking physical custody of securities. The payments received by the Fund under such swaps may be adjusted for transaction costs, interest payments, the amount of dividends paid on the investment or instrument or other factors. The Fund may also use futures contracts to gain exposure to its index or certain securities in its index, or to more effectively gain targeted equity exposure from its cash positions. To the extent the Fund invests in index futures with exposure to securities in the index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: 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, 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 sector group according to their relative value. </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 buys and sells, as well as shorts and covers shorts in, equity securities and derivatives on those securities according to its own policies, using the research and valuation rankings as a basis. In general, the adviser buys and covers shorts in equity securities that are identified as undervalued and considers selling or shorting them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria such as: </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 apparent 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 value of the Fund’s Assets, which are expected to include both long and short positions, will consist of different U.S. securities, selected from a universe of publicly traded large capitalization securities with characteristics similar to those comprising the S&amp;P 500 Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Plus” in the Fund’s name refers to the additional return the Fund endeavors to add both relative to the S&amp;P 500 Index as well as relative to traditional strategies which do not have the ability to sell stock short.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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 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;">Short Selling Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will incur a loss as a result of a short sale or other short equity position if the price of the security sold short increases in value between the date of the short sale and the date on which the fund purchases the security to replace the borrowed security or is required to pay under the swap agreement. In addition, when the Fund engages in short sales, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. The Fund’s losses are potentially unlimited in a short sale transaction or other short equity position. Short sales or other short equity positions are speculative transactions and involve special risks, including greater reliance on the adviser’s ability to accurately anticipate the future value of a security. Furthermore, taking short positions in securities results in a form of leverage which may cause the Fund to be more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Swap Agreement Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to the risks associated with derivatives in general, the Fund will also be subject to risks related to swap agreements. The Fund may use swaps to establish both long and short positions in order to gain the desired exposure. Because certain swap agreements are not cleared and exchange-traded, but are private contracts into which the Fund and a swap counterparty enter as principals, the Fund may experience a loss or delay in recovering assets if the counterparty defaults on its obligations.</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;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including swaps, 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">High Portfolio Turnover Risk.</span><span style="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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="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, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the 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 the 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">combination of the foregoing. These investments increase the risk that the value of the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 for securities held long (or appreciating prices of securities held short). 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 S&amp;P 500 Index. </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;">. </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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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:30.96pt;">23.23%</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:30.96pt;">-17.70%</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;">8.50%</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 0.2323 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1770 <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 0.0850 <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> 0.1483 0.1514 0.1515 0.1404 0.1153 0.1126 0.0934 0.1117 0.1120 0.0853 0.1363 0.1425 0.1297 0.1428 0.1441 0.1788 0.1442 0.1482 <span style="color:#000000;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="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 I 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/JDEAX; I/JDESX</span><span style="font-family:Arial Narrow;font-size:10pt;">Currently, Class A Shares of the Fund are publicly offered on a limited basis. (See “Investing with J.P. Morgan Funds — CLASSES 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 to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and 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 <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> 0.0025 0.0025 0.0025 0.0034 0.0034 0.0025 0.0025 0.0009 0.0009 0.0084 0.0059 -0.0024 -0.0024 0.0060 0.0035 <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> 583 756 944 1487 36 165 305 715 <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;">28%</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.28 <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 U.S. 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. In implementing this strategy, the Fund invests primarily in the common stocks of U.S. companies in the S&amp;P 500 Index (which includes both large cap and mid cap companies). The Fund may also invest in securities not included within the S&amp;P 500 Index. 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. Sector by sector, the Fund’s weightings are similar to those of the S&amp;P 500 Index. Within each sector, the Fund modestly overweights equity securities that it considers undervalued or fairly valued while modestly underweighting or not holding equity securities that appear overvalued. By owning a large number of equity securities within the S&amp;P 500 Index, with an emphasis on those that appear undervalued or fairly valued, the Fund seeks returns that modestly exceed those of the S&amp;P 500 Index over the long term with a modest level of volatility. </span><span style="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 investments in certain securities. The Fund may use derivatives, primarily futures contracts, to gain exposure to its index or certain securities in its index, or to more effectively gain targeted equity exposure from its cash positions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: 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, 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 sector group according to their relative value. </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;">The Fund is non-diversified and 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;">On behalf of the Fund, the adviser then buys and sells equity securities, using the research and valuation rankings as a basis. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">impact on the overall risk of the portfolio relative to the S&amp;P 500 Index </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 perceived potential reward compared to perceived 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;">possible temporary mispricings caused by apparent market overreactions </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security as its valuations or rankings change or if more attractive investments become available.</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 U.S. companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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 S&amp;P 500 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 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 over 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 </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:#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:30.9pt;">21.98%</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:30.9pt;">-19.41%</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;">10.44%</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 0.2198 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1941 <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 0.1044 <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> 0.1655 0.1475 0.1477 0.1491 0.1312 0.1312 0.1066 0.1142 0.1182 0.1018 0.1323 0.1387 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/JICAX; C/JICCX; I/JIISX</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 to provide 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> 0.0030 0.0030 0.0030 0.0025 0.0075 0.0041 0.0043 0.0041 0.0025 0.0025 0.0025 0.0016 0.0018 0.0016 0.0096 0.0148 0.0071 -0.0032 -0.0034 -0.0032 0.0064 0.0114 0.0039 <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> 587 785 998 1614 216 435 776 1598 40 195 363 852 <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> 587 785 998 1614 116 435 776 1598 40 195 363 852 <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;">50%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.50 <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;">In managing the Fund, the adviser identifies companies that, in the adviser’s opinion, are sustainable leaders based on its sustainability criteria, and have high quality, durable franchises which the adviser believes are attractively valued. The adviser’s sustainability criteria are based on a proprietary scoring methodology, which includes an assessment of environmental, social and corporate governance (ESG) characteristics, qualitative factors, and the adviser’s subjective judgment as to which companies are sustainable leaders. The Fund seeks to invest in companies that, on a combined basis, appear attractive when considering these sustainability and financial characteristics.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund defines ESG characteristics as follows: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Environmental — companies that actively strive to reduce the negative impact of their business operations on the environment. In this context, the adviser analyzes factors such as the company’s likely impact on climate change, natural resource use, pollution and the use of clean technology </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Social — companies that consider the social impact of their business internally and externally. In this context, the adviser reviews considerations such as worker safety, product safety and integrity, healthier products, impact on the community and human rights </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Governance — companies that embrace corporate governance principles. In reviewing governance characteristics, the adviser considers issues such as board accountability and diversity, shareholder rights, executive compensation, business ethics and government and public policy</span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests primarily in large-cap and mid-cap common stocks, and under normal circumstances, the Fund invests at least 80% of its Assets in the equity securities of U.S. companies meeting the adviser’s sustainability criteria.</span><span style="font-family:Arial Narrow;font-size:10pt;"> “Assets” </span><span style="font-family:Arial Narrow;font-size:10pt;">means net assets, plus the amount of any borrowings for investment purposes. Because investing on the basis of sustainability/ESG criteria involves qualitative and subjective analysis, there can be no assurance that the methodology utilized by, or determinations made by, the adviser will align with the beliefs or values of a particular investor. </span><span style="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 investments in certain securities. The Fund may use derivatives, primarily futures contracts, to gain or reduce exposure to its index or certain securities in its index, maintain liquidity,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">minimize transaction costs, or to more effectively gain targeted equity exposure from its cash positions. To the extent the Fund invests in index futures with exposure to securities in the index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. In managing cash flows, the Fund buys futures </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining</span> <br/><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">market exposure while maintaining a cash balance for liquidity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the U.S. if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the U.S.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment Process</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">: The Fund has an actively managed strategy. In managing the Fund, the adviser employs a fundamental, bottom-up approach to stock selection, constructing portfolios based on company financials, data analysis and proprietary research. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In choosing securities to purchase, the adviser evaluates and internally ranks companies to identify those companies that, in the adviser’s view, are sustainable leaders and have high quality, durable franchises, which the adviser believes are attractively valued. The adviser assesses sustainability based on fundamental analysis using a wide set of data inputs which may include proprietary research, information self-reported by companies, and third-party data. The adviser may vary the importance of particular ESG and investment characteristics by industry because, in the adviser’s judgment, certain characteristics are more relevant for certain industries. For example, an environmental characteristic, such as land use, may be more relevant for energy companies than for technology companies. In addition, the Fund seeks to avoid investing in companies that the adviser has determined, based on its exclusionary criteria, to be significantly involved in certain business activities or industries, including the production of tobacco, controversial weapons, traditional weapons, thermal coal, adult entertainment and gambling products and services, or to be violating certain norms-based criteria (for example, UN Global Compact violators). This exclusionary criteria relies on multiple data inputs, including information from third-party providers who identify an issuer’s participation in, or the revenue which they derive from, activities that are inconsistent with values- and norms-based screens. The adviser may modify the exclusionary criteria without notice to shareholders to, among other things, modify the data inputs, change third-party data providers, or add or remove certain business activities or industries from the screening process. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has flexibility to focus in various industries or sectors based on the adviser’s analysis of market opportunities at a particular time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will sell a stock if the adviser determines that the issuer no longer meets the Fund’s investment criteria or if the adviser believes that more attractive opportunities are available.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser identifies companies that, in the adviser’s opinion, are sustainable leaders based on its sustainability criteria, and have high quality, durable franchises which the adviser believes are attractively valued. The adviser’s sustainability criteria are based on a proprietary scoring methodology, which includes an assessment of environmental, social and corporate governance (ESG) characteristics, qualitative factors, and the adviser’s subjective judgment as to which companies are sustainable leaders. The Fund seeks to invest in companies that, on a combined basis, appear attractive when considering these sustainability and financial characteristics.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the U.S. if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the U.S.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund defines ESG characteristics as follows: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Environmental — companies that actively strive to reduce the negative impact of their business operations on the environment. In this context, the adviser analyzes factors such as the company’s likely impact on climate change, natural resource use, pollution and the use of clean technology </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Social — companies that consider the social impact of their business internally and externally. In this context, the adviser reviews considerations such as worker safety, product safety and integrity, healthier products, impact on the community and human rights </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Governance — companies that embrace corporate governance principles. In reviewing governance characteristics, the adviser considers issues such as board accountability and diversity, shareholder rights, executive compensation, business ethics and government and public policy</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests primarily in large-cap and mid-cap common stocks, and under normal circumstances, the Fund invests at least 80% of its Assets in the equity securities of U.S. companies meeting the adviser’s sustainability criteria.</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;">Sustainability (ESG) Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s ESG strategies could cause it to perform differently compared to funds that do not have such a policy. The criteria related to this ESG policy, including the exclusion of securities of companies in certain business activities or industries, may result in the Fund’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ESG reasons when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the companies identified by the ESG policy, and identified as sustainable leaders by the adviser, do not operate as expected when addressing ESG issues. The adviser assesses sustainability using a wide set of data inputs, combined with fundamental analysis. While the adviser looks to data inputs that it believes to be reliable, the adviser cannot guarantee the accuracy of third party data. Under the adviser’s investment process, data inputs may include information self-reported by companies and third party providers that may be based on criteria that differs significantly from the criteria used by the adviser to evaluate sustainability. In addition, the criteria used by third-party providers can differ significantly, and data can vary across providers and within the same industry for the same provider. Moreover, there are significant differences in interpretations of what it means for a company to have positive ESG characteristics. While the adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors’ or advisers’ views.</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="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 (primarily mid 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 large 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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing. These investments increase the risk that the value of the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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,</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 S&amp;P 500 Index. Effective 11/1/16 and subsequently effective 8/17/20, the Fund changed its investment strategies and certain investment policies. In view of these changes, the Fund’s performance record prior to these periods might be less pertinent for investors considering whether to purchase shares of the Fund. </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;">Updated performance information is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </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;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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:31.47pt;">20.49%</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:31.47pt;">-17.65%</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;">7.11%</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 0.2049 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1765 <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 0.0711 <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> 0.1429 0.1318 0.1388 0.1150 0.1220 0.1272 0.0987 0.1035 0.1125 0.0802 0.1168 0.1298 0.1242 0.1233 0.1314 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/VGRIX; C/VGICX; I/VGIIX</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 to provide capital growth over the long-term.