<p>This document is based on inputs provided by you and is intended for informal purposes only. It is not designed to be a recommendation for any speciﬁc investment product, service or any other purpose. By accessing and viewing this information you acknowledge and understand the intended purpose of such information. The document is for the sole use of the person to whom it is addressed and is privileged and conﬁdential. Use by anyone other than the addressee is prohibited.</p><b>CAPITAL GAINS RESULTS: All capital gains outcomes are based on estimated dates/figures and are subject change. The information is shown for illustrative purposes only and should not be relied on to make an investment decision. J.P. Morgan Asset Management does not provide legal, tax or investment recommendations. Prior to making any investment or financial decisions, an investor should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an investor's own situation.</b><p>Data source: Morningstar, Inc., Capital Gains Valet All Rights Reserved. The information contained herein: (1) Is proprietary to J.P. Morgan Asset Management and Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.</p>

HM_CapitalGains_CoverPage_Disclaimer

<p><b><i>The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-338-4345 for most recent month-end performance.</i></b></p><p><b>CAPITAL GAINS RESULTS:</b> All capital gains outcomes are based on estimated dates/figures and are subject change. The information is shown for illustrative purposes only and should not be relied on to make an investment decision. J.P. Morgan Asset Management does not provide legal, tax or investment recommendations. Prior to making any investment or financial decisions, an investor should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an investor's own situation.</p><p>Performance does not include any sales charges. Annualized except when performance period is less than one year. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. As the model developer, J.P. Morgan Asset Management does not individualize the model’s output to the needs of any specific retirement plan, IRA client or any other client of the financial professional using this tool. J.P. Morgan Asset Management does not contract with the end client of the financial professional using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to the financial professional’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan Asset Management does not receive any fee or compensation directly from end clients who are plans or IRAs for use of the model.</p>

HM_Results_Disclaimers

<body> Past performance is no guarantee of future results. Investments grouped by Morningstar category. Ratings and rankings are relative to Morningstar category peers. See Appendix section titled MPT statistics and Morningstar ratings & rankings. Capital gains are updated weekly. This information is based on published distribution estimates. If blank, the fund may not have published capital gain estimates yet, is not expected to distribute capital gains, or has already distributed capital gains for the year. *NR: Not reported. **Capital gains are updated weekly</body>

PI_CapitalGains_Footer

<p>Stress tests with end dates occurring post latest month-end reflect new stress events. These new stress event periods will be updated periodically until down or upturn trend completes its cycle.  For U.S. stock market declines, time periods reflect historical declines in the S&P 500 TR greater than 10% (% change noted in parenthesis). For U.S. stock market gains, time periods reflect historical increases in the S&P 500 TR greater than 25% (% change noted in parenthesis). For rising interest rates, time periods reflect historical interest rate movements whereby the 10 Year US Treasury Yield increased by greater than 50 bps (% change noted in parenthesis). For falling interest rates, time periods reflect historical interest rate movements whereby the 10 Year US Treasury Yield decreased by greater than 50 bps (% change noted in parenthesis).</p><h6> Definitions - Scenarios </h6><p><b>No-landing: Robust growth and inflation </b>Economic growth evades a slowdown and inflation sticks above 3%. The Fed reverts to “higher-for-longer” and holds rates at 5.4% throughout the year. The labor market remains healthy and real wage growth stays positive, supporting the U.S. consumer. Margins stabilize as wage growth and input costs plateau, the consumer supports healthy revenue growth, and profit growth continues. The robust outlook drives stocks, yields, and the dollar higher. </p><p><b>Soft-landing: Modest growth and inflation </b>Slowing inflation and a moderating labor market allow the Fed to cut rates modestly throughout the year by 75 bps. A resilient consumer and an overall healthy labor market enable the economy to avoid recession, slowing to trend growth. Margins stabilize as wage growth and input costs roll over and the consumer supports modest revenue growth, so profits grow moderately. As headwinds abate, equities rise. Yields fall slightly, reflecting receding inflation and gradual growth. The dollar retreats in light of rate cuts and a tepid economy. </p><p><b>Mild recession: Negative growth and disinflation </b>Headline inflation slows but core inflation remains sticky, prompting the Fed to hold rates “higher-for-longer”. Monetary policy acts with long and variable lags, eventually pushing core inflation lower, but also pushing the economy into recession. Slower credit growth impacts businesses and consumers. The Fed then cuts 200 bps to support the economy. However, the recession is mild due to a lack of cyclical excess in the economy and a structural labor shortage that limits the rise in unemployment. Earnings experience a mild recession. Equities fall, but so do yields, protecting portfolios. The dollar declines due to Fed cuts, contracting growth, and disinflation. </p><p><b>Severe recession: Negative growth and elevated inflation </b>Inflation and wage growth reaccelerate, prompting the Federal Reserve to resume rate hikes. High wages and input costs pressure margins and companies are forced to increase layoffs. High inflation and job losses weaken the consumer. Slower credit growth impacts businesses and consumers. A sharp earnings recession accompanies a severe economic recession. Stocks fall, and yields drop sharply reflecting economic pain and safe haven flows. The Fed is forced to cut rates by 300 bps. Despite an easing Fed, growth fears support a higher dollar. </p><p><b>Reaccelerating inflation: Modest growth and elevated inflation </b>Inflation reaccelerates as wage gains are robust and core inflation fails to roll over. Consumer demand fuels price increases but also supports modest economic growth. High inflation prompts the Fed to raise rates again. Bond yields rise due to a higher policy rate and higher inflation expectations. Equities fall due to tighter monetary policy and slower earnings growth. Higher yields and modest growth send the dollar higher, which dampens international returns. </p><p><b>International outperformance: </b>After pessimism over property woes and a lackluster reopening, China experiences a strong sentiment rally, and the cumulative effects of accommodative fiscal measures jumpstart the economy. Profits, employment, and consumption reinvigorate the European economy. India and Japan sustain a strong run in the markets. Manufacturing rebounds globally, and many emerging economies benefit from near-shoring of supply chains. Meanwhile, the U.S. economy slows. International economic growth outperforms the U.S. The ECB and the BoE hold policy rates at current levels while the Fed cuts, causing their currencies to strengthen against the dollar. The combination of stronger international growth and tighter monetary policy abroad results in a weaker dollar and international equities outperform the U.S.</p><p><b>International slowdown: </b>Stubbornly high inflation and wages force the ECB and the BoE to keep tightening monetary policy, even as economic growth weakens. China’s accommodative policy is no match for property woes and consumer and business sentiment remains in the doldrums, hampering equities. Weak international growth relative to the U.S. supports further dollar strength, weighing on international equities. </p>

PI_Methodology_DefinitionsStressTests

<p><span class="wt-bold">As the model developer, J.P. Morgan Asset Management (“JPMAM”) does not individualize the model’s output to the needs of any specific retirement plan, IRA client or any other client of the financial professional using this tool.  JPMAM does not contract with the end client of the financial professional using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to the financial professional’s end client and does not have any control over whether its model is used in managing any specific client account.  JPMAM does not receive any fee or compensation directly from end clients who are plans or IRAs for use of the model.<br /><span class="wt-regular">The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of the output, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund.<br /><span class="wt-regular">Performance for the portfolios and/or benchmark contained within this report is net performance which reflects the deduction of an annual investment advisory shown above.  The default annual investment advisory fee is 3%; however a financial professional may input a different amount or exclude the fee.  By changing the default investment advisory fee, the financial professional represents that such inputs reflect the fee that is applicable to the client’s account.  The annual investment advisory fee does not reflect the deduction of any applicable custodial fees, platform fees or brokerage commissions.  JPMAM does not independently verify the accuracy of such investment advisory fee inputs.  Due to the compounding effect of these fees, annual net performance may be lower than gross returns less the indicated annual fee.  Actual advisory fees charged by a financial professional may vary.<br /><span class="wt-regular">Data source: Morningstar, Inc. &amp; Bloomberg L.P. All Rights Reserved. The information contained herein is proprietary to JPMAM, Morningstar &amp; Bloomberg; and is not warranted to be accurate, complete or timely. Neither Morningstar, Bloomberg nor their content providers are responsible for any damages or losses arising from any use of this information. Data are as of October 2024. Please see additional disclosures on the last page of the document.</span></p>

PI_PDFCoverPage_IAFee

<p>By changing this default investment advisory fee or removing the fee altogether, you are representing that the fee input reflects the fee that is applicable to your client’s account.  Please Note:  The returns for the historical stress tests may use daily returns for calculation.  When daily, they will be calculated by deducting 1/365th (representing one day) of the set advisory fee from the gross of fee returns for the portfolios/benchmark.</p>

PI_SetIAFee_IAFee

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em></p><p>When investments show returns for periods starting prior to inception, these pre-inception returns are based on fee adjusted performance of the oldest share class of the fund.  For further details see Pre-inception returns in the appendix.</p><p>Annualized except when performance period is less than one year. Annualized except when inception date is less than 1 year prior to return date shown above. Past performance is not indicative of future returns. Performance does not include any sales charges. Performance for underlying investments are gross of advisory fees. Performance displayed for portfolios and analysis benchmark are net performance and reflects the monthly deduction of the annual investment advisory fee displayed on the cover & portfolio summary pages of this report. Due to the compounding effect of these fees, annual net performance may be lower than gross returns less the indicated annual fee. Actual advisory fees charged by a financial professional may vary.The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_InvidividualInvestments_StandardizedTrailingTotalReturns_IAFee

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em></p><p>When investments show returns for periods starting prior to inception, these pre-inception returns are based on fee adjusted performance of the oldest share class of the fund.  For further details see Pre-inception returns in the appendix.</p><p>Annualized except when performance period is less than one year. Annualized except when inception date is less than 1 year prior to return date shown above. Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses.The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_InvidividualInvestments_StandardizedTrailingTotalReturns

<p>* Denotes investments with a returns proxy. For clarity on specific proxies employed reference Proxy utilization table. See Appendix section titled Analysis and benchmark selection for details on proxy selection methodology. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PortfolioComposition1FS

<p>J.P. Morgan utilizes long exposure and rescales the portfolio to equal 100%. Some holdings may contain derivative positions, which may effect the results. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PortfolioComposition1

<p>J.P. Morgan utilizes long exposure and rescales the portfolio to equal 100%. Some holdings may contain derivative positions, which may effect the results. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation. For corporate-bond and municipal-bond funds, the credit analysis depicts the quality of bonds in the fund's portfolio. The analysis reveals the percentage of fixed-income securities that fall within each credit-quality rating as assigned by Standard &amp; Poor's or Moody's. At the top of the ratings are U.S. government bonds. Bonds issued and backed by the federal government are of extremely high quality and thus are considered superior to bonds rated AAA, which is the highest possible rating a corporate issue can receive. Morningstar gives U.S. government bonds a credit rating separate from AAA securities to allow for a more accurate credit analysis of a portfolio's holdings. Bonds with a B rating are the lowest bonds that are still considered to be of investment grade. Bonds that are rated lower than B (often called junk bonds or high-yield bonds) are considered to be quite speculative. Any bonds that appear in the NR/NA category are either not rated by Standard &amp; Poor's or Moody's, or did not have a rating available at the time of publication.</p>

PI_PortfolioComposition_FixedIncome

PI_PortfolioComposition

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em> Performance does not include any sales charges. Annualized except when performance period is less than one year. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_TrailingPerformance

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. Annualized except when performance period is less than one year.The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_CalendarYearPerformance

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em></p><p>The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_KeyObservations

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em></p>p>Past performance is not indicative of future returns. Performance does not include any sales charges. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_InvidividualInvestments_SECYield

<p>Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>The difference between gross and net expense ratios are due to contractual and/or voluntary waivers if applicable. The manager may agree to voluntarily waive certain fees and expenses, which the manager can discontinue at any time. Please see each funds’ prospectus for additional information.</p>

PI_InvidividualInvestments_FeesAndExpenses

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em>Past performance is not indicative of future returns. Performance does not include any sales charges. Performance displayed is net performance and reflects the monthly deduction of the annual investment advisory fee displayed on the cover & portfolio summary pages of this report. Due to the compounding effect of these fees, annual net performance may be lower than gross returns less the indicated annual fee.  Actual advisory fees charged by a financial professional may vary. Annualized except when performance period is less than one year. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_CalendarYearPerformance_IAFee

<p><em class=wt-bold>The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em></p><p>The display of stress test charts is dependent on the availability of daily returns data, and on the longevity of track record for the investments in the portfolio and the benchmark. See Definitions - Stress Test page for further details on period selection.</p><p>Past performance is not indicative of future returns. Performance does not include any sales charges. Performance displayed is net performance and reflects the daily deduction of the annual investment advisory fee displayed on the cover & portfolio summary pages of this report. Due to the compounding effect of these fees, annual net performance may be lower than gross returns less the indicated annual fee.  Actual advisory fees charged by a financial professional may vary. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_StressTests_DomesticStockMarketDeclines_IAFee

