JPMorgan Trust I

The Securities and Exchange Commission has not approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Class/Ticker: A/*; C/*; Select/*

What is the goal of the Fund?

The Fund seeks current income and some capital appreciation.

Fees and Expenses of the Fund

The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in “How to Do Business with the Funds — SALES CHARGES” on page 65 of the prospectus and in “PURCHASES, REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of the Statement of Additional Information.


SHAREHOLDER FEES (Fees paid directly from your investment)
	Class A	Class C	Select Class
Maximum Sales Charge (Load) Imposed on Purchases as % of Offering Price	4.50%	NONE	NONE
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares	NONE	1.00%	NONE
	(under $1 million)


ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class C			Select Class
Management Fees		0.30	%		0.30	%		0.30	%
Distribution (Rule 12b-1) Fees		0.25			0.75			NONE
Other Expenses¹		0.61			0.61			0.61
Shareholder Service Fees		0.25			0.25			0.25
Remainder of Other Expenses		0.36			0.36			0.36
Acquired Fund Fees and Expenses (Underlying Fund)¹		0.37			0.37			0.37

Total Annual Fund Operating Expenses		1.53			2.03			1.28
Fee Waivers and/or Expense Reimbursements²		(0.68	)		(0.58	)		(0.58	)

Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements²		0.85			1.45			0.70

*	The share class does not have an exchange ticker because it is not currently offered to the general public.

1	“Other Expenses” and “Acquired Fund Fees and Expenses (Underlying Fund)” are based on estimated amounts for the current fiscal year.

The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding (1) dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan incurred by the Fund and any underlying fund and (2) acquired fund fees incurred by an underlying fund) exceed 0.85%, 1.45%, or 0.70% of the average daily net assets of Class A, Class C, and Select Class Shares, respectively. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.

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 10/31/13 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
CLASS A SHARES ($)		533		848
CLASS C SHARES ($)		248		581
SELECT CLASS SHARES ($)		72		349


IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		848
CLASS C SHARES ($)		148		581
SELECT CLASS SHARES ($)		72		349

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.

What are the Fund’s main investment strategies?

The JPMorgan SmartRetirement Blend Income Fund is a “fund of funds” that invests in other J.P. Morgan Funds and

exchange traded funds (ETFs) that are managed by unaffiliated investment advisers (unaffiliated ETFs) (collectively with the J.P. Morgan Funds, the underlying funds), and is generally intended for investors who are retired or about to retire soon. The Fund is designed to provide exposure to a variety of asset classes through investments in underlying funds, with an emphasis on fixed income funds over equity funds and other funds. “Blend” in the Fund’s name means that the Fund’s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the Adviser) uses underlying funds and strategies that attempt to replicate performance of various indexes as well as actively-managed underlying funds and strategies.

The Fund’s strategic target allocations among various asset classes and types of underlying funds are anticipated to be as follows as of July 2, 2012.


Strategic Target Allocations¹
Fixed Income	55.5	%
U.S. Fixed Income	33.5	%
Inflation Managed	10.0	%
High Yield	7.5	%
Emerging Markets Debt	4.5	%
Equity	31.0	%
U.S. Large Cap Equity	16.0	%
U.S. Small/Mid Cap Equity	3.5	%
REIT	2.5	%
International Equity	7.0	%
Emerging Markets Equity	2.0	%
Money Market/Cash and Cash Equivalents	10.0	%
Money Market/Cash and Cash Equivalents	10.0	%
Commodities & Global Natural Resources	3.5	%
Commodities	1.5	%
Global Natural Resources	2.0	%

¹	As of the date of this prospectus, the Fund utilizes underlying funds to implement its strategic target allocations although the Fund also has flexibility to utilize direct investments in securities and derivatives to implement its strategic target allocations in the future.

These strategic target allocations represent the Adviser’s view of how the Fund’s investments should be allocated over the long term. The Fund’s actual allocations may differ due to tactical allocations. The Adviser will use tactical allocations to take advantage of short to intermediate term opportunities through a combination of positions in underlying funds and direct investments, including derivatives. As a result of these tactical allocations, the Fund may deviate from its strategic target allocations at any given time by up to +/- 15% for fixed income, +/- 10% for equity, +/- 20% for money market/cash and cash equivalents and +/- 5% for commodities and global natural resources. These ranges apply to both the asset classes and types of underlying funds. Updated information concerning the Fund’s actual allocations to underlying funds and investments will be available in the Fund’s shareholder reports and on the Fund’s website from time to time.

