JPMorgan Trust II

J.P. MORGAN INCOME FUNDS
JPMorgan Core Bond Fund
JPMorgan High Yield Fund
(each, a “Fund” and collectively, the “Funds”)
(each a series of JPMorgan Trust II)
(All Share Classes)
Supplement dated September 15, 2025
to the current Summary Prospectuses and Prospectuses, as supplemented
Effective November 1, 2025, the Board of Trustees of JPMorgan Trust II has approved net expense ratio reductions for the Funds. Therefore, the “Annual Fund Operating Expenses” and “Example” tables in the Summary Prospectuses and Prospectuses for the Funds are hereby deleted in their entirety and replaced with the corresponding tables below:
Core Bond Fund
Class A, Class C and Class I Shares
 
   
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
         
   
        Class A      Class C      Class I  
Management Fees        0.28 %       0.28 %       0.28 % 
   
Distribution (Rule 12b‑1) Fees        0.25        0.75        NONE  
   
Other Expenses        0.30        0.30        0.30  
   
Service Fees
        0.25        0.25        0.25  
   
Remainder of Other Expenses
        0.05        0.05        0.05  
   
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
      
 
 
     
 
 
     
 
 
  
   
Total Annual Fund Operating Expenses        0.84        1.34        0.59  
   
Fee Waivers and/or Expense Reimbursements1        -0.14        -0.14        -0.14  
      
 
 
     
 
 
     
 
 
  
   
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1        0.70        1.20        0.45  
 
1
The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.70%, 1.20% and 0.45% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/26, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
 
SUP‑INC‑925
     
IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        444          620          810          1,361  
   
CLASS C SHARES ($)        222          411          721          1,463  
   
CLASS I SHARES ($)        46          175          315          725  
 
     
IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        444          620          810          1,361  
   
CLASS C SHARES ($)        122          411          721          1,463  
   
CLASS I SHARES ($)        46          175          315          725  
Class R2, Class R3, Class R4, Class R5 and Class R6 Shares
 
 
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
  
   
        Class R2      Class R3      Class R4      Class R5      Class R6  
Management Fees        0.28 %       0.28 %       0.28 %       0.28 %       0.28 % 
   
Distribution (Rule 12b‑1) Fees        0.50        0.25        NONE        NONE        NONE  
   
Other Expenses        0.31        0.30        0.30        0.15        0.05  
   
Service Fees
        0.25      0.25      0.25      0.10      NONE
   
Remainder of Other Expenses
        0.06      0.05      0.05      0.05      0.05
   
Acquired Fund Fees and Expenses        0.01        0.01        0.01        0.01        0.01  
      
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   
Total Annual Fund Operating Expenses        1.10        0.84        0.59        0.44        0.34  
   
Fee Waivers and/or Expense Reimbursements1        -0.05        -0.04        -0.04        -0.04        -0.04  
      
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
   
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1        1.05        0.80        0.55        0.40        0.30  
 
1
The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.05%, 0.80%, 0.55%, 0.40% and 0.30% of the average daily net assets of Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/26, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
     
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        107          345          601          1,336  
CLASS R3 SHARES ($)        82          264          462          1,033  
CLASS R4 SHARES ($)        56          185          325          734  
CLASS R5 SHARES ($)        41          137          242          551  
   
CLASS R6 SHARES ($)        31          105          187          427  
High Yield Fund
Class A, Class C and Class I Shares
 
   
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
         
   
        Class A      Class C      Class I  
Management Fees        0.50 %       0.50 %       0.50 % 
   
Distribution (Rule 12b‑1) Fees        0.25        0.75        NONE  
   
Other Expenses        0.35        0.35        0.34  
   
Service Fees
        0.25        0.25        0.25  
   
Remainder of Other Expenses
        0.10        0.10        0.09  
      
 
 
     
 
 
     
 
 
  
   
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
   
Total Annual Fund Operating Expenses        1.11        1.61        0.85  
   
Fee Waivers and/or Expense Reimbursements1        -0.26        -0.26        -0.25  
      
 
 
     
 
 
     
 
 
  
   
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1        0.85        1.35        0.60  
 
