JPM Diversified

JPMorgan Diversified Fund
Class/Ticker: L/JPDVX

fund’s management agreement. These waivers are in effect through
10/31/25, 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.

Currently, Class L Shares of the Fund are publicly offered only
on a limited basis. (See “Investing with J.P. Morgan Funds —
FUNDS SUBJECT TO A LIMITED OFFERING” in the prospectus for
more information.)

What is the goal of the Fund?

Example

The Fund seeks to provide a high total return from a diversified
portfolio of equity and fixed income investments.

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 10/31/25 and total annual
fund operating expenses thereafter. Your actual costs may be
higher or lower.

Fees and Expenses of the Fund
The following table describes the fees and expenses that you
may pay if you buy, hold and sell shares of the Fund. 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. “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. Acquired 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.

ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value
of your investment)
Class L

Management Fees
Distribution (Rule 12b-1) Fees
Other Expenses
Service Fees
Remainder of Other Expenses
Acquired Fund Fees and Expenses

0.48%
NONE
0.29
0.10
0.19
0.03

Total Annual Fund Operating Expenses
Fee Waivers and/or Expense Reimbursements 1

0.80
-0.15

Total Annual Fund Operating Expenses after Fee
Waivers and/or Expense Reimbursements 1
1

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST
WOULD BE:
1 Year 3 Years 5 Years 10 Years

CLASS L SHARES ($)

66

240

429

976

Portfolio Turnover
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 63% of the average value of
its portfolio.

What are the Fund’s main investment strategies?
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 based on the following allocations:
35%–80% equity securities
15%–65% fixed income securities
• 0%–10% convertible securities
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)
(together with J.P. Morgan Funds, 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
•
•

0.65

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

NOVEMBER 1, 2024

| 9

JPMorgan Diversified Fund (continued)
(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.
The adviser may periodically increase or decrease the Fund’s
actual asset allocations according to the relative attractiveness
of each asset class.
Within its equity allocations, the Fund primarily invests in the
common stock of U.S. and foreign companies, REITs, and
underlying funds. In this context, an underlying fund will be
considered an equity fund if its prospectus discloses that the
fund invests primarily in equity securities, including REITs.
Within its fixed income allocations, the Fund primarily invests 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. In this context, an underlying fund
will be considered a fixed income fund if its prospectus
discloses that the fund invests primarily in fixed income securities.
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.
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 actively-managed underlying funds,
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

10 | J.P. MORGAN U.S. EQUITY FUNDS

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.
The Fund may also invest up to 10% of its assets in convertible
securities.
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.
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.
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 predefined ranges.
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.
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.

The Fund’s Main Investment Risks
The Fund is subject to management risk and may not achieve its
objective if the adviser’s expectations regarding particular
instruments or markets are not met.

The Fund is exposed to the risks summarized below through
both its direct investments and its investments in underlying
funds.
An investment in this Fund or any other fund may not
provide a complete investment program. The suitability of an
investment in the Fund should be considered based on the
investment objective, strategies and risks described in this
Prospectus, considered in light of all of the other investments
in your portfolio, as well as your risk tolerance, financial
goals and time horizons. You may want to consult with a
financial advisor to determine if this Fund is suitable for you.
The Fund is subject to the main risks noted below, any of which
may adversely affect the Fund’s performance and ability to
meet its investment objective.
General Market Risk. 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, sanctions and other
trade barriers, 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.
Equity Market Risk. 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 portfolio securities goes down, your investment in
the Fund decreases in value.
Foreign Securities and Emerging Markets Risks. Investments in
foreign issuers are subject to additional risks, including political
and economic risks, unstable governments, greater volatility,
decreased market liquidity, civil conflicts and war, currency
fluctuations, expropriation and nationalization risks, sanctions
or other measures by the United States or other governments,
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.
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. 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. 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 markets
countries, which can increase the risks of loss.
Large Cap Company Risk. 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.
Smaller Company Risk. 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 large capitalization
companies, especially over the short term. These risks are
higher for small cap companies.
Investments in Mutual Funds and ETFs Risk. The Fund invests in
other J.P. Morgan Funds and unaffiliated ETFs as a primary
strategy, so the Fund’s investment performance and risks are
directly related to the performance and risks of the underlying
funds. Shareholders will indirectly bear the expenses charged
by the underlying funds. Because the Fund’s Adviser or its affiliates provide services to and receive fees from certain of the
underlying funds, the Fund’s investments in the underlying
funds benefit the Adviser and/or its affiliates. In addition, the
Fund may hold a significant percentage of the shares of an
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JPMorgan Diversified Fund (continued)
underlying fund. As a result, the Fund’s investments in an
underlying fund may create a conflict of interest. Certain ETFs
and other underlying funds may not be actively managed.
Securities may be purchased, held and sold by such funds when
an actively managed fund would not do so. ETFs may trade at a
price below their net asset value (also known as a discount). In
addition, the Adviser’s authority to allocate investments among
J.P. Morgan Funds and unaffiliated ETFs creates conflicts of
interest. For example, investing in J.P. Morgan Funds could
cause the Fund to incur higher fees and will 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.
Interest Rate Risk. 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 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 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.
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. The Fund may invest in mortgage-related and
mortgage-backed securities including so-called “sub-prime”
mortgages 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, mortgagerelated 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.

12 | J.P. MORGAN U.S. EQUITY FUNDS

The risk of default, as described under “Credit Risk,” for “subprime” 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.
Government Securities Risk. 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.
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.
Credit Risk. 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.
Prepayment Risk. 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.
High Yield Securities and Loan Risk. 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, 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.
In recent years, there has been a broad trend of weaker or less
restrictive covenant protections in both the Loan and high yield
markets. Among other things, under such weaker or less
restrictive covenants, borrowers might be able to exercise more
flexibility with respect to certain activities than borrowers who
are subject to stronger or more protective covenants. For
example, borrowers might be able to incur more debt, including
secured debt, return more capital to shareholders, remove or
reduce assets that are designated as collateral securing Loans
or high yield securities, increase the claims against assets that
are permitted against collateral securing Loans or high yield
securities or otherwise manage their business in ways that
could impact creditors negatively. In addition, certain privately
held borrowers might be permitted to file less frequent, less
detailed or less timely financial reporting or other information,
which could negatively impact the value of the Loans or high
yield securities issued by such borrowers. Each of these factors
might negatively impact the Loans and high yield instruments
held by the Fund.
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.
Real Estate Securities Risk. 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 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.
Derivatives Risk. 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
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.
Industry and Sector Focus Risk. 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 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.
Currency Risk. 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

NOVEMBER 1, 2024

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JPMorgan Diversified Fund (continued)
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
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.
High Portfolio Turnover Risk. 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.
Transactions Risk. 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.
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.
You could lose money investing in the Fund.

The Fund’s Past Performance
This section provides some indication of the risks of investing in
the Fund. The bar chart shows how the performance of the
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. The table
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
U.S. Aggregate Index. Past performance (before and after taxes)

14 | J.P. MORGAN U.S. EQUITY FUNDS

is not necessarily an indication of how any class of the Fund will
perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800480-4111.
Source: MSCI. The MSCI information may only be used for your
internal use, may not be reproduced or redisseminated in any
form and may not be used as a basis for or a component of any
financial instruments or products or indices. None of the MSCI
information is intended to constitute investment advice or a
recommendation to make (or refrain from making) any kind of
investment decision and may not be relied on as such. Historical
data and analysis should not be taken as an indication or
guarantee of any future performance analysis, forecast, or
prediction. The MSCI information is provided on an “as is” basis
and the user of this information assumes the entire risk of any use
made of this information. MSCI, each of its affiliates and each
other person involved in or related to compiling, computing or
creating any MSCI information (collectively, the “MSCI Parties”)
expressly disclaims all warranties (including, without limitation,
any warranties of originality, accuracy, completeness, timeliness,
non-infringement, merchantability and fitness for a particular
purpose) with respect to this information. Without limiting any of
the foregoing, in no event shall any MSCI Party have any liability
for any direct, indirect, special, incidental, punitive, consequential
(including, without limitation, lost profits) or any other damages.
(www.msci.com)
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.