</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 0.0035 0.0034 0.0025 0.0025 0.0025 0.0010 0.0010 0.0009 0.0100 0.0150 0.0074 -0.0006 -0.0006 -0.0005 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> 616 821 1043 1680 247 468 813 1650 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> 616 821 1043 1680 147 468 813 1650 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;">33%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.33 <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 will invest at least 80% of its Assets in common stocks issued by U.S. value companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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;"> “Assets” means net assets, plus the amount of </span><span style="font-family:Arial Narrow;font-size:10pt;">borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser applies </span><span style="font-family:Arial Narrow;font-size:10pt;">an active equity management style focused on identifying attractively valued securities given their growth potential over a long-term time horizon.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The securities held by the Fund will </span><span style="font-family:Arial Narrow;font-size:10pt;">predominantly be of companies with market capitalizations similar to those within the universe of the Russell 1000® Value Index (which includes both large cap and mid cap companies). As of September 30, 2026 the market capitalizations of the companies in the index ranged from $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</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">trillion. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">While common stocks are the Fund’s primary investment, the Fund may also invest significantly in real estate investment trusts (REITs) and depositary receipts. Depositary receipts are financial instruments representing a foreign company’s publicly traded securities. A depository receipt trades on a stock exchange in a country different from the company’s local market. </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="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the U.S. if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: In managing the Fund, the adviser will emphasize companies which it believes are leaders within their sectors. The adviser will also emphasize companies it believes have attractive valuations and low price-to-cash flow ratios. Some but not all of the companies may regularly pay dividends. The adviser employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. The adviser's analysis includes a review of proprietary data, information self-reported by companies, data from third party vendors and internal fundamental research. The adviser looks for 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 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, the Fund will invest at least 80% of its Assets in common stocks issued by U.S. value companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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;">The Fund’s adviser applies </span><span style="font-family:Arial Narrow;font-size:10pt;">an active equity management style focused on identifying attractively valued securities given their growth potential over a long-term time horizon.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the U.S. if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the U.S.</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;">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 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 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, </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">Foreign Securities Risk.</span><span style="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, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund’s foreign holdings can be affected by currency exchange rates and exchange control regulations.In certain markets where securities and other instruments are not traded “delivery versus payment,” the 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 the 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.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 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 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;">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 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:#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:31.68pt;">15.76%</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:31.68pt;">-26.15%</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;">12.84%</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 0.1576 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2615 <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 0.1284 <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> 0.0763 0.1071 0.1065 0.0635 0.1000 0.0968 0.0542 0.0843 0.0851 0.1205 0.1136 0.1081 0.1389 0.1220 0.1153 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 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: A/JCMAX; C/JMCCX; I/VSNGX</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’s objective is long-term capital growth.</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 0.0037 0.0035 0.0025 0.0025 0.0025 0.0010 0.0012 0.0010 0.0120 0.0172 0.0095 -0.0016 -0.0018 -0.0016 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 257 524 917 1878 81 287 510 1152 <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 157 524 917 1878 81 287 510 1152 <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;">97%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.97 <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 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;">Mid cap </span><span style="font-family:Arial Narrow;font-size:10pt;">companies are companies with market capitalizations equal to those within the universe of the Russell Midcap</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 Midcap </span><span style="font-family:Arial Narrow;font-size:10pt;">Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $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 $251.61 billion.</span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). “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: In managing the Fund, the portfolio management team employs an investment process that seeks to identify both growth and value securities for the Fund. The team seeks to identify companies with leading competitive positions, talented management teams and durable business models. In addition, the team will invest in companies that it believes either have the capacity to achieve a sustainable level of above average growth or have sustainable free cash flow generation with management committed to increasing shareholder value. </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, the Fund invests at least 80% of its Assets in equity securities of mid cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Mid cap </span><span style="font-family:Arial Narrow;font-size:10pt;">companies are companies with market capitalizations equal to those within the universe of the Russell Midcap</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 implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). “Assets” means net assets, plus the amount of borrowings for investment purposes.</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;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Although the Fund invests in both growth and value securities, it may invest more heavily in either growth or value securities depending on market conditions and the convictions of the adviser. To the extent the Fund invests in growth securities, it will be subject to risks related to growth investing. Specifically, 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. To the extent the Fund invests in value securities, it will be subject to risks related to value investing. Specifically, 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="color:#000000;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="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;">Industrials Sector Risk.</span><span style="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;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 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;"> 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: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 (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 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;"> 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: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 (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:32.13pt;">25.11%</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:32.13pt;">-23.78%</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;">4.91%</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 0.2511 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2378 <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 0.0491 <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> 0.0604 0.0720 0.1067 0.0460 0.0614 0.0906 0.0464 0.0556 0.0836 0.0022 0.0578 0.0979 0.0426 0.0640 0.0994 0.1715 0.1315 0.1429 0.1060 0.0867 0.1101 <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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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/VSCOX; C/VSCCX; I/JDSCX</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 growth over the long term.</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 0.0038 0.0036 0.0025 0.0025 0.0025 0.0011 0.0013 0.0011 0.0126 0.0178 0.0101 -0.0012 -0.0014 -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> 635 892 1169 1958 267 547 951 1946 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> 635 892 1169 1958 167 547 951 1946 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;">65%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.65 <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 small cap equity portfolio which is normally managed as a core portfolio, but which has the ability to proactively invest more heavily in either growth or value securities depending on market conditions and the convictions of the adviser.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The portfolio managers will consider various factors when making overall allocation decisions for the Fund, including the relative attractiveness of growth and value securities and the relative valuations and fundamentals of companies in the small cap growth and value universes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Based on these considerations, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">size of the allocation of the Fund to either growth or value securities may range from 30 to 70 percent 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 companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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 2000 Index </span><span style="font-family:Arial Narrow;font-size:10pt;">on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $85.78 billion. In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). “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="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process: In managing the Fund, the Fund’s adviser seeks to outperform the Fund’s benchmark. The adviser employs a fundamental bottom-up investment process that combines research, valuation and stock selection to identify both growth and value securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting growth securities, the adviser seeks to invest in companies that have a history of above-average growth or that the adviser believes will achieve above-average growth in the future. The adviser believes that investing in high quality growth companies whose long-term growth rates are underappreciated by the market will lead to attractive returns. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting value securities, the adviser seeks to invest in companies which have durable franchises and that the adviser believes to be attractively valued and to have the ability to grow intrinsic value per share. Companies with durable franchises generally have a sustainable competitive position relative to peers, high returns on capital, a diversified client or asset base and a strong brand.</span><span style="color:#000000;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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 security that it believes offers a better investment opportunity or to reallocate the Fund’s assets between growth and value securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a small cap equity portfolio which is normally managed as a core portfolio, but which has the ability to proactively invest more heavily in either growth or value securities depending on market conditions and the convictions of the adviser.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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="color:#000000;font-family:Arial Narrow;font-size:10pt;">The portfolio managers will consider various factors when making overall allocation decisions for the Fund, including the relative attractiveness of growth and value securities and the relative valuations and fundamentals of companies in the small cap growth and value universes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting growth securities, the adviser seeks to invest in companies that have a history of above-average growth or that the adviser believes will achieve above-average growth in the future. The adviser believes that investing in high quality growth companies whose long-term growth rates are underappreciated by the market will lead to attractive returns. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting value securities, the adviser seeks to invest in companies which have durable franchises and that the adviser believes to be attractively valued and to have the ability to grow intrinsic value per share. Companies with durable franchises generally have a sustainable competitive position relative to peers, high returns on capital, a diversified client or asset base and a strong brand.</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 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 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="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;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Although the Fund is normally managed as a core portfolio, it may invest more heavily in either growth or value securities, depending on market conditions and the convictions of the adviser. If the Fund invests more heavily in growth securities, it will be more subject to risks related to growth investing. Specifically, growth securities may trade at higher multiples of current earnings compared to value or other securities, leading to inflated prices and thus potentially greater declines in value. If the Fund invests more heavily in value securities, it will be more subject to risks related to value investing. Specifically, a value security 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 security price to increase do not occur.</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 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, decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent, possible lack of availability of mortgage financing, market saturation, fluctuations in rental income and the value of underlying properties and extended vacancies of properties, and the management skill and creditworthiness 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;">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="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;">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="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;"> 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;">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;">As </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of 6/1/18, the Fund changed its investment strategies and certain investment policies. In view of these changes, the Fund’s performance record prior to this period might be less pertinent for investors considering whether to purchase shares of the Fund. </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;">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;"> 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;">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:#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;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.85pt;">27.87%</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;">-25.74%</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;">12.12%</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 0.2787 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2574 <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 0.1212 <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> -0.0253 0.0273 0.1056 -0.0373 0.0187 0.0851 -0.0058 0.0199 0.0799 0.0141 0.0333 0.1071 0.0314 0.0411 0.1144 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <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/VSEAX; C/JSECX; I/VSEIX</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 growth over the long term.</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 0.0035 0.0037 0.0034 0.0025 0.0025 0.0025 0.0010 0.0012 0.0009 0.0125 0.0177 0.0099 -0.0011 -0.0013 -0.0010 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> 635 890 1165 1948 267 545 947 1936 91 305 537 1204 <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> 635 890 1165 1948 167 545 947 1936 91 305 537 1204 <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;">48%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.48 <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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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 2000 </span><span style="font-family:Arial Narrow;font-size:10pt;">Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $85.78 billion.</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;">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. The adviser seeks to invest in attractively valued companies with leading competitive positions and predictable and durable business models. It also seeks 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 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, the Fund invests at least 80% of its Assets in equity securities of small cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small </span><span style="font-family:Arial Narrow;font-size:10pt;">cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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. The adviser seeks to invest in attractively valued companies with leading competitive positions and predictable and durable business models. It also seeks 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="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;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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;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 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="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 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;"> 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;">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;">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 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 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;"> 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;">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:#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;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.73pt;">25.58%</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:31.73pt;">-28.15%</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;">3.06%</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 0.2558 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2815 <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 0.0306 <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> -0.0797 0.0176 0.0772 -0.1235 -0.0162 0.0531 -0.0148 0.0121 0.0602 -0.0439 0.0235 0.0788 -0.0264 0.0313 0.0860 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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/JTUAX; C/JTUCX; I/JSCSX</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 to provide high total return from a portfolio of small company stocks.