1
The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.85%, 1.35% and 0.60% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds for all Share Classes. These waivers are in effect through 10/31/26, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
 
         
IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        459          690          939          1,654  
   
CLASS C SHARES ($)        237          483          852          1,755  
   
CLASS I SHARES ($)        61          246          447          1,026  
       
IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                             
   
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        459          690          939          1,654  
   
CLASS C SHARES ($)        137          483          852          1,755  
   
CLASS I SHARES ($)        61          246          447          1,026  
Class R2, Class R3, Class R4, Class R5 and Class R6 Shares
 
     
ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value of your investment)
               
   
        Class R2     Class R3     Class R4     Class R5      Class R6  
Management Fees        0.50 %      0.50 %      0.50 %      0.50 %       0.50 % 
   
Distribution (Rule 12b‑1) Fees        0.50       0.25       NONE       NONE        NONE  
   
Other Expenses        0.40       0.35       0.46       0.21        0.09  
   
 Service Fees        0.25     0.25     0.25     0.10      NONE
   
 Remainder of Other Expenses        0.15     0.10     0.21     0.11      0.09
   
Acquired Fund Fees and Expenses        0.01       0.01       0.01       0.01        0.01  
      
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
   
Total Annual Fund Operating Expenses        1.41       1.11       0.97       0.72        0.60  
   
Fee Waivers and/or Expense Reimbursements3        -0.21       -0.16       -0.27       -0.17        -0.15  
      
 
 
    
 
 
    
 
 
    
 
 
     
 
 
  
   
Total Annual Fund Operating Expenses after Fee Waivers and/or Expense Reimbursements1        1.20       0.95       0.70       0.55        0.45  
 
1
The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.20%, 0.95%, 0.70%, 0.55% and 0.45% of the average daily net assets of Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/26 at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.
Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/26 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
 
     
WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                    
   
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        122          426          751          1,673  
   
CLASS R3 SHARES ($)        97          337          596          1,337  
   
CLASS R4 SHARES ($)        72          282          510          1,165  
   
CLASS R5 SHARES ($)        56          213          384          879  
   
CLASS R6 SHARES ($)        46          177          320          736  
In addition, the information pertaining to each of the Funds in the “Additional Fee and Expense Information” section in the Prospectuses of the Funds are hereby deleted in their entirety and replaced with the following:
Class A, Class C and Class I Shares
 
     Class     Net Expense Ratio     Gross Expense Ratio  
JPMorgan Core Bond Fund     A       0.70%       0.84%  
      C       1.20%       1.34%  
      I       0.45%       0.59%  
JPMorgan High Yield Fund     A       0.85%       1.11%  
      C       1.35%       1.61%  
      I       0.60%       0.85%  
A Fund’s annual return is reduced by its fees and expenses for that year. The examples below are intended to help you understand the annual and cumulative impact of the Fund’s fees and expenses on your investment through a hypothetical investment of $10,000 held for the next 10 years. The examples assume the following:
 
  •  
On 11/1/25, you invest $10,000 in the Fund and you will hold the shares for the entire 10 year period;
 
  •  
Your investment has a 5% return each year;
 
  •  
The Fund’s operating expenses remain at the levels discussed below and are not affected by increases or decreases in Fund assets over time;
 
  •  
At the time of purchase, any applicable initial sales charges (loads) are deducted; and
 
  •  
There is no sales charge (load) on reinvested dividends.
 
  •  
The annual costs are calculated using the Net Expense Ratios for the period through the expiration of any fee waivers or expense reimbursements memorialized in a written contract between the Funds and JPMIM and/or its affiliates; and the Gross Expense Ratios thereafter.
“Gross Cumulative Return” shows what the cumulative return on your investment at the end of each fiscal year would be if Fund expenses are not deducted. “Net Cumulative Return” shows what the cumulative return on your investment at the end of each year would be assuming Fund expenses are deducted each year in the amount shown under “Annual Costs.”
JPMorgan Core Bond Fund
 
 
 