PI_StressTests_RisingInterestRateConcerns_IAFee

<p>Past performance is not indicative of future returns. Performance does not include any sales charges. Performance displayed is net performance and reflects the monthly deduction of the annual investment advisory fee displayed on the cover & portfolio summary pages of this report. Due to the compounding effect of these fees, annual net performance may be lower than gross returns less the indicated annual fee.  Actual advisory fees charged by a financial professional may vary. Annualized except when performance period is less than one year. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_PortfolioYield_IAFee

<p><em class="wt-bold">The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em> Performance does not include any sales charges. Performance displayed is net performance and reflects the monthly deduction of the annual investment advisory fee displayed on the cover & portfolio summary pages of this report. Due to the compounding effect of these fees, annual net performance may be lower than gross returns less the indicated annual fee.  Actual advisory fees charged by a financial professional may vary. Annualized except when performance period is less than one year. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_TrailingPerformance_IAFee

<p>Past performance is not indicative of future returns. Performance does not include any sales charges. Performance displayed is net performance and reflects the monthly deduction of the annual investment advisory fee displayed on the cover & portfolio summary pages of this report. Due to the compounding effect of these fees, annual net performance may be lower than gross returns less the indicated annual fee.  Actual advisory fees charged by a financial professional may vary. For more information about the scenarios displayed above, please refer to the Definitions – Scenarios page within the Methodology section of this report. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PortfolioSummary_IAFee

<h3>Returns proxy</h3><p>When an underlying investments' inception date is less than the model portfolio inception date (displayed in Trailing Total Returns table), a proxy may be substituted to represent the returns for the investment. Proxies used within this report include older share class of the investment (see Pre-inception Returns above), the investment’s prospectus benchmark or investment’s Morningstar category average unless otherwise specified by the advisor. When this occurs, the proxy used will be disclosed in the table above. Holdings data will be based on the latest available portfolio data for the original underlying investment.Allocations to cash will use the SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF as a proxy. This ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index.</p>

PI_Methodology_ProxyUtilization

PI_Portfolio_EsgScoreAndDrillDownDisclosures

<p>Certain information ©2023 MSCI ESG Research LLC. Reproduced by permission; no further distribution. <br aria-hidden="true"> E Score = Environmental Score, S Score = Social Score, G Score = Governance Score. See Appendix section titled ESG Methodology for details.</p>

PI_Portfolio_EsgAnalysisForUnderlyingInvestmentsDisclosures

<b>ESG Page 2 – Fund Level ESG Analysis</b><hr style="height:2px; visibility:hidden; margin-bottom:-5px;" /><b>Funds Data Table 1 (ESG Quality Score Detail)</b><ul><li>“Investment Name”: Displays the underlying Fund name as drawn directly from MSCI’s database</li><li>“Weight”: % of the portfolio in which the Fund comprises in regards to market value</li><li>“ESG Rating Coverage %”: Percent by weight of a fund's holdings that have ESG Data sourced from MSCI.</li><li>“ESG Quality Score”: See explanation and calculation on prior methodology page</li><li>“E Score (Environmental)”: See explanation and calculation on prior methodology page</li><li>“S Score (Social)”: See explanation and calculation on prior methodology page</li><li>“G Score (Governance)”: See explanation and calculation on prior methodology page</li></ul><hr style="height:2px; visibility:hidden; margin-bottom:-5px;" /><b>Funds Data Table 2 (Peer Group Comparison)</b><ul><li>“Investment Name”: Displays the underlying Fund name as drawn directly from MSCI’s database</li><li>“Peer Group”: The fund peer group as defined by the Lipper Global Classification</li><li>“Peer Group Percentile”: Measures how the Fund ESG Score ranks relative to other funds in the same peer group (1 is worst, 100 is best)</li></ul><hr style="height:2px; visibility:hidden; margin-bottom:-5px;" /><b>Leaders – Top 3 by %:</b> <ul><li>“Investment Name”: Displays the underlying Fund name as drawn directly from MSCI’s database</li><li>“Portfolio % in Leaders”: The percentage of Fund’s market value with an ESG rating between 7.1 and 10.0 (best in class relative to peers)</li><li>“Contribution to Portfolio Leaders”: Calculated by multiplying the Fund % in Leaders with the Fund’s Weight in the portfolios</li><li>“Contribution”: Calculated as the Sum of the three individual “Contribution to Portfolio Leaders” field</li><li>“Total at Portfolio Level”: The percentage of Overall Portfolio market value with an ESG rating between 7.1 and 10.0 (best in class relative to peers)</li></ul><hr style="height:2px; visibility:hidden; margin-bottom:-5px;" /><b>Laggards – Top 3 by %:</b> <ul><li>“Investment Name”: Displays the underlying Fund name as drawn directly from MSCI’s database</li><li>“Portfolio % in Laggards”: The percentage of Fund’s market value with an ESG rating between 0.0 and 2.9 (worst in class relative to peers)</li><li>“Contribution to Portfolio Laggards”: Calculated by multiplying the Fund % in Leaders with the Fund’s Weight in the portfolios</li><li>“Contribution”: Calculated as the Sum of the three individual “Contribution to Portfolio Laggards” field</li><li>“Total at Portfolio Level”: The percentage of Overall Portfolio market value with an ESG rating between 0.0 and 2.9 (worst in class relative to peers)</li></ul>

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<b>ESG Page 1 – Portfolio ESG Quality</b><br aria-hidden="true"><b>ESG Quality Score: Portfolio vs. Benchmark Scale 0 (worst) to 10 (best)</b><ul><li>The Portfolio “ESG Quality Score” is a weighted average of all underlying funds that have “ESG Quality Scores”. The methodology of “ESG Quality Score” for funds is as follows:</li><ul><li>Captures the ESG score of the portfolio as a whole.  The score is calculated by taking the asset weighted ESG Score of all underlying portfolio holdings</li><li>In order for a portfolio to have a score, 65% of the funds within the portfolio must have an ESG score as provided by MSCI. See the following page for additional details on Fund Level data</li></ul></ul><hr style="height:2px; visibility:hidden; margin-bottom:-5px;" /><b>Environmental, Social, and Governance Scores</b><ul><li>“Environmental Score”: A fund’s Environmental Score, scored between 0-10, measures holdings’ management of and exposure to key environmental risks and opportunities.  MSCI assigns 13 key issues by which to score each holding on environmental issues as follows: Carbon Emissions, Financing Environmental Impact, Product Carbon Footprint, Climate Change Vulnerability, Water Stress, Biodiversity &amp; Land Use, Raw Material Sourcing, Toxic Emissions &amp; Waste, Packaging Material &amp; Waste, Electronic Waste, Opportunities in Clean Teach, Opportunities in Green Building, Opportunities in Renewable Energy. The overall portfolio ‘E’ score is a weighted average of all underlying funds that have scores.</li><li>“Social Score: A fund’s Social Score”, scored between 0-10, measures holdings’ management of and exposure to key social risks and opportunities. MSCI assigns 15 key issues by which to score each holding on social issues as follows: Labour Management, Human Capital Development, Health &amp; Safety, Supply Chain Labour Standards, Product Safety &amp; Quality, Privacy &amp; Data Security, Chemical Safety, Responsible Investment, Financial Product Safety, Health &amp; Demographic Risk, Controversial Sourcing, Access to Communications, Access to Finance, Access to Health Care, Opps in Nutrition &amp; Health. The overall portfolio ‘S’ score is a weighted average of all underlying funds that have scores.</li><li>“Governance Score”: A fund’s Governance Score, scored between 0-10, measures holdings’ management of and exposure to key governance risks and opportunities. MSCI assigns 9 key issues by which to score each holding on governance issues as follows: Board, Pay, Ownership, Accounting, Business Ethics, Anti-Competitive Practices, Tax Transparency, Corruption &amp; Instability, Financial System Instability. The overall portfolio ‘G’ score is a weighted average of all underlying funds that have scores.</li></ul><hr style="height:2px; visibility:hidden; margin-bottom:-5px;" /><b>Portfolio vs. Benchmark – ESG Rating Distribution</b><ul><li>“ESG Leaders (%)”: The percentage of portfolio's market value with an ESG rating between 7.1 and 10.0 (best in class relative to peers)</li><li>“ESG Laggards (%)”: The percentage of portfolio's market value with an ESG rating between 0.0 and 2.9 (worst in class relative to peers)</li><li>“ESG Average (%)”:  The percentage of portfolio's market value with an ESG rating between 2.9 and 7.1</li><li>“Not Rated (%)”: The percentage of the portfolio’s market value with no MSCI ESG rating</li></ul>

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<p><b>ESG Methodology and Data Deﬁnitions </b><ul><li>ESG Quality Score: Scale 0 (worst) to 10 (best) is a weighted average of all underlying investments that have “ESG Quality Scores”. The methodology of “ESG Quality Score” for funds is as follows:<ul><li>Captures the ESG score of the portfolio as a whole. The score is calculated by taking the asset weighted ESG Score of all underlying portfolio holdings and adjusting it based on a) ESG rating trends (positive or negative) and b) the portfolio’s exposure to holdings with a worst-in-class ESG Rating, i.e. those considered “laggards”. The score is computed as follows, for both the Portfolio Score & Benchmark Score: ESG Quality Score = Weighted ESG Score * (1 - %Exposure to Laggards – % Exposure to Negative Trend + % Exposure to Positive Trend). Each component of the score is detailed below:<li>“Weighted ESG Score”: Derived from the average weighted scores of all underlying holding (i.e. individual company or security) ESG scores. Each constituent’s ESG score is computed based on MSCI’s scoring of a company based on their view of company management of and exposure to key environmental, social, and governance related risks and opportunities, across “37 Key ESG issues.” These issues are weighted according to MSCI’s view of financial materiality based on a company’s representative industry. Each security is then given an ESG score of 0 (worst) to 10 (best). For MSCI’s detailed approach to scoring company’s on ESG quality issues, please see their public Methodology Document. MSCI’s 37 key issues are contained later in this document.<li>“Exposure to Laggards”: Laggards are defined by companies scoring between 0.0 to 2.9 on MSCI’s 0-10 point ESG scale. To compute the overall Portfolio ESG Quality score, MSCI penalizes a portfolio with high exposure to laggards. “% Exposure to Negative Trend”: The percentage of portfolio's market value with a negative ESG rating trend (downgrade) in the year prior to the most recent ESG rating. Note, MSCI defines a downgrade as a change in rating of 1.4 or more. To compute the overall Portfolio ESG Quality score, MSCI penalizes a portfolio with high exposure to securities that have been downgraded in the past year.<li/>“% Exposure to Positive Trend”: The percentage of portfolio's market value with a positive ESG rating trend (downgrade) in the year prior to the most recent ESG rating. Note, MSCI defines an upgrade as a change in rating of 1.4 or more. To compute the overall Portfolio ESG Quality score, MSCI rewards a portfolio with high exposure to securities that have been upgraded in the past year. In order for a fund to have a score, 65% of the investments within the portfolio must have an ESG score as provided by MSCI.</ul></ul><b>Environmental, Social, and Governance Scores</b><ul><li>“Environmental Score”: A fund’s Environmental Score, scored between 0-10, measures holdings’ management of and exposure to key environmental risks and opportunities.  MSCI assigns 13 key issues by which to score each holding on environmental issues as follows: Carbon Emissions, Financing Environmental Impact, Product Carbon Footprint, Climate Change Vulnerability, Water Stress, Biodiversity & Land Use, Raw Material Sourcing, Toxic Emissions & Waste, Packaging Material & Waste, Electronic Waste, Opportunities in Clean Teach, Opportunities in Green Building, Opportunities in Renewable Energy. The overall portfolio ‘E’ score is a weighted average of all underlying funds that have scores.<li>“Social Score: A fund’s Social Score”, scored between 0-10, measures holdings’ management of and exposure to key social risks and opportunities. MSCI assigns 15 key issues by which to score each holding on social issues as follows: Labour Management, Human Capital Development, Health & Safety, Supply Chain Labour Standards, Product Safety & Quality, Privacy & Data Security, Chemical Safety, Responsible Investment, Financial Product Safety, Health & Demographic Risk, Controversial Sourcing, Access to Communications, Access to Finance, Access to Health Care, Opps in Nutrition & Health. The overall portfolio ‘S’ score is a weighted average of all underlying funds that have scores.<li>“Governance Score”: A fund’s Governance Score, scored between 0-10, measures holdings’ management of and exposure to key governance risks and opportunities. MSCI assigns 9 key issues by which to score each holding on governance issues as follows: Board, Pay, Ownership, Accounting, Business Ethics, Anti-Competitive Practices, Tax Transparency, Corruption & Instability, Financial System Instability. The overall portfolio ‘G’ score is a weighted average of all underlying funds that have scores.</li></ul><b>Peer Group Comparison</b><ul><li>“Lipper Peer Group”: The fund peer group as defined by the Lipper Global Classification</li><li>“% Rank”: Measures how the Fund ESG Score ranks relative to other funds in the same peer group (1 is worst, 100 is best)</li></ul>