</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 0.0037 0.0043 0.0037 0.0025 0.0025 0.0025 0.0012 0.0018 0.0012 0.0122 0.0178 0.0097 -0.0008 -0.0014 -0.0008 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> 635 884 1153 1918 267 547 951 1936 91 301 529 1182 <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> 635 884 1153 1918 167 547 951 1936 91 301 529 1182 <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;">97%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.97 <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 U.S. 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</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;">2000 Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $85.78 billion. “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. Sector by sector, the Fund’s weightings are similar to those of the Russell 2000</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 Fund can moderately underweight or overweight sectors when it believes it will benefit performance. The Fund pursues returns that exceed those of the Russell 2000</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 while seeking to limit its volatility relative to this index. </span><span style="font-family:Arial Narrow;font-size:10pt;">In </span><span style="font-family:Arial Narrow;font-size:10pt;">implementing its main strategies, the Fund’s 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="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: In managing the Fund, the adviser employs 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 U.S. 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</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">implementing its main strategies, the Fund’s investments are primarily in common stocks and real estate investment trusts (REITs).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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, </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="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;">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="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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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;"> 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;">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;"> 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;">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:32.49pt;">29.32%</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:32.49pt;">-30.73%</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;">14.38%</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> 2020-12-31 0.2932 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3073 <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 0.1438 <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> 0.1009 0.0743 0.0901 0.0822 0.0493 0.0715 0.0742 0.0532 0.0686 0.0400 0.0600 0.0815 0.0824 0.0661 0.0828 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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/JUSSX</span><span style="font-family:Arial Narrow;font-size:10pt;">Currently, Class L Shares 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 to provide high total return from a portfolio of small company stocks.</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 0.0022 0.0010 0.0012 0.0082 <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> 84 262 455 1014 <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;">97%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.97 <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 U.S. 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</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;">2000 Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $85.78 billion. “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. Sector by sector, the Fund’s weightings are similar to those of the Russell 2000</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 Fund can moderately underweight or overweight sectors when it believes it will benefit performance. The Fund pursues returns that exceed those of the Russell 2000</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 while seeking to limit its volatility relative to this index. </span><span style="font-family:Arial Narrow;font-size:10pt;">In </span><span style="font-family:Arial Narrow;font-size:10pt;">implementing its main strategies, the Fund’s 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="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: In managing the Fund, the adviser employs 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 U.S. 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</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">implementing its main strategies, the Fund’s investments are primarily in common stocks and real estate investment trusts (REITs).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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;"> 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;">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;"> 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;">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;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.07pt;">29.41%</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:33.07pt;">-30.67%</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;">14.51%</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 0.2941 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3067 <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 0.1451 <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> 0.1018 0.0756 0.0917 0.0827 0.0502 0.0726 0.0750 0.0541 0.0698 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <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/JVAAX; C/JVACX; I/JVASX</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 to provide long-term total return from a combination of income and capital gains.</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> 0.0050 0.0050 0.0050 0.0025 0.0075 0.0034 0.0035 0.0034 0.0025 0.0025 0.0025 0.0009 0.0010 0.0009 0.0109 0.0160 0.0084 -0.0010 -0.0011 -0.0010 0.0099 0.0149 0.0074 <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> 621 844 1085 1775 252 494 860 1754 76 258 456 1028 <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> 621 844 1085 1775 152 494 860 1754 76 258 456 1028 <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;">51%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.51 <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;">The Fund will primarily invest in equity securities across all market capitalizations. The Fund may at any given time invest a significant portion of its assets in companies of one particular market capitalization category, such as large-capitalization companies.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Equity securities in which the Fund </span><span style="font-family:Arial Narrow;font-size:10pt;">invests primarily include common stocks and real estate investment trusts (REITs). </span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its Assets in securities of value companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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;">“Assets” means net assets, plus the amount of any 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: In managing the Fund, the adviser employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary fundamental analysis. The adviser’s aim is to identify attractively valued companies that have the potential to grow their intrinsic values per share and to purchase these companies at a discount. </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;">The Fund will primarily invest in equity securities across all market capitalizations. The Fund may at any given time invest a significant portion of its assets in companies of one particular market capitalization category, such as large-capitalization companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its Assets in securities of value companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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="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;">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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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="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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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 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 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 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;"> 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 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;">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 (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;">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 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 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 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;"> 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 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;">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 (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;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.97pt;">19.74%</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:33.97pt;">-30.48%</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;">10.73%</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> 2020-12-31 0.1974 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3048 <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 0.1073 <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> 0.0359 0.1017 0.0923 0.0082 0.0753 0.0751 0.0412 0.0769 0.0723 0.0778 0.1080 0.0938 0.0959 0.1164 0.1009 0.1715 0.1315 0.1429 0.1571 0.1118 0.1046 <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/JVAIX</span><span style="font-family:Arial Narrow;font-size:10pt;">Currently, Class L Shares 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 to provide long-term total return from a combination of income and capital gains.</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> 0.0050 0.0019 0.0010 0.0009 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 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> 70 221 384 859 <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;">51%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.51 <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;">The Fund will primarily invest in equity securities across all market capitalizations. The Fund may at any given time invest a significant portion of its assets in companies of one particular market capitalization category, such as large-capitalization companies.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Equity securities in which the Fund </span><span style="font-family:Arial Narrow;font-size:10pt;">invests primarily include common stocks and real estate investment trusts (REITs). </span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its Assets in securities of value companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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;">“Assets” means net assets, plus the amount of any 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: In managing the Fund, the adviser employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary fundamental analysis. The adviser’s aim is to identify attractively valued companies that have the potential to grow their intrinsic values per share and to purchase these companies at a discount. </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;">The Fund will primarily invest in equity securities across all market capitalizations. The Fund may at any given time invest a significant portion of its assets in companies of one particular market capitalization category, such as large-capitalization companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its Assets in securities of value companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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="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;">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="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, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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;">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 issues, system failures, inadequate controls and human error. </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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 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 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 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;"> Value Index. The Russell </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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;">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 L 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 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 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;"> Value Index. The Russell </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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;">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 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;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:33.57pt;">19.89%</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:33.57pt;">-30.39%</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;">11.07%</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 0.1989 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3039 <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 0.1107 <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> 0.0974 0.1179 0.1027 0.0675 0.0905 0.0845 0.0792 0.0900 0.0810 0.1715 0.1315 0.1429 0.1571 0.1118 0.1046 <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/JDVZX</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 to provide a high total return from a diversified portfolio of equity and fixed income investments.</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> 0.0048 0.0021 0.0021 0.0009 0.0078 -0.0020 0.0058 <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> 59 229 414 947 <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;">68%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.68 <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;">Drawing on a variety of analytical tools, the Fund’s adviser typically seeks to invest the Fund’s assets among various types of asset classes which include the following allocations: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">35%–80% equity securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">15%–65% fixed income securities </span><span style="font-family:Arial Narrow;font-size:7pt;">●</span><span style="font-family:Arial Narrow;font-size:10pt;">0-10% alternative securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">0%–10% convertible securities</span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in separate underlying strategies by investing directly in individual securities, in other mutual funds and exchange traded funds (ETFs) within the same group of investment companies (J.P. Morgan Funds), and for the limited purposes described below, in passive ETFs that are managed by unaffiliated investment advisers (unaffiliated passive ETFs). The Fund may also invest in unaffiliated closed-end registered investment companies and other pooled investment vehicles (collectively with J.P. Morgan Funds and unaffiliated ETFs, underlying funds), across asset classes, including: U.S. equity and developed international equity across market capitalizations, emerging markets equity, domestic and foreign fixed income, high yield fixed income, emerging markets debt, and real estate investment trusts (REITs). A passive ETF is a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">registered investment company that seeks to track the performance of a particular market index. These indices include not only broad-based market indices but more specific indices as well, including those relating to particular sectors, markets, factors, regions or industries. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may periodically increase or decrease the Fund’s actual asset allocations according to the relative attractiveness of each asset class. </span><span style="font-family:Arial Narrow;font-size:10pt;">Within its equity allocations, the Fund invests primarily in the common stock of U.S. and foreign companies, REITs, and underlying funds</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">primarily invest in such securities. </span><span style="font-family:Arial Narrow;font-size:10pt;">Within its fixed income allocations, the Fund invests primarily in corporate bonds, asset-backed, mortgage- related and mortgage-backed securities, U.S. and foreign government securities, loan assignments and participations (Loans) and commitments to purchase loan assignments, emerging market debt and underlying funds</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">that primarily invest in such securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in fixed income securities of any credit quality but may only invest up to 25% of its total assets in certain below investment grade securities (also known as high yield securities or junk bonds). This limit on below investment grade securities will include all investments held either directly by the Fund or in underlying funds held by the Fund which invest primarily in below investment grade securities (as disclosed in the underlying fund’s prospectus). In addition, the Fund may invest in underlying funds that may invest in fixed income securities of various credit qualities, including at times below investment grade securities, in order to expose the Fund to certain asset classes, such as emerging market debt. The remainder of the fixed income allocation will be invested directly in securities that, at the time of purchase are rated investment grade by a nationally recognized statistical rating organization or in securities that are unrated but are deemed by the Fund’s adviser to be of comparable quality. The Fund may invest in fixed income securities of any average weighted maturity or duration. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may invest up to 30% of its total assets in shares of equity or fixed income underlying funds in order to expose the Fund to certain asset classes. To the extent the Fund invests in underlying funds, the adviser expects to select J.P. Morgan Funds without considering or canvassing the universe of unaffiliated underlying funds available, even though there may (or may not) be one or more unaffiliated underlying funds that investors might regard as more attractive for the Fund or that have superior returns. For both actively-managed underlying funds and ETFs, the adviser limits its selection to J.P. Morgan Funds. For passive ETFs, the adviser expects to invest in affiliated ETFs that are J.P. Morgan Funds (J.P. Morgan ETFs), unless the adviser determines the investment is not available. To the extent the adviser determines in its sole discretion that an investment in a passive J.P. Morgan ETF is not available, only then will the adviser consider an unaffiliated passive ETF. In </span><span style="font-family:Arial Narrow;font-size:10pt;">addition, the Fund may seek to gain passive exposure to one or more markets by investing directly in the securities underlying a particular index. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund may also invest up to 10% of its assets in convertible securities. Additionally, the Fund may also invest up to 10% of its securities in alternative securities. The Fund's alternative securities investments may include individual securities, investments in underlying funds, and other pooled investment vehicles, including vehicles that hold or provide exposure to commodities, currencies or commodity futures. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to investments in underlying funds and direct investments in securities, the Fund may use derivatives, which are instruments that have a value based on another instrument, exchange rate or index, as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, and swaps to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund’s returns. The Fund may use futures contracts, options (including options on interest rate futures contracts and interest rate swaps), swaps, and credit default swaps to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may utilize exchange traded futures contracts for cash management and to gain exposure to equities pending investment in individual securities. The Fund may invest in securities denominated in any currency. The Fund may also utilize foreign currency derivatives such as forward currency transactions to hedge exposure to non-dollar investments back to the U.S. dollar, as well as to gain exposure to certain currencies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund will generally maintain its assets within the allocations above, the Fund may hold cash or cash equivalents for various purposes, including in connection with segregation for derivatives transactions, as collateral for derivatives transactions or for temporary defensive purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser establishes the strategic and tactical allocation for the Fund and makes the day-to-day decisions concerning strategies and overall construction of the Fund. As attractive investments arise across asset classes and strategies, the adviser attempts to capture these opportunities by allocating the Fund’s assets among strategies and asset classes within pre-defined ranges. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment decisions within strategies and asset classes are implemented either by the portfolio managers of the Fund’s underlying strategies who select individual securities for the Fund or with the Fund’s purchase of underlying funds. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The frequency with which the Fund buys and sells underlying investments will vary from year to year, depending on, but not limited to: market conditions, performance of the underlying investments, and changes in the adviser’s investment views.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Drawing on a variety of analytical tools, the Fund’s adviser typically seeks to invest the Fund’s assets among various types of asset classes which include the following allocations: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">35%–80% equity securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">15%–65% fixed income securities </span><span style="font-family:Arial Narrow;font-size:7pt;">●</span><span style="font-family:Arial Narrow;font-size:10pt;">0-10% alternative securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">0%–10% convertible securities</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;">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;">Foreign Securities and Emerging Markets Risk.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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,” the 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 the Fund’s ability to buy and sell securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may focus its investments in a single country or small group of countries and be subject to greater volatility than a more geographically diversified fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 countries in “emerging markets.” 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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, the 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 risks 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;">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="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;">Investment Company and Pooled Investment Vehicle Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests primarily in shares of other investment companies, including J.P. Morgan Funds, unaffiliated closed-end funds, unaffiliated passive ETFs and other pooled investment vehicles, which may include those holding commodities,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">currencies or commodity futures. Shareholders bear both their proportionate share of the Fund's expenses and similar expenses of the investment company or pooled investment vehicle. ETFs and other investment companies or pooled investment vehicles that invest in commodities or currencies are subject to the risks associated with direct investments in commodities or currencies.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">The price and movement of an ETF, closed-end fund or pooled investment vehicle designed to track an index may not track the index and may result in a loss. In addition, closed-end funds that trade on an exchange often trade at a price below their net asset value (also known as a discount). Certain ETFs, closed-end funds or pooled investment vehicles traded on exchanges may be thinly traded and experience large spreads between the "ask" price quoted by a seller and the "bid" price offered by a buyer. There may be no active market for shares of certain closed-end funds or pooled investment vehicles (especially those not traded on exchanges) and such shares may be highly illiquid. Certain pooled investment vehicles, including many commodity-related vehicles that are not registered investment companies under the 1940 Act, do not have the protections applicable to other types of investments under federal securities or commodities laws and may be subject to counterparty or credit risk. In addition, the adviser's authority to allocate investments among J.P. Morgan Funds and unaffiliated funds creates conflicts of interest. For example, investing in J.P. Morgan Funds could cause the Fund to incur higher fees and could cause the adviser and/or its affiliates to receive greater compensation, increase assets under management or support particular investment strategies or J.P. Morgan Funds.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund and/or an underlying fund may invest in variable and floating rate Loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and other securities may </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in mortgage-related and mortgage-backed securities including so-called “sub-prime” mortgages which may represent interests in pools of mortgages, consumer loans or other assets held in trust that are subject to certain other risks including prepayment and call risks. Mortgage-related and asset-backed securities are subject to certain other risks. The value of these securities will be influenced by the factors affecting the property 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, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The risk of default, as described under “Credit Risk,” for “sub-prime” mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests 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)). U.S. government securities are subject to market risk, interest rate risk and credit risk. 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 and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed 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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Some of the Fund’s investments are subject to the risk that an issuer and/or a counterparty 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;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The 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;"> Some of the Fund’s investments are in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds). These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties (including substantial or total loss) 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. </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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 securities and Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some 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. The inability to dispose of the underlying fund’s securities 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 securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for these securities, 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;">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;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, foreign currency exchange contracts, options, and swaps, 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="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 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;">Currency Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Changes in foreign currency exchange rates will affect the value of the Fund’s securities and may affect the price of the Fund’s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment impacted by that currency loses value because that currency is worth less in U.S. dollars. Currency exchange rates may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates. Devaluation of a currency by a country’s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets, may be riskier than other types of investments and may increase the volatility of the Fund. Although the Fund may attempt to hedge some or all </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of its currency exposure into the U.S. dollar, it may not be successful in reducing the effects of currency fluctuations. The Fund may also hedge from one foreign currency to another. In addition, the Fund’s use of currency hedging may not be successful, including due to delays in placing trades and other operational limitations, and the use of such strategies may lower the Fund’s potential returns.</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="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 </span><span style="font-family:Arial Narrow;font-size:10pt;">compares the Fund’s performance to the performance of the Morgan Stanley Capital International (MSCI) World Index (net total return), a broad-based securities market index and a customized blend of unmanaged indices weighted as follows: 60% MSCI World (net total return) and 40% Bloomberg US Aggregate Index. The performance in the table for Class R6 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 R6 Shares. The actual returns of the Class R6 Shares would be different than those shown because Class R6 Shares have different expenses than Class L 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">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. (www.msci.com) </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="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;">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:31.57pt;">15.25%</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;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.57pt;">-15.67%</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;">3.96%</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 0.1525 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1567 <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 0.0396 <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> 0.1368 0.0670 0.0850 0.0948 0.0415 0.0608 0.0979 0.0460 0.0612 0.2109 0.1215 0.1217 0.1551 0.0713 0.0823 <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: R5/JHQPX; R6/JHQRX</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 to provide 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="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> 0.0025 0.0025 0.0019 0.0007 0.0010 0.0009 0.0007 0.0044 0.0032 <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> 45 141 246 555 33 103 180 406 <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;">27%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.27 <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 seeks to provide capital appreciation through participation in the broad equity markets while hedging overall market exposure relative to traditional long-only equity 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.</span><span style="font-family:Arial Narrow;font-size:10pt;">Equity securities represent an ownership interest in the issuer. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in equity </span><span style="font-family:Arial Narrow;font-size:10pt;">securities, which primarily consist of common stocks of large cap U.S. companies. The Fund will also purchase and sell exchange traded put options and sell exchange traded call options, employing an options overlay known as a “Put/Spread Collar” strategy, designed to provide a continuous market hedge for the portfolio.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The options </span><span style="font-family:Arial Narrow;font-size:10pt;">will typically be based on the S&amp;P 500 Index (the Index) or on exchange-traded funds (ETFs) that replicate the S&amp;P 500 Index (S&amp;P 500 ETFs). The combination of the diversified portfolio of equity securities, combined with the options overlay,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">is intended to provide the Fund with a significant portion of the returns associated with equity market investments, while exposing investors to less risk than traditional long-only equity strategies. “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</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">net assets plus</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the amount of borrowings</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">for investment</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">Volatility is one way to measure risk and refers to the variability of the Fund’s or the market’s returns. The Fund seeks to provide a competitive risk-adjusted return over a full market cycle (defined as three to five years) relative to the S&amp;P 500 Total Return Index with lower volatility than traditional long-only equity strategies. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund typically holds options for three month periods (each, an “hedge period”) for the purpose of seeking to provide more predictable returns in any market cycle during the applicable hedge period. The put option spread is generally maintained at a level intended to reduce the Fund's exposure to a market decline by offsetting losses resulting from a decrease in the market. As a result of writing call options to offset the costs associated with the put option spread, some upside may be foregone in certain market environments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The quarterly hedge periods are based on returns from the first business day of January through the last business day of March; the first business day of April through the last business day of June; the first business day of July through the last business day of September; and the first business day of October through the last business day of December. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund’s investments in equity securities will be primarily in common stocks of U.S. companies with market capitalizations similar to those within the universe of the Index. As of the reconstitution of the Index on September 30, 2026, the market capitalizations of the companies in the Index ranged from $6.20 billion to $5.50 trillion. The Fund may also invest in equity securities of U.S. mid cap companies. The adviser’s process focuses on stock selection and tends to maintain sector weightings comparable to those of the broad U.S. large cap market. Within each sector, however, the Fund modestly overweights </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">equity securities that it considers undervalued or fairly valued while modestly underweighting or not holding equity securities that appear overvalued. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund constructs a Put/Spread Collar by buying a put option on the Index at a higher strike price and writing (or selling) a put option on the Index at a relatively lower strike price, resulting in what is known as a put option spread, while simultaneously selling an Index call option. The Fund may need to construct additional Put/Spread Collars if the size of the Fund increases, either through purchases or appreciation. The Fund’s options overlay strategy is intended to provide the Fund with downside protection, while foregoing some upside potential. A put option spread seeks to protect the Fund against a decline in price, but only to the extent of the difference between the strike prices of the put option purchased and the put option sold. Entering into put option spreads is typically less expensive than a strategy of only purchasing put options and may benefit the Fund in a flat to upwardly moving market by reducing the cost of the downside protection; the downside protection of the put option spread, however, is limited as compared to just owning a put option. The premiums received from writing index call options are intended to provide income which substantially offsets the cost of the put option spread, but writing the options also reduces the Fund’s ability to profit from increases in the value of its equity portfolio because in rising markets the call option will be exercised once the market price rises to the option’s strike price. While the Fund typically constructs the Put/Spread Collar utilizing index options, it may also construct the Put/Spread Collar utilizing options on S&amp;P 500 ETFs. </span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund’s investment strategies may not always provide greater market protection than other equity investments, particularly in rising equity markets when the Fund is expected to underperform traditional long-only equity strategies. In addition, as a result of selling call options to offset the costs associated with the options overlay strategy, some upside may be foregone in certain market environments. </span><span style="font-family:Arial Narrow;font-size:10pt;">While the Fund will not generally invest directly in ETFs, there may be times when it will purchase shares or receive shares of S&amp;P 500 ETFs in order to settle its options positions. The adviser will not normally maintain such positions for an extended period. </span><span style="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 investments in certain securities. In addition to the use of the Put/Spread Collar strategy described above, the Fund may use derivatives, primarily futures contracts,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to gain exposure to indexes or certain securities within indexes, to more effectively gain targeted equity exposure from its cash positions, and to hedge the Fund’s portfolio if it is unable to purchase or write the necessary options for its overlay strategy and efficient management of cash flows. To the extent the Fund invests in index futures with exposure to securities in the index, </span><span style="font-family:Arial Narrow;font-size:10pt;">it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is also permitted to use other derivatives such as futures, options (including options on futures) and swaps in order to hedge various investments and for risk management. Under certain market conditions, the Fund's use of other derivatives for cash management or other investment management purposes could be significant. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process —Equity Portfolio: With respect to the investment of the equity portfolio, 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 sector group according to their relative value. </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;">On behalf of the Fund, the adviser then buys and sells equity securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as attractive and considers selling them when they appear less attractive based on the Fund’s process. Along with attractive valuation, the adviser often considers a number of other criteria, including: </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, such as improving company fundamentals, that could trigger a rise in a stock’s price </span><span style="font-family:Arial Narrow;font-size:7pt;">●</span><span style="font-family:Arial Narrow;font-size:10pt;">impact on the overall risk of the portfolio </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 perceived potential reward compared to perceived 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;">possible temporary mispricings caused by apparent market overreactions. </span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process — Options Overlay Strategy: To implement the Put/Spread Collar strategy, the adviser utilizes exchange traded equity options based either on the Index or on S&amp;P 500 ETFs. The Put/Spread Collar is constructed by buying a put option at a higher strike price while writing a put option at a relatively lower strike price and simultaneously selling a call option that substantially offsets the cost of the put option spread. The Put/Spread Collar strategy is an actively managed process and is designed to provide a continuous market hedge for the portfolio. The put option spread is generally maintained </span><span style="font-family:Arial Narrow;font-size:10pt;">at a level intended to protect the Fund from a decrease in the market of 5% to 20%, with potential upside generally capped at 3.5-5.5%. The upside cap could be more or less, depending on market conditions. The options are systematically reset on at least a quarterly basis to better capitalize on current market conditions and opportunities while seeking to provide predictable returns in all market cycles.