New York's 529 Advisor-Guided College Savings Program

New York's 529 Advisor-Guided College Savings Program yr AVERAGE TOTAL Expense ratio AGE-BASED PORTFOLIOS JPMorgan 529 Aggressive Age-Based Portfolio (Age 0-5) 2,3,4,5,6,7,8,9,37 Class A - 5/4/202, 5705, 6498A84 -.93 4.32 -.57-7.09 -.5-6.72 Class C - 5/4/202, 5707, 6498A825 -.98 4.2-2.26-2.96 3.2-3.24 Advisor Class - 5/4/202, 5708, 6498A87 -.9 4.36 -.35 -.76 5.50 Aggressive Portfolio Broad -.69 5.20-0.75 JPMorgan 529 Moderate Growth Age-Based Portfolio (Age 6-9) 2,3,4,5,6,7,8,9,0,,2,3,37 Class A - 5/4/202, 5749, 6498A79 -.75 3.78 -.39-6.92 -.68-6.59 Class C - 5/4/202, 575, 6498A775 -.80 3.64-2.7-2.78 2.64-3.4 Advisor Class - 5/4/202, 5752, 6498A767 -.8 3.82 -.6 -.76 5.50 Moderate Growth Portfolio Broad -.54 4.6-0.53 JPMorgan 529 Moderate Age-Based Portfolio (Age 0-2) 2,3,4,5,6,7,8,9,0,,2,3,4,37 Class A - 5/4/202, 574, 6498A759 -.6 2.88 -.30-6.74-2.50-6.47 Class C - 5/4/202, 5743, 6498A734 -.65 2.70-2.63.70-3.0 Advisor Class - 5/4/202, 5744, 6498A726 -.59 2.93 -.07 -.76 5.50 Moderate Portfolio Broad -.30 3.59-0.20 JPMorgan 529 Conservative Growth Age-Based Portfolio (Age 3-4) 2,3,4,5,6,8,9,0,,2,3,4,37 Class A - 5/4/202, 5733, 6498A78 -.30.84 -.06-6.47-3.49-6.25 Class C - 5/4/202, 5735, 6498A684 -.42.55-2.40 Advisor Class - 5/4/202, 5736, 6498A676 -.29.9 -.76 5.50 Conservative Growth Portfolio Broad -.00 2.3 0.3 -.57-6.72-2.26-3.24 -.35-0.75 -.39-6.59-2.7-3.4 -.6-0.53 -.30-6.47-3.0 -.07-0.20 -.06-6.25 0.3 8.86 6.92 8.04 8.04 9.0 9.24 8.08 6.6 7.28 7.28 8.37 8.45 6.65 4.74 5.87 5.87 6.9 7.09 4.89 3.03 4.09 4.09 5.3 5.38 9.0 7.52 8.29 8.29 9.36 9.57 8.47 6.89 7.67 7.67 8.73 8.79 7.5 5.59 6.36 6.36 7.42 7.45 5.47 3.94 4.68 4.68 5.73 5.76.2 0.87..86 0.86.06.8 0.8.00.75 0.75 The performance quoted is past performance and is not a guarantee of future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call -800-774-208 or visit www.ny529advisor.com

yr AVERAGE TOTAL Expense ratio AGE-BASED PORTFOLIOS (CONTINUED) JPMorgan 529 Conservative Age-Based Portfolio (Age 5-7) 2,3,5,6,9,0,,2,3,4,5,6,37 Class A - 5/4/202, 5725, 6498A668 -..05 -. -5.54-3.50-5.54 Class C - 5/4/202, 5727, 6498A643 -.4 0.89-2.3-0. Advisor Class - 5/4/202, 5728, 6498A635 -.0.2-0.76 -.76 5.50 Conservative Portfolio Broad -0.76.52 JPMorgan 529 College Age-Based Portfolio (Age 8 and over) 2,3,6,9,0,,2,3,4,5,6,37 Class A - 5/4/202, 577, 6498A627-0.64 0.37-0.92-5.0-4.7-5.35 Class C - 5/4/202, 579, 6498A593-0.66 0.9 -.59 -.66-2.58 Advisor Class - 5/4/202, 5720, 6498A585-0.46 - -.76 5.50 College Portfolio Broad -0.40 0.60 0.26 -. -5.54-0.76-0.92-5.35 -.59-2.58-0.26 3.5.94 3.77 4.08.66 0.2.94 2.5 4.2 2.82 3.35 3.35 4.39 4.46 2.0 0.83.34.34 2.36 2.48 0.95.70 0.70 0.84.59 0.59 ASSET ALLOCATION PORTFOLIOS JPMorgan 529 Aggressive Portfolio 2,3,4,5,6,7,8,9,37 Class A - 5/4/202, 570, 6498A577 -.93-7.09 Class C - 5/4/202, 5703, 6498A55 -.98-2.96 Advisor Class - 5/4/202, 5704, 6498A544 -.9 -.76-0.32 Aggressive Portfolio Broad -.69 JPMorgan 529 Moderate Growth Portfolio 2,3,4,5,6,7,8,9,0,,2,3,37 Class A - 5/4/202, 5745, 6498A536 -.75-6.92 Class C - 5/4/202, 5747, 6498A50 -.80-2.78 Advisor Class - 5/4/202, 5748, 6498A494 -.8 -.76-0.32 Moderate Growth Portfolio Broad -.54 JPMorgan 529 Moderate Portfolio 2,3,4,5,6,7,8,9,0,,2,3,4,37 Class A - 5/4/202, 5737, 6498A486 -.6-6.74 Class C - 5/4/202, 5739, 6498A460 -.65-2.63 Advisor Class - 5/4/202, 5740, 6498A452 -.59 -.76-0.32 Moderate Portfolio Broad -.30 4.32 -.5 4.2 3.2 4.36 5.50 5.20 3.78 -.68 3.64 2.64 3.82 5.50 4.6 2.88-2.50 2.70.70 2.93 5.50 3.59 -.57-6.72-2.26-3.24 -.35-0.75 -.39-6.59-2.7-3.4 -.6-0.53 -.30-6.47-3.0 -.07-0.20 -.57-6.72-2.26-3.24 -.35-0.75 -.39-6.59-2.7-3.4 -.6-0.53 -.30-6.47-3.0 -.07-0.20 8.86 6.92 8.04 8.04 9.0 9.24 8.08 6.6 7.28 7.28 8.37 8.45 6.65 4.74 5.87 5.87 6.9 7.09 9.0 7.52 8.29 8.29 9.36 9.57 8.47 6.89 7.67 7.67 8.73 8.79 7.5 5.59 6.36 6.36 7.42 7.45.2 0.87..86 0.86.06.8 0.8 2