     Class A     Class C1  
Period Ended    Annual
Costs		      Gross
Cumulative
Return		     Net
Cumulative
Return		     Net
Annual
Return		     Annual
Costs		      Gross
Cumulative
Return		     Net
Cumulative
Return		     Net
Annual
Return		  
October 31, 2026    $ 444        1.06 %      0.39 %      0.39 %    $ 122        5.00 %      3.80 %      3.80 % 
October 31, 2027      86        6.12       4.56       4.16       142        10.25       7.60       3.66  
October 31, 2028      90        11.42       8.91       4.16       147        15.76       11.54       3.66  
October 31, 2029      93        16.99       13.45       4.16       152        21.55       15.62       3.66  
October 31, 2030      97        22.84       18.17       4.16       158        27.63       19.85       3.66  
October 31, 2031      101        28.98       23.08       4.16       164        34.01       24.24       3.66  
October 31, 2032      106        35.43       28.20       4.16       170        40.71       28.78       3.66  
October 31, 2033      110        42.21       33.53       4.16       176        47.75       33.50       3.66  
October 31, 2034      115        49.32       39.09       4.16       114        55.13       39.05       4.16  
October 31, 2035      119        56.78       44.88       4.16       119        62.89       44.84       4.16  
 
1
The disclosure and numbers for Class C Shares shown above assume that the shareholder did not redeem the shares. With redemption, the numbers for Class C Shares for the first year (period ended October 31, 2026) would be as follows:
 
Annual Costs   Gross Cumulative
Return		     Net Cumulative Return     Net Annual Return  
$222     4.00%       2.80%       2.80%  
 
       Class I  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 46          5.00 %       4.55 %       4.55 % 
October 31, 2027        63          10.25        9.16        4.41  
October 31, 2028        66          15.76        13.97        4.41  
October 31, 2029        69          21.55        19.00        4.41  
October 31, 2030        72          27.63        24.25        4.41  
October 31, 2031        75          34.01        29.73        4.41  
October 31, 2032        78          40.71        35.45        4.41  
October 31, 2033        82          47.75        41.42        4.41  
October 31, 2034        85          55.13        47.66        4.41  
October 31, 2035        89          62.89        54.17        4.41  
JPMorgan High Yield Fund
 
 
 
     Class A     Class C1  
Period Ended    Annual
Costs		      Gross
Cumulative
Return		     Net
Cumulative
Return		     Net
Annual
Return		     Annual
Costs		      Gross
Cumulative
Return		     Net
Cumulative
Return		     Net
Annual
Return		  
October 31, 2026    $ 459        1.06 %      0.24 %      0.24 %    $ 137        5.00 %      3.65 %      3.65 % 
October 31, 2027      113        6.12       4.14       3.89       170        10.25       7.16       3.39  
October 31, 2028      118        11.42       8.20       3.89       175        15.76       10.80       3.39  
October 31, 2029      122        16.99       12.40       3.89       181        21.55       14.55       3.39  
October 31, 2030      127        22.84       16.78       3.89       188        27.63       18.44       3.39  
October 31, 2031      132        28.98       21.32       3.89       194        34.01       22.45       3.39  
October 31, 2032      137        35.43       26.04       3.89       200        40.71       26.60       3.39  
October 31, 2033      143        42.21       30.94       3.89       207        47.75       30.89       3.39  
October 31, 2034      148        49.32       36.03       3.89       148        55.13       35.99       3.89  
October 31, 2035      154        56.78       41.33       3.89       154        62.89       41.28       3.89  
 
1
The disclosure and numbers for Class C Shares shown above assume that the shareholder did not redeem the shares. With redemption, the numbers for Class C Shares for the first year (period ended October 31, 2026) would be as follows:
Annual Costs   Gross Cumulative
Return		     Net Cumulative Return     Net Annual Return  
$237     4.00%       2.65%       2.65%  
 
       Class I  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 61          5.00 %       4.40 %       4.40 % 
October 31, 2027        91          10.25        8.73        4.15  
October 31, 2028        94          15.76        13.25        4.15  
October 31, 2029        98          21.55        17.94        4.15  
October 31, 2030        102          27.63        22.84        4.15  
October 31, 2031        107          34.01        27.94        4.15  
October 31, 2032        111          40.71        33.25        4.15  
October 31, 2033        116          47.75        38.78        4.15  
October 31, 2034        120          55.13        44.54        4.15  
October 31, 2035        125          62.89        50.53        4.15  
Class R2, Class R3, Class R4, Class R5 and Class R6 Shares
 