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide capital appreciation through participation in the broad equity markets while hedging overall market exposure relative to traditional long-only equity 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in equity </span><span style="font-family:Arial Narrow;font-size:10pt;">securities, which primarily consist of common stocks of large cap U.S. companies. The Fund will also purchase and sell exchange traded put options and sell exchange traded call options, employing an options overlay known as a “Put/Spread Collar” strategy, designed to provide a continuous market hedge for the portfolio.</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, </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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Strategy Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investment strategies may not always provide greater market protection than other equity instruments, particularly in rising equity markets when the Fund is expected to underperform traditional long-only equity strategies. In addition, as a result of the structure of the options overlay strategy, the Fund is not expected to provide as much market protection during times when the market is only down slightly; during such periods, the Fund is expected to perform in line with broad equity markets. While the equity portfolio invests significantly in companies included in the Index, differences in holdings between the Fund’s equity portfolio and the Index or S&amp;P 500 ETFs may also lead to a less efficient hedge.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Options Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The value of the Fund’s option positions will fluctuate in response to changes in the value of the underlying index. The value of options is affected by changes in the value and dividend rates of the securities held by the S&amp;P 500 ETFs or represented in the Index underlying the option, changes in interest rates, changes in the actual or perceived volatility of the S&amp;P 500 ETFs or the Index and the remaining time to the options expiration, as well as trading conditions in the options market. Selling call options can reduce equity market risk, but it limits the opportunity to profit from an increase in the market value of stocks in exchange for upfront cash at the time of selling the call option. The Fund also risks losing all or part of the cash paid for purchasing put options. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund’s option strategies, and for these and other reasons, the Fund’s option strategies may not reduce the Fund’s volatility to the extent desired and could result in losses.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Large Cap Company Risk</span><span style="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;">. 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;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing. These investments increase the risk that the value of </span><span style="font-family:Arial Narrow;font-size:10pt;">the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of securities.</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 options and 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 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 R5 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 and the ICE BofA 3-Month US Treasury Bill 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</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 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 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 R5 SHARES</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2nd quarter, 2020</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.56pt;">9.08%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2018</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.56pt;">-5.40%</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;">0.56%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0908 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2018-12-31 -0.0540 <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 0.0056 <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> 0.0761 0.0915 0.0949 0.0741 0.0890 0.0919 0.0464 0.0720 0.0773 0.0774 0.0927 0.0959 0.1788 0.1442 0.1482 0.0418 0.0318 0.0218 <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/JMCEX; R5/JMEEX; R6/JPPEX</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’s objective is long-term capital growth.</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 0.0050 0.0043 0.0020 0.0010 0.0025 0.0010 0.0018 0.0010 0.0010 0.0153 0.0080 0.0070 -0.0018 -0.0010 -0.0010 0.0135 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="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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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> 137 466 817 1808 72 245 434 980 61 214 380 861 <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;">97%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.97 <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 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;">Mid cap </span><span style="font-family:Arial Narrow;font-size:10pt;">companies are companies with market capitalizations equal to those within the universe of the Russell Midcap</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 Midcap </span><span style="font-family:Arial Narrow;font-size:10pt;">Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $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 $251.61 billion.</span><span style="font-family:Arial Narrow;font-size:10pt;">In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). “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: In managing the Fund, the portfolio management team employs an investment process that seeks to identify both growth and value securities for the Fund. The team seeks to identify companies with leading competitive positions, talented management teams and durable business models. In addition, the team will invest in companies that it believes either have the capacity to achieve a sustainable level </span><span style="font-family:Arial Narrow;font-size:10pt;">of above average growth or have sustainable free cash flow generation with management committed to increasing shareholder value. </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, the Fund invests at least 80% of its Assets in equity securities of mid cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Mid cap </span><span style="font-family:Arial Narrow;font-size:10pt;">companies are companies with market capitalizations equal to those within the universe of the Russell Midcap</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 implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). “Assets” means net assets, plus the amount of borrowings for investment purposes.</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;">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;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Although the Fund invests in both growth and value securities, it may invest more heavily in either growth or value securities depending on market conditions and the convictions of the adviser. To the extent the Fund invests in growth securities, it will be subject to risks related to growth investing. Specifically, 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. To the extent the Fund invests in value securities, it will be subject to risks related to value investing. Specifically, 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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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 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;line-height:11pt;"> </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.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">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,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">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</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">personnel, government regulation and competition,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">both domestically and internationally, including competition</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">from foreign </span><span style="font-family:Arial Narrow;font-size:10pt;">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,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">less-seasoned companies, tend to be</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">more volatile than the overall market. Technology companies are heavily dependent on patent and intellectual</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">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="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 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;"> 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: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 (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 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;"> 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: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 (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;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.81pt;">25.17%</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:31.81pt;">-23.72%</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;">5.10%</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 0.2517 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2372 <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 0.0510 <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> 0.0629 0.0746 0.1093 0.0477 0.0634 0.0925 0.0484 0.0576 0.0855 0.0550 0.0666 0.1010 0.0618 0.0735 0.1083 0.1715 0.1315 0.1429 0.1060 0.0867 0.1101 <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: R6/JSCHX</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 growth over the long term.</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 0.0011 0.0011 0.0076 -0.0011 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="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> 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;">65%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.65 <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 small cap equity portfolio which is normally managed as a core portfolio, but which has the ability to proactively invest more heavily in either growth or value securities depending on market conditions and the convictions of the adviser.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The portfolio managers will consider various factors when making overall allocation decisions for the Fund, including the relative attractiveness of growth and value securities and the relative valuations and fundamentals of companies in the small cap growth and value universes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Based on these considerations, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">size of the allocation of the Fund to either growth or value securities may range from 30 to 70 percent 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 companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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 2000 Index </span><span style="font-family:Arial Narrow;font-size:10pt;">on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $85.78 billion. In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). “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="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process: In managing the Fund, the Fund’s adviser seeks to outperform the Fund’s benchmark. The adviser employs a fundamental bottom-up investment process that combines research, valuation and stock selection to identify both growth and value securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting growth securities, the adviser seeks to invest in companies that have a history of above-average growth or that the adviser believes will achieve above-average growth in the future. The adviser believes that investing in high quality growth companies whose long-term growth rates are underappreciated by the market will lead to attractive returns. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting value securities, the adviser seeks to invest in companies which have durable franchises and that the adviser believes to be attractively valued and to have the ability to grow intrinsic value per share. Companies with durable franchises generally have a sustainable competitive position relative to peers, high returns on capital, a diversified client or asset base and a strong brand.</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 security that it believes offers a better investment opportunity or to reallocate the Fund’s assets between growth and value securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a small cap equity portfolio which is normally managed as a core portfolio, but which has the ability to proactively invest more heavily in either growth or value securities depending on market conditions and the convictions of the adviser.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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="color:#000000;font-family:Arial Narrow;font-size:10pt;">The portfolio managers will consider various factors when making overall allocation decisions for the Fund, including the relative attractiveness of growth and value securities and the relative valuations and fundamentals of companies in the small cap growth and value universes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting growth securities, the adviser seeks to invest in companies that have a history of above-average growth or that the adviser believes will achieve above-average growth in the future. The adviser believes that investing in high quality growth companies whose long-term growth rates are underappreciated by the market will lead to attractive returns. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting value securities, the adviser seeks to invest in companies which have durable franchises and that the adviser believes to be attractively valued and to have the ability to grow intrinsic value per share. Companies with durable franchises generally have a sustainable competitive position relative to peers, high returns on capital, a diversified client or asset base and a strong brand.</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 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 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;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Although the Fund is normally managed as a core portfolio, it may invest more heavily in either growth or value securities, depending on market conditions and the convictions </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the adviser. If the Fund invests more heavily in growth securities, it will be more subject to risks related to growth investing. Specifically, growth securities may trade at higher multiples of current earnings compared to value or other securities, leading to inflated prices and thus potentially greater declines in value. If the Fund invests more heavily in value securities, it will be more subject to risks related to value investing. Specifically, a value security 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 security price to increase do not occur.</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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, decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent, possible lack of availability of mortgage financing, market saturation, fluctuations in rental income and the value of underlying properties and extended vacancies of properties, and the management skill and creditworthiness 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;">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;">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 </span><span style="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="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,</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 </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 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 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;"> 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;">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 R6 Shares is based on the performance of the Class I Shares (which are not offered in this prospectus) prior to their inception. The actual returns of the Class R6 Shares would be different than those shown because Class R6 Shares have different expenses than Class I Shares. As of 6/1/18, the Fund changed its investment strategies and certain investment policies. In view of these changes, the Fund’s performance record prior to this period might be less pertinent for investors considering whether to purchase shares of the Fund. </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 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 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;"> 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;">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 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:33.05pt;">27.99%</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:33.05pt;">-25.66%</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;">12.50%</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 0.2799 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2566 <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 0.1250 <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> 0.0344 0.0437 0.1172 0.0233 0.0356 0.0987 0.0288 0.0327 0.0906 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <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/JSEZX; R3/JSEPX; R4/JSEQX; R5/JSERX; R6/VSENX</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 growth over the long term.</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 0.0039 0.0038 0.0036 0.0019 0.0009 0.0025 0.0025 0.0025 0.0010 0.0014 0.0013 0.0011 0.0009 0.0009 0.0154 0.0128 0.0101 0.0084 0.0074 -0.0014 -0.0013 -0.0011 -0.0009 -0.0009 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> 143 473 826 1823 117 393 690 1534 92 311 547 1226 77 259 457 1029 66 228 403 910 <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;">48%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.48 <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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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 2000 </span><span style="font-family:Arial Narrow;font-size:10pt;">Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $85.78 billion.