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<b>ESG Page 2 – Fund Level ESG Analysis</b><b>Funds Data Table 1 (ESG Quality Score Detail)</b><ul><li>“Investment Name”: Displays the underlying Fund name as drawn directly from MSCI’s database<li>“Weight”: % of the portfolio in which the Fund comprises in regards to market value<li>“ESG Rating Coverage %”: Percent by weight of a fund's holdings that have ESG Data sourced from MSCI.<li>“ESG Quality Score”: See explanation and calculation on prior methodology page<li>“E Score (Environmental)”: See explanation and calculation on prior methodology page<li>“S Score (Social)”: See explanation and calculation on prior methodology page<li>“G Score (Governance)”: See explanation and calculation on prior methodology page</li></ul><b>Funds Data Table 2 (Peer Group Comparison)</b><ul><li>“Investment Name”: Displays the underlying Fund name as drawn directly from MSCI’s database<li>“Peer Group”: The fund peer group as defined by the Lipper Global Classification<li>“Peer Group Percentile”: Measures how the Fund ESG Score ranks relative to other funds in the same peer group (1 is worst, 100 is best)</li></ul><b>Leaders – Top 3 by %:</b> <ul><li>“Investment Name”: Displays the underlying Fund name as drawn directly from MSCI’s database<li>“Portfolio % in Leaders”: The percentage of Fund’s market value with an ESG rating between 7.1 and 10.0 (best in class relative to peers) <li>“Contribution to Portfolio Leaders”: Calculated by multiplying the Fund % in Leaders with the Fund’s Weight in the portfolios  <li>“Contribution”: Calculated as the Sum of the three individual “Contribution to Portfolio Leaders” field<li>“Total at Portfolio Level”: The percentage of Overall Portfolio market value with an ESG rating between 7.1 and 10.0 (best in class relative to peers)</li></ul><b>Laggards – Top 3 by %:</b> <ul><li>“Investment Name”: Displays the underlying Fund name as drawn directly from MSCI’s database<li>“Portfolio % in Laggards”: The percentage of Fund’s market value with an ESG rating between 0.0 and 2.9 (worst in class relative to peers)<li>“Contribution to Portfolio Laggards”: Calculated by multiplying the Fund % in Leaders with the Fund’s Weight in the portfolios<li>“Contribution”: Calculated as the Sum of the three individual “Contribution to Portfolio Laggards” field<li>“Total at Portfolio Level”: The percentage of Overall Portfolio market value with an ESG rating between 0.0 and 2.9 (worst in class relative to peers)</li></ul>

PI_Portfolio_Esgheatmap_Methodology_Disclosures2

<p>The performance of the indexes without the designation of “NC” included within this analysis do not reflect the deduction of expenses associated with an ETF, mutual fund or other investments, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses. Total return figures assume the reinvestment of dividends. Investors cannot invest directly in an index.</p><h6>Index definitions</h6> <div class=definitions-list><dl><div><dt>60% MSCI World 40% Bloomberg U.S. Agg USD: </dt><dd>Benchmark is a composite benchmark of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg U.S. Aggregate Index. MSCI World Index is a broad measure of the performance of developed countries' equity markets. The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Bloomberg Gbl Agg Ex USD TR USD: </dt><dd>Index is a measure of global investment grade debt from 24 local currency markets. This multi- currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Bloomberg HY Muni TR USD: </dt><dd>Index is an unmanaged index that tracks the high yield portion of the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Bloomberg Municipal TR USD: </dt><dd>Index is an unmanaged index composed of USD-denominated long-term tax exempt bonds with a minimum credit rating of Baa. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Bloomberg U.S. Agg Bond TR USD: </dt><dd>Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Bloomberg U.S. HY 2% Issuer Cap TR USD: </dt><dd>Index is an unmanaged index that tracks the performance of fixed rate non-investment grade debt that are dollar denominated and non-convertible with a maximum allocation of 2% to any one issuer.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Bloomberg U.S. Treasury Bill 1-3 Mon TR USD: </dt><dd>Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. The U.S. Treasury Index is a component of the U.S. Aggregate, U.S. Universal, Global Aggregate and Global Treasury Indices. The U.S. Treasury Index was launched on January 1, 1973.</dd><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Bloomberg U.S. Treasury U.S. TIPS TR USD: </dt><dd>Index (Series-L) measures the performance of the U.S. Treasury Inflation Protected Securities (TIPS) market. Federal Reserve holdings of U.S. TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. The U.S. TIPS Index is a subset and the largest component of the Global Inflation-Linked Bond Index (Series-L). U.S. TIPS are not eligible for other Bloomberg Barclays nominal Treasury or broad-based aggregate bond indices. The U.S. TIPS (Series-L) was launched in March 1997.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>HFRX Equity Hedge Index: </dt><dd>Index designed to be representative of Equity Hedge strategies, which maintain positions both long and short in primarily equity and equity derivative securities.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>HFRX Global Hedge Fund: </dt><dd>Index designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>JPM EMBI Global Diversified TR USD: </dt><dd>Index tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>MSCI ACWI NR USD: </dt><dd>Index is a free float-adjusted market capitalization weighted index measuring equity market performance of developed and emerging markets.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>MSCI EAFE NR USD: </dt><dd>Index is a free float-adjusted market capitalization weighted index measuring the performance of growth-oriented stocks in developed market economies, excluding the U.S. and Canada .</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>MSCI EM NR USD: </dt><dd>Index is a free float-adjusted market capitalization weighted index measuring emerging market equity performance.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>MSCI U.S. REIT NR USD: </dt><dd>Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market. With 152 constituents, it represents about 99% of the U.S. REIT universe and securities are classified under the Equity REITs Industry (under the Real Estate Sector) according to the Global Industry Classification Standard (GICS??), have core real estate exposure (i.e., only selected Specialized REITs are eligible) and carry REIT tax status.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>MSCI World NR USD: </dt><dd>Index captures large and mid cap representation across 23 Developed Markets (DM) countries*. With 1,632 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Russell 1000 Growth TR USD: </dt><dd>Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 90% of the U.S. market.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Russell 1000 Value TR USD: </dt><dd>Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 90% of the U.S. market.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Russell 2000 TR USD: </dt><dd>Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Russell 2500 TR USD: </dt><dd>Index is an unmanaged index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as smid cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>Russell Mid Cap TR USD: </dt><dd>Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. As of the latest reconstitution, the average market capitalization was approximately $3.6 billion; the median market capitalization was approximately $2.8 billion.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>S&P 500 TR USD: </dt><dd>Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941-43 base period.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>S&P National AMT Free Muni TR USD: </dt><dd>Index is a broad, market value-weighted index designed to seek to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>S&P Target Risk Aggressive TR USD: </dt><dd>Index series is comprised of four multi-asset class indices, each corresponding to a particular risk level. The asset class mix is determined once per year through a process designed to reflect the overall opportunity of the markets represented, adjusted for specific risk levels. Each index is fully investable, with varying levels of exposure to equities and fixed income.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>S&P Target Risk Growth TR USD: </dt><dd>Index series is comprised of four multi-asset class indices, each corresponding to a particular risk level. The asset class mix is determined once per year through a process designed to reflect the overall opportunity of the markets represented, adjusted for specific risk levels. Each index is fully investable, with varying levels of exposure to equities and fixed income.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>S&P Target Risk Moderate TR USD: </dt><dd>Index series is comprised of four multi-asset class indices, each corresponding to a particular risk level. The asset class mix is determined once per year through a process designed to reflect the overall opportunity of the markets represented, adjusted for specific risk levels. Each index is fully investable, with varying levels of exposure to equities and fixed income.</dd><br aria-hidden=true><br aria-hidden=true></div> <div class=definitions-list><dl><div><dt>U.S. TREAS T-Bill Auction Ave 3 Mon: </dt><dd>Index measures U.S. dollar-denominated, fixed-rate, nominal debt issued by the U.S. Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. The U.S. Treasury Index is a component of the U.S. Aggregate, U.S. Universal, Global Aggregate and Global Treasury Indices. The U.S. Treasury Index was launched on January 1, 1973 .</dd><br aria-hidden=true><br aria-hidden=true></div> </dl></div>

PI_Disclaimers_BenchmarkDisclosure

<p>The Morningstar Category™ classifications break investments into peer groups based on their holdings. Investments are placed in a given category based on their average holdings statistics over the past three years. Morningstar calculates Category Percentile Rankings for total returns of an investment as a way to contrast performance versus others within its Morningstar Category. Percentile ranks always range from 1 (best) to 100 (worst) with all intermediate values spread evenly over that range.<br aria-hidden="true"><br aria-hidden="true">For each investment with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load- adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of investments in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for an investment is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Different share classes may have different ratings.</p>

PI_Methodology_MorningstarPerformanceRatingsandRankings

<p>The performance of the indices does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Funds/models reflect the deduction of fund expenses, including sales charges if applicable. Investors cannot invest directly in an index.</p><div class=definitions-list><dl><div><dt>Russell 1000 Value: </dt><dd>Index is an unmanaged index that measures the performance of the companies within the Russell 1000 with lower price-to-book ratios and lower forecasted growth values.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Russell 1000 Growth: </dt><dd>Index is an unmanaged index that measures the performance of the companies within the Russell 1000 with higher price-to-book ratios and higher forecasted growth values.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Russell 2500: </dt><dd>Index is an unmanaged index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as smid cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>MSCI US REIT: </dt><dd>Index is an unmanaged index that is a free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on MSCI USA Investable Market Index (IMI), its parent index, which captures large, mid and small cap securities.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>MSCI EAFE: </dt><dd>Index is an unmanaged index. EAFE (Europe, Australia, Far East) Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>MSCI EM: </dt><dd>Index is an unmanaged index, (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Morgan Stanley US REIT: </dt><dd>Index is a capitalization-weighted index of the most actively traded real estate investment trusts (REITs), designed to measure real estate equity performance.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Bloomberg Barclays US Aggregate Bond: </dt><dd>Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset- backed securities.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Bloomberg Barclays US Corp High Yield 2% Issuer Capped: </dt><dd>Index is an unmanaged index that tracks the performance of fixed rate non-investment grade debt that are dollar denominated and non-convertible with a maximum allocation of 2% to any one issuer.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>JPM EMBI Global Diversified: </dt><dd>Index is an unmanaged index that tracks performance of U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities. The index caps maximum weight to any country in the index at 10%.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Bloomberg Barclays US Municipal: </dt><dd>Index is an unmanaged index composed of USD-denominated long-term tax exempt bonds with a minimum credit rating of Baa. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Bloomberg Barclays High Yield Municipal: </dt><dd>Index is an unmanaged index that tracks the high yield portion of the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Bloomberg Barclays US Treasury US TIPS: </dt><dd>Index is an unmanaged index that tracks total returns of all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade and have $250 million or more of outstanding face value.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>USTREAS T-Bill Auction Ave 3 Month: </dt><dd>Index is an unmanaged index that measures the performance of the average investment rate of US T-Bills securities with the maturity of 3 months.</dd><br aria-hidden=true><br aria-hidden=true>></div><div><dt>HFRX Equity Hedge Index: </dt><dd>Index designed to be representative of Equity Hedge strategies, which maintain positions both long and short in primarily equity and equity derivative securities.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>HFRX Global Equity Hedge Fund Index: </dt><dd>Index designed to be representative of the overall composition of the hedge fund universe, including but not limited to, convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage and relative value arbitrage. These strategies are asset weighted based on the distribution of assets in the hedge fund industry.</dd><br aria-hidden=true><br aria-hidden=true></div></dl></div>