yr AVERAGE TOTAL Expense ratio ASSET ALLOCATION PORTFOLIOS (CONTINUED) JPMorgan 529 Conservative Growth Portfolio 2,3,4,5,6,8,9,0,,2,3,4,37 Class A - 5/4/202, 5729, 6498A445 -.30.84-6.47-3.49 Class C - 5/4/202, 573, 6498A429 -.42.55-2.40 Advisor Class - 5/4/202, 5732, 6498A4 -.29.83 -.76 5.50 Conservative Growth Portfolio Broad -.00 2.3 JPMorgan 529 Conservative Portfolio 2,3,5,6,9,0,,2,3,4,5,6,37 Class A - 5/4/202, 572, 6498A395 -..05-5.54-3.50 Class C - 5/4/202, 5723, 6498A379 -.4 0.89-2.3-0. Advisor Class - 5/4/202, 5724, 6498A36 -.0.2 -.76 5.50 Conservative Portfolio Broad -0.76.52 JPMorgan 529 College Portfolio 2,3,6,9,0,,2,3,4,5,6,37 Class A - 5/4/202, 573, 6498A353-0.64 0.37-5.0-4.7 Class C - 5/4/202, 575, 6498A338-0.66 0.9 -.66 Advisor Class - 5/4/202, 576, 6498A320-0.64 0.46 -.76 5.50 College Portfolio Broad -0.40 0.60 JPMorgan 529 All Fixed Income Portfolio 2,6,0,,2,3,7,37 Class A - 5/4/202, 5709, 6498A32-0.69-0.79-5.7-5.26 Class C - 5/4/202, 57, 6498A288 -. -.80-2.0 Advisor Class - 5/4/202, 572, 6498A270-0.68-0.78 -.76 5.50 All Fixed Income Portfolio Broad -.06-6.25 0.3 -. -5.54-0.85-0.92-5.35 -.59-2.58-0.64 0.26 -.08-5.52 -.80-2.78-0.78 -.06-6.25 0.3 -. -5.54-0.85-0.92-5.35 -.59-2.58-0.64 0.26 -.08-5.52 -.80-2.78-0.78 4.89 3.03 4.09 4.09 5.3 5.38 3.5.94 3.77 4.08.66 0.2.9 2.5-0.43 -.94 -.9 -.9-0.6 5.47 3.94 4.68 4.68 5.73 5.76 4.2 2.82 3.35 3.35 4.39 4.46 2.0 0.83.34.34 2.36 2.48 -.0-0.52-0.52 0.49.92.00.75 0.75 0.95.70 0.70 0.84.59 0.59 0.90.65 INDIVIDUAL PORTFOLIOS JPMorgan 529 Equity Income Portfolio 2,3,4,6,7,8,8,37 Class A - 5/4/202, 5005, 64983656-2.2-7.24 Class C - 5/4/202, 5007, 6498363-2.8-3.6 Advisor Class - 5/4/202, 5008, 64983623-2.6 Russell 000 Value Index -2.5 JPMorgan 529 Growth Advantage Portfolio 2,3,4,6,8,9,37 Class A - 5/4/202, 5009, 6498365 -.09-6.28 Class C - 5/4/202, 50, 6498358 -.2-2.0 Advisor Class - 5/4/202, 502, 64983573 -.02 Russell 3000 Growth Index -.72 5.32-0.20 5.0 4.0 5.35 5.64 6.98.35 6.78 5.78 7.05 7.09-2.50-7.64-3.20-4.7-2.29-3.83 8.59 2.9 7.8 6.8 8.85 5.09-2.50-7.64-3.20-4.7-2.29-3.83 8.59 2.9 7.8 6.8 8.85 5.09 3.22.2 2.38 2.38 3.47 3.08 7.50 8.76 8.76 9.92 6.62 2.22 0.58.38.38 2.48 3.22 6.9 4.50 5.34 5.34 6.49 4.44.07.82 0.82.32 2.07.07 3

yr AVERAGE TOTAL Expense ratio INDIVIDUAL PORTFOLIOS (CONTINUED) JPMorgan 529 Small Cap Growth Portfolio 2,3,4,6,8,9,37 Class A - 5/4/202, 504, 64983474-3.97-9.04 Class C - 5/4/202, 5043, 64983458-4.0-4.97 Advisor Class - 5/4/202, 5044, 6498344-3.93 Russell 2000 Growth Index -4.77 JPMorgan 529 Small Cap Value Portfolio 2,3,4,6,7,8,20,37 Class A - 5/4/202, 5045, 64983433-5.99-0.92 Class C - 5/4/202, 5047, 6498347-6.08-7.02 Advisor Class - 5/4/202, 5048, 6498339-6.00 Russell 2000 Value Index -5.27 JPMorgan 529 Large Cap Growth Portfolio 2,3,6,8,9,37 Class A - 5/4/202, 507, 64983565 - -6.3 Class C - 5/4/202, 509, 64983540 -.00 -.99 Advisor Class - 5/4/202, 5020, 64983532-0.90 Russell 000 Growth Index -.47 SSgA 529 Russell 3000 ETF Portfolio 9,2,22,23,36 Class A - 5/4/202, 560, 64983383 -.5-6.67 Class C - 5/4/202, 5603, 64983367 -.55-2.53 Advisor Class - 5/4/202, 5604, 64983359 -.49 Russell 3000 Index -2.05 JPMorgan 529 Mid Cap Value Portfolio 2,3,4,6,7,8,20,37 Class A - 5/4/202, 502, 64983524-2. -7.22 Class C - 5/4/202, 5023, 64983490-2.6-3.4 Advisor Class - 5/4/202, 5024, 64983482-2.09 Russell Midcap Value Index -3.0 SSgA 529 S&P 600 Small Cap ETF Portfolio 9,2,22,23,24,37 Class A - 5/4/202, 5609, 6498A262-4.76-9.73 Class C - 5/4/202, 56, 6498A247-4.88-5.84 Advisor Class - 5/4/202, 562, 6498A239-4.78 S&P SmallCap 600-4.78 JPMorgan 529 International Equity Portfolio 2,3,5,6,8,25,26,37 Class A - 5/4/202, 503, 64983342 -.94-7.0 Class C - 5/4/202, 505, 64983326 -.90-2.88 Advisor Class - 5/4/202, 