</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;">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. The adviser seeks to invest in attractively valued companies with leading </span><span style="font-family:Arial Narrow;font-size:10pt;">competitive positions and predictable and durable business models. It also seeks 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 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, the Fund invests at least 80% of its Assets in equity securities of small cap companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Small </span><span style="font-family:Arial Narrow;font-size:10pt;">cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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. The adviser seeks to invest in attractively valued companies with leading </span><span style="font-family:Arial Narrow;font-size:10pt;">competitive positions and predictable and durable business models. It also seeks 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="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="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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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 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;"> 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;">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 in the table for Class R3 Shares is based on the performance of Class A Shares (which are not offered in this prospectus) prior to the inception of the Class R3 Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares. The performance in the table for Class R4 Shares is based on the performance of Class I Shares (which are not offered in this prospectus) prior to the inception of the Class R4 Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares. The performance in the table </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">for Class R6 Shares is based on the performance of Class R5 Shares prior to the inception of the Class R6 Shares. The actual returns of the Class R6 Shares would be different than those shown because Class R6 Shares have different expenses than Class R5 Shares. </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;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 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;"> 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;">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:#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:33.86pt;">25.75%</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:33.86pt;">-28.06%</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;">3.41%</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 0.2575 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2806 <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 0.0341 <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> -0.0244 0.0333 0.0881 -0.0604 0.0050 0.0672 0.0120 0.0242 0.0695 -0.0313 0.0262 0.0805 -0.0291 0.0287 0.0832 -0.0264 0.0313 0.0859 -0.0241 0.0339 0.0886 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <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/JUEZX; R3/JUEPX; R4/JUEQX; R5/JUSRX; R6/JUEMX</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 to provide high total return from a portfolio of selected 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 0.0031 0.0031 0.0030 0.0015 0.0005 0.0025 0.0025 0.0025 0.0010 0.0006 0.0006 0.0005 0.0005 0.0005 0.0121 0.0096 0.0070 0.0055 0.0045 -0.0002 -0.0002 -0.0001 -0.0001 -0.0001 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> 121 382 663 1464 96 304 529 1176 70 223 389 870 55 175 306 688 45 143 251 566 <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;">53%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.53 <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 U.S. 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;">In implementing</span><span style="font-family:Arial Narrow;font-size:10pt;"> its strategy, the Fund invests primarily in common stocks of large- and medium-capitalization U.S. companies but it may also invest up to 20% of its Assets in common stocks of foreign companies, including depositary receipts.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Depositary receipts </span><span style="font-family:Arial Narrow;font-size:10pt;">are financial instruments representing a foreign company’s publicly traded securities. A depositary receipt trades on a stock exchange in a country different from the company’s local market. “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 focuses on those equity securities that it considers attractively valued and seeks to outperform the Benchmark through superior stock selection. By emphasizing attractively valued equity securities, the Fund seeks to produce returns that exceed those of the Benchmark. </span><span style="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 investments in certain securities. The Fund may use derivatives, primarily futures contracts, to gain exposure to its index or certain securities in its index, or to more effectively gain targeted equity exposure from its cash positions. To the extent the Fund invests in index futures with exposure to securities in the index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: 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, 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 sector group according to their relative value. </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 equity 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 to be 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 apparent market over-reactions.</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 U.S. companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">In implementing</span><span style="font-family:Arial Narrow;font-size:10pt;"> its strategy, the Fund invests primarily in common stocks of large- and medium-capitalization U.S. companies but it may also invest up to 20% of its Assets in common stocks of foreign companies, including depositary receipts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">Foreign Securities Risk.</span><span style="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, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the 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 the 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.</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing. These investments increase the risk that the value of the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of 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. </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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 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 S&amp;P 500 Index. The performance of 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 of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares. The performance of Class R4 Shares is based on the performance of the Class I Shares (which are not offered in this prospectus) prior to their inception. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have 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;">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 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;">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 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:30.64pt;">22.59%</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:30.64pt;">-17.10%</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;">5.41%</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 0.2259 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1710 <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 0.0541 <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> 0.1458 0.1357 0.1489 0.1285 0.1181 0.1281 0.0949 0.1036 0.1167 0.1385 0.1284 0.1415 0.1414 0.1312 0.1444 0.1441 0.1340 0.1471 0.1474 0.1369 0.1500 0.1788 0.1442 0.1482 <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/JLPZX; R5/JCPRX; R6/JLPYX</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="font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide a high total return from a portfolio of selected 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> 0.0065 0.0065 0.0065 0.0050 0.0098 0.0082 0.0073 0.0061 0.0062 0.0063 0.0025 0.0010 0.0012 0.0010 0.0010 0.0213 0.0147 0.0138 -0.0012 -0.0010 -0.0010 0.0201 0.0137 0.0128 <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> 204 655 1133 2453 139 455 793 1749 130 427 746 1649 <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 (including short sales) was </span><span style="font-family:Arial Narrow;font-size:10pt;">97%</span><span style="font-family:Arial Narrow;font-size:10pt;">of the average value of its portfolio.</span> 0.97 <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 value of the Fund’s Assets, which are expected to include both long and short positions, will consist of different U.S. securities, selected from a universe of publicly traded large capitalization securities with characteristics similar to those comprising the S&amp;P 500 Index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund takes long and short positions mainly in equity </span><span style="font-family:Arial Narrow;font-size:10pt;">securities and derivatives on equity securities. “Assets” means 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;">“Plus” in the Fund’s name refers to the additional return the Fund endeavors to add both relative to the S&amp;P 500 Index as well as relative to traditional strategies which do not have the ability to sell stock short.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Selling stock short allows the Fund to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">more fully exploit insights in stocks that the Fund’s adviser expects to underperform, as well as enabling the Fund to establish additional long positions while keeping the Fund’s net exposure to the market at a level similar to a traditional “long-only” strategy. Short sales involve the sale of a security which the fund does not own in expectation of purchasing the same </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security at a later date at a lower price. To make delivery to the buyer, the Fund must borrow the security, and the fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. The Fund may also periodically short index futures in order to hedge its market exposure in instances when it is not preferable to enter into short positions on particular securities in the amount desired. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to maintain an approximate net 100% long exposure to the equity market (long market value minus short market value). However the long and short positions held by the Fund will vary in size as market opportunities change. The Fund’s long positions and their equivalents will range between 90% and 150% of the value of the Fund’s net assets. The Fund’s short positions will range between 0% and 50% of the value of the Fund’s net assets. </span><span style="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 investments in certain securities. The Fund currently intends to use swaps (including equity swaps) to establish its short equity positions, if any. The Fund may also use swaps to establish long equity positions, without owning or taking physical custody of securities. The payments received by the Fund under such swaps may be adjusted for transaction costs, interest payments, the amount of dividends paid on the investment or instrument or other factors. The Fund may also use futures contracts to gain exposure to its index or certain securities in its index, or to more effectively gain targeted equity exposure from its cash positions. To the extent the Fund invests in index futures with exposure to securities in the index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: 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, 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 sector group according to their relative value. </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, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 buys and sells, as well as shorts and covers shorts in, equity securities and derivatives on those securities according to its own policies, using the research and valuation rankings as a basis. In general, the adviser buys and covers shorts in equity securities that are identified as undervalued and considers selling or shorting them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria such as: </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 apparent 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 value of the Fund’s Assets, which are expected to include both long and short positions, will consist of different U.S. securities, selected from a universe of publicly traded large capitalization securities with characteristics similar to those comprising the S&amp;P 500 Index.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">“Plus” in the Fund’s name refers to the additional return the Fund endeavors to add both relative to the S&amp;P 500 Index as well as relative to traditional strategies which do not have the ability to sell stock short.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">Short Selling Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will incur a loss as a result of a short sale or other short equity position if the price of the security sold short increases in value between the date of the short sale and the date on which the fund purchases the security to replace the borrowed security or is required to pay under the swap agreement. In addition, when the Fund engages in short sales, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. The Fund’s losses are potentially unlimited in a short sale transaction or other short equity position. Short sales or other short equity positions are speculative transactions and involve special risks, including greater reliance on the adviser’s ability to accurately anticipate the future value of a security. Furthermore, taking short positions in securities results in a form of leverage which may cause the Fund to be more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Swap Agreement Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to the risks associated with derivatives in general, the Fund will also be subject to risks related to swap agreements. The Fund may use swaps to establish both long and short positions in order to gain the desired exposure. Because certain swap agreements are not cleared and exchange-traded, but are private contracts into which the Fund and a swap counterparty enter as principals, the Fund may experience a loss or delay in recovering assets if the counterparty defaults on its obligations.</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;">Derivatives Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Derivatives, including swaps, 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">High Portfolio Turnover Risk.</span><span style="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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="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, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the 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 the Fund's ability to buy and sell </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">combination of the foregoing. These investments increase the risk that the value of the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 for securities held long (or appreciating prices of securities held short). 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 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. The performance in the table for Class R6 Shares is based on the performance of Class R5 Shares prior to the inception of the Class R6 Shares. The actual returns of Class R6 Shares would have been different than those shown for Class R5 Shares because Class R6 Shares have different expenses than Class R5 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;">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 R5 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 </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 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:30.13pt;">23.34%</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:30.13pt;">-17.75%</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;">8.43%</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 0.2334 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1775 <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 0.0843 <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 0.1513 0.1521 0.1403 0.1157 0.1134 0.0931 0.1118 0.1126 0.1400 0.1438 0.1445 0.1490 0.1525 0.1530 0.1788 0.1442 0.1482 <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/JDEUX</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 to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and 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> 0.0025 0.0008 0.0008 0.0033 -0.0008 0.0025 <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> 26 98 177 410 <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;">28%</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.28 <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 U.S. 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. In implementing this strategy, the Fund invests primarily in the common stocks of U.S. companies in the S&amp;P 500 Index (which includes both large cap and mid cap companies). The Fund may also invest in securities not included within the S&amp;P 500 Index. 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. Sector by sector, the Fund’s weightings are similar to those of the S&amp;P 500 Index. Within each sector, the Fund modestly overweights equity securities that it considers undervalued or fairly valued while modestly underweighting or not holding equity securities that appear overvalued. By owning a large number of equity securities within the S&amp;P 500 Index, with an emphasis on those that appear undervalued or fairly valued, the Fund seeks returns that modestly exceed those of the S&amp;P 500 Index over the long term with a modest level of volatility. </span><span style="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 investments in certain securities. The Fund may use derivatives, primarily futures contracts, to gain exposure to its index or certain securities in its index, or to more effectively gain targeted equity exposure from its cash positions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: 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, 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 sector group according to their relative value. </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;">The Fund is non-diversified and 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;">On behalf of the Fund, the adviser then buys and sells equity securities, using the research and valuation rankings as a basis. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">impact on the overall risk of the portfolio relative to the S&amp;P 500 Index </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 perceived potential reward compared to perceived 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;">possible temporary mispricings caused by apparent market overreactions </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser may sell a security as its valuations or rankings change or if more attractive investments become available.</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 U.S. companies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 S&amp;P 500 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 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 over 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 </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:#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:30.9pt;">21.99%</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:30.9pt;">-19.41%</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;">10.51%</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 0.2199 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1941 <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 0.1051 <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> 0.1667 0.1486 0.1490 0.1499 0.1320 0.1322 0.1074 0.1150 0.1192 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/JSCZX; R3/JUSPX; R4/JUSQX; R5/JUSYX; R6/JUSMX</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 to provide high total return from a portfolio of small company stocks.</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 0.0037 0.0037 0.0022 0.0012 0.0025 0.0025 0.0025 0.0010 0.0013 0.0012 0.0012 0.0012 0.0012 0.0148 0.0122 0.0097 0.0082 0.0072 -0.0008 -0.0007 -0.0007 -0.0007 -0.0007 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> 143 460 800 1762 117 380 664 1471 92 302 529 1183 77 255 448 1007 66 223 394 888 <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;">97%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.97 <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 U.S. 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</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;">2000 Index on September 30, 2026, the market capitalizations of the companies in the index ranged from $5.62 million to $85.78 billion. “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. Sector by sector, the Fund’s weightings are similar to those of the Russell 2000</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 Fund can moderately underweight or overweight sectors when it believes it will benefit performance. The Fund pursues returns that exceed those of the Russell 2000</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 while seeking to limit its volatility relative to this index. </span><span style="font-family:Arial Narrow;font-size:10pt;">In </span><span style="font-family:Arial Narrow;font-size:10pt;">implementing its main strategies, the Fund’s 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: In managing the Fund, the adviser employs 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 U.S. 