PI_Methodology_DefinitionsUnderlyingAssetClassIndices

<p>A factor is defined as a measurable characteristic of a security or asset that can influence the risk/return behavior of that security/asset. Factors can be fundamental characteristics such as financial ratios, technical analysis attributes such as price behavior or liquidity, and/or specific attributes of a given security/asset such as yield, geographic domicile and currency exposure.  Portfolio ’s factor exposure is calculated based on the allocation weighted  exposure of each underlying investment exposure to each factor.</p><p><em class=wt-bold>Equity Factors:</em> The Analysis utilizes a rules-based, proprietary factor process developed by the J.P. Morgan Asset Management Quantitative Beta Strategies team. The tool calculates equity style factor exposures (Size, Value, Div Yield, Quality, Min Vol &amp; Momentum) using the latest reported holdings for underlying investments. To determine style factors, equities are first grouped by region (U.S., developed international, emerging markets &amp; global). Then equity style factors are constructed from company fundamentals, analyst estimates data and historical market data standardized to a mean of 0 and a standard deviation of 1. Factor exposures are displayed as the equity’s rank, relative to the universe of its peers and then relative to a selected benchmark.</p><p><em class=wt-bold>Fixed Income, Alternative and Other Factors:</em> (Interest Rates, Credit, FX Carry, Merger Arbitrage, Convert Arbitrage, CTA, Residual) are calculated using returns based regressions with a minimum of 3 years of monthly returns for underlying investments.</p><div class=definitions-list><dl><dt class=pdf-dt>Factor Contribution to Portfolio Risk and Return</dt><dd class=pdf-dd><em class=wt-bold>Return Decomposition:</em> Measures the contribution of an underlying investment on the portfolio’s annualized total return. An investment’s return contribution is a linear calculation of monthly performance plus rebalancing effects. To calculate the return contribution of a asset class, JPMorgan uses the weighted average of the underlying investment returns assuming monthly rebalancing. Displayed as a percentage of total and sums to portfolio return over the analysis period.</dd><dd class=pdf-dd><em class=wt-bold>Risk Decomposition:</em> This measure considers the unique impact of each underlying investment’s volatility in the context of the portfolio. To calculate JPMorgan sums each underlying investment’s weighted standard deviation adjusted by its correlation to the portfolio. Displayed as a percentage of total and sums to portfolio risk over the analysis period.</dd><dt class=pdf-dt>Portfolio Factor Style</dt><dd class=pdf-dd>Allocation weighted portfolio exposure arising from an investment’s exposure to holding based factor definitions such as value, growth, size and momentum. Style factors are constructed from company fundamentals, analyst estimate data and historical market data standardized to have a mean of 0 and a standard deviation of 1. All regional market securities for illustration purposes are capped at +/- 3 standard deviations.</dd><dt class=pdf-dt>Historical Portfolio Sensitivity</dt><dd class=pdf-dd>Based on portfolio factor exposure to World Equity Credit &amp; Interest Rates over the analysis period.</dd></dl></div><h6>Factor Definitions</h6><p><em class=wt-bold>World Equity:</em> Captures risk/return associated with exposure to the returns across the equity market. This factor captures the risk associated with general equity market movements.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Size factor</em> – Captures risk/return associated with or tilt toward smaller market-capitalization equities. A potential return premium exists for investing in smaller cap equities since, on average, they are less-mature, riskier companies that trade with less liquidity.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Value factor</em> – Captures risk/return associated with or tilt toward equities with a relatively lower (“value”) price compared to their underlying fundamentals. A potential return premium exists for investing in value due to the structural weakness of value companies and investors’ preference for successful businesses with stronger historical growth. The value factor in this report takes into consideration four metrics: earnings yield, book-to-price ratio, free cash flow and dividend yield.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Dividend yield factor</em> – Captures risk/return associated with or tilt toward higher dividend-yielding equities. A potential return premium exists for investing in higher-yielding companies as a result of their generally cheaper pricing and investors’ preference for stable income to offset risks. The dividend yield factor in this report is defined by the latest 12-month dividend yield ÷ /market capitalization.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Quality factor</em> – Captures risk/return associated with or tilt toward equities of companies in stronger financial health. A potential return premium may occur as companies that are profitable, with strong balance sheets and stable cash flows, tend to outpace the market over time. The quality factor in this report takes into consideration 10 metrics to measure three key themes: profitability, solvency and financial risk, earnings quality.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Minimum volatility factor</em> – Captures risk/return associated with or tilt toward equities with historically lower volatility. Companies with stable revenues and earnings are less susceptible to recessions and adverse macroeconomic events and may see smaller drawdowns; they tend to exhibit lower-volatility characteristics. A potential return premium exists for higher volatility companies due to investors’ preference for riskier businesses with more uncertain financials that tend to underperform relative to expectations. The minimum volatility factor in this report is defined as the inverse of the standard deviation of daily total returns over a two-year period.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Momentum factor</em> – Captures risk/return associated with or tilt toward equities with positive price momentum. A potential return premium exists because of the reversal risk inherent in trending companies and investors’ tendencies to underreact and then overreact to events impacting businesses. The momentum factor in this report is defined as the ratio of the one-year return on a stock to the standard deviation of returns over that period.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Interest Rates/Rates:</em> Captures risk/return associated with changes in yield curves.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Credit:</em> Captures risk/return associated with investment grade, high yield and distressed debt credit spreads over benchmark interest rates.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>FX Carry:</em> Captures risk/return associated with exposure to the risk associated with changes in foreign exchange rates.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Merger Arbitrage:</em> Captures risk/return associated a hedge fund investment strategy that speculates on the successful completion of mergers and acquisitions.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>CTA:</em> Captures risk/return associated with a hedge fund strategy that uses commodities futures contracts and a variety of trading strategies including systematic trading and trend following.<br aria-hidden=true><br aria-hidden=true><em class=wt-bold>Residual:</em> Captures risk/return associated with investment performance unexplained by the factors defined above.</p>

PI_Methodology_DefinitionsFactors

<h3>Scenarios</h3><div class=definitions-list><dl><div><dt>What is methodology behind the Scenario Analysis? </dt><dd>Scenario Analysis measures the potential impact of market, economic or thematic events on a portfolio using a multi-factor statistical risk model. It does this via the following process:</dd><ol type=1> <li>Evaluate each of the portfolio’s underlying investment using our Factor Methodology (see Factor Methodology on prior page) to determine their factor beta exposures. If unable to determine factor exposure, the methodology use risk free rate as proxy.</li><li>Define the scenario. For both market event scenarios and Market Insights scenarios, asset class movements are estimated based on 20+ year historic return volatility norms and historical correlations. (see How do we define a Scenario?) Election scenarios are based on the candidates’ stated policy positions and assumptions as to how asset classes may respond to the likelihood of those policy positions being adopted.</li><li>Determine factor reactions to scenario asset class movements through returns based regression analysis.</li><li>Measure each underlying investment's return by applying its beta exposures to each factor’s reaction to the scenario.</li><li>Calculate the total portfolio’s return reaction to the scenario by rolling up the underlying investment's return based on the allocation.</li><br aria-hidden=true></div><div><dt>How do we define a Scenario? </dt><dd>Scenarios are developed through a combination of expected return reactions, leveraging a combination of long term historical returns, standard deviations and long term capital market assumptions and cross asset class correlations. Market event scenarios assume basic asset class movements based on historical market events and historical asset class return standard deviations. Market Insights scenarios are based on the Market Insights team’s views on potential market, economic or thematic events driven by long term historical asset class return standard deviations. </dd><br aria-hidden=true></div><div><dt>How do we define the Scenario Severity? </dt><dd>Each scenario has a baseline expectation for the volatility impact. (see  How do we define a Scenario?)  Additionally the Scenario Analysis allows for adjustment of those expectations to be either more or less severe based in part on the professional’s views. This adjustment allows for a change in expectations by +/- 50% of baseline for the scenario. (see Scenario Definitions)</dd><br aria-hidden=true></div><div><dt>What assumptions are built into the Scenario Analysis calculations? </dt><dd>This analysis is strictly an illustration based on both long term historical performance of  asset classes and J.P. Morgan Asset Management Long Term Capital Market Assumptions for asset classes. LTCMA are published annually and available on the J.P. Morgan Asset Management website at https://am.jpmorgan.com/us/en/asset-management/gim/adv/insights/portfolio-insights/long-term-capital-market-assumptions  Additionally, expected returns for factors used in the analysis are based on twenty years of historical returns. Scenario movements are based on historical five year volatility and correlation between asset classes and factors. Certain elements of both the scenario analysis and the factor methodology are proprietary to J.P. Morgan Asset Management.</dd><dd>The results shown are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. The analysis shows how a portfolio would be impacted given the application of the selected scenario. The hypothetical performance returns are shown for illustrative purposes only and are not intended to be representative of the actual performance returns of any account, portfolio or strategy. It is not likely that similar results could be achieved in the future. Hypothetical performance returns have inherent limitations. Hypothetical performance returns also assume that asset allocations would not have changed over time and in response to market conditions, which might have occurred if an actual account had been managed during the time period shown. No representation is being made that any account, portfolio or strategy will or is likely to achieve results similar to those shown.</dd><br aria-hidden=true></div><div><dt>What are the limitations of the analysis? </dt><dd>The results of Scenario Analysis are a statistical estimate of a portfolio’s (represented by factor beta exposure) reaction to hypothetical events. For example, a scenario could reveal that a portfolio may react to a 10% decline in the stock market with a return of -5%. It is important to understand that this an estimate of one potential outcome based on the assumptions built into the tool. These assumptions may not reflect all potential market and investment reactions should a similar event occur. The results shown are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results.</dd><dd>The analysis uses historical returns and holdings of the portfolio’s underlying investments and factors to estimate portfolio beta exposures. Should underlying investments lack returns or holdings data, results for the portfolio may be skewed. Factor estimation based on ex-post returns may not always provide accurate forecast. The performance of the portfolios chosen investments is different than the factor performance used and may vary significantly. Actual investment returns could be both positive and negative. Fees, taxes and transaction costs are not included and would reduce the return of any portfolio. The analysis is illustrative only.</dd><dd>Neither J.P. Morgan Asset Management or any of its subsidiaries nor the Portfolio Insights Scenario Analysis can predict a portfolio’s risk of loss due to, among other things, changing market conditions or other unanticipated circumstances. The Scenario Analysis is based purely on assumptions made using available data and any of its predictions are subject to change.</dd><dd>IMPORTANT: The projections or other information generated by the Portfolio Insights tool regarding the likelihood of various investment outcomes are hypothetical in nature, do not reflect actual investment results and are not guarantees of future results. Results may vary with each use and over time. Any information contained in or generated by the tool should not be construed as or relied upon as investment advice, research or a recommendation by J.P. Morgan Asset Management or any of its affiliates (collectively, “JPMorgan) regarding the use or suitability of any particular asset allocation, fund or overall investment strategy. The tool is designed to be used in consultation with an professional and should not be relied on as a primary basis for an investment decision. Only an investor and his or her professional know enough about the investor's circumstances to make an informed investment decision.</dd><br aria-hidden=true></div>

PI_Methodology_DefinitionsStressTestsScenarios

<div class=definitions-list><dl><div><dt>R-squared: </dt><dd>Reflects the percentage of a portfolio's movements that can be explained by movements in its benchmark. Measures of the correlation of the portfolio’s returns to the benchmark's returns. An R-squared of 100 indicates that all movements of a portfolio can be explained by movements in the benchmark. Conversely, a low R- squared indicates that very few of the portfolio's movements can be explained by movements in its benchmark index R squared measure of 35, for example, means that only 35% of the portfolio’s movements can be explained by movements in the benchmark index.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Sharpe ratio: </dt><dd>Measures a manager's excess return over the risk-free rate of return (normally the cash return), divided by the standard deviation. It is a statistical measure that incorporates return and risk into a single number. The ratio describes how much excess return you are receiving for the extra volatility that you endure for holding a riskier asset. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Standard deviation: </dt><dd>The standard deviation is a gauge of the variance of a manager's return over its average or mean. Statistically, it is the square root of the variance. Because it measures total variation of the return, standard deviation is a measure of total risk, unlike beta, which measures only market risk. Investors use the standard deviation to try to predict the range of returns that is most likely for a given investment. When a portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility. The converse, a low standard deviation, implies that the portfolio will exhibit lower volatility.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Market capture ratios: </dt><dd>Together the up and down-market capture ratios reveal a historical picture of a portfolio’s performance in those relative market environments. The ideal combination is an up- market capture &gt; 100% and a down-market capture of &lt; 100%.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Up-market capture ratio: </dt><dd>Measures a manager's performance in up markets relative to the index during the same period. A ratio value of 115 indicates that the manager has outperformed the market index by 15% in periods when the index has risen.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Down-market capture ratio: </dt><dd>This ratio is the direct opposite of the up-market capture ratio, gauging performance of the manager relative to the index in down markets. A ratio value of 80 would indicate the manager has declined only 80% as much as the declining overall market, indicating relative outperformance.</dd><br aria-hidden=true><br aria-hidden=true></div><div><dt>Excess return: </dt><dd>Returns in excess of the benchmark.</dd><br aria-hidden=true><br aria-hidden=true></div></dl></div>

PI_Methodology_DefinitionsRiskRewardStatistics

<h3>Assumptions &amp; limitations of model portfolio analysis</h3><p>This report may illustrate or compare the hypothetical historical performance of a current and/or proposed asset allocation, portfolio or both. While the individual asset classes and specific securities/investments may have actual historical performance, the combination of these asset classes in an asset allocation or investments in an illustrative portfolio based on your guidance is new and, therefore, that combination does not have an actual performance record. Illustrations of the historic performance of an asset allocation or illustrative portfolio do not reflect the results of actual trading of securities, but were calculated by the retroactive application of historical performance of the investment returns to the illustrative portfolios.</p><p>The historical returns presented include all items of dividends and interest net of fees unless otherwise stated. Because the asset allocation and illustrative portfolios were structured with the benefit of knowing how each asset class or specific security/ investment performed during the period shown, the hypothetical returns may be higher than the returns of an actual portfolio that would have been recommended during that period. Model portfolio analysis within this report assumes that the asset allocation or portfolio was rebalanced monthly back to the initial asset allocation. This rebalancing frequency does not necessarily reflect how an actual portfolio would have been managed. There is no guarantee that these back-tested results could or would have been achieved had this asset allocation or portfolio been used during the years presented. Results shown are provided for illustrative purposes only. Past performance is not indicative of future results.</p><p>Simulated results have inherent limitations. The results for model portfolio illustration(s) are based on actual returns of the investment strategies and securities in the portfolios and are provided for illustrative purposes only. Model portfolio data and performance is based upon the aggregation of the underlying investments according to the given allocation and calculated using Morningstar’s data with J.P. Morgan software and methodologies. J.P. Morgan utilizes long exposure and rescales the portfolio to equal 100%. Some holdings may contain derivative positions, which may effect the results. Data and performance may be limited due to lack of published performance data either by the issuer or investment manager, or the unavailability of such data sources to Morningstar. Illustrations include only investments listed under both asset allocation and standardized trailing total returns tables.</p><br aria-hidden=true><h3>Pre-inception returns</h3><p>The analysis in this report may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's Morningstar Fees &amp; Expenses section.</p><p>While the inclusion of pre-inception data provides valuable insight into the probable long- term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation methodologies utilized  by sourced by Morningstar i. Pre-inception returns ii. The analysis in this report may be based, in part, on adjusted historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, adjusted to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's Morningstar Fees &amp; Expenses section. may differ from those applied by other entities, including the fund itself.</p><br aria-hidden=true><h3>Returns proxy</h3><p>When an underlying investments’ inception date is less than the model portfolio inception date (displayed in Trailing Total Returns table), a proxy may be substituted to represent the returns for the investment. Proxies used within this report include older share class of the investment (see Pre-inception Returns above). When this occurs, the proxy used will be disclosed in the Investment details &amp; proxy utilization table. Holdings data will be based on the latest available portfolio data for underlying investment. Allocations to cash will use the SPDR® Bloomberg Barclays 1-3 Month T-Bill ETF as a proxy. This ETF seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Bloomberg Barclays 1-3 Month U.S. Treasury Bill Index.</p><br aria-hidden=true><h3>Benchmark selection</h3><p>The benchmark used within this analysis was selected by the financial professional who created the analysis. The benchmark options provided within the analysis tool leverages the J.P. Morgan Multi-Asset Solutions Model Portfolios as benchmarks unless otherwise specified as a custom benchmark created by the professional. The J.P. Morgan Multi-Asset Solutions Model Portfolios displayed within the analysis tool were selected to closely match the asset allocation of the professional provided portfolio and takes into account the usage of alternative strategies and the level of overall equity exposure. For more details on the methodology and composition of the J.P. Morgan Multi-Asset Solutions Model Portfolios, see disclosure sections Methodology and allocation views under Methodology and Allocation Views Within This Report and J.P. Morgan Multi-Asset Solutions Model Portfolios.</p>

PI_Methodology_AnalysisandBenchmarkSelection

<p>J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.</p><p><b>Contact JPMorgan Distribution Services, Inc. at 1-800-338-4345 for a fund prospectus. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the ETF before investing. The prospectus contains this and other information about the ETF. Read the prospectus carefully before investing. Call 1-844-4JPM-ETF or visit www.jpmorganetfs.com to obtain a prospectus.</b></p><p>J.P. Morgan Distribution Services, Inc. member FINRA</p><br aria-hidden=true><p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance. Telephone calls and electronic communications may be monitored and/or recorded. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:// www.jpmorgan.com/privacy </p><br aria-hidden=true><p>NC refers to the net of cost for all relevant ETFs. All indices shown are net of tax. Investing involves risk, including possible loss of principal. Shares are bought and sold market price, and are not individually redeemed from a fund. Brokerage commissions will reduce returns. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. Narrowly focused investments typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. A fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund. A fund may not track the return of its underlying index for a number of reasons, such as operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund. There is no guarantee the funds will meet their investment objective. Diversification may not protect against market loss.</p><p>A dedicated function within J.P. Morgan Investment Management Inc. (JPMIM), the adviser of the Fund(s), is the sponsor of each Underlying Index and FTSE International Limited, administers, calculates and governs each Underlying Index as the Benchmark Administrator. The Prospectus contains a more detailed description of each Underlying Index and its service providers.</p> <p>The Underlying Index is owned, maintained and calculated by J.P. Morgan Securities LLC (&quot;JPMS&quot; or the &quot;Index Provider&quot;), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The adviser licenses the Underlying Index from the Index Provider. The Index Provider and the adviser are both wholly-owned subsidiaries of JPMorgan Chase &amp; Co., a publicly-held financial services holding company.</p> <p>London Stock Exchange Group plc and its group undertakings (collectively, the &quot;LSE Group &quot;). © LSE Group 2022. FTSE Russell is a trading name of certain of the LSE Group companies. &quot;Russell®&quot; is a trade mark of the relevant LSE Group companies and are used by any other LSE Group company under license. All rights in the Parent Index or its data vest in the relevant LSE Group company which owns the Parent Index or its data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the Underlying Index or the Parent Index or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.</p> <p>Morningstar® is a registered trademark of Morningstar, Inc. and has been licensed for use by JPMorgan. The JPMorgan BetaBuilders ETFs are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc., nor does it make any representation regarding the advisability of investing in the fund. JPMorgan is not affiliated with Morningstar, Inc.</p> <p>The Underlying Index is owned, maintained and calculated by J.P. Morgan Securities LLC (&quot;JPMS&quot; or the &quot;Index Provider&quot;), which selects securities in accordance with the methodology from among the components of the J.P. Morgan Emerging Market Bond Index Global Diversified, which was developed and is maintained by the Index Provider. The adviser licenses the Underlying Index from the Index Provider. The Index Provider and the adviser are both wholly-owned subsidiaries of JPMorgan Chase &amp; Co., a publicly-held financial services holding company.</p><br aria-hidden=true><p>J.P. Morgan Funds and J.P. Morgan ETFs are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase &amp; Co. Affiliates of JPMorgan Chase &amp; Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA.</p><p>J.P. Morgan Asset Management, 277 Park Ave., Floor 8, New York, NY 10017</p>

PI_HeatMap_Disclaimers_GeneralDisclosures

<p><b>Batting Average:</b> The batting average measures the manager's ability to meet or beat the market consistently. It is calculated by dividing the number of quarters (or months) in which the manager beats or matches the index by the total number of quarters (or months) in the period. A manager who outperforms the market one-half of the time will have a statistical batting average of 50. The longer the time period analyzed, the more statistically significant the measure becomes.</p><br aria-hidden=true><p><b>Beta:</b> A measure of a portfolio's sensitivity to market movements. The beta of the market is 1.00 by definition. Calculated by comparing a portfolio's excess return over T-bills to the benchmark's excess return over T-bills, so a beta of 1.10 shows that the portfolio has performed 10% better than its benchmark in up markets and 10% worse in down markets, assuming all other factors remain constant. Conversely, a beta of 0.85 indicates that the portfolio's excess return is expected to perform 15% worse than the benchmark's excess return during up markets and 15% better during down markets. It is important to note that a low beta does not necessarily imply a low level of volatility. A low beta signifies only that benchmark-related (market-related) risk is low.</p><br aria-hidden=true><p><b>Excess Return:</b> Returns in excess of the benchmark.</p><br aria-hidden=true><p><b>Information Ratio:</b> A risk-NC performance measure defined as excess return divided by tracking error. Information ratio is a special version of the Sharpe Ratio where the benchmark does not have to be the risk-free rate. Since this ratio considers the annualized standard deviation of both series (measures of risks inherent in owning either a portfolio or the benchmark), the ratio shows the risk-NC excess return of the portfolio over the benchmark. The higher the Information Ratio, the higher the excess return of a portfolio, given the amount of risk involved.</p><br aria-hidden=true><p><b>Market Capture Ratios:</b> Together the up and down-market capture ratios reveal a historical picture of a portfolio's performance in those relative market environments. The ideal combination is an up-market capture > 100% and a down-market capture of < 100%.</p><br aria-hidden=true><p><b>Up-Market Capture Ratio:</b> Measures a manager's performance in up markets relative to the index during the same period. A ratio value of 115 indicates that the manager has outperformed the market index by 15% in periods when the index has risen.</p><br aria-hidden=true><p><b>Down-Market Capture Ratio:</b> This ratio is the direct opposite of the up-market capture ratio, gauging performance of the manager relative to the index in down markets. A ratio value of 80 would indicate the manager has declined only 80% as much as the declining overall market, indicating relative out performance.</p><br aria-hidden=true><td style=padding: 10px; border: hidden width=50% valign=top><p><b>Max Drawdown:</b> The worst peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the highest peak to the lowest trough.</p><br aria-hidden=true><p><b>R-Squared:</b> Reflects the percentage of a portfolio's movements that can be explained by movements in its benchmark. Measures of the correlation of the portfolio's returns to the benchmark's returns. An R-squared of 100 indicates that all movements of a portfolio can be explained by movements in the benchmark. Conversely, a low R- squared indicates that very few of the portfolio's movements can be explained by movements in its benchmark index R squared measure of 35, for example, means that only 35% of the portfolio's movements can be explained by movements in the benchmark index.</p><br aria-hidden=true><p><b>Standard Deviation:</b> The standard deviation is a gauge of the variance of a manager's return over its average or mean. Statistically, it is the square root of the variance. Because it measures total variation of the return, standard deviation is a measure of total risk, unlike beta, which measures only market risk. Investors use the standard deviation to try to predict the range of returns that is most likely for a given investment. When a portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility. The converse, a low standard deviation, implies that the portfolio will exhibit lower volatility.</p><br aria-hidden=true><p><b>Sharpe Ratio:</b> Measures a manager's excess return over the risk-free rate of return (normally the cash return), divided by the standard deviation. It is a statistical measure that incorporates return and risk into a single number. The ratio describes how much excess return you are receiving for the extra volatility that you endure for holding a riskier asset. The higher the Sharpe Ratio, the better the portfolio's historical risk-NC performance.</p><br aria-hidden=true><p><b>Tracking Error:</b> A measure of the volatility of excess returns relative to a benchmark. The tracking error, conceptually, is the inverse of R-squared. It is a measure of how closely the manager tracks the index returns. Statistically, it is the annualized standard deviation of the difference between the manager's return and the benchmark return. Tracking error refers to the amount by which the returns of a portfolio differ from those of a certain benchmark. As you might expect, a portfolio that has a high tracking error is not expected to follow the benchmark closely.</p>

PI_HeatMap_Risk_Rewards_Methodology_Disclosure1

<p><em class=wt-bold>The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em></p><p>The display of stress test charts is dependent on the availability of daily returns data, and on the longevity of track record for the investments in the portfolio and the benchmark. See Definitions - Stress Test page for further details on period selection.</p><p>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_StressTests_DomesticStockMarketDeclines

PI_StressTests_RisingInterestRateConcerns

<p><em class=wt-bold>For more information about the scenarios displayed above, please refer to the Definitions – Scenarios page within the Methodology section of this report. </em></p><p><em class=wt-bold>The performance quoted is past performance and is not a guarantee of future results. Investments are subject to certain market risks. Investment returns and principal value will fluctuate so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance.</em></p><p>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_StressTests_Scenarios

<p><span class=wt-bold>As the model developer, J.P. Morgan Asset Management (“JPMAM”) does not individualize the model’s output to the needs of any specific retirement plan, IRA client or any other client of the financial professional using this tool.  JPMAM does not contract with the end client of the financial professional using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to the financial professional’s end client and does not have any control over whether its model is used in managing any specific client account.  JPMAM does not receive any fee or compensation directly from end clients who are plans or IRAs for use of the model.  Please Note: The digital portfolio analysis output was filed with FINRA for the promotion of funds in a brokerage capacity.  It is not meant to be used for the promotion of investment advisory services. </span></p><p><span class=wt-regular>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of the output, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund.</span></p><p><span class=wt-regular>Data source: Morningstar, Inc. &amp; Bloomberg L.P. All Rights Reserved. The information contained herein is proprietary to JPMAM, Morningstar &amp; Bloomberg; and is not warranted to be accurate, complete or timely. Neither Morningstar, Bloomberg nor their content providers are responsible for any damages or losses arising from any use of this information. Data are as of October 2024. Please see additional disclosures on the last page of the document.</span></p>

PI_PDFCoverPage

<h3>J.P. Morgan Global Multi-Asset Tactical Portfolios</h3><p>Managed by J.P. Morgan Multi-Asset Solutions, the portfolios aim to provide high risk-adjusted returns over a market cycle. The key contributors to this goal include highly diversified global asset allocation, dynamic tactical asset allocation and the selection of high conviction J.P. Morgan mutual funds &amp; ETFs.</p><p>The portfolios are the product of a rigorous and disciplined process that integrates: qualitative and quantitative analysis, constant evaluation of global markets and tight risk controls to design multi-asset portfolios that seek to keep investment outcomes on target. The portfolios are constructed by applying a process that integrates three key components: strategic risk/return framework, strategy selection, and active asset allocation (illustrated in the diagram below).</p><p><img src=https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/images/tools/static-files/jpmorgan-global-multi-asset-tactical-portfolios.png></p><h3>Strategy selection</h3><p>With approximately 500 investment strategies across the J.P. Morgan Asset Management platform, portfolios may benefit from allocating across different asset classes, regions, investment engines, and strategies. Strategy selection within Multi-Asset Solutions involves the ongoing review of JPMAM’s global capabilities, as well as passive index strategies managed by third parties. The Multi-Asset Solutions Manager Research team assesses investment team philosophies/objectives, processes, and performance to gauge alpha generation potential within each asset class. The Multi-Asset Solutions portfolio managers leverage these insights to determine whether there is a compelling fit for a strategy within a multi-asset portfolio. For all strategies, fit within the portfolio is extremely important. Portfolio fit includes confidence in the asset class, its contribution to diversification and the strategy’s ability to achieve alpha expectations. The Multi-Asset Solutions Portfolio Management teams may add or replace strategies if there is a relative preference for an alternative strategy that can improve portfolio results.</p><p>JPMorgan offers multiple types of risk-based model portfolios.  Further they range from conservative to aggressive allocations (see following pages for underlying investment and model portfolio allocation details).  The J.P. Morgan model portfolios may be updated tactically or strategically and are rebalanced on a monthly or quarterly basis.</p>

PI_Methodology_JPMModelsOverview_V2

<h3>J.P. Morgan Global Multi-Asset Tactical Portfolios</h3><p>Managed by J.P. Morgan Multi-Asset Solutions, the portfolios aim to provide high risk-adjusted returns over a market cycle. The key contributors to this goal include highly diversified global asset allocation, dynamic tactical asset allocation and the selection of high conviction mutual funds & ETFs.</p><p>The portfolios are the product of a rigorous and disciplined process that integrates qualitative and quantitative analysis, constant evaluation of global markets and tight risk controls to design multi-asset portfolios that seek to keep investment outcomes on target. The portfolios are constructed by applying a process that integrates three key components: strategic risk/return framework, strategy selection, and active asset allocation (illustrated in the diagram below).</p><p><img src=https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/images/tools/static-files/jpmorgan-global-multi-asset-tactical-portfolios.png></p><h3>Strategy selection</h3><p>With approximately 500 investment strategies across the J.P. Morgan Asset Management platform, portfolios may benefit from allocating across different asset classes, regions, investment engines, and strategies. Strategy selection within Multi-Asset Solutions involves the ongoing review of JPMAM’s global capabilities, as well as passive index strategies managed by third parties. The Multi-Asset Solutions Manager Research team assesses investment team philosophies/objectives, processes, and performance to gauge alpha generation potential within each asset class. The Multi-Asset Solutions portfolio managers leverage these insights to determine whether there is a compelling fit for a strategy within a multi-asset portfolio. For all strategies, fit within the portfolio is extremely important. Portfolio fit includes confidence in the asset class, its contribution to diversification and the strategy’s ability to achieve alpha expectations. The Multi-Asset Solutions Portfolio Management teams may add or replace strategies if there is a relative preference for an alternative strategy that can improve portfolio results.</p><p>JPMorgan offers multiple types of risk-based model portfolios. Further they range from conservative to aggressive allocations (see following pages for underlying investment and model portfolio allocation details). The J.P. Morgan model portfolios may be updated tactically or strategically and are rebalanced on a monthly or quarterly basis.</p>

PI_Methodology_JPMModelsOverview

<p>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. For more information about the scenarios displayed above, please refer to the Definitions – Scenarios page within the Methodology section of this report. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PortfolioSummary

<p>STRICTLY PRIVATE / CONFIDENTIAL | NOT FOR PUBLIC DISTRIBUTION </p><p class=wt-bold>This document is being provided for informational purposes only. It is educational in nature and not designed to serve as advice or a recommendation. The information in this document does not contain sufficient information to support an investment decision, and it should not be relied upon in evaluating the merits of investing in any securities or products. Recipients should make an independent assessment of the legal, regulatory, tax, credit, and accounting implications and determine, together with their own financial professional, if any investment mentioned herein is believed to be appropriate to their personal goals. Prior to making any investment or financial decisions, investors should seek individualized advice from personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of an individual investor’s own situation.  J.P. Morgan does not contract with the end client of the financial professional using this modeling tool, does not execute trades in the end client’s portfolio, and does not assume fiduciary responsibility.</p><p>The information herein should be used as a component of broader due diligence process. Exclusive reliance on the information herein is not advised. The information herein is based on current market conditions and is subject to change. The information is based on information that was provided by a financial professional.</p><p class=wt-bold>This communication is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>Past performance is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Data source: Morningstar, Inc. &amp; Bloomberg L.P. All Rights Reserved. The information contained herein: (1) is proprietary to J.P. Morgan Asset Management, Morningstar &amp; Bloomberg; (2) is not warranted to be accurate, complete or timely. Neither Morningstar, Bloomberg nor their content providers are responsible for any damages or losses arising from any use of this information. Data are as of October 2024.</p><div class='col'><p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.</p><p class=wt-medium><em class=wt-bold>Investors should carefully consider the investment objectives and risks as well as charges and expenses of a mutual fund or ETF before investing. The summary and full prospectuses contain this and other information about the mutual fund or ETF and should be read carefully before investing. To obtain a prospectus for Mutual Funds: Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111. Exchange Traded Funds: Call 1-844-4JPM-ETF. You can also download a prospectus from the following website; www.jpmorganfunds.com</em></p><p>J.P. Morgan Funds and J.P. Morgan ETFs are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase &amp; Co. Affiliates of JPMorgan Chase &amp; Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA.</p><p>Investing involves risk, including possible loss of principal. ETF Shares are bought and sold market price, and are not individually redeemed from a fund. Brokerage commissions will reduce returns. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. Narrowly focused investments typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. A fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund. A fund may not track the return of its underlying index for a number of reasons, such as  operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund. There is no guarantee the funds will meet their investment objective. Diversification may not protect against market loss. </p> <p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.</p><p>Telephone calls and electronic communications may be monitored and/or recorded. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:// www.jpmorgan.com/privacy </p> <p>J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase &amp; Co.</p>

PI_Disclaimers_GeneralDisclosures

<p><em class=wt-bold>For more information about the Drivers of risk-return displayed above, please refer to the Definitions – Risk-return decomposition within the Methodology section of this report. </em></p><p>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_Risk-ReturnDecomp_IndividualInvestments

<p><em class=wt-bold>For more information about the Drivers of risk-return displayed above, please refer to the Definitions – Risk-return decomposition within the Methodology section of this report. </em></p><p>Asset allocation shown above is based on underlying investments' Morningstar categorization. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_Risk-ReturnDecomp_AssetClassDecomp

<p>STRICTLY PRIVATE / CONFIDENTIAL | NOT FOR PUBLIC DISTRIBUTION</p><p>The information herein should be used as a component of broader due diligence process. Exclusive reliance on the information herein is not advised. The information herein is based on current market conditions and is subject to change. The information is based on information that was provided by a financial professional. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor&rsquo;s own situation.</p><p>Past performance is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Data source: Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to J.P. Morgan Asset Management and Morningstar; (2) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Data are as of October 2024.</p><p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.</p><p>J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase &amp; Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research &amp; Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.</p> <p><strong>Contact JPMorgan Distribution Services, Inc. at 1-800-338-4345 (Investment Professionals) or 1-800-480-4111 (Retail Investors) for a fund prospectus. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.</strong></p><p>J.P. Morgan Distribution Services, Inc. member FINRA.</p><p><strong>Investors should carefully consider the investment objectives and risks as well as charges and expenses of the ETF before investing. The prospectus contains this and other information about the ETF. Read the prospectus carefully before investing. Call 1-844-4JPM-ETF or visit www.jpmorganetfs.com <http://www.jpmorganetfs.com/>  to obtain a prospectus.</strong></p><p> Adjusted refers to the net of cost for all ETFs. All indices shown are net of tax.</p><p>Investing involves risk, including possible loss of principal. Shares are bought and sold market price, and are not individually redeemed from a fund. Brokerage commissions will reduce returns. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. Narrowly focused investments typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. A fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund. A fund may not track the return of its underlying index for a number of reasons, such as operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund.</p><p>There is no guarantee the funds will meet their investment objective. Diversification may not protect against market loss.</p><p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.</p><p>Telephone calls and electronic communications may be monitored and/or recorded. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:// www.jpmorgan.com/privacy </p> <p>J.P. Morgan Mutual Funds and J.P. Morgan ETFs are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA.</p><p>J.P. Morgan Asset Management, 270 Park Ave., New York, NY 10017</p>

PI - GlobalDisclosure

<p>STRICTLY PRIVATE / CONFIDENTIAL | NOT FOR PUBLIC DISTRIBUTION</p><p>The information herein should be used as a component of broader due diligence process. Exclusive reliance on the information herein is not advised. The information herein is based on current market conditions and is subject to change. The information is based on information that was provided by a financial professional. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purposes. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are generic, hypothetical and for illustration purposes only. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p><p>Past performance is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss. IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is not a guarantee of future results and should not be used to provide recommendations. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Data source: Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to J.P. Morgan Asset Management and Morningstar; (2) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Data are as of October 2024.</p><p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.</p><p>J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase &amp; Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research &amp; Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.</p><p><strong>Contact JPMorgan Distribution Services, Inc. at 1-800-338-4345 (Investment Professionals) or 1-800-480-4111 (Retail Investors) for a fund prospectus. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.</strong></p><p>J.P. Morgan Distribution Services, Inc. member FINRA</p><p><strong>Investors should carefully consider the investment objectives and risks as well as charges and expenses of the ETF before investing. The prospectus contains this and other information about the ETF. Read the prospectus carefully before investing. Call 1-844-4JPM-ETF or visit www.jpmorganetfs.com <http: www.jpmorganetfs.com=>  to obtain a prospectus.</http:></strong></p><p> Adjusted refers to the net of cost for all ETFs. All indices shown are net of tax.</p><p>Investing involves risk, including possible loss of principal. Shares are bought and sold market price, and are not individually redeemed from a fund. Brokerage commissions will reduce returns. International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. Narrowly focused investments typically exhibit higher volatility. Emerging markets involve heightened risks related to the same factors as well as increased volatility and decreased trading volume. A fund uses derivatives, which may be riskier than other types of investments and may increase the volatility of a fund. A fund may not track the return of its underlying index for a number of reasons, such as operating expenses incurred by a fund that are not applicable to an index, and the time difference between calculating the value of an index and the net asset value of a fund.</p><p>There is no guarantee the funds will meet their investment objective. Diversification may not protect against market loss.</p><p>J.P. Morgan Mutual Funds and J.P. Morgan ETFs are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase &amp; Co. Affiliates of JPMorgan Chase &amp; Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA.</p><p>If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance.</p><p>Telephone calls and electronic communications may be monitored and/or recorded. Personal data will be collected, stored and processed by J.P. Morgan Asset Management in accordance with our privacy policies at https:// www.jpmorgan.com/privacy </p> <p>J.P. Morgan Asset Management, 270 Park Ave., New York, NY 10017</p>

PI_Disclosures_Footer

<p>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_RiskRewardStatistics

<p>Preview and share feedback on our newly enhanced portfolio analysis tool. It’s more flexible, actionable and customizable.<a href="https://am.jpmorgan.com/tools/portfolio-analysis/" target="_blank"> Try it now &raquo;</a></p>

PI_MarketingMessage

<p>For illustrative purposes only and not designed to be a recommendation for any specific investment product, strategy, or other purposes. As the model developer, J.P. Morgan does not individualize the model’s output to the needs of any specific retirement plan, IRA client or any other client of the professional financial advisor using this tool. J.P. Morgan does not contract with the end client of the professional financial advisor using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to the financial advisor’s end client and does not have any control over whether its model is used in managing any specific client account. J.P. Morgan does not receive any fee or compensation directly from end clients who are plans or IRAs for use of the model. Allocation percentages and/or underlying funds are subject to change without notice. Allocation changes are subject to market and economic conditions and may be changed without notice. Diversification does not guarantee investment returns and does not eliminate the risk of loss. Diversification among investment options and asset classes may help to reduce overall volatility.</p>

PI_Methodology_JPMModelsAllocationDisclosure 

<p><b>Pre-inception Returns</b></p><br /><p>The analysis in this report may be based, in part, on NC historical returns for periods prior to the fund's actual inception. These calculated returns reflect the historical performance of the oldest share class of the fund, NC to reflect the fees and expenses of this share class. These fees and expenses are referenced in the report's Morningstar Ratings and Investment Fees &amp; Expenses section.</p><br /><p>While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an NC historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These NC historical returns are not actual returns. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.</p><br /><p><b>Morningstar Performance Ratings &amp; Rankings</b></p><br /><p>Morningstar Category™ classifications break securities into peer groups based on their holdings. Securities are placed in a given category based on their average holdings statistics over the past three years. Morningstar calculates Category Percentile Rankings for total returns of an security as a way to contrast performance versus others within its Morningstar Category. Percentile ranks always range from 1 (best) to 100 (worst) with all intermediate values spread evenly over that range.</p> <br /><p>For each security with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the security's load-NC return for the same period, and then adjusting this excess return for risk. The top 10% of securities in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a security is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Different share classes may have different ratings</p><br />

PI_HeatMap_Risk_Rewards_Methodology_Disclosure2

<p>This document is a general communication being provided to you for informal purposes only. The communication is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan design feature or any other purpose. By receiving this communication you agree with the intended purpose described above. Any examples used in this material are completely hypothetical and for illustration only. None of the J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a course of action or any action at all. Communications such as this are not impartial and are provided in connection with the advertising and marketing or products and services. Prior to making any investment or financial decisions or pursuing any investment related strategy, service or plan design change, you should seek individual advice from your personal financial, legal, tax and other professionals that take into account all of the particular facts and circumstances of your own situation. By accessing and viewing this information you acknowledge and understand the intended purpose of such information. The document is for the sole use of the person to whom it is addressed and is privileged and confidential. Use by anyone other than the addressee is prohibited.</p><p>Past performance is no guarantee of future results. Asset allocation or diversification does not guarantee investment returns and does not eliminate the risk of loss.</p><p>IMPORTANT: The information contained in this report is hypothetical in nature, does not reflect actual investment results, is no a guarantee of future results and should not be used to provide recommendation. Results may vary over time. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund.</p><p>Data source: Morningstar, Inc. All Rights Reserved. The information contained herein: (1) Is proprietary to J.P. Morgan Asset Management and Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.</p>

PI_HeatMap_CoverPage_Disclosure

<p>Diversification does not guarantee investment returns and does not eliminate the risk of loss. Diversification among investment options and asset classes may help to reduce overall volatility.</p><p>As the model developer, J.P. Morgan does not individualize the model’s output to the needs of any specific retirement plan, IRA client or any other client of the financial professional using this tool.  J.P. Morgan does not contract with the end client of the financial professional using this modeling tool, does not execute trades in the end client’s portfolio, does not assume fiduciary status with respect to the financial professional’s end client and does not have any control over whether its model is used in managing any specific client account.  J.P. Morgan does not receive any fee or compensation directly from end clients who are plans or IRAs for use of the model.</p>

PI_Methodology_JPMorganMASModelPortfolios_Disclaimer

PI_Methodology_JPMModelsETFDetail

PI_Methodology_JPMModelsMFDetail

<p>J.P. Morgan Model Portfolios are designed to help investors make thoughtful, well- informed decisions in creating multi-asset portfolios. They are based upon our Multi-Asset Solutions research team’s asset allocation views, which are the product of a rigorous and disciplined process that integrates:</p><ul><li>Qualitative insights that encompass macro-thematic insights, business cycle views, non-systematic inputs and market dislocations</li><li>Quantitative analysis that considers market inefficiencies, intra- and cross-asset class risk-return models, relative value, market directional strategies and systematic factor analysis</li><li>Strategy Summit meetings and ongoing dialogue in which research and investor teams debate, challenge and develop the firm’s asset allocation views</li></ul><p>These views are translated into two series of risk-based model portfolios, one version focusing on traditional asset classes and another that includes alternative strategies. Further they range from conservative to aggressive allocations (see following pages for model portfolio allocation details).</p><p>The J.P. Morgan Multi-Asset Solutions Model Portfolios are updated on a quarterly basis and are rebalanced on a monthly basis. Each portfolio is constructed using a blend of the underlying asset class indices shown in the table on the right for performance. Additionally Indices or ETFs may be used for portfolio-level data.</p>

PI_Methodology_JPMorganMASModelPortfolios

<p>A well-diversified portfolio may be less risky than any of the constituents taken alone. To understand the impact of individual investments and asset classes, J.P. Morgan calculates its contribution to risk and return. Intuitively, the assets with higher weight, higher volatility and a greater alignment with the portfolio return will contribute the most to the portfolio risk. Within this report, these measures are displayed at both a major asset class and individual security level. To categorize each underlying investment’s major asset class, J.P. Morgan generally leverages asset class groups defined by Morningstar. (Equity, Alternatives, Fixed Income. Allocation = Multi-Asset and Other)</p><div class="definitions-list"><dl><dt class="pdf-dt">Return Decomposition: </dt><dd class="pdf-dd">Measures the contribution of an underlying investment on the model portfolio’s annualized total return. An investment’s return contribution is a linear calculation of monthly performance relative to the portfolio. To calculate the return contribution of a asset class, J.P. Morgan uses the weighted average of the underlying investment returns.</dd><dt class="pdf-dt">Risk Decomposition: </dt><dd class="pdf-dd">This measure considers the unique impact of each underlying investment’s volatility in the context of the model portfolio. To calculate, J.P. Morgan sums each underlying investment’s weighted standard deviation adjusted by its correlation to the model portfolio.</dd></dl></div>

PI_Methodology_RiskReturnDecomposition

<h6>Statistic definitions</h6><div class="definitions-list"><dl><div><dt>R-squared: </dt><dd>Reflects the percentage of a portfolio's movements that can be explained by movements in its benchmark. Measures of the correlation of the portfolio’s returns to the benchmark's returns. An R-squared of 100 indicates that all movements of a portfolio can be explained by movements in the benchmark. Conversely, a low R- squared indicates that very few of the portfolio's movements can be explained by movements in its benchmark index R squared measure of 35, for example, means that only 35% of the portfolio’s movements can be explained by movements in the benchmark index.</dd><br><br></div><div><dt>Sharpe ratio: </dt><dd>Measures a manager's excess return over the risk-free rate of return (normally the cash return), divided by the standard deviation. It is a statistical measure that incorporates return and risk into a single number. The ratio describes how much excess return you are receiving for the extra volatility that you endure for holding a riskier asset. The higher the Sharpe Ratio, the better the portfolio’s historical risk-adjusted performance.</dd><br><br></div><div><dt>Standard deviation: </dt><dd>The standard deviation is a gauge of the variance of a manager's return over its average or mean. Statistically, it is the square root of the variance. Because it measures total variation of the return, standard deviation is a measure of total risk, unlike beta, which measures only market risk. Investors use the standard deviation to try to predict the range of returns that is most likely for a given investment. When a portfolio has a high standard deviation, the predicted range of performance is wide, implying greater volatility. The converse, a low standard deviation, implies that the portfolio will exhibit lower volatility.</dd><br><br></div><div><dt>Market capture ratios: </dt><dd>Together the up and down-market capture ratios reveal a historical picture of a portfolio’s performance in those relative market environments. The ideal combination is an up- market capture &gt; 100% and a down-market capture of &lt; 100%.</dd><br><br></div><div><dt>Up-market capture ratio: </dt><dd>Measures a manager's performance in up markets relative to the index during the same period. A ratio value of 115 indicates that the manager has outperformed the market index by 15% in periods when the index has risen.</dd><br><br></div><div><dt>Down-market capture ratio: </dt><dd>This ratio is the direct opposite of the up-market capture ratio, gauging performance of the manager relative to the index in down markets. A ratio value of 80 would indicate the manager has declined only 80% as much as the declining overall market, indicating relative outperformance.</dd><br><br></div><div><dt>Excess return: </dt><dd>Returns in excess of the benchmark.</dd><br><br></div></dl></div>

PI_Methodology_RiskRewardStatistics

<h6>Stress test definitions</h6><div class="definitions-list"><dl><div><dt>Rising Interest Rates: </dt><dd>Time periods reflect historical interest rate movements whereby the 10 Year US Treasury Yield increased by greater than 50 bps (% change noted in parentheses).</dd><br><br></div><div><dt>Falling Interest Rates: </dt><dd>Time periods reflect historical interest rate movements whereby the 10 Year US Treasury Yield decreased by greater than 50 bps (% change noted in parenthesis).</dd><br><br></div><div><dt>Stock Market Declines: </dt><dd>Historical declines in the S&amp;P 500 TR greater than 10% over the last ten calendar years.</dd><br><br></div><div><dt>Global Financial Crisis: </dt><dd>The leverage/housing bubble burst in mid-2007 leading to the collapse of Lehman Brothers and subsequently resulted in one of the worst financial crises since the Great Depression.</dd><br><br></div><div><dt>Taper Tantrum: </dt><dd>2013 sell-off of both risk assets and Treasuries driven by Ben Bernanke signaling a reduction in monthly asset purchases.</dd><br><br></div><div><dt>Falling Oil Prices: </dt><dd>Sharp decline in brent crude oil led to high yield spreads widening and to flight quality.</dd><br><br></div><div><dt>Global Slowdown Concerns: </dt><dd>In 2015, weakening Chinese economic data along with lower oil prices created concerns around a global slowdown in growth.</dd><br><br></div></dl></div>

PI_Methodology_StressTests

<p>The performance of the indices does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Funds/models reflect the deduction of fund expenses, including sales charges if applicable. Investors cannot invest directly in an index.</p><h6>Index definitions</h6><div class="definitions-list"><dl><div><dt>Russell 1000 Value: </dt><dd>Index is an unmanaged index that measures the performance of the companies within the Russell 1000 with lower price-to-book ratios and lower forecasted growth values.</dd><br><br></div><div><dt>Russell 1000 Growth: </dt><dd>Index is an unmanaged index that measures the performance of the companies within the Russell 1000 with higher price-to-book ratios and higher forecasted growth values.</dd><br><br></div><div><dt>Russell 2500: </dt><dd>Index is an unmanaged index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as "smid" cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.</dd><br><br></div><div><dt>MSCI US REIT: </dt><dd>Index is an unmanaged index that is a free float-adjusted market capitalization index that is comprised of equity REITs. The index is based on MSCI USA Investable Market Index (IMI), its parent index, which captures large, mid and small cap securities.</dd><br><br></div><div><dt>MSCI EAFE: </dt><dd>Index is an unmanaged index. EAFE (Europe, Australia, Far East) Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.</dd><br><br></div><div><dt>MSCI EM: </dt><dd>Index is an unmanaged index, (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets.</dd><br><br></div><div><dt>Morgan Stanley US REIT: </dt><dd>Index is a capitalization-weighted index of the most actively traded real estate investment trusts (REITs), designed to measure real estate equity performance.</dd><br><br></div><div><dt>Bloomberg Barclays US Aggregate Bond: </dt><dd>Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities and asset- backed securities.</dd><br><br></div><div><dt>Bloomberg Barclays US Corp High Yield 2% Issuer Capped: </dt><dd>Index is an unmanaged index that tracks the performance of fixed rate non-investment grade debt that are dollar denominated and non-convertible with a maximum allocation of 2% to any one issuer.</dd><br><br></div><div><dt>JPM EMBI Global Diversified: </dt><dd>Index is an unmanaged index that tracks performance of U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities. The index caps maximum weight to any country in the index at 10%.</dd><br><br></div><div><dt>Bloomberg Barclays US Treasury US TIPS: </dt><dd>Index is an unmanaged index that tracks total returns of all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade and have $250 million or more of outstanding face value.</dd><br><br></div><div><dt>USTREAS T-Bill Auction Ave 3 Month: </dt><dd>Index is an unmanaged index that measures the performance of the average investment rate of US T-Bills securities with the maturity of 3 months.</dd><br><br></div><div><dt>HFRX Equity Hedge Index: </dt><dd>Index designed to be representative of Equity Hedge strategies, which maintain positions both long and short in primarily equity and equity derivative securities.</dd><br><br></div><div><dt>HFRX Global Equity Hedge Fund Index: </dt><dd>Index designed to be representative of the overall composition of the hedge fund universe, including but not limited to, convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage and relative value arbitrage. These strategies are asset weighted based on the distribution of assets in the hedge fund industry.</dd><br><br></div></dl></div>

PI_Methodology_UnderlyingAssetClassIndices

<div class=definitions-list><dl><div><dt>Russell 1000 Value TR USD: </dt><dd>Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 90% of the U.S. market.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>Russell 2000 TR USD: </dt><dd>Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 8% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>Russell 2500 TR USD: </dt><dd>Index is an unmanaged index that measures the performance of the small to mid-cap segment of the U.S. equity universe, commonly referred to as smid cap. The Russell 2500 Index is a subset of the Russell 3000® Index. It includes approximately 2500 of the smallest securities based on a combination of their market cap and current index membership.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>Russell Mid Cap TR USD: </dt><dd>Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. As of the latest reconstitution, the average market capitalization was approximately $3.6 billion; the median market capitalization was approximately $2.8 billion.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>S&P 500 TR USD: </dt><dd>Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index was developed with a base level of 10 for the 1941-43 base period.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>S&P National AMT Free Muni TR USD: </dt><dd>Index is a broad, market value-weighted index designed to seek to measure the performance of the tax-exempt, investment-grade U.S. municipal bond market.</dd><div></dl></div> <div class=definitions-list><dl><div><dt>S&P Target Risk Aggressive TR USD: </dt><dd>Index series is comprised of four multi-asset class indices, each corresponding to a particular risk level. The asset class mix is determined once per year through a process designed to reflect the overall opportunity of the markets represented, adjusted for specific risk levels. Each index is fully investable, with varying levels of exposure to equities and fixed income.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>S&P Target Risk Growth TR USD: </dt><dd>Index series is comprised of four multi-asset class indices, each corresponding to a particular risk level. The asset class mix is determined once per year through a process designed to reflect the overall opportunity of the markets represented, adjusted for specific risk levels. Each index is fully investable, with varying levels of exposure to equities and fixed income.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>S&P Target Risk Moderate TR USD: </dt><dd>Index series is comprised of four multi-asset class indices, each corresponding to a particular risk level. The asset class mix is determined once per year through a process designed to reflect the overall opportunity of the markets represented, adjusted for specific risk levels. Each index is fully investable, with varying levels of exposure to equities and fixed income.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>USTREAS T-Bill Auction Ave 3 Mon: </dt><dd>Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. The US Treasury Index is a component of the US Aggregate, US Universal, Global Aggregate and Global Treasury Indices. The US Treasury Index was launched on January 1, 1973 .</dd></div></dl></div>

PI_Disclaimers_BenchmarkDisclosure2

<p>The performance of the indexes without the designation of “NC” included within this analysis do not reflect the deduction of expenses associated with an ETF, mutual fund or other investments, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses. Total return figures assume the reinvestment of dividends. Investors cannot invest directly in an index.</p><h6>Index definitions</h6> <div class=definitions-list><dl><div><dt>60% MSCI World 40% BBgBarc US Agg USD: </dt><dd>Benchmark is a composite benchmark of unmanaged indexes that includes 60% MSCI World Index (net of foreign withholding taxes) and 40% Bloomberg Barclays U.S. Aggregate Index. MSCI World Index is a broad measure of the performance of developed countries' equity markets. The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).</dd></div></dl></div> <div class=definitions-list><dl><div><dt>BBgBarc Gbl Agg Ex USD TR USD: </dt><dd>Index is a measure of global investment grade debt from 24 local currency markets. This multi- currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>BBgBarc HY Muni TR USD: </dt><dd>Index is an unmanaged index that tracks the high yield portion of the USD-denominated long-term tax exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>BBgBarc Municipal TR USD: </dt><dd>Index is an unmanaged index composed of USD-denominated long-term tax exempt bonds with a minimum credit rating of Baa. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds and pre-refunded bonds.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>BBgBarc US Agg Bond TR USD: </dt><dd>Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).</dd></div></dl></div> <div class=definitions-list><dl><div><dt>BBgBarc US HY 2% Issuer Cap TR USD: </dt><dd>Index is an unmanaged index that tracks the performance of fixed rate non-investment grade debt that are dollar denominated and non-convertible with a maximum allocation of 2% to any one issuer.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>BBgBarc US Treasury Bill 1-3 Mon TR USD: </dt><dd>Index measures US dollar-denominated, fixed-rate, nominal debt issued by the US Treasury. Treasury bills are excluded by the maturity constraint, but are part of a separate Short Treasury Index. STRIPS are excluded from the index because their inclusion would result in double-counting. The US Treasury Index is a component of the US Aggregate, US Universal, Global Aggregate and Global Treasury Indices. The US Treasury Index was launched on January 1, 1973.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>BbgBarc US Treasury US TIPS TR USD: </dt><dd>Index (Series-L) measures the performance of the US Treasury Inflation Protected Securities (TIPS) market. Federal Reserve holdings of US TIPS are not index eligible and are excluded from the face amount outstanding of each bond in the index. The US TIPS Index is a subset and the largest component of the Global Inflation-Linked Bond Index (Series-L). US TIPS are not eligible for other Bloomberg Barclays nominal Treasury or broad-based aggregate bond indices. The US TIPS (Series-L) was launched in March 1997.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>HFRX Equity Hedge Index: </dt><dd>Index designed to be representative of Equity Hedge strategies, which maintain positions both long and short in primarily equity and equity derivative securities.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>HFRX Global Hedge Fund: </dt><dd>Index designed to be representative of the overall composition of the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage, distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The strategies are asset weighted based on the distribution of assets in the hedge fund industry.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>JPM EMBI Global Diversified TR USD: </dt><dd>Index tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>MSCI ACWI NR USD: </dt><dd>Index is a free float-adjusted market capitalization weighted index measuring equity market performance of developed and emerging markets.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>MSCI EAFE NR USD: </dt><dd>Index is a free float-adjusted market capitalization weighted index measuring the performance of growth-oriented stocks in developed market economies, excluding the U.S. and Canada .</dd></div></dl></div> <div class=definitions-list><dl><div><dt>MSCI EM NR USD: </dt><dd>Index is a free float-adjusted market capitalization weighted index measuring emerging market equity performance.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>MSCI US REIT NR USD: </dt><dd>Index is a free float-adjusted market capitalization weighted index that is comprised of equity Real Estate Investment Trusts (REITs). The index is based on the MSCI USA Investable Market Index (IMI), its parent index, which captures the large, mid and small cap segments of the USA market. With 152 constituents, it represents about 99% of the US REIT universe and securities are classified under the Equity REITs Industry (under the Real Estate Sector) according to the Global Industry Classification Standard (GICS??), have core real estate exposure (i.e., only selected Specialized REITs are eligible) and carry REIT tax status.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>MSCI World NR USD: </dt><dd>Index captures large and mid cap representation across 23 Developed Markets (DM) countries*. With 1,632 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.</dd></div></dl></div> <div class=definitions-list><dl><div><dt>Russell 1000 Growth TR USD: </dt><dd>Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000 Index and includes approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 90% of the U.S. market.</dd></div></dl></div>

PI_Disclaimers_BenchmarkDisclosure1

<p>Gross of Fee Return: Performance results may be shown gross of management fees. The deduction of an advisory fee reduces an investor’s return. Actual account performance will vary on individual portfolio security selection and the applicable fee schedule. Fees are available upon request. The following is an example of the effect of compounded advisory fees over a period of time on the value of a client’s portfolio: A portfolio with a beginning value of $100 million, gaining an annual return of 10% per annum would grow to $259 million after 10 years, assuming no fees have been paid out. Conversely, a portfolio with a beginning value of $100 million, gaining an annual return of 10% per annum, but paying a fee of 1% per annum, would only grow to $235 million after 10 years. The annualized returns over the 10 year time period are 10.00% (gross of fees) and 8.91% (net of fees). If the fee in the above example was 0.25% per annum, the portfolio would grow to $253 million after 10 years and return 9.73% net of fees. The fees were calculated on a monthly basis, which shows the maximum effect of compounding.<p>

PI_PerformanceAndRisk_SMA

<p>The views contained herein are not to be taken as an advice or a recommendation to buy or sell any investment in any jurisdiction, nor is it a commitment from J.P. Morgan Asset Management or any of its subsidiaries to participate in any of the transactions mentioned herein. Any forecasts, figures, opinions or investment techniques and strategies set out are for information purposes only, based on certain assumptions and current market conditions and are subject to change without prior notice. All information presented herein is considered to be accurate at the time of writing, but no warranty of accuracy is given and no liability in respect of any error or omission is accepted. It should be noted that the value of investments and the income from them may fluctuate in accordance with market conditions and taxation agreements and investors may not get back the full amount invested. Both past performance and yield may not be a reliable guide to future performance.</p><p>This document is a general communication being provided to you for informational purposes only. The communication is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan design feature or any other purpose. By receiving this communication you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a course of action or any action at all.</p><p>Communications such as this are not impartial and are provided in connection with the advertising and marketing of products and services. Prior to making any investment or financial decisions or pursuing any investment related strategy, service or plan design change, you should seek individualized advice from your personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of your own situation.</p>

PI_Disclaimers_MethodologyAndAllocationViewsWithinThisReport

<p>Past performance is not indicative of future returns. Performance does not include any sales charges or other expenses. Annualized except when performance period is less than one year. The output is based on inputs provided by the user of the tool. All outputs are provided for informational purposes only and are not designed to be a recommendation for any specific investment product, strategy, or other purposes. By receiving this output, you agree with the intended purpose described above. None of J.P. Morgan Asset Management, its affiliates or representatives is suggesting that the recipient or any other person take a specific course of action or any action at all. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other financial professionals that take into account all of the particular facts and circumstances of an investor’s own situation.</p>

PI_PerformanceAndRisk_PortfolioYield

JPMorgan Models - Overview

Individual Investments

Analysis and benchmark selection

Investments

Top 25 investments by allocation

Ticker & investment name

Allocation (%)

Chart reveals % of the portfolio allocated to various asset classes.

Overall composition

Benchmark disclosures

Chart reveals total returns for each portfolio for the past ten calendar years.

Calendar year returns

Total return (%)

Performance

PORTFOLIO NAME / INVESTMENT ADVISORY FEE

Portfolio Analysis

PORTFOLIO INSIGHTS

Definitions - Factors

Risk-return decomposition

Definitions - Scenarios

Definitions - Stress Tests

Drivers of portfolio risk/return

Name

ESG Investment Heat Map

PORTFOLIO ANALYSIS

Chart reveals the % of the portfolio's equity accessibilityText=exposure allocated to equity global regions relative to the benchmark.

Equity regional exposure

Chart reveals % of the portfolios equity exposure allocated to various equity sectors relative to the benchmark.

Equity sector exposure

Chart reveals each portfolio's equity exposure across various factors including size, value, dividend yield, quality, minimum volatility and momentum.

Chart reveals % of the portfolio's equity exposure allocated across the equity style box.

Equity style box

Fees & expenses

Chart reveals % of the portfolio's fixed income exposure allocated across the credit quality spectrum.

Fixed income credit quality exposure

Chart reveals % of the portfolios' fixed income exposure allocated across various maturities.

Fixed income regional exposure

Maturity breakdown

Fixed income duration & maturity

Chart reveals % of the portfolio's fixed income exposure allocated to various municipal fixed income sectors relative to the benchmark.

Municipal fixed income sector exposure

Chart reveals % of the portfolio's fixed income exposure allocated to various fixed income sectors.

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