506, 6498338 -.84 MSCI EAFE Index (net of foreign -.35 5.56 5.42 4.42 5.65 4.32 2.78-2.63 2.55.55 2.82 2.88 7.36.73 7.9 6.9 7.44 7.32 7..49 7.02 6.02 7.25 6.27 3.47 -.98 3.29 2.29 3.57 3.2 3.40-2.06 3.2 2.2 3.5 3.72 3.56 -.85 3.37 2.37 3.70 4.7-2.22-7.35-2.93-3.90 -.94 -.38-7.85-2.70-8.53-9.44-7.6-7.47 7.36.73 6.58 5.58 7.59 5.67 - -5.49-0.97 -.96 0.48-2.89-7.97-3.57-4.54-2.62-4.78-2.69-7.82-3.39-4.36-2.42 -.97-2.84-7.9-3.57-4.54-2.57-2.22-7.35-2.93-3.90 -.94 -.38-7.85-2.70-8.53-9.44-7.6-7.47 7.36.73 6.58 5.58 7.59 5.67 - -5.49-0.97 -.96 0.48-2.89-7.97-3.57-4.54-2.62-4.78-2.69-7.82-3.39-4.36-2.42 -.97-2.84-7.9-3.57-4.54-2.57 2.98 0.96 2.5 2.5 3.26 4.28 9.6 7.20 8.34 8.34 9.43 9.06 6.22 4.5 5.37 5.37 6.53 6.83 4.8 2.6 3.33 3.33 4.50 4.74 3.37.35 2.53 2.53 3.66 3.40 2.40 0.4.56.56 2.68 3.57.35-0.45 0.63 0.63.6 5.0.73 0.0 2.0 3.37 0.57 8.96 9.75 9.75 0.84 0.43 2.38 0.74.55.55 2.66 4.54 3.05.4 2.22 2.22 3.37 3.78 3.35.70 2.52 2.52 3.64 3.54 2.5 0.52.32.32 2.44 3.37 4.27 2.75 3.50 3.50 4.53 6.89.30 2.05.05.38 2.3.3.6.9.40 0.40.29 2.04.04 0.70.45 0.45.36 2.. The JPMorgan Prime Money Market Portfolio invests primarily in the JPMorgan Prime Money Market Fund, which is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although a money market fund seeks to preserve the value of an investment at $ per share, it is possible that the JPMorgan Prime Money Market Portfolio will lose money by investing in such a fund. 4

yr AVERAGE TOTAL Expense ratio INDIVIDUAL PORTFOLIOS (CONTINUED) SSgA 529 S&P World ex-us ETF Portfolio 9,2,22,23,27,28 Class A - 5/4/202, 563, 64983250-2.37 2.75-7.5-2.6 Class C - 5/4/202, 565, 64983235-2.43 2.56-3.4.56 Advisor Class - 5/4/202, 566, 64983227-2.35 2.90 S&P Developed Ex-U.S. BMI Index -.48 4.2 JPMorgan 529 Realty Income Portfolio 2,3,7,8,23,29 Class A - 5/4/202, 5033, 6498329.48 6.43-3.85 0.88 Class C - 5/4/202, 5035, 6498385.36 6.28 0.36 5.28 Advisor Class - 5/4/202, 5036, 6498377.54 6.53 MSCI US REIT Index.83 7.08 JPMorgan 529 Core Bond Portfolio 2,5,8,0,,2,3,37 Class A - 5/4/202, 500, 6498369-0.47-0.94 with max 3.75% sales charge -4.7-4.69 Class C - 5/4/202, 5003, 6498344-0.48 -.05 -.48-2.04 Advisor Class - 5/4/202, 5004, 6498336-0.47-0.84 JPMorgan 529 Inflation Managed Bond Portfolio 2,5,6,8,0,,2,3,7 Class A - 9/25/205, 5753, 6498Q0-0.50-0.0 with max 3.75% sales charge -4.2-3.84 Class C - 9/25/205, 5754, 6498Q200-0.60-0.30 -.59 -.30 Advisor Class - 9/25/205, 5755, -0.50 6498Q309 Barclays -0 Year U.S. TIPS Index -0.59-0.70 JPMorgan 529 Short Duration Bond Portfolio 2,5,8,0,,2,3 Class A - 5/4/202, 5037, 6498A502-0.20-0.49 with max 3.75% sales charge -3.90-4.27 Class C - 5/4/202, 5039, 6498A700-0.30-0.7 -.30 -.70 Advisor Class - 5/4/202, 5040, 6498A809-0.20-0.49 Barclays -3 Year U.S. Government/Credit -0.3-0.36 Bond Index SSgA 529 MSCI ACWI ex-us ETF Portfolio 9,2,22,23,27,28 Class A - 5/4/202, 5605, 64983292-2.79 2.48-7.86-2.88 Class C - 5/4/202, 5607, 64983276-2.87 2.26-3.84.26 Advisor Class - 5/4/202, 5608, 64983268-2.77 2.55 MSCI All Country World Index, ex-u.s. (net -.88 3.24 of foreign -2.37-7.5-3.08-4.05 -.63 2.39-2.97.67 0.67 2.52 0.48-3.29-0.9 -.9 0.66-0.52 0.20-3.54-0.5 -.50 0.39-5.99-0.95-6.7-7.65-5.78-5.66-2.37-7.5-3.08-4.05 -.63 2.39-2.97.67 0.67 2.52 0.48-3.29-0.9 -.9 0.66-0.52 0.20-3.54-0.5 -.50 0.39-5.99-0.95-6.7-7.65-5.78-5.66 2.77 0.94 2.03 2.03 3.05 4.40 0.27 8.30 9.44 9.44 0.54.06.00-0.28 0.33 0.33.25 0.0 -.6 0.33 0.69 0.73 -.05-0.03-0.03 0.97.50 4.97 3.44 4.22 4.22 5.26 6.3 9.06 7.47 8.27 8.27 9.34 0.0.53 0.47 0.87 0.87.76 0.0-3.66-0.0 -.0 0.0-0.39-0.80-0.4-0.4 0.49 0.75 3.00.50 2.23 2.23 3.25 3.62 0.89.64 0.64.28 2.03.03 0.90.55.03.78 0.78 0.85.50 0.60 0.85.60 0.60 MONEY MARKET PORTFOLIOS JPMorgan 529 Prime Money Market Portfolio 2,5,8,0,,2,5,6,30,3,32,33,34,35,37 Class A - 5/4/202, 5025, 6498A882 Class C - 5/4/202, 5027, 6498A866 -.00 -.00 Advisor Class - 5/4/202, 5028, 6498A858 -.00 -.00 0.76.5 0.5 The JPMorgan Prime Money Market Portfolio invests primarily in the JPMorgan Prime Money Market Fund, which is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Although a money market fund seeks to preserve the value of an investment at $ per share, it is possible that the JPMorgan Prime Money Market Portfolio will lose money by investing in such a fund. 5