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</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">implementing its main strategies, the Fund’s investments are primarily in common stocks and real estate investment trusts (REITs).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the United States if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the United States.</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;">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="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 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;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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;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 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 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;"> 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;">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 R5 Shares is based on the performance of the Fund’s Class L Shares (which are not offered in this prospectus) prior to the inception of the Class R5 Shares. The actual returns of Class R5 Shares would have been similar to those shown because Class R5 Shares have similar expenses to Class L Shares. The actual returns for Class R3 Shares would have been similar to those shown as Class R3 Shares have similar expenses to Class A Shares. The performance in the table of the Class R4 Shares is based on the performance of the Fund’s Class I Shares (which are not offered in this prospectus) prior to the inception of the Class R4 Shares. The actual returns for Class R4 Shares would have been similar to those shown as Class R4 Shares has similar expenses to 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;">1</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">-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 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;"> 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;">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;">1</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">-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:32.21pt;">29.46%</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:32.21pt;">-30.61%</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;">14.61%</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 0.2946 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3061 <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 0.1461 <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> 0.1033 0.0767 0.0927 0.0839 0.0510 0.0734 0.0760 0.0549 0.0706 0.0948 0.0686 0.0844 0.0979 0.0713 0.0873 0.1001 0.0740 0.0899 0.1023 0.0756 0.0916 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <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 </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 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 </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: R6/JIIGX</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 to provide 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="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> 0.0030 0.0016 0.0016 0.0046 -0.0012 0.0034 <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> 35 136 246 568 <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;">50%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.50 <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;">In managing the Fund, the adviser identifies companies that, in the adviser’s opinion, are sustainable leaders based on its sustainability criteria, and have high quality, durable franchises which the adviser believes are attractively valued. The adviser’s sustainability criteria are based on a proprietary scoring methodology, which includes an assessment of environmental, social and corporate governance (ESG) characteristics, qualitative factors, and the adviser’s subjective judgment as to which companies are sustainable leaders. The Fund seeks to invest in companies that, on a combined basis, appear attractive when considering these sustainability and financial characteristics.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund defines ESG characteristics as follows: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Environmental — companies that actively strive to reduce the negative impact of their business operations on the environment. In this context, the adviser analyzes factors such as the company’s likely impact on climate change, natural resource use, pollution and the use of clean technology </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Social — companies that consider the social impact of their business internally and externally. In this context, the adviser reviews considerations such as worker safety, product safety and integrity, healthier products, impact on the community and human rights </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Governance — companies that embrace corporate governance principles. In reviewing governance characteristics, the adviser considers issues such as board accountability and diversity, shareholder rights, executive compensation, business ethics and government and public policy</span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests primarily in large-cap and mid-cap common stocks, and under normal circumstances, the Fund invests at least 80% of its Assets in the equity securities of U.S. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies meeting the adviser’s sustainability criteria.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> “Assets” </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">means net assets, plus the amount of any borrowings for investment purposes. Because investing on the basis of sustainability/ESG criteria involves qualitative and subjective analysis, there can be no assurance that the methodology utilized by, or determinations made by, the adviser will align with the beliefs or values of a particular investor. </span><span style="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 investments in certain securities. The Fund may use derivatives, primarily futures contracts, to gain or reduce exposure to its index or certain securities in its index, maintain liquidity,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">minimize transaction costs, or to more effectively gain targeted equity exposure from its cash positions. To the extent the Fund invests in index futures with exposure to securities in the index, it may have the effect of increasing the Fund’s exposure to a relatively small number of securities, making the Fund’s shares more sensitive to the economic results of those securities. 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</span> <br/><span style="font-family:Arial Narrow;font-size:10pt;">market exposure while maintaining a cash balance for liquidity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the U.S. if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the U.S.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Investment Process</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">: The Fund has an actively managed strategy. In managing the Fund, the adviser employs a fundamental, bottom-up approach to stock selection, constructing portfolios based on company financials, data analysis and proprietary research. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In choosing securities to purchase, the adviser evaluates and internally ranks companies to identify those companies that, in the adviser’s view, are sustainable leaders and have high quality, durable franchises, which the adviser believes are attractively valued. The adviser assesses sustainability based on fundamental analysis using a wide set of data inputs which may include proprietary research, information self-reported by companies, and third-party data. The adviser may vary the importance of particular ESG and investment characteristics by industry because, in the adviser’s judgment, certain characteristics are more relevant for certain industries. For example, an environmental characteristic, such as land use, may be more relevant for energy companies than for technology companies. In addition, the Fund seeks to avoid investing in companies that the adviser has determined, based on its exclusionary criteria, to be significantly involved in certain business activities or industries, including the production of tobacco, controversial weapons, traditional weapons, thermal coal, adult entertainment and gambling products and services, or to be violating certain norms-based criteria (for example, UN Global Compact violators). This exclusionary criteria relies on </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">multiple data inputs, including information from third-party providers who identify an issuer’s participation in, or the revenue which they derive from, activities that are inconsistent with values- and norms-based screens. The adviser may modify the exclusionary criteria without notice to shareholders to, among other things, modify the data inputs, change third-party data providers, or add or remove certain business activities or industries from the screening process. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has flexibility to focus in various industries or sectors based on the adviser’s analysis of market opportunities at a particular time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will sell a stock if the adviser determines that the issuer no longer meets the Fund’s investment criteria or if the adviser believes that more attractive opportunities are available.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, the adviser identifies companies that, in the adviser’s opinion, are sustainable leaders based on its sustainability criteria, and have high quality, durable franchises which the adviser believes are attractively valued. The adviser’s sustainability criteria are based on a proprietary scoring methodology, which includes an assessment of environmental, social and corporate governance (ESG) characteristics, qualitative factors, and the adviser’s subjective judgment as to which companies are sustainable leaders. The Fund seeks to invest in companies that, on a combined basis, appear attractive when considering these sustainability and financial characteristics.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the U.S. if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the U.S.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund defines ESG characteristics as follows: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Environmental — companies that actively strive to reduce the negative impact of their business operations on the environment. In this context, the adviser analyzes factors such as the company’s likely impact on climate change, natural resource use, pollution and the use of clean technology </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Social — companies that consider the social impact of their business internally and externally. In this context, the adviser reviews considerations such as worker safety, product safety and integrity, healthier products, impact on the community and human rights </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Governance — companies that embrace corporate governance principles. In reviewing governance characteristics, the adviser considers issues such as board accountability and diversity, shareholder rights, executive compensation, business ethics and government and public policy</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests primarily in large-cap and mid-cap common stocks, and under normal circumstances, the Fund invests at least 80% of its Assets in the equity securities of U.S. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies meeting the adviser’s sustainability criteria.</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 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;">Sustainability (ESG) Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s ESG strategies could cause it to perform differently compared to funds that do not have such a policy. The criteria related to this ESG policy, including the exclusion of securities of companies in certain business activities or industries, may result in the Fund’s forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. In addition, there is a risk that the companies identified by the ESG policy, and identified as sustainable leaders by the adviser, do not operate as expected when addressing ESG issues. The adviser assesses sustainability using a wide set of data inputs, combined with fundamental analysis. While the adviser looks to data inputs that it believes to be reliable, the adviser cannot guarantee the accuracy of third party data. Under the adviser’s investment process, data inputs may include information self-reported by companies and third party providers that may be based on criteria that differs significantly from the criteria used by the adviser to evaluate sustainability. In addition, the criteria used by third-party providers can differ significantly, and data can vary across providers and within the same industry for the same provider. Moreover, there are significant differences in interpretations of what it means for a company to have positive ESG characteristics. While the adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors’ or advisers’ views.</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="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 (primarily mid 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 large 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, </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">Significant Holdings Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. Although the Fund is considered “diversified” under applicable law, a relatively large portion of its portfolio at times may be invested in a relatively small number of securities, or investments (including futures) whose performance relates in part to the economic results of a relatively small number of securities, or in a combination of the foregoing. These investments increase the risk that the value of the Fund’s shares is more sensitive to economic results of the underlying securities. The value of the shares of the Fund may also be more volatile than a fund that allocates its investments to a larger number of smaller positions or to investments whose performance is related to a larger number of 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="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,</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 </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 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. The performance for the Class R6 Shares are based on the performance of the Class I Shares (which are not offered in this prospectus) prior to their inception. The actual returns of the Class R6 Shares would be different than those shown because Class R6 Shares have different expenses than Class I Shares. Effective 11/1/16 and subsequently effective 8/17/20, the Fund changed its investment strategies and certain investment policies. In view of these changes, the Fund’s performance record prior to these periods might be less pertinent for investors considering whether to purchase shares of the Fund. </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 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 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 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:31.47pt;">20.49%</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:31.47pt;">-17.65%</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;">7.15%</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 0.2049 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1765 <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 0.0715 <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> 0.1435 0.1323 0.1391 0.1153 0.1224 0.1274 0.0991 0.1039 0.1127 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/VGRTX; R3/JGAVX; R4/JGRUX; R5/VGIFX; R6/VGINX</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 to provide capital growth over the long-term.</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 0.0034 0.0019 0.0009 0.0025 0.0025 0.0025 0.0010 0.0010 0.0009 0.0009 0.0009 0.0009 0.0125 0.0099 0.0074 0.0059 0.0049 -0.0006 -0.0005 -0.0005 -0.0005 -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 70 232 407 914 55 184 324 733 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;">33%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.33 <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 will invest at least 80% of its Assets in common stocks issued by U.S. value companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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;"> “Assets” means net assets, plus the amount of </span><span style="font-family:Arial Narrow;font-size:10pt;">borrowings for investment purposes. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser applies </span><span style="font-family:Arial Narrow;font-size:10pt;">an active equity management style focused on identifying attractively valued securities given their growth potential over a long-term time horizon.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The securities held by the Fund will </span><span style="font-family:Arial Narrow;font-size:10pt;">predominantly be of companies with market capitalizations similar to those within the universe of the Russell 1000® Value Index (which includes both large cap and mid cap companies). As of September 30, 2026 the market capitalizations of the companies in the index ranged from $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</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">trillion. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">While common stocks are the Fund’s primary investment, the Fund may also invest significantly in real estate investment trusts (REITs) and depositary receipts. Depositary receipts are financial instruments representing a foreign company’s publicly traded securities. A depository receipt trades on a stock exchange in a country different from the company’s local market. </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="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the U.S. if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;">Investment Process: In managing the Fund, the adviser will emphasize companies which it believes are leaders within their sectors. The adviser will also emphasize companies it believes have attractive valuations and low price-to-cash flow ratios. Some but not all of the companies may regularly pay dividends. The adviser employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. The adviser's analysis includes a review of proprietary data, information self-reported by companies, data from third party vendors and internal fundamental research. The adviser looks for 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 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, the Fund will invest at least 80% of its Assets in common stocks issued by U.S. value companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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;">The Fund’s adviser applies </span><span style="font-family:Arial Narrow;font-size:10pt;">an active equity management style focused on identifying attractively valued securities given their growth potential over a long-term time horizon.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An issuer of a security will be deemed to be located in the U.S. if: (i) the principal trading market for the security is in the United States, (ii) the issuer is organized under the laws of the United States, or (iii) the issuer derives at least 50% of its revenues or profits from the United States or has at least 50% of its total assets situated in the U.S.</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 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;">Foreign Securities Risk.</span><span style="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, greater volatility, decreased market liquidity, civil </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. If foreign securities are denominated and traded in a foreign currency, the value of the Fund’s foreign holdings can be affected by currency exchange rates and exchange control regulations. In certain markets where securities and other instruments are not traded “delivery versus payment,” the 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 the 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.