Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stocks, real estate investment trusts (REITs), rights, and warrants. The Fund primarily invests in the common stocks of U.S. companies in the S&P 500 Index (the Index). The Fund may also invest in securities not included within the Index. As of December 31, 2025, the market capitalization range of companies included in the Index was $5.54 billion to $4.53 trillion. Sector by sector, the Funds weightings are similar to those of the Index. Within each sector, the Funds … Show more… Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of U.S. companies. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stocks, real estate investment trusts (REITs), rights, and warrants. The Fund primarily invests in the common stocks of U.S. companies in the S&P 500 Index (the Index). The Fund may also invest in securities not included within the Index. As of December 31, 2025, the market capitalization range of companies included in the Index was $5.54 billion to $4.53 trillion. Sector by sector, the Funds weightings are similar to those of the Index. Within each sector, the Funds subadviser, J.P. Morgan Investment Management Inc. (J.P. Morgan), modestly overweights equity securities that it considers undervalued or fairly valued while modestly underweighting or not holding equity securities that appear overvalued. By owning a large number of equity securities within the Index, with an emphasis on those that appear undervalued or fairly valued, the Fund seeks returns that modestly exceed those of the Index over the long term with a modest level of volatility as compared to the Index. The Fund may use derivatives as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Use of derivatives by the Fund may create investment leverage. In managing the investments of the Fund, J.P. Morgan employs a three-step process that combines research, valuation, and stock selection. J.P. Morgan takes an in-depth look at company prospects, which is designed to provide insight into a companys real growth potential. The research findings allow J.P. Morgan to rank the companies in each sector group according to their relative values. J.P. Morgan buys and sells equity securities, using the research and valuation rankings as a basis. Along with attractive valuation, J.P. Morgan often considers a number of other criteria: catalysts that could trigger a rise in a stocks price; impact on the overall risk of the portfolio relative to the Index; high perceived potential reward compared to perceived potential risk; and possible temporary mispricings caused by apparent market overreactions. J.P. Morgan may sell a security as its valuation or ranking changes or if more attractive investments become available. Show less