2 The Underlying Fund is subject to management risk and may not achieve its objective if the adviser s expectations regarding particular securities or markets are not met. 3 Certain Underlying Funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Underlying Fund s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Underlying Fund s securities goes down, the Portfolio s investment in the Underlying Fund decreases in value. 4 Some of the Underlying Funds invest more or less of their assets in securities of smaller cap companies (small and mid cap companies) which may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. As a result, share price changes of the Underlying Funds may be more sudden or erratic than the prices of other equity securities, especially over the short term. 5 Underlying Funds that invest in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in emerging markets. 6 The Underlying Funds may use derivatives. Derivatives may be riskier than other investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the original investment. Many derivatives create leverage thereby causing the Portfolio or Underlying Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Portfolio and Underlying Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligation), including credit risk of the derivative counterparty. 7 Certain Underlying Funds are highly concentrated in real estate securities including REITs. These securities are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The Underlying Funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the Underlying Funds. 8 The Underlying Fund or a Portfolio could experience a loss when selling securities to meet redemption requests by shareholders if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. 9 The Underlying Funds are managed with a passive investment strategy, attempting to track the performance of an unmanaged index of securities. This differs from an actively managed fund, which typically seeks to outperform a benchmark index. As a result, such Underlying Funds may hold constituent securities of their index regardless of the current or projected performance of a specific security or a particular industry or market sector. Maintaining investments in securities regardless of market conditions or the performance of individual securities could cause the Underlying Fund s return to be lower than if the Underlying Fund employed an active strategy. 0 An Underlying Fund s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops. Certain Underlying Funds investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Underlying Fund to sell such investments. 2 Certain Underlying Funds invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac) securities). Unlike Ginnie Mae securities, securities issued or guaranteed by U.S. government-related organizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government would provide financial support. Therefore, U.S. government-related organizations such as Fannie Mae or Freddie Mac may not have the funds to meet their payment obligations in the future. 