JPMorgan SMID Cap Equity A PECAX

Under normal circumstances, at least 80% of the fund's assets will be invested in equity securities of small- to mid-cap companies. "Assets" means net assets, plus the amount of borrowings for investment purposes. Small- to mid-cap companies are generally considered to be those companies with market capitalizations similar to those within the universe of the Russell 2500® Index at the time of purchase.