The Adviser will review the Fund’s strategic target allocations among the various asset classes and types of underlying funds on at least an annual basis and may make changes when it believes it is beneficial to the Fund, including, but not limited to, adding new asset classes, removing asset classes, changing the asset class allocations, changing the types of underlying funds or underlying fund allocations or maintaining the strategic target allocations for longer or shorter periods of time. In allocating the Fund’s assets between actively-managed underlying funds and underlying funds that are designed to replicate an index (index funds), the Adviser generally uses index funds for asset classes that are widely regarded as operating in efficient markets. In establishing the Fund’s strategic target allocations, the Adviser focuses on asset classes and underlying funds that the Adviser believes would outperform the Fund’s benchmarks and peer group over the long term. The Adviser will also review its tactical allocations on a periodic basis and may make modifications in its discretion.

In addition to investing in underlying funds, the Fund may invest directly in securities and other financial instruments, including derivatives. Such investments will be allocated to the appropriate asset class. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives such as futures contracts to gain exposure to, or to overweight or underweight its investments among, various sectors or markets. The Fund may also use exchange traded futures for cash management and to gain market exposure pending investment in underlying funds.

The Adviser may hire sub-advisers to manage any of the asset classes described above and to make direct investments in securities and other financial instruments. When using sub-advisers to manage the Fund’s assets, the Adviser, subject to certain conditions and oversight by the Fund’s Board of Trustees, will have the right to hire, terminate, or replace sub-advisers without shareholder approval.

The Fund’s Main Investment Risks

The 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. The Fund is exposed to the risks summarized below through both its direct investments and investments in underlying funds.

An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.

Investment Risk. The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund’s strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically.

Investment Company and ETF Risk. The Fund invests in other J.P. Morgan Funds and unaffiliated ETFs as a primary strategy, so the Fund’s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund’s Adviser or its affiliates provide services to and receive fees from certain of the underlying funds, the Fund’s investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund’s investments in an underlying fund may create a conflict of interest. Certain ETFs and other underlying funds may not be actively managed. Securities may be purchased, held and sold by such funds when an actively managed fund would not do so. ETFs may trade at a price below their net asset value (also known as a discount).

Tactical Allocation Risk. The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments listed above. The Fund’s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed above from time to time.

Index Strategy Risk. The Fund uses index funds and other strategies that are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund or as part of an indexing strategy at times when an actively managed fund would not do so. There is also the risk that the underlying fund’s or strategy’s performance may not correlate with the performance of the index.

instruments are generally less senstivie to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-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, an 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. Mortgage-related and asset-backed securities may: decline in value, face valuation difficulties, be more volatile and/or be illiquid.

Equity Securities Risk. Investments in equity securities (such as stocks) 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 Fund’s or the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund’s investment decreases in value.

Inflation Managed Strategy Risks. The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to 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.

circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy and environmental factors. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and 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. Certain underlying funds are highly concentrated in real estate securities, including REITs.

General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.

Foreign Securities and Emerging Markets Risks. Investments 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.” Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.

High Yield Securities Risk. 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.

Smaller Companies Risk. Some of the underlying funds invest in securities of smaller companies which may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies.

fulfill its contractual obligation), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk.

Commodity Risk. Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that the Fund or an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.

Natural Resources Risk. Some of the underlying funds may invest in natural resources companies. Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries.

Direct Investment Risk. The Fund’s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk).

Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices.

Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.

You could lose money investing in the Fund.

The Fund’s Past Performance

The Fund has not operated for a calendar year as of the date of this prospectus. Once the Fund has operated for at least one calendar year, a bar chart and performance table will be included in the prospectus to show the performance of the Fund. Although past performance of a Fund is no guarantee of how it will perform in the future, historical performance may give you some indication of the risks of investing in the Fund.

Management

J.P. Morgan Investment Management Inc.


Portfolio Manager	Managed Fund Since	Primary Title with Investment Adviser
Jeffrey A. Geller	2012	Managing Director
Anne Lester	2012	Managing Director
Michael Schoenhaut	2012	Managing Director
Daniel Oldroyd	2012	Executive Director

Purchase and Sale of Fund Shares

Purchase minimums


For Class A and Class C Shares
To establish an account			$500
To add to an account			$25
For Select Class Shares
To establish an account			$1,000,000
To add to an account			No minimum levels

In general, you may purchase or redeem shares on any business day

Through your Financial Intermediary

By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528

After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111

Tax Information

The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, in which case you may be subject to federal income tax upon withdrawal from the tax-advantaged investment plan.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

Class/Ticker: A/*; C/*; Select/*

What is the goal of the Fund?