3 Certain Underlying Funds may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called sub-prime mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, the Underlying Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. In periods of rising interest rates, the Underlying Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Underlying Fund may exhibit additional volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as IOs and POs, are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. An Underlying Fund will be exposed to additional risk to the extent that it uses inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. These securities are more volatile and more sensitive to interest rate changes than other types of debt securities. If interest rates move in a manner not anticipated by the adviser, the Underlying Fund could lose all or substantially all of its investment in inverse IOs. 4 Some of the Underlying Funds invest in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. 5 There is no assurance that the JPMorgan Prime Money Market Fund will meet its investment objective of maintaining a net asset value of $.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a net asset value of $.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no assurance that such failures and resulting redemption pressures will not occur in the future. 6 Because the JPMorgan Prime Money Market Fund will invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry will have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the banking industry. The profitability of banks depends largely on the availability and cost of funds, which can change depending on economic conditions. 7 TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-linked securities such as TIPS are adjusted periodically to a specified rate of inflation (i.e., CPI-U). There can be no assurance that the inflation index used will accurately measure the real rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. 8 An undervalued stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company s value or the factors that the adviser believes will cause the stock price to increase do not occur. 9 Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks held by certain Underlying Funds may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. 20 A value stock held by certain Underlying Funds may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company s value or the factors that the adviser believes will cause the stock price to increase do not occur. 2 While SSgA FM seeks to track the performance of the Underlying Fund s index as closely as possible (i.e., achieve a high degree of correlation with the index), the Underlying Fund s return may not match or achieve a high degree of correlation with the return of the index due to operating expenses, transaction costs, cash flows, regulatory requirements and operational inefficiencies. For example, SSgA FM anticipates that it may take several business days for additions and deletions to the Underlying Fund s index to be reflected in the portfolio composition of the Underlying Fund. 22 An investment in certain Underlying Funds involves risks similar to those of investing in any fund of equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. 23 If an Underlying Fund is non-diversified, it may invest a larger percentage of its assets in securities of a few issuers or a single issuer than that of a diversified fund. As a result, the Underlying Fund s performance may be disproportionately impacted by the performance of relatively few securities. 24 Small-sized companies may be more volatile and more likely than large- and mid-capitalization companies to have relatively limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of small companies could trail the returns on investments in stocks of larger companies. 25 Certain of the Underlying Funds may focus their investments in a region or small group of countries. As a result, such Underlying Fund s performance may be subject to greater volatility than a more geographically diversified fund. 26 Changes in foreign currency exchange rates will affect the value of an Underlying Fund s securities and the price of the Underlying Fund s shares. Generally, when the value of the U.S. dollar rises in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a country s government or banking authority also may have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. To the extent that an Underlying Fund hedges its currency exposure into the U.S. dollar, it may reduce the effects of currency fluctuations. An Underlying Fund may also hedge from one foreign currency to another. 27 Returns on investments in foreign securities could be more volatile than, or trail the returns on, investments in U.S. securities. Investments in securities issued by entities based outside the U.S. pose distinct risks since political and economic events unique to a country or region will affect those markets and their issuers. Further, such entities and/or their securities may also be affected by currency controls; different accounting, auditing, financial reporting, and legal standards and practices; expropriation; changes in tax policy; greater market volatility; differing securities market structures; higher transaction costs; and various administrative difficulties, such as delays in clearing and settling portfolio transactions or in receiving payment of dividends. Securities traded on foreign markets may be less liquid (harder to sell) than securities traded domestically. In addition, the value of the currency of the country in which an Underlying Fund has invested could decline relative to the value of the U.S. dollar, which may affect the value of the investment to U.S. investors. These risks may be heightened in connection with investments in developing or emerging countries. 6

28 Investment in emerging markets subjects certain Underlying Funds to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, high levels of inflation, deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in other countries. As a result, there will tend to be an increased risk of price volatility in an Underlying Fund s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. Settlement practices for transactions in foreign markets may differ from those in U.S. markets. Such differences include delays beyond periods customary in the United States and practices, such as delivery of securities prior to receipt of payment, which increase the likelihood of a failed settlement. Failed settlements can result in losses to the Underlying Fund. For these and other reasons, investments in emerging markets are often considered speculative. 29 The Underlying Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. 30 The JPMorgan Prime Money Market Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security s price. 3 Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the JPMorgan Prime Money Market Fund s ability to sell the securities at any given time. Such securities also may lose value. 32 There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result. 33 Although the JPMorgan Prime Money Market Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund s performance. 34 The Securities and Exchange Commission (SEC) has recently adopted amendments to money market regulation, imposing new liquidity, credit quality, and maturity requirements on all money market funds. These changes may result in reduced yields achieved by certain money market funds. The SEC may adopt additional reform to money market regulation, which may impact the operation or performance of the JPMorgan Prime Money Market Fund. 35 Mortgage-backed securities, other than GNMA mortgage-backed securities, are not backed by the full faith and credit of the U.S. government, and there can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities where it is not obligated to do so. Mortgage-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. Because of prepayment and extension risk, mortgage-backed securities react differently to changes in interest rates than other bonds. Small movements in interest rates (both increases and decreases) may quickly and significantly affect the value of certain mortgage-backed securities. 36 Formerly SSgA 529 Dow Jones Total Market ETF Portfolio 37 Class B performance is available online at jpmorganfunds.com INDEXES DEFINED: The Barclays -3 Year U.S. Government/Credit Bond Index is an unmanaged index of investment grade government and corporate bonds with maturities of one to three years. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An investor cannot invest directly in an index. The Barclays -0 Year U.S. TIPS Index represents the performance of intermediate (-0 year) U.S. Treasury Inflation Protection Securities. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index. The 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. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index. The MSCI US REIT Index is a free float-adjusted market capitalization weighted index that is comprised of equity REITs that are included in the MSCI US Investable Market 2500 Index, with the exception of specialty equity REITs that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the US REIT universe. An index is a list of securities. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of fund expenses, including sales charges if applicable. Investors can not invest directly in an index. The is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. Total return figures assume the reinvestment of dividends. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. An individual cannot invest directly in an index. The Russell 000 Value Index is an unmanaged index, which measures the performance of those Russell 000 companies with lower price-to-book ratios and lower forecasted growth values. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. Investors can not invest directly in an index. The Russell 2000 Value Index is an unmanaged index, which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. Investors can not invest directly in an index. The Russell 000 Growth Index is an unmanaged index which measures the performance of those Russell 000 companies with higher price-to-book ratios and higher forecasted growth values. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of fund expenses, including sales charges if applicable. Investors can not invest directly in an index. The Russell 2000 Growth Index is an unmanaged index, which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable.investors can not invest directly in an index. The MSCI All Country World Index, ex-u.s. (net of foreign is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. Total return figures assume the reinvestment of dividends. An individual cannot invest directly in an index. The S&P Developed Ex-U.S. BMI Index is a market capitalization weighted index that defines and measures the investable universe of publicly traded companies domiciled in developed countries outside the U.S. The Developed Index is "float adjusted", meaning that only those shares publicly available to investors are included in the Developed Index calculation. The S&P SmallCap 600 Index measures the performance of the small-capitalization sector in the US equity market. The selection universe for the Index includes all US common equities listed on the NYSE, NASDAQ Global Select Market, NASDAQ Select Market and NASDAQ Capital Market with market capitalizations between $250 million and $.2 billion. The Index is float-adjusted and market capitalization weighted. The Russell Midcap Value Index is an unmanaged index, which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An investor can not invest directly in an index. The Aggressive Portfolio Broad is a composite benchmark of unmanaged indexes that corresponds to the Portfolio's model allocation and consists of the (95%) and (5%). The Moderate Growth Portfolio Broad is a composite benchmark of unmanaged indexes that corresponds to the Portfolio's model allocation and consists of the MSCI World Index (net of foreign (85%) and (5%). 7

The Moderate Portfolio Broad is a composite benchmark of unmanaged indexes that corresponds to the Portfolio's model allocation and consists of the (68%) and (32%). The Conservative Growth Portfolio Broad is a composite benchmark of unmanaged indexes that corresponds to the Portfolio's model allocation and consists of the MSCI World Index (net of foreign (47%) and Capital U.S. Aggregate Index (53%). The Conservative Portfolio Broad is a composite benchmark of unmanaged indexes that corresponds to the Portfolio's model allocation and consists of the (33%), (57%) and BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (0%). The College Portfolio Broad is a composite benchmark of unmanaged indexes that corresponds to the Portfolio's model allocation and consists of the (5%), Barclays Capital U.S. Aggregate Index (45%) and BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (40%). The All Fixed Income Portfolio Broad consists of the (00%). The MSCI EAFE (Europe, Australia, Far East) Index (net of foreign 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. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. Total return figures assume the reinvestment of dividends. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. An individual cannot invest directly in an index. Before you invest, consider whether your or the beneficiary's home state offers any state tax or other benefits that are only available for investments in that state's qualified tuition program. The Comptroller of the State of New York and the New York State Higher Education Services Corporation are the Program Administrators and are responsible for implementing and administering the Advisor-Guided Plan. Neither the State of New York nor its agencies insures accounts or guarantees the principal deposited therein or any investment returns on any amount or investment portfolio. Ascensus Broker Dealer Services, Inc. and Ascensus Investment Advisors, LLC serve as Program Manager and Recordkeeping and Servicing Agent, respectively, and are responsible for day-to-day operations, including effecting transactions. J.P. Morgan Investment Management Inc. serves as the Investment Manager. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. JPMorgan Distribution Services, Inc. markets and distributes the Advisor-Guided Plan. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC. New York's 529 College Savings Program includes two separate 529 plans. The Advisor-Guided Plan is sold exclusively through financial advisors who have entered into Advisor-Guided Plan selling agreements with JPMorgan Distribution Services, Inc. You may also participate in the Direct Plan, which is sold directly by the Program and offers lower fees. However, the investment options available under the Advisor-Guided Plan are not available under the Direct Plan. The fees and expenses of the Advisor-Guided Plan include compensation to the financial advisor. Be sure to understand the options available before making an investment decision. For more information about, you may contact your financial advisor or obtain an Advisor-Guided Plan Disclosure Booklet and Tuition Savings Agreement at www.ny529advisor.com or by calling -800-774-208. This document includes investment objectives, risks, charges, expenses and other information. You should read and consider it carefully before investing.