     Class     Net Expense Ratio     Gross Expense Ratio  
JPMorgan Core Bond Fund     R2       1.05%       1.10%  
      R3       0.80%       0.84%  
      R4       0.55%       0.59%  
      R5       0.40%       0.44%  
      R6       0.30%       0.34%  
JPMorgan High Yield Fund     R2       1.20%       1.41%  
      R3       0.95%       1.11%  
      R4       0.70%       0.97%  
      R5       0.55%       0.72%  
      R6       0.45%       0.60%  
A Fund’s annual return is reduced by its fees and expenses for that year. The examples below are intended to help you understand the annual and cumulative impact of the Fund’s fees and expenses on your investment through a hypothetical investment of $10,000 held for the next 10 years. The examples assume the following:
 
  •  
On 11/1/25, you invest $10,000 in the Fund and you will hold the shares for the entire 10 year period;
 
  •  
Your investment has a 5% return each year;
 
  •  
The Fund’s operating expenses remain at the levels discussed below and are not affected by increases or decreases in Fund assets over time;
 
  •  
At the time of purchase, any applicable initial sales charges (loads) are deducted; and
 
  •  
There is no sales charge (load) on reinvested dividends.
 
  •  
The annual costs are calculated using the Net Expense Ratios for the period through the expiration of any fee waivers or expense reimbursements memorialized in a written contract between the Funds and JPMIM and/or its affiliates; and the Gross Expense Ratios thereafter.
“Gross Cumulative Return” shows what the cumulative return on your investment at the end of each fiscal year would be if Fund expenses are not deducted. “Net Cumulative Return” shows what the cumulative return on your investment at the end of each year would be assuming Fund expenses are deducted each year in the amount shown under “Annual Costs.”
JPMorgan Core Bond Fund
 
 
 
       Class R2  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 107          5.00 %       3.95 %       3.95 % 
October 31, 2027        117          10.25        8.00        3.90  
October 31, 2028        121          15.76        12.22        3.90  
October 31, 2029        126          21.55        16.59        3.90  
October 31, 2030        131          27.63        21.14        3.90  
October 31, 2031        136          34.01        25.86        3.90  
October 31, 2032        141          40.71        30.77        3.90  
October 31, 2033        147          47.75        35.87        3.90  
October 31, 2034        152          55.13        41.17        3.90  
October 31, 2035        158          62.89        46.68        3.90  
       Class R3  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 82          5.00 %       4.20 %       4.20 % 
October 31, 2027        89          10.25        8.53        4.16  
October 31, 2028        93          15.76        13.05        4.16  
October 31, 2029        97          21.55        17.75        4.16  
October 31, 2030        101          27.63        22.65        4.16  
October 31, 2031        105          34.01        27.75        4.16  
October 31, 2032        110          40.71        33.07        4.16  
October 31, 2033        114          47.75        38.60        4.16  
October 31, 2034        119          55.13        44.37        4.16  
October 31, 2035        124          62.89        50.38        4.16  
       Class R4  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 56          5.00 %       4.45 %       4.45 % 
October 31, 2027        63          10.25        9.06        4.41  
October 31, 2028        66          15.76        13.87        4.41  
October 31, 2029        69          21.55        18.89        4.41  
October 31, 2030        72          27.63        24.13        4.41  
October 31, 2031        75          34.01        29.60        4.41  
October 31, 2032        78          40.71        35.32        4.41  
October 31, 2033        82          47.75        41.29        4.41  
October 31, 2034        85          55.13        47.52        4.41  
October 31, 2035        89          62.89        54.02        4.41  
       Class R5  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 41          5.00 %       4.60 %       4.60 % 
October 31, 2027        47          10.25        9.37        4.56  
October 31, 2028        49          15.76        14.36        4.56  
October 31, 2029        51          21.55        19.57        4.56  
October 31, 2030        54          27.63        25.02        4.56  
October 31, 2031        56          34.01        30.73        4.56  
October 31, 2032        59          40.71        36.69        4.56  
October 31, 2033        62          47.75        42.92        4.56  
October 31, 2034        64          55.13        49.44        4.56  
October 31, 2035        67          62.89        56.25        4.56  
 