Management

YEAR-BY-YEAR RETURNS — CLASS L SHARES
25.00%
20.00%

17.88%

15.00%
10.00%

7.07%

J.P. Morgan Investment Management Inc. (the adviser)

20.75%
17.09%
13.31%

14.90%

6.19%

5.00%
0.00%

Managed the
Fund Since

Primary Title with
Investment Adviser

Gary Herbert
Morgan M. Moriarty
Charles Fishman

2020
2019
2024

Managing Director
Executive Director
Executive Director

-0.80%

-5.00%

Purchase and Sale of Fund Shares

-7.90%

-10.00%
-15.00%

-15.37%

-20.00%
-25.00%

Portfolio Manager

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Best Quarter
Worst Quarter

2nd quarter, 2020
1st quarter, 2020

15.23%
-15.69%

Class L Shares of the Fund are no longer generally available to
new purchasers. Existing Class L shareholders can still purchase
additional shares, reinvest their dividends and exchange into
the Class L Shares from Class L Shares of other J.P. Morgan
Funds. In addition, certain group employer benefit plans,
certain fee-based advisory programs, college savings plans and
other J.P. Morgan Funds can continue to purchase shares as
described in “Investing with J.P. Morgan Funds — FUNDS
SUBJECT TO A LIMITED OFFERING” in the prospectus.

The Fund’s year-to-date total return through 9/30/24 was 12.83%.

Purchase minimums

AVERAGE ANNUAL TOTAL RETURNS

For Class L Shares
To establish an account
To add to an account

(For periods ended December 31, 2023)
Past
Past
Past
1 Year 5 Years 10 Years

CLASS L SHARES
Return Before Taxes
Return After Taxes on Distributions
Return After Taxes on Distributions and
Sale of Fund Shares
60% MSCI WORLD INDEX (net total
return) / 40% BLOOMBERG U.S.
AGGREGATE INDEX
(Reflects No Deduction for Fees,
Expenses, or Taxes, Except Foreign Withholding taxes on MSCI World Index)
MSCI WORLD INDEX
(Net Total Return) (Reflects No Deduction for Fees, Expenses, or Taxes, Except
Foreign Withholding Taxes)

In general, you may purchase or redeem shares on any business day:

14.90% 9.27%
14.43
6.70

6.67%
4.47

•

8.99

4.74

•

6.83

$3,000,000
No minimum levels

•

Through your Financial Intermediary
By writing to J.P. Morgan Funds Services, P.O. Box 219143,
Kansas City, MO 64121-9143
After you open an account, by calling J.P. Morgan Funds
Services at 1-800-480-4111

Tax Information
16.27

8.31

6.08

23.79

12.80

8.60

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. Actual after-tax returns
depend on your tax situation and may differ from those shown.
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.

The Fund intends to make distributions that may be taxed as
ordinary income or capital gains, except when your investment
is in an IRA, 401(k) plan or other tax-advantaged investment
plan, in which case you may be subject to federal income tax
upon withdrawal from the tax-advantaged investment plan.

Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase shares of the Fund through a broker-dealer or
other financial intermediary (such as a bank), the Fund and its
related companies may pay the financial intermediary for the
sale of Fund shares and related services. These payments may
create a conflict of interest by influencing the broker-dealer or
financial intermediary and your salesperson to recommend the
Fund over another investment. Ask your salesperson or visit
your financial intermediary’s website for more information.

NOVEMBER 1, 2024

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