The Fund seeks total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date.

Fees and Expenses of the Fund


SHAREHOLDER FEES (Fees paid directly from your investment)
	Class A	Class C	Select Class
Maximum Sales Charge (Load) Imposed on Purchases as % of Offering Price	4.50%	NONE	NONE
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares	NONE	1.00%	NONE
	(under $1 million)


ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class C			Select Class
Management Fees		0.30	%		0.30	%		0.30	%
Distribution (Rule 12b-1) Fees		0.25			0.75			NONE
Other Expenses¹		0.61			0.61			0.61
Shareholder Service Fees		0.25			0.25			0.25
Remainder of Other Expenses		0.36			0.36			0.36
Acquired Fund Fees and Expenses (Underlying Fund)¹		0.36			0.36			0.36

Total Annual Fund Operating Expenses		1.52			2.02			1.27
Fee Waivers and/or Expense Reimbursements²		(0.67	)		(0.57	)		(0.57	)

Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements²		0.85			1.45			0.70

*	The share class does not have an exchange ticker because it is not currently offered to the general public.

1	“Other Expenses” and “Acquired Fund Fees and Expenses (Underlying Fund)” are based on estimated amounts for the current fiscal year.

The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding (1) dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan incurred by the Fund and any underlying fund and (2) acquired fund fees incurred by an underlying fund) exceed 0.85%, 1.45%, and 0.70% of the average daily net assets of Class A, Class C, and Select Class Shares, respectively. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.

Example


IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		846
CLASS C SHARES ($)		248		578
SELECT CLASS SHARES ($)		72		346


IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		846
CLASS C SHARES ($)		148		578
SELECT CLASS SHARES ($)		72		346

Portfolio Turnover

What are the Fund’s main investment strategies?

The JPMorgan SmartRetirement Blend 2015 Fund is a “fund of funds” that invests in other J.P. Morgan Funds and exchange

The glide path shows the Fund’s long term strategic target allocations. The Fund’s actual allocations may differ due to tactical allocations. The Adviser will use tactical allocations to take advantage of short to intermediate term opportunities through a combination of positions in underlying funds and direct investments, including derivatives.

As a result of tactical allocations, the Fund may deviate from the strategic target allocations at any given time by up to +/- 15% for fixed income, +/- 10% for equity, +/- 20% for money market/cash and cash equivalents and +/- 5% for commodities and global natural resources. These ranges apply to both the asset classes and types of underlying funds. Updated information concerning the Fund’s actual allocations to underlying funds and investments will be available in the Fund’s shareholder reports and on the Fund’s website from time to time.

The Adviser will review the Fund’s strategic target allocations shown in the glide path on at least an annual basis and may make changes when it believes it is beneficial to the Fund, including, but not limited to, adding new asset classes, removing asset classes, changing the asset class allocations, changing the types of underlying funds or underlying fund allocations or maintaining the strategic target allocations for longer or shorter periods of time. In allocating the Fund’s assets between actively-managed underlying funds and underlying funds that are designed to replicate an index (index funds), the Adviser generally uses index funds for asset classes that are widely regarded as operating in efficient markets. In establishing the Fund’s strategic target allocations, the Adviser focuses on asset classes and underlying funds that the Adviser believes would outperform the Fund’s benchmarks and peer group over the long term. The Adviser will also review its tactical decisions on a periodic basis and may make modifications in its discretion.

The Fund is a “to” target date fund. This means that the Fund intends to reach its most conservative strategic target allocations by the end of the year of the target retirement date. When the strategic target allocations of the Fund are substantially the same as those of the JPMorgan SmartRetirement Blend Income Fund, the Fund may be merged into the JPMorgan SmartRetirement Blend Income Fund at the discretion of the Fund’s Board of Trustees.

The Fund’s Main Investment Risks

Tactical Allocation Risk. The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund’s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time.

Equity Securities Risk. Investments in equity securities (such as stocks) 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 Fund or the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund’s investment decreases in value.

Income Securities Risk. Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less senstivie to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-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, an 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.

Mortgage-related and asset-backed securities may: decline in value, face valuation difficulties, be more volatile and/or be illiquid.

Foreign Securities and Emerging Markets Risks. 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.” Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.

changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy and environmental factors. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and 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. Certain underlying funds are highly concentrated in real estate securities, including REITs.

Derivatives Risk. The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. 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 Fund or underlying fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund 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. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk.

incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries.

You could lose money investing in the Fund.

The Fund’s Past Performance

Management

J.P. Morgan Investment Management Inc.


Portfolio Manager	Managed Fund Since	Primary Title with Investment Adviser
Jeffrey A. Geller	2012	Managing Director
Anne Lester	2012	Managing Director
Michael Schoenhaut	2012	Managing Director
Daniel Oldroyd	2012	Executive Director

Purchase and Sale of Fund Shares

Purchase minimums


For Class A and Class C Shares
To establish an account			$500
To add to an account			$25
For Select Class Shares
To establish an account			$1,000,000
To add to an account			No minimum levels

In general, you may purchase or redeem shares on any business day

Through your Financial Intermediary

By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528

After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111

Tax Information

Class/Ticker: A/*; C/*; Select/*

What is the goal of the Fund?

The Fund seeks high total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date.

Fees and Expenses of the Fund


SHAREHOLDER FEES (Fees paid directly from your investment)
	Class A	Class C	Select Class
Maximum Sales Charge (Load) Imposed on Purchases as % of Offering Price	4.50%	NONE	NONE
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares	NONE	1.00%	NONE
	(under $1 million)


ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class C			Select Class
Management Fees		0.30	%		0.30	%		0.30	%
Distribution (Rule 12b-1) Fees		0.25			0.75			NONE
Other Expenses¹		0.61			0.61			0.61
Shareholder Service Fees		0.25			0.25			0.25
Remainder of Other Expenses		0.36			0.36			0.36
Acquired Fund Fees and Expenses (Underlying Fund)¹		0.35			0.35			0.35

Total Annual Fund Operating Expenses		1.51			2.01			1.26
Fee Waivers and/or Expense Reimbursements²		(0.66	)		(0.56	)		(0.56	)

Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements²		0.85			1.45			0.70

*	The share class does not have an exchange ticker because it is not currently offered to the general public.

1	“Other Expenses” and “Acquired Fund Fees and Expenses (Underlying Fund)” are based on estimated amounts for the current fiscal year.

The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding (1) dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan incurred by the Fund and any underlying fund and (2) acquired fund fees incurred by an underlying fund) exceed 0.85%, 1.45%, and 0.70% of the average daily net assets of Class A, Class C, and Select Class Shares, respectively. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.

Example


IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		844
CLASS C SHARES ($)		248		576
SELECT CLASS SHARES ($)		72		344


IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		844
CLASS C SHARES ($)		148		576
SELECT CLASS SHARES ($)		72		344

Portfolio Turnover

What are the Fund’s main investment strategies?

The JPMorgan SmartRetirement Blend 2020 Fund is a “fund of funds” that invests in other J.P. Morgan Funds and exchange

As a result of tactical allocations, the Fund may deviate from the strategic target allocations at any given time by up to +/- 15% for equity and fixed income, +/- 20% for money market/cash and cash equivalents and +/- 5% for commodities and global natural resources. These ranges apply to both the asset classes and types of underlying funds. Updated information concerning the Fund’s actual allocations to underlying funds and investments is available in the Fund’s shareholder reports and on the Fund’s website from time to time.

The Fund’s Main Investment Risks

Tactical Allocation Risk. The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund’s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time.

Equity Securities Risk. Investments 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 Fund or the underlying fund’s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund’s investment decreases in value.

Income Securities Risk. Investments in income securities that will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-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, an 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.

Mortgage-related and asset-backed securities may: decline in value, face valuation difficulties, be more volatile and/or be illiquid.

General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.

Real Estate Securities Risk. The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy and environmental factors. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and 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. Certain underlying funds are highly concentrated in real estate securities, including REITs.

Derivatives Risk. The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded

futures. 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 Fund or underlying fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund 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. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk.

You could lose money investing in the Fund.

The Fund’s Past Performance

Management

J.P. Morgan Investment Management Inc.


Portfolio Manager	Managed Fund Since	Primary Title with Investment Adviser
Jeffrey A. Geller	2012	Managing Director
Anne Lester	2012	Managing Director
Michael Schoenhaut	2012	Managing Director
Daniel Oldroyd	2012	Executive Director

Purchase and Sale of Fund Shares

Purchase minimums


For Class A and Class C Shares
To establish an account			$500
To add to an account			$25
For Select Class Shares
To establish an account			$1,000,000
To add to an account			No minimum levels

In general, you may purchase or redeem shares on any business day

Through your Financial Intermediary

By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528

After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111

Tax Information

Class/Ticker: A/*; C/*; Select/*

What is the goal of the Fund?

The Fund seeks high total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date.

Fees and Expenses of the Fund


SHAREHOLDER FEES (Fees paid directly from your investment)
	Class A	Class C	Select Class
Maximum Sales Charge (Load) Imposed on Purchases as % of Offering Price	4.50%	NONE	NONE
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares	NONE	1.00%	NONE
	(under $1 million)


ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class C			Select Class
Management Fees		0.30	%		0.30	%		0.30	%
Distribution (Rule 12b-1) Fees		0.25			0.75			NONE
Other Expenses¹		0.61			0.61			0.61
Shareholder Service Fees		0.25			0.25			0.25
Remainder of Other Expenses		0.36			0.36			0.36
Acquired Fund Fees and Expenses (Underlying Fund)¹		0.35			0.35			0.35

Total Annual Fund Operating Expenses		1.51			2.01			1.26
Fee Waivers and/or Expense Reimbursements²		(0.66	)		(0.56	)		(0.56	)

Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements²		0.85			1.45			0.70

*	The share class does not have an exchange ticker because it is not currently offered to the general public.

1	“Other Expenses” and “Acquired Fund Fees and Expenses (Underlying Fund)” are based on estimated amounts for the current fiscal year.

The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding (1) dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan incurred by the Fund and any underlying fund and (2) acquired fund fees incurred by an underlying fund) exceed 0.85%, 1.45%, and 0.70% of the average daily net assets of Class A, Class C, and Select Class Shares, respectively. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.

Example


IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		844
CLASS C SHARES ($)		248		576
SELECT CLASS SHARES ($)		72		344


IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		844
CLASS C SHARES ($)		148		576
SELECT CLASS SHARES ($)		72		344

Portfolio Turnover

What are the Fund’s main investment strategies?

The JPMorgan SmartRetirement Blend 2025 Fund is a “fund of funds” that invests in other J.P. Morgan Funds and exchange

As a result of tactical allocations, the Fund may deviate from the strategic target allocations at any given time by up to +/- 15% for equity and fixed income, +/- 20% for money market/cash and cash equivalent and +/- 5% for commodities and global natural resources. These ranges apply to both the asset classes and types of underlying funds. Updated information concerning the Fund’s actual allocations to underlying funds and investments is available in the Fund’s shareholder reports and on the Fund’s website from time to time.

The Fund’s Main Investment Risks

Tactical Allocation Risk. The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund’s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time.

Income Securities Risk. Investments in income securities that will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less senstivie to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-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, an 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. Mortgage-related and asset-backed securities may: decline in value, face valuation difficulties, be more volatile and/or be illiquid.

High Yield Securities Risk. 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.

significantly exceed the original investment. Many derivatives create leverage thereby causing the Fund or underlying fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund 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. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk.

Commodity Risk. Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.

You could lose money investing in the Fund.

The Fund’s Past Performance

Management

J.P. Morgan Investment Management Inc.


Portfolio Manager	Managed Fund Since	Primary Title with Investment Adviser
Jeffrey A. Geller	2012	Managing Director
Anne Lester	2012	Managing Director
Michael Schoenhaut	2012	Managing Director
Daniel Oldroyd	2012	Executive Director

Purchase and Sale of Fund Shares

Purchase minimums


For Class A and Class C Shares
To establish an account			$500
To add to an account			$25
For Select Class Shares
To establish an account			$1,000,000
To add to an account			No minimum levels

In general, you may purchase or redeem shares on any business day

Through your Financial Intermediary

By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528

After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

Class/Ticker: A/*; C/*; Select/*

What is the goal of the Fund?

The Fund seeks high total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date.

Fees and Expenses of the Fund


SHAREHOLDER FEES (Fees paid directly from your investment)
	Class A	Class C	Select Class
Maximum Sales Charge (Load) Imposed on Purchases as % of Offering Price	4.50%	NONE	NONE
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares	NONE	1.00%	NONE
	(under $1 million)


ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class C			Select Class
Management Fees		0.30%			0.30%			0.30%
Distribution (Rule 12b-1) Fees		0.25			0.75			NONE
Other Expenses¹		0.61			0.61			0.61
Shareholder Service Fees		0.25			0.25			0.25
Remainder of Other Expenses		0.36			0.36			0.36
Acquired Fund Fees and Expenses (Underlying Fund)¹		0.34			0.34			0.34

Total Annual Fund Operating Expenses		1.50			2.00			1.25
Fee Waivers and/or Expense Reimbursements²		(0.65	)		(0.55	)		(0.55	)

Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements²		0.85			1.45			0.70

*	The share class does not have an exchange ticker because it is not currently offered to the general public.

1	“Other Expenses” and “Acquired Fund Fees and Expenses (Underlying Fund)” are based on estimated amounts for the current fiscal year.

The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding (1) dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan incurred by the Fund and any underlying fund and (2) acquired fund fees incurred by an underlying fund) exceed 0.85%, 1.45%, and 0.70% of the average daily net assets of Class A, Class C, and Select Class Shares, respectively. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.

Example


IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		842
CLASS C SHARES ($)		248		574
SELECT CLASS SHARES ($)		72		342


IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		842
CLASS C SHARES ($)		148		574
SELECT CLASS SHARES ($)		72		342

Portfolio Turnover

What are the Fund’s main investment strategies?

The JPMorgan SmartRetirement Blend 2030 Fund is a “fund of funds” that invests in other J.P. Morgan Funds and exchange

The Fund’s Main Investment Risks

Tactical Allocation Risk. The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund’s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time.

Equity Securities Risk. Investments 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 Fund’s investment in the underlying fund decreases in value.

Income Securities Risk. Investments in income securities that will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make

payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less senstivie to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-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, an 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. Mortgage-related and asset-backed securities may: decline in value, face valuation difficulties, be more volatile and/or be illiquid.

Commodity Risk. Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.

You could lose money investing in the Fund.

The Fund’s Past Performance

Management

J.P. Morgan Investment Management Inc.


Portfolio Manager	Managed Fund Since	Primary Title with Investment Adviser
Jeffrey A. Geller	2012	Managing Director
Anne Lester	2012	Managing Director
Michael Schoenhaut	2012	Managing Director
Daniel Oldroyd	2012	Executive Director

Purchase and Sale of Fund Shares

Purchase minimums


For Class A and Class C Shares
To establish an account			$500
To add to an account			$25
For Select Class Shares
To establish an account			$1,000,000
To add to an account			No minimum levels

In general, you may purchase or redeem shares on any business day

Through your Financial Intermediary

By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528

After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111

Tax Information

Class/Ticker: A/*; C/*; Select/*

What is the goal of the Fund?

The Fund seeks high total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date.

Fees and Expenses of the Fund


SHAREHOLDER FEES (Fees paid directly from your investment)
	Class A	Class C	Select Class
Maximum Sales Charge (Load) Imposed on Purchases as % of Offering Price	4.50%	NONE	NONE
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares	NONE	1.00%	NONE
	(under $1 million)


ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class C			Select Class
Management Fees		0.30	%		0.30	%		0.30	%
Distribution (Rule 12b-1) Fees		0.25			0.75			NONE
Other Expenses¹		0.61			0.61			0.61
Shareholder Service Fees		0.25			0.25			0.25
Remainder of Other Expenses		0.36			0.36			0.36
Acquired Fund Fees and Expenses (Underlying Fund)¹		0.33			0.33			0.33

Total Annual Fund Operating Expenses		1.49			1.99			1.24
Fee Waivers and/or Expense Reimbursements²		(0.64	)		(0.54	)		(0.54	)

Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements²		0.85			1.45			0.70

*	The share class does not have an exchange ticker because it is not currently offered to the general public.

1	“Other Expenses” and “Acquired Fund Fees and Expenses (Underlying Fund)” are based on estimated amounts for the current fiscal year.

The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding (1) dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan incurred by the Fund and any underlying fund and (2) acquired fund fees incurred by an underlying fund) exceed 0.85%, 1.45%, and 0.70% of the average daily net assets of Class A, Class C, and Select Class Shares, respectively. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.

Example


IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		840
CLASS C SHARES ($)		248		572
SELECT CLASS SHARES ($)		72		340


IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		840
CLASS C SHARES ($)		148		572
SELECT CLASS SHARES ($)		72		340

Portfolio Turnover

What are the Fund’s main investment strategies?

The JPMorgan SmartRetirement Blend 2035 Fund is a “fund of funds” that invests in other J.P. Morgan Funds and exchange

The Fund’s Main Investment Risks

Tactical Allocation Risk. The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund’s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time.

Equity Securities Risk. Investments 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 Fund’s investment in the underlying fund decreases in value.

and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less senstivie to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-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, an 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. Mortgage-related and asset-backed securities may: decline in value, face valuation difficulties, be more volatile and/or be illiquid.

Commodity Risk. Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.

Natural Resources Risk. Some of the underlying funds may invest in natural resources companies. Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries.

Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss inceases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices.

You could lose money investing in the Fund.

The Fund’s Past Performance

Management

J.P. Morgan Investment Management Inc.


Portfolio Manager	Managed Fund Since	Primary Title with Investment Adviser
Jeffrey A. Geller	2012	Managing Director
Anne Lester	2012	Managing Director
Michael Schoenhaut	2012	Managing Director
Daniel Oldroyd	2012	Executive Director

Purchase and Sale of Fund Shares

Purchase minimums


For Class A and Class C Shares
To establish an account			$500
To add to an account			$25
For Select Class Shares
To establish an account			$1,000,000
To add to an account			No minimum levels

In general, you may purchase or redeem shares on any business day

Through your Financial Intermediary

By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528

After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111

Tax Information

Class/Ticker: A/*; C/*; Select/*

What is the goal of the Fund?

The Fund seeks high total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes the target retirement date.

Fees and Expenses of the Fund


SHAREHOLDER FEES (Fees paid directly from your investment)
	Class A	Class C	Select Class
Maximum Sales Charge (Load) Imposed on Purchases as % of Offering Price	4.50%	NONE	NONE
Maximum Deferred Sales Charge (Load) as % of Original Cost of the Shares	NONE	1.00%	NONE
	(under $1 million)


ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment)
	Class A			Class C			Select Class
Management Fees		0.30	%		0.30	%		0.30	%
Distribution (Rule 12b-1) Fees		0.25			0.75			NONE
Other Expenses¹		0.61			0.61			0.61
Shareholder Service Fees		0.25			0.25			0.25
Remainder of Other Expenses		0.36			0.36			0.36
Acquired Fund Fees and Expenses (Underlying Fund)¹		0.33			0.33			0.33

Total Annual Fund Operating Expenses		1.49			1.99			1.24
Fee Waivers and/or Expense Reimbursements²		(0.64	)		(0.54	)		(0.54	)

Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements²		0.85			1.45			0.70

*	The share class does not have an exchange ticker because it is not currently offered to the general public.

1	“Other Expenses” and “Acquired Fund Fees and Expenses (Underlying Fund)” are based on estimated amounts for the current fiscal year.

The Fund’s adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding (1) dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan incurred by the Fund and any underlying fund and (2) acquired fund fees incurred by an underlying fund) exceed 0.85%, 1.45%, and 0.70% of the average daily net assets of Class A, Class C, and Select Class Shares, respectively. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.

Example


IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		840
CLASS C SHARES ($)		248		572
SELECT CLASS SHARES ($)		72		340


IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:
	1 Year		3 Years
CLASS A SHARES ($)		533		840
CLASS C SHARES ($)		148		572
SELECT CLASS SHARES ($)		72		340

Portfolio Turnover

What are the Fund’s main investment strategies?

The JPMorgan SmartRetirement Blend 2040 Fund is a “fund of funds” that invests in other J.P. Morgan Funds and exchange


		REGISTRATION STATEMENT *UNDER* *THE SECURITIES ACT OF 1933*		¨
		Pre-Effective Amendment No.		¨
		Post-Effective Amendment No. 217		x


		REGISTRATION STATEMENT *UNDER* *THE INVESTMENT COMPANY ACT OF 1940*		¨
		Amendment No. 218		x
		(Check appropriate box or boxes)


John T. Fitzgerald, Esq.		Jon S. Rand, Esq.
JPMorgan Chase & Co.		Dechert LLP
270 Park Avenue		1095 Avenue of the Americas
New York, NY 10017		New York, NY 10036


Sales Charges			69
Rule 12b-1 Fees			73
Shareholder Servicing Fees			74
Networking and Sub-Transfer Agency Fees			74
Exchanging Fund Shares			74
Redeeming Fund Shares			75
Shareholder Information			78
Distributions and Taxes			78
Shareholder Statements and Reports			79
Availability of Proxy Voting Record			80
Portfolio Holdings Disclosure			80
Management of the Funds			81
The Adviser, Sub-Advisers, Administrator and Distributor and Shareholder Servicing Agent			81
Advisory Fees			81
Additional Compensation to Financial Intermediaries			81
The Fund Managers			82
Financial Highlights			83
How to Reach Us			Back cover

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Risk/Return Summaries:
JPMorgan SmartRetirement Blend Income Fund			1
JPMorgan SmartRetirement Blend 2015 Fund			6
JPMorgan SmartRetirement Blend 2020 Fund			12
JPMorgan SmartRetirement Blend 2025 Fund			18
JPMorgan SmartRetirement Blend 2030 Fund			23
JPMorgan SmartRetirement Blend 2035 Fund			29
JPMorgan SmartRetirement Blend 2040 Fund			35
JPMorgan SmartRetirement Blend 2045 Fund			40
JPMorgan SmartRetirement Blend 2050 Fund			45
JPMorgan SmartRetirement Blend 2055 Fund			50
More About the Funds			55
Principal Investment Strategies			55
Fundamental Policies			56
Investment Risks			58
Temporary Defensive Positions			64
Expenses of Underlying Funds			64
How to Do Business with the Funds			65
Purchasing Fund Shares			65


Strategic Target Allocation¹
Years to Target Retirement Date	40+		35		30		25		20		15		10		5		0		-5		-10
Equity	85.0	%	85.0	%	85.0	%	85.0	%	77.5	%	70.0	%	60.0	%	49.0	%	31.0	%	31.0	%	31.0	%
U.S. Large Cap Equity	41.0	%	41.0	%	41.0	%	41.0	%	37.3	%	33.5	%	28.8	%	24.0	%	16.0	%	16.0	%	16.0	%
U.S. Small/Mid Cap Equity	9.5	%	9.50	%	9.5	%	9.5	%	8.8	%	8.0	%	6.8	%	5.5	%	3.5	%	3.5	%	3.5	%
REITs	6.0	%	6.0	%	6.0	%	6.0	%	5.5	%	5.0	%	4.5	%	4.0	%	2.5	%	2.5	%	2.5	%
International Equity	18.5	%	18.5	%	18.5	%	18.5	%	16.8	%	15.0	%	12.8	%	10.5	%	7.0	%	7.0	%	7.0	%
Emerging Markets Equity	10.0	%	10.0	%	10.0	%	10.0	%	9.3	%	8.5	%	7.3	%	5.0	%	2.0	%	2.0	%	2.0	%
Commodities & Global Natural Resources	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	1.5	%	3.5	%	3.5	%	3.5	%
Commodities	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.5	%	1.5	%	1.5	%	1.5	%
Global Natural Resources	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	1.0	%	2.0	%	2.0	%	2.0	%
Fixed Income	15.0	%	15.0	%	15.0	%	15.0	%	22.5	%	30.0	%	40.0	%	49.5	%	55.5	%	55.5	%	55.5	%
U.S. Fixed Income	9.0	%	9.0	%	9.0	%	9.0	%	15.5	%	22.0	%	31.0	%	35.5	%	33.5	%	33.5	%	33.5	%
Inflation Managed	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	4.0	%	10.0	%	10.0	%	10.0	%
High Yield	4.0	%	4.0	%	4.0	%	4.0	%	4.5	%	5.0	%	5.5	%	6.0	%	7.5	%	7.5	%	7.5	%
Emerging Markets Debt	2.0	%	2.0	%	2.0	%	2.0	%	2.5	%	3.0	%	3.5	%	4.0	%	4.5	%	4.5	%	4.5	%
Money Market/Cash and Cash Equivalents	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	10.0	%	10.0	%	10.0	%
Money Market/Cash and Cash Equivalents	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	0.0	%	10.0	%	10.0	%	10.0	%



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2				JPMORGAN SMARTRETIREMENT BLEND FUNDS



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4				JPMORGAN SMARTRETIREMENT BLEND FUNDS