</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="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 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 R5 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 Russell 1000</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 1000</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;"> Value Index. The Russell 1000</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 1000</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;">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="font-family:Arial Narrow;font-size:10pt;"> The performance for the Class R4</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="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 the inception of Class R4 Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares. The performance in the table for Class R3 Shares are based on the performance of Class A Shares (which are not offered in this prospectus) prior to the inception</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">of Class R3 Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares 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 R5 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 Russell 1000</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 1000</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;"> Value Index. The Russell 1000</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 1000</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;">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="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 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:33.98pt;">15.90%</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:33.98pt;">-26.09%</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;">13.17%</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 0.1590 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2609 <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 0.1317 <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> 0.1407 0.1236 0.1171 0.1271 0.1160 0.1069 0.0928 0.0978 0.0941 0.1333 0.1164 0.1097 0.1361 0.1191 0.1125 0.1389 0.1220 0.1153 0.1418 0.1248 0.1181 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/JGAQX; R3/JVAPX; R4/JVAQX; R5/JVARX; R6/JVAYX</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 to provide long-term total return from a combination of income and capital gains.</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> 0.0050 0.0050 0.0050 0.0050 0.0050 0.0050 0.0025 0.0041 0.0039 0.0037 0.0019 0.0009 0.0025 0.0025 0.0025 0.0010 0.0016 0.0014 0.0012 0.0009 0.0009 0.0141 0.0114 0.0087 0.0069 0.0059 -0.0016 -0.0014 -0.0012 -0.0009 -0.0009 0.0125 0.0100 0.0075 0.0060 0.0050 <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> 127 431 756 1677 102 348 614 1374 77 266 470 1061 61 212 375 850 51 180 320 729 <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;">51%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.51 <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;">The Fund will primarily invest in equity securities across all market capitalizations. The Fund may at any given time invest a significant portion of its assets in companies of one particular market capitalization category, such as large-capitalization companies.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Equity securities in which the Fund </span><span style="font-family:Arial Narrow;font-size:10pt;">invests primarily include common stocks and real estate investment trusts (REITs). </span><span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its Assets in securities of value companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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;">“Assets” means net assets, plus the amount of any 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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: In managing the Fund, the adviser employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary fundamental analysis. The adviser’s aim is to identify attractively valued companies that have the potential to grow their intrinsic values per share and to purchase these companies at a discount. </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;">The Fund will primarily invest in equity securities across all market capitalizations. The Fund may at any given time invest a significant portion of its assets in companies of one particular market capitalization category, such as large-capitalization companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund will invest at least 80% of its Assets in securities of value companies.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Value companies are those that the adviser believes are undervalued or attractively valued, based on one or more of the following factors: how 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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="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;">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;">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="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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 products in the healthcare sector require significant research </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 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 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;"> 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 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;">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 is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">based on the performance of the Class A Shares (which are not offered in this prospectus) prior to the inception of Class R3 Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares. The performance for the Class R4 Shares is based on the performance of the Class I Shares (which are not offered in this prospectus) prior to the inception of Class R4 Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares. The performance for the Class R5 and Class R6 Shares is based on the performance of the Class L Shares (which are not offered in this prospectus) prior to the inception of Class R5 and Class R6 Shares. The actual returns for Class R5 and Class R6 Shares would have been different to those shown because Class R5 and Class R6 Shares have different expenses to Class L Shares. The performance for the Class R2 Shares is based on the performance of the Class A Shares prior to the inception of Class R2 Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. </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 for 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 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 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;"> 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 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;">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 </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:33.57pt;">19.90%</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:33.57pt;">-30.39%</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;">11.15%</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 0.1990 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3039 <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 0.1115 <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> 0.0985 0.1191 0.1036 0.0682 0.0913 0.0851 0.0800 0.0908 0.0816 0.0904 0.1107 0.0953 0.0928 0.1135 0.0981 0.0958 0.1163 0.1008 0.0974 0.1179 0.1026 0.1715 0.1315 0.1429 0.1571 0.1118 0.1046 <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/*; 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 capital growth over the long term.</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 0.0050 0.0025 0.0036 0.0036 0.0036 0.0021 0.0025 0.0025 0.0025 0.0010 0.0011 0.0011 0.0011 0.0011 0.0151 0.0126 0.0101 0.0086 -0.0002 -0.0002 -0.0002 -0.0002 0.0149 0.0124 0.0099 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;">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> 152 475 822 1800 126 398 690 1521 101 320 556 1234 86 272 475 1059 <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;">65%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.65 <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 small cap equity portfolio which is normally managed as a core portfolio, but which has the ability to proactively invest more heavily in either growth or value securities depending on market conditions and the convictions of the adviser.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The portfolio managers will consider various factors when making overall allocation decisions for the Fund, including the relative attractiveness of growth and value securities and the relative valuations and fundamentals of companies in the small cap growth and value universes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Based on these considerations, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">size of the allocation of the Fund to either growth or value securities may range from 30 to 70 percent 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 companies.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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 2000 Index </span><span style="font-family:Arial Narrow;font-size:10pt;">on September 30, 2026, the market capitalizations of the </span><span style="font-family:Arial Narrow;font-size:10pt;">companies in the index ranged from $5.62 million to $85.78 billion. In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). “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="color:#000000;font-family:Arial Narrow;font-size:10pt;">Investment Process: In managing the Fund, the Fund’s adviser seeks to outperform the Fund’s benchmark. The adviser employs a fundamental bottom-up investment process that combines research, valuation and stock selection to identify both growth and value securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting growth securities, the adviser seeks to invest in companies that have a history of above-average growth or that the adviser believes will achieve above-average growth in the future. The adviser believes that investing in high quality growth companies whose long-term growth rates are underappreciated by the market will lead to attractive returns. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting value securities, the adviser seeks to invest in companies which have durable franchises and that the adviser believes to be attractively valued and to have the ability to grow intrinsic value per share. Companies with durable franchises generally have a sustainable competitive position relative to peers, high returns on capital, a diversified client or asset base and a strong brand.</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 security that it believes offers a better investment opportunity or to reallocate the Fund’s assets between growth and value securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a small cap equity portfolio which is normally managed as a core portfolio, but which has the ability to proactively invest more heavily in either growth or value securities depending on market conditions and the convictions of the adviser.</span><span style="font-family:Arial Narrow;font-size:10pt;">Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</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="color:#000000;font-family:Arial Narrow;font-size:10pt;">The portfolio managers will consider various factors when making overall allocation decisions for the Fund, including the relative attractiveness of growth and value securities and the relative valuations and fundamentals of companies in the small cap growth and value universes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting growth securities, the adviser seeks to invest in companies that have a history of above-average growth or that the adviser believes will achieve above-average growth in the future. The adviser believes that investing in high quality growth companies whose long-term growth rates are underappreciated by the market will lead to attractive returns. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In selecting value securities, the adviser seeks to invest in companies which have durable franchises and that the adviser believes to be attractively valued and to have the ability to grow intrinsic value per share. Companies with durable franchises generally have a sustainable competitive position relative to peers, high returns on capital, a diversified client or asset base and a strong brand.</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 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 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;">Strategy Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Although the Fund is normally managed as a core portfolio, it may invest more heavily in either growth or value securities, depending on market conditions and the convictions of the adviser. If the Fund invests more heavily in growth securities, it will be more subject to risks related to growth investing. Specifically, growth securities may trade at higher multiples of current earnings compared to value or other securities, leading to inflated prices and thus potentially greater declines in value. If the Fund invests more heavily in value securities, it will be more subject to risks related to value investing. Specifically, a value security 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 security price to increase do not occur.</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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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, decreases in real estate values, overbuilding, increased competition and other risks related to local or general economic conditions, increases in operating costs and property taxes, changes in zoning laws, casualty or condemnation losses, possible environmental liabilities, regulatory limitations on rent, possible lack of availability of mortgage financing, market saturation, fluctuations in rental income and the value of underlying properties and extended vacancies of properties, and the management skill and creditworthiness 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;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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,</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;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">, </span><span style="color:#000000;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 this prospectus) 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 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;"> 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;">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 actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares. The actual returns of Class R4 and Class R5 Shares would have been different than those shown for Class A Shares because Class R4 and Class R5 Shares have different expenses than Class A Shares. As of June 1, 2018, the Fund changed its investment strategies and certain investment policies. In view of these changes, the Fund’s performance record prior to this period might be less pertinent for investors considering whether to purchase shares of the Fund. </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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">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;">Because Class R2, Class R3, Class R4 and Class R5 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares have not yet commenced operations as of the date of this prospectus</span> <span style="color:#000000;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 this prospectus) 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 bar chart shows how the performance of the Fund’s Class A Shares (which are not offered in this prospectus) 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:8pt;">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. 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 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;"> 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;">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 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;">4th quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:31.85pt;">27.87%</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;">-25.74%</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;">12.12%</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 0.2787 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2574 <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 0.1212 <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> -0.0253 0.0273 0.1056 -0.0373 0.0187 0.0851 -0.0058 0.0199 0.0799 0.1715 0.1315 0.1429 0.1281 0.0609 0.0962 <span style="color:#000000;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="color:#000000;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: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="color:#000000;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> 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 0.64%, 1.14% and 0.39% 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 0.34% 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. 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. 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 0.60% and 0.35% 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 0.25% 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. 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 $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 0.65% 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. 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 1.49%, 1.24%, 0.99% and 0.84% of the average daily net assets of Class R2, Class R3, Class R4 and Class R5 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 0.95%, 1.45% and 0.70% 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%, 0.75% and 0.65% of the average daily net assets of Class R2, 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 0.99%, 1.49% and 0.74% 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 1.25%, 1.00%, 0.75%, 0.60% and 0.50% 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 1.04%, 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%, 0.70% and 0.60% of the average daily net assets of Class R2, 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 dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, extraordinary expenses and Acquired Fund Fees and Expenses relating to funds for which the Fund’s adviser or an affiliate thereof is not the adviser) exceed 0.96%, 1.46% and 0.71% of the average daily net assets of Class A, Class C and Class I Shares, respectively (the “fee limitation amount”). To the extent that the Fund invests in a fund for which the Fund’s adviser or an affiliate thereof is the adviser (an “affiliated fund”), then the fee limitation amount will include, as applicable, (i) an amount sufficient to offset the respective net advisory, net administration and net shareholder servicing fees of that affiliated fund, or (ii) the management fee paid to the adviser pursuant to the affiliated fund’s management agreement. 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 dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, extraordinary expenses and Acquired Fund Fees and Expenses relating to funds for which the Fund’s adviser or an affiliate thereof is not the adviser) exceed 0.65% of the average daily net assets of Class L Shares (the “fee limitation amount”). To the extent that the Fund invests in a fund for which the Fund’s adviser or an affiliate thereof is the adviser (an “affiliated fund”), then the fee limitation amount will include, as applicable, (i) an amount sufficient to offset the respective net advisory, net administration and net shareholder servicing fees of that affiliated fund, or (ii) the management fee paid to the adviser pursuant to the affiliated fund’s management agreement. 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 dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, extraordinary expenses and Acquired Fund Fees and Expenses relating to funds for which the Fund’s adviser or an affiliate thereof is not the adviser) exceed 0.58% of the average daily net assets of Class R6 Shares (the “fee limitation amount”). To the extent that the Fund invests in a fund for which the Fund’s adviser or an affiliate thereof is the adviser (an “affiliated fund”), then the fee limitation amount will include, as applicable, (i) an amount sufficient to offset the respective net advisory, net administration and net shareholder servicing fees of that affiliated fund, or (ii) the management fee paid to the adviser pursuant to the affiliated fund’s management agreement. 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.