Fund Description

The fund is managed day to day by J.P. Morgan Investment Management Inc. Under normal circumstances, it invests at least 80% of assets (net assets plus borrowings for investment purposes) in equity securities of U.S. companies, primarily common stocks of large- and mid-cap U.S. companies, and may invest up to 20% in foreign common stocks, including depositary receipts. It targets attractively valued equities and seeks to outperform the S&P 500 Index through stock selection. It may use derivatives, mainly futures, for index or targeted equity exposure. The sub-adviser uses a three-step research, valuation and stock-selection process, including consideration of ESG factors. The objective and 80% policy are not fundamental and may be changed with 60 days' notice.