       Class R6  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 31          5.00 %       4.70 %       4.70 % 
October 31, 2027        36          10.25        9.58        4.66  
October 31, 2028        38          15.76        14.69        4.66  
October 31, 2029        40          21.55        20.03        4.66  
October 31, 2030        42          27.63        25.62        4.66  
October 31, 2031        44          34.01        31.48        4.66  
October 31, 2032        46          40.71        37.60        4.66  
October 31, 2033        48          47.75        44.02        4.66  
October 31, 2034        50          55.13        50.73        4.66  
October 31, 2035        52          62.89        57.75        4.66  
JPMorgan High Yield Fund
 
 
 
       Class R2  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 122          5.00 %       3.80 %       3.80 % 
October 31, 2027        149          10.25        7.53        3.59  
October 31, 2028        154          15.76        11.39        3.59  
October 31, 2029        160          21.55        15.39        3.59  
October 31, 2030        166          27.63        19.53        3.59  
October 31, 2031        172          34.01        23.82        3.59  
October 31, 2032        178          40.71        28.26        3.59  
October 31, 2033        184          47.75        32.87        3.59  
October 31, 2034        191          55.13        37.64        3.59  
October 31, 2035        198          62.89        42.58        3.59  
 
       Class R3  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 97          5.00 %       4.05 %       4.05 % 
October 31, 2027        118          10.25        8.10        3.89  
October 31, 2028        122          15.76        12.30        3.89  
October 31, 2029        127          21.55        16.67        3.89  
October 31, 2030        132          27.63        21.21        3.89  
October 31, 2031        137          34.01        25.92        3.89  
October 31, 2032        142          40.71        30.82        3.89  
October 31, 2033        148          47.75        35.91        3.89  
October 31, 2034        154          55.13        41.20        3.89  
October 31, 2035        160          62.89        46.69        3.89  
       Class R4  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 72          5.00 %       4.30 %       4.30 % 
October 31, 2027        103          10.25        8.50        4.03  
October 31, 2028        107          15.76        12.88        4.03  
October 31, 2029        112          21.55        17.42        4.03  
October 31, 2030        116          27.63        22.16        4.03  
October 31, 2031        121          34.01        27.08        4.03  
October 31, 2032        126          40.71        32.20        4.03  
October 31, 2033        131          47.75        37.53        4.03  
October 31, 2034        136          55.13        43.07        4.03  
October 31, 2035        142          62.89        48.84        4.03  
 
       Class R5  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 56          5.00 %       4.45 %       4.45 % 
October 31, 2027        77          10.25        8.92        4.28  
October 31, 2028        80          15.76        13.58        4.28  
October 31, 2029        84          21.55        18.44        4.28  
October 31, 2030        87          27.63        23.51        4.28  
October 31, 2031        91          34.01        28.80        4.28  
October 31, 2032        95          40.71        34.31        4.28  
October 31, 2033        99          47.75        40.06        4.28  
October 31, 2034        103          55.13        46.06        4.28  
October 31, 2035        107          62.89        52.31        4.28  
 
       Class R6  
Period Ended      Annual
Costs		        Gross
Cumulative
Return		      Net
Cumulative
Return		      Net
Annual
Return		  
October 31, 2026      $ 46          5.00 %       4.55 %       4.55 % 
October 31, 2027        64          10.25        9.15        4.40  
October 31, 2028        67          15.76        13.95        4.40  
October 31, 2029        70          21.55        18.97        4.40  
October 31, 2030        73          27.63        24.20        4.40  
October 31, 2031        76          34.01        29.67        4.40  
October 31, 2032        80          40.71        35.37        4.40  
October 31, 2033        83          47.75        41.33        4.40  
October 31, 2034        87          55.13        47.55        4.40  
October 31, 2035        90          62.89        54.04        4.40  
 
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE