0001193125-12-307070.txt : 20120719 0001193125-12-307070.hdr.sgml : 20120719 20120719110154 ACCESSION NUMBER: 0001193125-12-307070 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120719 DATE AS OF CHANGE: 20120719 EFFECTIVENESS DATE: 20120719 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-103022 FILM NUMBER: 12969364 BUSINESS ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 12969365 BUSINESS ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 0001217286 S000002916 JPMorgan Emerging Markets Debt Fund C000007990 Select Class JEMDX C000033533 Class R5 JEMRX C000033869 Class A JEDAX C000033870 Class C JEDCX C000116218 Class R6 JEMVX 0001217286 S000002919 JPMorgan Real Return Fund C000008000 Select Class RRNSX C000008001 Institutional Class RRNNX C000008002 Class A RRNAX C000008003 Class C RRNCX 0001217286 S000002945 JPMorgan California Tax Free Bond Fund C000008058 Select Class JPCBX C000008059 Institutional Class JPICX C000008060 Class A JCBAX C000008061 Class C JCBCX 0001217286 S000002946 JPMorgan Intermediate Tax Free Bond Fund C000008062 Select Class VSITX C000008063 Institutional Class JITIX C000008064 Class A JITAX C000008065 Class B JIFBX C000008066 Class C JITCX 0001217286 S000002948 JPMorgan New York Tax Free Bond Fund C000008071 Select Class VINTX C000008072 Institutional Class JNYIX C000008073 Class A VANTX C000008074 Class B VBNTX C000008075 Class C JCNTX 0001217286 S000018749 JPMorgan Tax Aware High Income Fund C000051893 Select Class JTISX C000051894 Class A JTIAX C000051895 Class C JTICX 0001217286 S000022843 JPMorgan Total Return Fund C000066239 Select Class JMTSX C000066240 Class A JMTAX C000066241 Class C JMTCX C000066242 Class R5 JMTRX 0001217286 S000022994 JPMorgan Strategic Income Opportunities Fund C000066701 Select Class JSOSX C000066702 Class A JSOAX C000066703 Class C JSOCX C000066704 Class R5 JSORX 0001217286 S000028002 JPMorgan Inflation Managed Bond Fund C000085147 Class A JIMAX C000085148 Class C JIMCX C000085149 Select Class JRBSX C000085150 Class R2 JIMZX C000085151 Class R5 JIMRX C000093776 Class R6 JIMMX 0001217286 S000029581 JPMorgan Managed Income Fund C000090815 Select Class JMGSX C000090816 Institutional Class JMGIX 0001217286 S000030249 JPMorgan Multi-Sector Income Fund C000093101 Class A JSIAX C000093102 Class C JINCX C000093103 Select Class JSISX C000093104 Class R2 JISZX C000093105 Class R5 JSIRX 0001217286 S000030402 JPMorgan Credit Opportunities Fund C000093413 Class A JOCAX C000093414 Class C JOCCX C000093415 Select Class JOCSX C000093416 Class R2 JOCZX C000093417 Class R5 JOCRX C000093418 Class R6 JOCMX 0001217286 S000031382 JPMorgan Tax Aware Income Opportunities Fund C000097660 Class A JTAAX C000097661 Class C JTACX C000097662 Select Class JTASX 0001217286 S000032549 JPMorgan Current Income Fund C000100365 Select Class JPCSX C000100366 Institutional Class JPCIX 485BPOS 1 d313401d485bpos.htm JPMORGAN TRUST I JPMorgan Trust I

As filed with the Securities and Exchange Commission on July 19, 2012

Securities Act File No. 333-103022

Investment Company Act File No. 811-21295

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-1A

 

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

    ¨
  Pre-Effective Amendment No.    ¨
  Post-Effective Amendment No. 226    x

and/or

 

 

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

    ¨
  Amendment No. 227    x
  (Check appropriate box or boxes)   

 

 

JPMORGAN TRUST I

(Exact Name of Registrant Specified in Charter)

 

 

270 Park Avenue

New York, New York, 10017

(Address of Principal Executive Offices)

Registrant’s Telephone Number, Including Area Code: (800) 480-4111

Frank J. Nasta, Esq.

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

 

 

With copies to:

 

Jessica K. Ditullio, Esq.

   Jon S. Rand, Esq.
JPMorgan Chase & Co.   Dechert LLP

1111 Polaris Parkway

   1095 Avenue of the Americas

Columbus, OH 43240

   New York, NY 10036

 

 

It is proposed that this filing will become effective (check appropriate box):

 

  x immediately upon filing pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ on July 1, 2012 pursuant to paragraph (b).
  ¨ on (date) pursuant to paragraph (a)(1).
  ¨ on (date) pursuant to paragraph (a)(2).

If appropriate, check the following box:

 

  ¨ The post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 

EXPLANATORY NOTE

This Post-Effective Amendment No. 226 relates to the following funds:

 

JPMorgan Tax Aware High Income Fund
JPMorgan Tax Aware Income Opportunities Fund
JPMorgan California Tax Free Bond Fund
JPMorgan Intermediate Tax Free Bond Fund
JPMorgan New York Tax Free Bond Fund
JPMorgan Credit Opportunities Fund
JPMorgan Current Income Fund
JPMorgan Emerging Markets Debt Fund
JPMorgan Inflation Managed Bond Fund
JPMorgan Managed Income Fund
JPMorgan Multi-Sector Income Fund
JPMorgan Real Return Fund
JPMorgan Strategic Income Opportunities Fund
JPMorgan Total Return Fund

SIGNATURE

 

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant, JPMorgan Trust I, certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Columbus and State of Ohio on the 19th day of July, 2012.   

 

JPMORGAN TRUST I

By:  

    PATRICIA A. MALESKI*        

  Patricia A. Maleski
  President and Principal Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on July 19, 2012.

 

WILLIAM J. ARMSTRONG*

    

WILLIAM G. MORTON, JR.*

William J. Armstrong

Trustee

    

William G. Morton, Jr.

Trustee

JOHN F. FINN*

    

ROBERT A. ODEN, JR.*

John F. Finn

Trustee

    

Robert A. Oden, Jr.

Trustee

DR. MATTHEW GOLDSTEIN*

    

FERGUS REID, III*

Dr. Matthew Goldstein

Trustee

    

Fergus Reid, III

Trustee and Chairman

ROBERT J. HIGGINS*

    

FREDERICK W. RUEBECK*

Robert J. Higgins*

Trustee

    

Frederick W. Ruebeck

Trustee

FRANKIE D. HUGHES*

    

JAMES J. SCHONBACHLER*

Frankie D. Hughes

Trustee

    

James J. Schonbachler

Trustee

PETER C. MARSHALL*

    

LEONARD M. SPALDING, JR.*

Peter C. Marshall

Trustee

    

Leonard M. Spalding, Jr.

Trustee

MARILYN MCCOY*

     By  

PATRICIA A. MALESKI*

Marilyn McCoy

Trustee

      

Patricia A. Maleski

President and Principal Executive Officer

By  

JOY C. DOWD*

      
  Joy C. Dowd      
  Treasurer and Principal Financial Officer      
*By  

/S/  JESSICA K. DITULLIO

      
  Jessica K. Ditullio      
  Attorney-in-Fact      

Exhibit Index

 

Exhibit Number    Description
EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
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iso4217:USD <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Inflation Managed Bond Fund</font><br/><br/><b>Class/Ticker:<br/><b>A/JIMAX; C/JIMCX; Select/JRBSX</b></b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_7"></a>JPMorgan Total Return Fund </font><br /><br /><b>Class/Ticker: A/JMTAX; C/JMTCX; Select/JMTSX </b><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Emerging Markets Debt Fund </font><br/><br/><b>Class/Ticker: A/JEDAX; C/JEDCX; Select/JEMDX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Credit Opportunities Fund</font><br/><br/><b>Class/Ticker: A/JOCAX; C/JOCCX; Select/JOCSX</b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a> JPMorgan Strategic Income Opportunities Fund</font><br/><br/><b>Class/Ticker:<b> A/JSOAX; C/JSOCX; Select/JSOSX </b></b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Real Return Fund </font><br/><br/><b>Class/Ticker: Institutional/RRNNX </b></b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Real Return Fund</font><br/><br/><b>Class/Ticker: A/RRNAX; C/RRNCX; Select/RRNSX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Inflation Managed Bond Fund</font><br/><br/><b>Class/Ticker: R2/JIMZX; R5/JIMRX; R6/JIMMX</b></b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_10"></a>JPMorgan Multi-Sector Income Fund </font><br /><br /><b>Class/Ticker: A/JSIAX; C/JINCX; Select/JSISX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Multi-Sector Income Fund</font><br/><br/><b>Class/Ticker: R2/JISZX; R5/JSIRX; R6/JSIMX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313358_6"></a>JPMorgan Credit Opportunities Fund </font><br /><br /><b>Class/Ticker: R2/JOCZX; R5/JOCRX; R6/JOCMX </b><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Total Return Fund</font><br/><br/><b>Class/Ticker: R5/JMTRX </b> <b><font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313358_7"></a>JPMorgan Strategic Income Opportunities Fund <br /><br />Class/Ticker: R5/JSORX </font></b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Emerging Markets Debt Fund</font><br/><br/><b>Class/Ticker:<b>R5/JEMRX; R6/JEMVX</b></b> <b>What is the goal of the Fund? </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <b>What is the goal of the Fund? </b> <b>What is the goal of the Fund? </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313360_1"></a>JPMorgan Tax Aware High Income Fund </font><br/><br/><b>Class/Ticker: A/JTIAX; C/JTICX; Select/JTISX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan California Tax Free Bond Fund</font><br/><br/><b>Class/Ticker: Institutional/JPICX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan New York Tax Free Bond Fund</font><br/><br/><b>Class/Ticker: Institutional/JNYIX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan California Tax Free Bond Fund</font><br/><br/><b>Class/Ticker: A/JCBAX; C/JCBCX; Select/JPCBX</b></b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Intermediate Tax Free Bond Fund</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Class/Ticker: A/JITAX; B/JIFBX; C/JITCX; Select/VSITX</b></font> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Current Income Fund</font><br/><br/><b>Class/Ticker: Select/JPCSX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313360_2"></a>JPMorgan Tax Aware Income Opportunities Fund </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Class/Ticker: A/JTAAX; C/JTACX; Select/JTASX </b></font> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan New York Tax Free Bond Fund</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Class/Ticker: A/VANTX; B/VBNTX; C/JCNTX; Select/VINTX</b></font> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Managed Income Fund</font><br/><br/><b>Class/Ticker: <b>Institutional/JMGIX</b></b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Current Income Fund</font><br/><br/><b>Class/Ticker: Institutional/JPCIX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc313355_2"></a>JPMorgan Managed Income Fund</font><br/><br/><b>Class/Ticker: Select/JMGSX </b> <font style="FONT-FAMILY: Arial Narrow" size="5"><a name="toc261269_3"></a>JPMorgan Intermediate Tax Free Bond Fund </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Class/Ticker: Institutional/JITIX </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to maximize inflation protected total return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to maximize inflation protected return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide high total return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s goal is to provide high total return from a portfolio of fixed income securities of emerging markets issuers. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide high total return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide current income</font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to maximize inflation protected return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to maximize inflation protected total return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide long-term total return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide long-term total return. </font> <b>What is the goal of the Fund? </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <b>What is the goal of the Fund? </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <b>What is the goal of the Fund? </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <b>Fees and Expenses of the Fund </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><i></i>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.<i> More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Fund &#8212; SALES CHARGES&#8221; on page 95 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information. </i></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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 J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 95 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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 J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 95 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <b>Fees and Expenses of the Fund </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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 J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 95 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <br /><br /> <b>Fees and Expenses of the Fund </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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 J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 95 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">with a secondary objective of capital appreciation. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><i></i>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. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Fund &#8212; SALES CHARGES&#8221; on page 95 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information. </i></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Fund &#8212; SALES CHARGES&#8221; on page 95 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide high total return. </font> <b>Fees and Expenses of the Fund </b> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide current income</font> <font style="FONT-FAMILY: Arial Narrow" size="2">with a secondary objective of capital appreciation. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide high total return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s goal is to provide high total return from a portfolio of fixed income securities of emerging markets issuers. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide a high level of after-tax income from a portfolio of fixed income investments. </font> <b>Fees and Expenses of the Fund </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 26 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund&#8217;s investment objective, &#8220;gross income&#8221; means gross income for federal tax purposes. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide high after-tax total return for California residents consistent with moderate risk of capital. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks current income while seeking to maintain a low volatility of principal. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment. </font> <b>Fees and Expenses of the Fund </b> <font style="FONT-FAMILY: Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide high after-tax total return for California residents consistent with moderate risk of capital. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">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. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 60 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund&#8217;s investment objective, &#8220;gross income&#8221; means gross income for federal tax purposes. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Investor Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks current income while seeking to maintain a low volatility of principal. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide total return. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks current income while seeking to maintain a low volatility of principal. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Investor Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks current income while seeking to maintain a low volatility of principal. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font><font style="FONT-FAMILY: Arial Narrow" size="2"></font></b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <b>Example </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font></b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <b>Example </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font><font style="FONT-FAMILY: Arial Narrow" size="2"></font></b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <b>Example </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <b>Example </b> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <b>Example </b> <b>Example </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganInflationManagedBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInflationManagedBondFund column period compact * ~</div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganRealReturnFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font><font style="FONT-FAMILY: Arial Narrow" size="2"></font></b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the <br/>value of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font></b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br /><b><font style="FONT-FAMILY: Arial Narrow"size="1">(Expenses that you pay each year as a percentage of the value of your<br /> investment)</font></b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganTotalReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganTotalReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganMultiSectorIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganRealReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganRealReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCreditOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganStrategicIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganStrategicIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInflationManagedBondFundR2R5R6 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font></b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganCreditOpportunitiesFund column period compact * ~</div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <b>Example </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES<br/>(Expenses that you pay each year as a percentage of the value<br /> of your investment)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganStrategicIncomeOpportunitiesFundR5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCreditOpportunitiesFundR2R5R6 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a <br /> percentage of the value of your investment)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEmergingMarketsDebtFundR5R6 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMultiSectorIncomeFundR2R5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMultiSectorIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganTotalReturnFundR5 column period compact * ~</div> <b>Example </b> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font><font style="FONT-FAMILY: Arial Narrow" size="2"></font></b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganTaxAwareHighIncomeFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font><font style="FONT-FAMILY: Arial Narrow" size="2"></font></b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><i></i>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. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 60 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information. </i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font><font style="FONT-FAMILY: Arial Narrow" size="2"></font></b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 26 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES</b></font> <font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the<br/> value of your investment)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>SHAREHOLDER FEES <font style="FONT-FAMILY: Arial Narrow" size="1">(Fees paid directly from your investment)</font><font style="FONT-FAMILY: Arial Narrow" size="2"></font></b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment) <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganNewYorkTaxFreeBondFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganManagedIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCurrentIncomeFund column period compact * ~</div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size ="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/> of your investment)</b></font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value<br/>of your investment)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganManagedIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganTaxAwareIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganTaxAwareIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCaliforniaTaxFreeBondFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganCaliforniaTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCaliforniaTaxFreeBondFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntermediateTaxFreeBondFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Example </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganCurrentIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganTaxAwareHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntermediateTaxFreeBondFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><i></i>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. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 60 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information. </i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIntermediateTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganNewYorkTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganNewYorkTaxFreeBondFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/> WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COSTS <br/>WOULD BE:</b></font> <b>Portfolio Turnover </b> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 124% of the average value of its portfolio. </font> <b>What are the Fund&#8217;s main investment strategies? </b> <b>Portfolio Turnover </b> <b>The Fund&#8217;s Main Investment Risks </b> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio. </font> <b>What are the Fund&#8217;s main investment strategies? </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 418% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of the value of its Assets in emerging market debt investments. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. The Fund invests primarily in debt securities that it believes have the potential to provide a high total return from countries whose economies or bond markets are less developed. This designation currently includes most countries in the world except Australia, Canada, Hong Kong, Japan, New Zealand, the U.S., the United Kingdom and most western European countries. The Fund invests in sovereign debt securities. Sovereign debt securities are securities that are issued or guaranteed by foreign sovereign governments or their agencies, authorities or political subdivisions or instrumentalities, and supranational agencies. The Fund may also invest in debt securities issued or guaranteed by foreign corporations and foreign financial institutions. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">These securities may be of any maturity and quality, but under normal market conditions the Fund&#8217;s duration will generally be similar to that of the J.P. Morgan Emerging Markets Bond Index Global. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of &#8220;three&#8221; means that a security&#8217;s or portfolio&#8217;s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of May 31, 2012, the J.P. Morgan Emerging Markets Bond Index Global duration was 7.21, although the duration will likely vary in the future. The Fund does not have any minimum quality rating and may invest without limit in securities that are rated below investment grade (commonly known as junk bonds) or the unrated equivalent. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is managed with a focus on &#8220;weighted spread-duration&#8221; versus the J.P. Morgan Emerging Markets Bond Index Global. Spread duration is a measure of expected price sensitivity to changes in the market spreads. The adviser overweight spread durations versus the Fund&#8217;s index in countries that the adviser believes will outperform in the index and will underweight spread durations in countries that the adviser believes will underperform the index. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, swaps, and foreign currency derivatives to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of such derivatives, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">This Fund is non-diversified. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COSTS<br/> WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is designed to protect the total return generated by its core fixed income holdings from inflation risk. As used in the Fund&#8217;s goal, &#8220;total return&#8221; includes income and capital appreciation. The Fund seeks to hedge this risk by using swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U) in combination with its core portfolio of fixed income securities. This strategy is intended to create the equivalent of a portfolio of inflation-protected fixed income securities. Secondarily, the Fund may purchase other investments including actual inflation-protected securities such as Treasury Inflation Protected Securities (TIPS).</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">&#8220;Inflation Managed&#8221; in the Fund&#8217;s name does not refer to a type of security in which the Fund invests, but rather describes the Fund&#8217;s overall strategy of creating a portfolio of inflation-protected securities. Under normal circumstances, the Fund will invest at least 80% of its &#8220;Assets&#8221; in bonds. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its main investment strategy, the Fund may principally invest in corporate bonds, U.S. government and agency debt securities, asset-backed securities, and mortgage-related and mortgage-backed securities. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities (interest-only or principal-only), commercial mortgage-backed securities, and mortgage pass-through securities. Additional information about these types of investments may be found in &#8220;Investment Practices&#8221; in the Fund&#8217;s prospectus. Securities purchased by the Fund will be rated investment grade (or the unrated equivalent) at the time of purchase. In addition, all securities will be U.S. dollar-denominated although they may be issued by a foreign corporation, government or its agencies and instrumentalities. The Fund may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities at the adviser&#8217;s discretion. The Fund expects to invest no more than 10% of its assets in &#8220;sub-prime&#8221; mortgage-related securities at the time of purchase. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; The Fund may focus its investments in a single country or small group of countries and be subject to greater volatility than a more geographically diversified fund. 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Sovereign Debt Risk. </i>The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country&#8217;s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Currency Risk. </i>Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;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&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk. </i>Derivatives, including futures contracts, options, swaps and foreign currency derivatives, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Certain of the Fund&#8217;s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund&#8217;s after-tax returns. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities Risk. </i>The Fund may invest in securities that are issued by companies that are highly leveraged, less credit-worthy 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk.</i> 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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Non-Diversified Fund Risk. </i>Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economics results of those issuing the securities. </font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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, Federal Reserve Board or any other government agency. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <b>Portfolio Turnover </b> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 206% of the average value of its portfolio. </font> <b>The Fund&#8217;s Main Investment Risks </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="font-family: Arial Narrow;" class="_mt" size="2">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.</font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate Loans and other debt securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk. </i>Derivatives, including futures, options, swaps, forward foreign currency contracts and price locks, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Strategy Risk.</i> The Fund may use relative value and other strategies that combine derivatives and/or securities to manage duration, sector and yield curve exposure and credit and spread volatility. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss. Relative value strategies involve complex securities transactions that involve risks in addition to direct investments in securities including leverage risk and the risks described under <i>&#8220;Derivatives Risk</i>&#8221;. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, liquidity risks, and less stringent investor protection and disclosure standards of foreign 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Currency Risk. </i>Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;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&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risk.</i> The Fund invests in securities including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information. Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the Loans and certain Loans may be subject to restrictions on resale. The inability to dispose of Loans in a timely fashion could result in losses to the Fund. Because some Loans may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When Loans are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for Loans, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage Dollar Roll Risk. </i>The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund&#8217;s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and mortgage dollar rolls may be subject to leverage risks as described under <i>&#8220;Derivatives Risk.&#8221;</i> In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk</i>. 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 an inflation-linked security 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 (e.g., Non-Seasonally Adjusted Consumer Product Index for all Urban Consumers (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.<i> </i></font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Options Risk</i>. There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets and even a well conceived transaction may be unsuccessful because of market behavior or unexpected events. Options may be volatile and there can be no assurance that a liquid secondary market will exist for any particular option at any particular time, even if the contract is traded on an exchange. Exchanges may halt trading in options thereby making it impossible for the Fund to enter into or close out option positions and impairing the Fund&#8217;s access to assets held to cover such options positions. The Fund may also be at risk that counterparties entering into an option transaction will not fulfill their obligations, particularly when the Fund utilizes over-the-counter options. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="font-family: Arial Narrow;" class="_mt" size="2"><font style="FONT-FAMILY: Arial Narrow" size="2">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.<br/><br/>You could lose money investing in the Fund. </font></font></p></div><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Strategy Risk. </i>The Fund&#8217;s investment strategies may not work to generate inflation-protected return. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. The Fund may have significant exposure to derivatives. Derivatives, including swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Protected Securities Risk. </i>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 an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs) are more volatile and may be subject to a higher risk of non-payment than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Issuer Risks. </i>U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, greater volatility, and regulatory issues facing issuers in such foreign countries. 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.</font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div><br/> <b>What are the Fund&#8217;s main investment strategies? </b> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has an absolute return orientation which means that it is not managed relative to an index. The Fund attempts to achieve a positive total return in diverse market environments over time. In connection with this strategy, the Fund has flexibility to allocate its assets among a broad range of fixed income securities and derivatives as well as in a single or limited number of strategies/sectors including cash and short term investments. In particular, the Fund may invest all or substantially all of its assets in cash and short-term investments consistent with its absolute return orientation. Total return is a combination of capital appreciation and current income. &#8220;Strategic&#8221; in the Fund&#8217;s name means that the Fund, in addition to seeking current income as an element of total return, will also seek capital appreciation as an element of total return. The Fund may invest in a wide range of debt securities of issuers from the U.S. and other markets, both developed and emerging, as well as derivatives. Investments may be issued or guaranteed by a wide variety of entities including governments and their agencies, corporations, financial institutions and supranational organizations that the Fund believes have the potential to provide a high total return over time. The Fund may also invest in convertible securities, preferred securities, and equity securities that the adviser believes will produce income or generate return. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also use futures contracts, options, swaps, and foreign currency transactions for hedging, risk management, or to attempt to increase income and gain to the Fund. Swaps may be structured as credit default swaps (CDS) on individual securities or a basket or index of securities, interest rate swaps, total return swaps and price lock swaps. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Although the Fund may invest up to 100% of its total assets in securities that are rated below investment grade (junk bonds) or the unrated equivalent, the Fund will generally invest at least 25% of the Fund&#8217;s total assets in securities that, at the time of purchase, are rated investment grade or better or the unrated equivalent.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser uses the following six strategy/sector allocations in managing the Fund.</font><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Cash </b>&#8212; includes cash, money market instruments, and other short-term securities of high quality. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Rates management </b>&#8212; includes traditional fixed income securities as well as derivatives to actively manage duration, yields and the effect changes in interest rates may have. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Credit securities </b>&#8212; includes the full spectrum of investment and non-investment grade securities. Ordinarily, the Fund will invest no more than 75% of its total assets in credit securities. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Relative value strategies </b>&#8212; includes fixed income relative value strategies such as credit-oriented trades, mortgage dollar rolls, derivatives, long/short strategies, and other combinations of fixed income securities and derivatives. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Foreign and emerging market securities </b>&#8212; includes the full range of securities of issuers from developed and emerging markets. Ordinarily, the Fund will invest no more than 50% of its total assets in foreign and emerging market securities. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Non-traditional income </b>&#8212; includes convertible securities, preferred securities, and equity stocks that the adviser believes will produce income or generate return. Ordinarily, the Fund will invest no more than 35% of its total assets in such securities. </font></li></ul><font style="FONT-FAMILY: Arial Narrow" size="2">In buying and selling investments for the Fund, the adviser uses both security selection and derivatives to adjust allocations among each of the above strategies/sectors with an absolute return orientation. For each strategy/sector, sector specialists provide security research and recommendations to the lead portfolio managers. The Fund&#8217;s investments will not necessarily be allocated among all six strategies/sectors at any given time. Rather, the Fund uses a flexible asset allocation approach that permits the adviser to invest in a single strategy/sector or only a few strategies/sectors, consistent with the limitations identified above. Due to the Fund&#8217;s flexible allocation approach, the Fund&#8217;s risk exposure may vary and a risk associated with an individual strategy/sector may become more pronounced when the Fund utilizes a single strategy/sector or only a few strategies/sectors. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund uses derivatives structured as futures, options, swaps and price locks as part of its rates management and relative value strategies and to gain or adjust exposure to markets, sectors, securities, and currencies. The Fund uses CDS to initiate long exposures (overweights) in areas of the market that the adviser believes are attractively valued and short positions (underweights) in areas that the adviser believes are not attractive from a valuation perspective. In certain market environments, the Fund may use interest rate swaps and futures contracts to help protect its portfolio from interest rate risk. The Fund may also utilize foreign currency transactions including currency options and forward foreign currency contracts to hedge non-dollar investments or to establish or adjust exposure to particular foreign securities, markets or currencies. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also use derivatives either alone or in combination with securities as part of its &#8220;relative value&#8221; strategies. Relative value strategies seek to exploit pricing discrepancies between individual securities or market sectors. The Fund&#8217;s relative value strategies use combinations of securities and investments and include: (1) credit-oriented trades such as purchasing a CDS related to one bond or set of bonds and selling a CDS on a similar bond or set of bonds, (2) mortgage-dollar rolls in which the Fund </font><font style="FONT-FAMILY: Arial Narrow" size="2">sells mortgage-backed securities and the same time contracts to buy back very similar securities on a future date, (3) long/short strategies such as selling a bond with one maturity and buying a bond with a different maturity to take advantage of the yield/return between the maturity dates, and (4) other combinations of fixed income securities and derivatives. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in mortgage-related securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. These may include investments in collateralized mortgage obligations, principal-only and interest-only stripped mortgage-backed securities and mortgage pass-through securities including mortgage TBAs. The Fund may also invest in asset-backed securities and structured investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in a broad variety of securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued or guaranteed by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in loan assignments and participations (Loans), and commitments to purchase loan assignments (Unfunded Commitments). Loans will typically consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured loans, second lien loans or more junior and bridge loads (Junior Loans). The Fund may invest in common shares or preferred shares of unaffiliated closed-end funds. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest any portion of its total assets in cash and cash equivalents. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in exchange traded funds (ETFs) in order to gain exposure to particular foreign markets or asset classes. The ETFs in which the Fund will invest are registered investment companies that seek to track the performance of a particular market index or security. These indexes include not only broad-based market indexes but more specific indexes as well, including those relating to particular sectors, markets, regions or industries. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in municipal securities and inflation-linked securities such as Treasury Inflation Protected Securities (TIPS). </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 86% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">As part of its principal strategy, the Fund primarily invests in Treasury Inflation Protected Securities (TIPS). &#8220;Real Return&#8221; in the Fund&#8217;s name means the total return of a security less the actual rate of inflation. TIPS are debt securities of varying maturities issued by the U.S. Treasury that pay interest based on a fixed percentage of inflation-adjusted principal. Unlike conventional bonds, the principal and interest payments of TIPS are adjusted periodically to the Non-Seasonally Adjusted Consumer Price Index for All Urban Consumers (CPI-U). </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to investments in TIPS, the Fund may invest in derivatives, which are instruments based on another instrument, exchange rage or index. The Fund may use futures contracts, options, price locks and swaps to provide inflation-protection, maintain interest rate, sector and yield curve exposure, to manage interest rate risk and duration, and to gain exposure to the TIPS markets. The Fund may also use such derivatives in order to hedge various investments, for risk management purposes and/or to increase income or gain to the Fund. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Although the Fund currently intends to invest in TIPS to implement its principal strategy, the Fund has flexibility to invest in other inflation-linked debt securities issued by entities such as other agencies and instrumentalities of the U.S. government, corporations, foreign governments and other foreign issuers as part of its principal strategy in the future and may invest up to 10% of the Fund&#8217;s total assets may be invested in securities rated below investment grade (junk bonds) or the unrated equivalent. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells TIPS and other investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual investments that it believes will perform well over market and inflationary cycles. The adviser makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, duration, anticipated inflation and yield curve considerations. </font> <br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk. </i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>TIPS Risk.</i> 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. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;s investments in TIPS and other bonds and debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk.</i> Derivatives, including futures contracts, options, price locks and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. The Fund may invest in securities that are issued by companies that are highly leveraged, less credit-worthy 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/> <div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 39% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">As part of its principal strategy, the Fund primarily invests in Treasury Inflation Protected Securities (TIPS). &#8220;Real Return&#8221; in the Fund&#8217;s name means the total return of a security less the actual rate of inflation. TIPS are debt securities of varying maturities issued by the U.S. Treasury that pay interest based on a fixed percentage of inflation-adjusted principal. Unlike conventional bonds, the principal and interest payments of TIPS are adjusted periodically to the Non-Seasonally Adjusted Consumer Price Index for All Urban Consumers (CPI-U). </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to investments in TIPS, the Fund may invest in derivatives, which are instruments based on another instrument, exchange rage or index. The Fund may use futures contracts, options, price locks and swaps to provide inflation-protection, maintain interest rate, sector and yield curve exposure, to manage interest rate risk and duration, and to gain exposure to the TIPS markets. The Fund may also use such derivatives in order to hedge various investments, for risk management purposes and/or to increase income or gain to the Fund. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Although the Fund currently intends to invest in TIPS to implement its principal strategy, the Fund has flexibility to invest in other inflation-linked debt securities issued by entities such as other agencies and instrumentalities of the U.S. government, corporations, foreign governments and other foreign issuers as part of its principal strategy in the future and may invest up to 10% of the Fund&#8217;s total assets in securities rated below investment grade (junk bonds) or the unrated equivalent. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells TIPS and other investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual investments that it believes will perform well over market and inflationary cycles. The adviser makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, duration, anticipated inflation and yield curve considerations. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>TIPS Risk. </i>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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;s investments in TIPS and other bonds and debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures contracts, options, price locks and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. The Fund may invest in securities that are issued by companies that are highly leveraged, less credit-worthy 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 86% of the average value of its portfolio. </font> <b>The Fund&#8217;s Main Investment Risks </b> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganInflationManagedBondFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate Loans and other debt securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risk.</i> The Fund invests in securities including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information. Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the Loans and certain Loans may be subject to restrictions on resale. The inability to dispose of Loans in a timely fashion could result in losses to the Fund. Because some Loans may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When Loans are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for Loans, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; The Fund may focus its investments in a single country or small group of countries and be subject to greater volatility than a more geographically diversified fund. 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.</font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Currency Risk. </i>Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;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&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. <i></i></font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures, options, swaps, price locks, credit default swaps and foreign currency transactions, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Certain of the Fund&#8217;s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund&#8217;s after-tax returns. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Options Risk</i>. There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets and even a well conceived transaction may be unsuccessful because of market behavior or unexpected events. Options may be volatile and there can no </font><font style="FONT-FAMILY: Arial Narrow" size="2">assurance that a liquid secondary market will exist for any particular option at any particular time, even if the contract is traded on an exchange. Exchanges made halt trading in options thereby making it impossible for the Fund to enter into or close out option positions and impairing the Fund&#8217;s access to assets held to cover such options positions. The Fund may also be at risk that counterparties entering into an option transaction will not fulfill their obligations, particularly when the Fund utilizes over-the-counter options. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Strategy Risk.</i> The Fund may use relative value and other strategies that combine derivatives and/or securities to manage duration, sector and yield curve exposure and credit and spread volatility. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss. Relative value strategies involve complex securities transactions that involve risks in addition to direct investments in securities including leverage risk and the risks described under <i>&#8220;Derivatives Risk</i>&#8221;.</font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Convertible Securities Risk. </i>The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Ginnie Mae, Fannie Mae, or 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.</font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage Dollar Roll Risk. </i>The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund&#8217;s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and mortgage dollar rolls may be subject to leverage risks as described under <i>&#8220;Derivatives Risk.&#8221;</i> In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Investment Company Risk. </i>Shareholders bear both their proportionate share of the Fund&#8217;s expenses and similar expenses of an other investment company. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>ETF Risk. </i>The Fund may invest in shares of other investment companies, including common shares and preferred shares of closed-end funds. The Fund indirectly pays a portion of the expenses incurred by the underlying funds. The price movement of an ETF may not track the underlying index and may result in a loss. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Securities Risk. </i>The risk of a municipal security generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk. </i>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 an inflation-linked security 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 (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganInflationManagedBondFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is designed to protect the total return generated by its core fixed income holdings from inflation risk. As used in the Fund&#8217;s goal, &#8220;total return&#8221; includes income and capital appreciation. The Fund seeks to hedge this risk by using swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U) in combination with its core portfolio of fixed income securities. This strategy is intended to create the equivalent of a portfolio of inflation-protected fixed income securities. Secondarily, the Fund may purchase other investments including actual inflation-protected securities such as Treasury Inflation Protected Securities (TIPS). </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">&#8220;Inflation Managed&#8221; in the Fund&#8217;s name does not refer to a type of security in which the Fund invests, but rather describes the Fund&#8217;s overall strategy of creating a portfolio of inflation-protected securities. Under normal circumstances, the Fund will invest at least 80% of its &#8220;Assets&#8221; in bonds. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its main investment strategy, the Fund may principally invest in corporate bonds, U.S. government and agency debt securities, asset-backed securities, and mortgage-related and mortgage-backed securities. Mortgage-related and mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities (interest-only or principal-only), commercial mortgage-backed securities, and mortgage pass-through securities. Additional information about these types of investments may be found in &#8220;Investment Practices&#8221; in the Fund&#8217;s prospectus. Securities purchased by the Fund will be rated investment grade (or the unrated equivalent) at the time of purchase. In addition, all securities will be U.S. dollar-denominated although they may be issued by a foreign corporation, government or its agencies and instrumentalities. The Fund may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities at the adviser&#8217;s discretion. The Fund expects to invest no more than 10% of its assets in &#8220;sub-prime&#8221; mortgage-related securities at the time of purchase. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganRealReturnFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met.</font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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.</font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font> <br /><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Strategy Risk. </i>The Fund&#8217;s investment strategies may not work to generate inflation-protected return. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. The Fund may have significant exposure to derivatives. Derivatives, including swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Protected Securities Risk. </i>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 an inflation-linked security tends to decline when real interest rates increase. Unlike conventional bonds, the principal and interest payments of inflation-protected securities such as TIPS are adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be subject to a higher risk of non-payment than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Issuer Risks. </i>U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, greater volatility, and regulatory issues facing issuers in such foreign countries. 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. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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 tax- able account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 36% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 185% of the average value of its portfolio.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COSTS <br />WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies?</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to achieve its investment objective by investing opportunistically across different markets and sectors, based on the portfolio management team&#8217;s view of the markets and sectors. The Fund&#8217;s approach is flexible and it is not managed to a benchmark. This allows the Fund to shift its allocations based on changing market conditions which may result in investing in a single or multiple markets and sectors. Total return in the Fund&#8217;s objective includes both current income and capital appreciation. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has broad flexibility to invest in a wide variety of debt securities and instruments. As part of its principal investment strategy, the Fund may invest in fixed and floating rate debt securities issued in both U.S. and foreign markets including emerging markets. These securities may include debt securities issued by governments and their agencies, supranational organizations, corporations, and banks. The Fund may also invest in equity securities as a principal strategy.</font><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may use fixed income, currency and credit derivatives. Such derivatives may include futures contracts, options, swaps, and forward contracts. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of derivatives including forward foreign currency contracts and other foreign currency transactions, but may not always do so. In addition to hedging non-dollar investments, the Fund may also use such derivatives for other hedging purposes (e.g., decreasing exposure to certain securities), to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.</font><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest without limit in securities that are rated below investment grade (also known as junk bonds or high yield securities) by Moody&#8217;s Investor Service, Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P), Fitch Rating (Fitch) or the equivalent by another national rating organization, or securities that are unrated but are deemed by the adviser to be of comparable quality.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">A significant portion of the Fund&#8217;s assets may be invested in asset-backed securities and mortgage-related and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligations and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may also invest in structured investments and adjustable rate mortgage loans (ARMs). The Fund may invest a significant amount of its assets in sub-prime mortgage-related securities. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in mortgage pass-through securities including mortgage TBAs. The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in inflation-linked debt securities including fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected Securities (TIPS). The Fund may also invest in inflation-linked debt securities issued by other entities such as corporations, foreign governments and foreign issuers.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in loan assignments and participations (Loans), and commitments to purchase loan assignments (Unfunded Commitments). Loans will typically consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured loans, second lien loans or more junior and bridge loads (Junior Loans). The Fund may invest in municipal securities. The Fund may also invest in when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities, pay-in-kind securities and deferred payment securities.</font><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in convertible securities and preferred securities that the adviser believes will produce income or generate return.</font><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund&#8217;s total assets may be invested in cash and cash equivalents.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">In buying and selling investments for the Fund, the adviser uses an opportunistic strategy and uses both security selection and derivatives to allocate its investments among strategies and sectors. For each strategy/sector, dedicated sector specialists provide security research and recommendations to the lead portfolio managers. Buy and sell decisions are based on fundamental, quantitative and technical research. The Fund uses a flexible asset allocation approach that permits the adviser to invest in a single strategy/sector or only a few strategies/ sectors. Due to the Fund&#8217;s flexible allocation approach, the Fund&#8217;s risk exposure may vary and a risk associated with an individual strategy or type of investment may become more pronounced when the Fund utilizes a single strategy or type of investment or only a few strategies or types of investments.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate Loans and other debt securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risk.</i> The Fund invests in securities including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information. Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the Loans and certain Loans may be subject to restrictions on resale. The inability to dispose of Loans in a timely fashion could result in losses to the Fund. Because some Loans may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When Loans are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for Loans, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures contracts, options, swaps and forward contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risks. </i>U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such countries. The Fund may also invest in non-dollar denominated securities. Investments in non-dollar denominated securities are subject to risks in addition to those summarized above including currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; 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. <i></i></font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Ginnie Mae, Fannie Mae, or 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk.</i> 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 an inflation-linked security 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 (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Equity Market Risk. </i>The Fund&#8217;s investments in preferred shares and convertible securities are subject to equity market risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. </font><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Convertible Securities Risk. </i>The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Securities Risk. </i>The risk of a municipal security generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage Dollar Roll Risk. </i>The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund&#8217;s right to repurchase or sell securities may be limited. Short sales of Mortgage TBAs and engaging in mortgage dollar rolls may be subject to leverage risks as described under &#8220;Derivatives Risk.&#8221; In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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.<br /><br />You could lose money investing in the Fund.</font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COSTS<br/> WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s principal strategy is to invest in credit securities that include investment grade as well as below investment grade securities (also known as junk bonds, high yield securities, or non-investment grade securities). In addition to its primary investments in credit securities, the Fund allocates a portion of its assets to derivatives and relative value strategies that are managed with an absolute return orientation. An absolute return orientation means this portion of the Fund is not managed relative to an index. In addition, the Fund has the flexibility to use derivatives and relative value strategies to complement a portion or all of its investments in credit securities in order to manage volatility, interest rate and credit risk and to adjust exposures to specific securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has the ability to change the allocation among investment grade and non-investment grade securities to take advantage of market dynamics. The Fund uses investment grade securities in combination with non-investment grade securities to generate current income and manage risk. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest without limit in securities that, at the time of purchase, are rated in the top four categories by Moody&#8217;s Investors Service Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P), or Fitch Ratings (Fitch), meaning that such securities will carry a minimum rating of Baa3, BBB-, or BBB-, respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or in securities that are unrated but are deemed by the adviser to be of comparable quality. The Fund may invest without limit in below investment grade securities (or the unrated equivalent). Such securities may include so called &#8220;distressed debt&#8221; (i.e., securities of issuers experiencing financial or operating difficulties or operating in troubled industries that present attractive risk/reward characteristics). The Fund&#8217;s exposure to investment grade and non-investment grade securities may be increased and/or decreased synthetically through the use of derivatives. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its strategy, the Fund may use &#8220;relative value&#8221; strategies. &#8220;Relative value&#8221; strategies seek to exploit pricing discrepancies between individual securities or market sectors. The Fund will generally sell a security that the Fund&#8217;s adviser believes is overvalued and purchase an offsetting security that it believes is undervalued. At times, relative value of a particular security will be measured against cash, in which case there will be no offsetting trade of an undervalued security. The Fund&#8217;s relative value strategies use combinations of securities and investments and include: (1) credit-oriented trades such as purchasing a credit default swap related to one bond or set of bonds and selling a credit default swap on a similar bond or set of bonds, (2) mortgage dollar rolls in which the Fund sells mortgage-backed securities and the same time contracts to buy back very similar securities on a future date, (3) long/short strategies such as selling a bond with one maturity and buying a bond with a different maturity to take advantage of the yield/ return between the maturity dates, and (4) other combinations of fixed income securities and derivatives. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options (including options on interest rate futures contracts and interest rate swaps), foreign currency transactions including currency options and forward foreign currency contracts, swaps and credit default swaps and price locks individually or as part of its relative value strategy for hedging, to increase income and gain to the Fund and for risk management purposes including duration, sector and yield curve exposure and credit and spread volatility management.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its principal investment strategy, the Fund may invest in corporate bonds, loan assignments and participations (Loans) and commitments to purchase loan assignments (Unfunded Commitments). </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund will invest at least 80% of its Assets in credit securities. &#8220;Assets&#8221; mean net assets plus the amount of borrowings for investment purposes. Credit securities are debt securities issued by any issuer including domestic and foreign corporations, municipalities, the U.S. government and its agencies and instrumentalities, and foreign governments and their agencies and instrumentalities and include all types of debt securities including corporate bonds, convertible bonds, Loans, private placements, municipal securities, commercial paper, restricted securities and other unregistered securities, short-term funding agreements, government and agency securities, mortgage-backed and mortgage-related securities, Treasury Inflation Protected Securities (TIPS), sovereign debt, emerging markets debt, supranational debt and variable and floating rate instruments. Credit securities also include registered money market funds. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in foreign securities, including securities denominated in foreign currencies (some of which may be below investment grade securities). Foreign securities include securities issued by foreign governments or their agencies and instrumentalities and companies that are incorporated outside the United States, including securities from issuers in countries whose economies are less developed (emerging markets). The Fund may use both private placements and publicly traded securities as a principal strategy.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities in the adviser&#8217;s discretion. The Fund expects to invest no more than 10% of its assets in &#8220;sub-prime&#8221; mortgage-related securities at the time of purchase. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">In buying and selling investments for the Fund, the Fund&#8217;s adviser focuses on market sectors and individual credit securities including Loans that it believes will perform well over time. The portfolio management team allocates the Fund&#8217;s investments among investment grade securities and non-investment grade securities and works on a collaborative basis to identify relative value and other trading strategies that are designed to hedge against volatility, interest rate risk and the risk that spreads of securities will widen. These strategies may be managed using an absolute return orientation or as a complement to the portfolio as a whole. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, security structure and covenants, and an in-depth analysis of the issuer. In addition, the adviser monitors investments on an ongoing basis by staying abreast of positive and negative credit developments, expediting the review of the Fund&#8217;s investments that are considered to be the most risky. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate Loans and other debt securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risks. </i>The Fund may invest in securities including junk bonds, Loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, and lack of publicly available information. Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the Loans and certain Loans may be subject to restrictions on resale. The inability to dispose of Loans in a timely fashion could result in losses to the Fund. Because some Loans may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When Loans are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for Loans, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Smaller Company Risk. </i>Investments in smaller cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investment in larger, more established companies. The securities of smaller cap companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk.</i> Derivatives, including futures contracts, options, foreign currency transactions, swaps, credit default swaps and price locks, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Certain of the Fund&#8217;s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund&#8217;s after-tax returns. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risks. </i>U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such countries. The Fund may also invest in non-dollar denominated securities. Investments in non-dollar denominated securities are subject to risks in addition to those summarized above including currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Sovereign Debt Risk. </i>The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country&#8217;s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Currency Risk. </i>Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;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&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Strategy Risk. The Fund may use relative value and other strategies that combine derivatives and/or securities to manage duration, sector and yield curve exposure and credit and spread volatility. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss. Relative value strategies involve complex securities transactions that involve risks in addition to direct investments in securities including leverage risk and the risks described under &#8220;Derivatives Risk&#8221;. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.</i> The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk.</i> The Fund invests 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk.</i> 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 an inflation-linked security 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 (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Securities Risk.</i> The risk of a municipal security generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. For municipal obligations secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit rating of the institutions issuing the guarantee are downgraded or at risk of being downgraded.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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.<br/><br/>You could lose money investing in the Fund. </font></p></div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganTotalReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganTotalReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMultiSectorIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganRealReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMultiSectorIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganCreditOpportunitiesFund column period compact * row dei_DocumentInformationDocumentAxis compact jpmt7_AcSelectSharesMember ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganCreditOpportunitiesFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganStrategicIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganStrategicIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganInflationManagedBondFundR2R5R6 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganInflationManagedBondFundR2R5R6 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 39% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s principal strategy is to invest in credit securities that include investment grade as well as below investment grade securities (also known as junk bonds, high yield securities, or non-investment grade securities). In addition to its primary investments in credit securities, the Fund allocates a portion of its assets to derivatives and relative value strategies that are managed with an absolute return orientation. An absolute return orientation means this portion of the Fund is not managed relative to an index. In addition, the Fund has the flexibility to use derivatives and relative value strategies to complement a portion or all of its investments in credit securities in order to manage volatility, interest rate and credit risk and to adjust exposures to specific securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has the ability to change the allocation among investment grade and non-investment grade securities to take advantage of market dynamics. The Fund uses investment grade securities in combination with non-investment grade securities to generate current income and manage risk. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest without limit in securities that, at the time of purchase, are rated in the top four categories by Moody&#8217;s Investors Service Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P), or Fitch Ratings (Fitch), meaning that such securities will carry a minimum rating of Baa3, BBB-, or BBB-, respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or in securities that are unrated but are deemed by the adviser to be of comparable quality. The Fund may invest without limit in below investment grade securities (or the unrated equivalent). Such securities may include so called &#8220;distressed debt&#8221; (i.e., securities of issuers experiencing financial or operating difficulties or operating in troubled industries that present attractive risk/reward characteristics). The Fund&#8217;s exposure to investment grade and non-investment grade securities may be increased and/or decreased synthetically through the use of derivatives. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its strategy, the Fund may use &#8220;relative value&#8221; strategies. &#8220;Relative value&#8221; strategies seek to exploit pricing discrepancies between individual securities or market sectors. The Fund will generally sell a security that the Fund&#8217;s adviser believes is overvalued and purchase an offsetting security that it believes is undervalued. At times, relative value of a particular security will be measured against cash, in which case there will be no offsetting trade of an undervalued security. The Fund&#8217;s relative value strategies use combinations of securities and investments and include: (1) credit-oriented trades such as purchasing a credit default swap related to one bond or set of bonds and selling a credit default swap on a similar bond or set of bonds, (2) mortgage dollar rolls in which the Fund sells mortgage-backed securities and the same time contracts to buy back very similar securities on a future date, (3) long/short strategies such as selling a bond with one maturity and buying a bond with a different maturity to take advantage of the yield/ return between the maturity dates, and (4) other combinations of fixed income securities and derivatives. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options (including options on interest rate futures contracts and interest rate swaps), foreign currency transactions including currency options and forward foreign currency contracts, swaps and credit default swaps and price locks individually or as part of its relative value strategy for hedging, to increase income and gain to the Fund and for risk management purposes including duration, sector and yield curve exposure and credit and spread volatility management. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its principal investment strategy, the Fund may invest in corporate bonds, loan assignments and participations (Loans) and commitments to purchase loan assignments (Unfunded Commitments). </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund will invest at least 80% of its Assets in credit securities. &#8220;Assets&#8221; mean net assets plus the amount of borrowings for investment purposes. Credit securities are debt securities issued by any issuer including domestic and foreign corporations, municipalities, the U.S. government and its agencies and instrumentalities, and foreign governments and their agencies and instrumentalities and include all types of debt securities including corporate bonds, convertible bonds, Loans, private placements, municipal securities, commercial paper, restricted securities and other unregistered securities, short-term funding agreements, government and agency securities, mortgage-backed and mortgage-related securities, Treasury Inflation Protected Securities (TIPS), sovereign debt, emerging markets debt, supranational debt and variable and floating rate instruments. Credit securities also include registered money market funds. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in foreign securities, including securities denominated in foreign currencies (some of which may be below investment grade securities). Foreign securities include securities issued by foreign governments or their agencies and instrumentalities and companies that are incorporated outside the United States, including securities from issuers in countries whose economies are less developed (emerging markets). The Fund may use both private placements and publicly traded securities as a principal strategy. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities in the adviser&#8217;s discretion. The Fund expects to invest no more than 10% of its assets in &#8220;sub-prime&#8221; mortgage-related securities at the time of purchase. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">In buying and selling investments for the Fund, the Fund&#8217;s adviser focuses on market sectors and individual credit securities including Loans that it believes will perform well over time. The portfolio management team allocates the Fund&#8217;s investments among investment grade securities and non-investment grade securities and works on a collaborative basis to identify relative value and other trading strategies that are designed to hedge against volatility, interest rate risk and the risk that spreads of securities will widen. These strategies may be managed using an absolute return orientation or as a complement to the portfolio as a whole. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, security structure and covenants, and an in-depth analysis of the issuer. In addition, the adviser monitors investments on an ongoing basis by staying abreast of positive and negative credit developments, expediting the review of the Fund&#8217;s investments that are considered to be the most risky. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br />COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br />COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 206% of the average value of its portfolio. </font> <b>Portfolio Turnover </b> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 418% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="font-family: Arial Narrow;" class="_mt" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate Loans and other debt securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risks. </i>The Fund may invest in securities including junk bonds, Loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, and lack of publicly available information. Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the Loans and certain Loans may be subject to restrictions on resale. The inability to dispose of Loans in a timely fashion could result in losses to the Fund. Because some Loans may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When Loans are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for Loans, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Smaller Company Risk. </i>Investments in smaller cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investment in larger, more established companies. The securities of smaller cap companies may trade less frequently and in smaller volumes than securities of larger companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures contracts, options, foreign currency transactions, swaps, credit default swaps and price locks, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Certain of the Fund&#8217;s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund&#8217;s after-tax returns. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risks.</i> U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such countries. The Fund may also invest in non-dollar denominated securities. Investments in non-dollar denominated securities are subject to risks in addition to those summarized above including currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Sovereign Debt Risk. </i>The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country&#8217;s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Currency Risk. </i>Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;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&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Strategy Risk.</i> The Fund may use relative value and other strategies that combine derivatives and/or securities to manage duration, sector and yield curve exposure and credit and spread volatility. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss. Relative value strategies involve complex securities transactions that involve risks in addition to direct investments in securities including leverage risk and the risks described under &#8220;Derivatives Risk.&#8221; </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk</i>. 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 an inflation-linked security 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 (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Securities Risk. </i>The risk of a municipal security generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. For municipal obligations secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit rating of the institutions issuing the guarantee are downgraded or at risk of being downgraded. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="font-family: Arial Narrow;" class="_mt" size="2">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. <br /><br />You could lose money investing in the Fund. </font></p></div> <b>What are the Fund&#8217;s main investment strategies? </b> <b>The Fund&#8217;s Main Investment Risks </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 185% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to achieve its investment objective by investing opportunistically across different markets and sectors, based on the portfolio management team&#8217;s view of the markets and sectors. The Fund&#8217;s approach is flexible and it is not managed to a benchmark. This allows the Fund to shift its allocations based on changing market conditions which may result in investing in a single or multiple markets and sectors. Total return in the Fund&#8217;s objective includes both current income and capital appreciation. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has broad flexibility to invest in a wide variety of debt securities and instruments. As part of its principal investment strategy, the Fund may invest in fixed and floating rate debt securities issued in both U.S. and foreign markets including emerging markets. These securities may include debt securities issued by governments and their agencies, supranational organizations, corporations, and banks. The Fund may also invest in equity securities as a principal strategy. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may use fixed income, currency and credit derivatives. Such derivatives may include futures contracts, options, swaps, and forward contracts. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of derivatives including forward foreign currency contracts and other foreign currency transactions, but may not always do so. In addition to hedging non-dollar investments, the Fund may also use such derivatives for other hedging purposes (e.g., decreasing exposure to certain securities), to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest without limit in securities that are rated below investment grade (also known as junk bonds or high yield securities) by Moody&#8217;s Investor Service, Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P), Fitch Rating (Fitch) or the equivalent by another national rating organization, or securities that are unrated but are deemed by the adviser to be of comparable quality. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">A significant portion of the Fund&#8217;s assets may be invested in asset-backed securities and mortgage-related and mortgage-backed securities. Such securities may be structured as collateralized mortgage obligation and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may also invest in structured investments and adjustable rate mortgage loans (ARMs). The Fund may invest a significant amount of its assets in sub-prime mortgage-related securities. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in mortgage pass-through securities including mortgage TBAs. The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in inflation-linked debt securities including fixed and floating rate debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities, such as Treasury Inflation Protected Securities (TIPS). The Fund may also invest in inflation-linked debt securities issued by other entities such as corporations, foreign governments and foreign issuers. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in loan assignments and participations (Loans), and commitments to purchase loan assignments (Unfunded Commitments). Loans will typically consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured loans, second lien loans or more junior and bridge loads (Junior Loans). The Fund may invest in municipal securities. The Fund may also invest in when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities, pay-in-kind securities and deferred payment securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in convertible securities and preferred securities that the adviser believes will produce income or generate return. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund&#8217;s total assets may be invested in cash and cash equivalents. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">In buying and selling investments for the Fund, the adviser uses an opportunistic strategy and uses both security selection and derivatives to allocate its investments among strategies and sectors. For each strategy/sector, dedicated sector specialists provide security research and recommendations to the lead portfolio managers. Buy and sell decisions are based on fundamental, quantitative and technical research. The Fund uses a flexible asset allocation approach that permits the adviser to invest in a single strategy/sector or only a few strategies/ sectors. Due to the Fund&#8217;s flexible allocation approach, the Fund&#8217;s risk exposure may vary and a risk associated with an individual strategy or type of investment may become more pronounced when the Fund utilizes a single strategy or type of investment or only a few strategies or types of investments. </font> <br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has wide latitude to invest in all types of debt securities that the adviser believes have the potential to provide a high total return over time. As part of its principal investment strategy, the Fund may invest in corporate bonds, U.S. treasury obligations and other U.S. government and agency securities, asset-backed, mortgage-related and mortgage-backed securities and structured investments. Mortgage-related and mortgage-backed securities may be structured as adjustable rate mortgage loans, collateralized mortgage obligations (agency and non-agency), stripped mortgage backed securities (interest-only or principal-only), commercial mortgage-backed securities, and mortgage pass-through securities including mortgage TBAs. These securities may be of any maturity. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest a significant portion or all of its assets in mortgage-backed securities in the adviser&#8217;s discretion. The Fund may invest a significant amount of its assets in sub-prime mortgage-related securities. The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund uses derivatives structured as futures, options, swaps and price locks to help manage duration, sector and yield curve exposure and credit and spread volatility. Swaps may be structured as credit default swaps (CDS) on individual securities, a basket or index of securities, interest rate swaps, total return swaps and price lock swaps. The Fund uses CDS to initiate long exposures (overweights) in areas of the market that the adviser believes are attractively valued and short positions (underweights) in areas that the adviser believes are not attractive from a valuation perspective. In certain market environments, the Fund may use interest rate swaps and futures contracts to help protect its portfolio from interest rate risk. The Fund may also utilize foreign currency transactions including currency options and forward foreign currency contracts to hedge non-dollar investments or to establish or adjust exposure to particular foreign securities, markets or currencies. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also use derivatives either alone or in combination with securities as part of its &#8220;relative value&#8221; strategies. Relative value strategies seek to exploit pricing discrepancies between individual securities or market sectors. The Fund&#8217;s relative value strategies use combinations of securities and investments and include: (1) credit-oriented trades such as purchasing a CDS related to one bond or set of bonds and selling a CDS on a similar bond or set of bonds, (2) mortgage-dollar rolls in which the Fund sells mortgage-backed securities and the same time contracts to buy back very similar securities on a future date, (3) long/short strategies such as selling a bond with one maturity and buying a bond with a different maturity to take advantage of the yield/return between the maturity dates, and (4) other combinations of fixed income securities and derivatives. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Up to 35% of the Fund&#8217;s total assets may be invested in foreign securities, including emerging markets debt securities and debt securities denominated in foreign currencies. Investments may be issued or guaranteed by a wide variety of entities including governments and their agencies and instrumentalities, corporations, financial institutions and supranational organizations. The Fund typically will seek to hedge approximately 70% of its non-dollar investments back to the U.S. dollar, through the use of derivatives including forward foreign currency contracts, but may not always do so. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, 65% of the Fund&#8217;s net assets will be invested in securities that, at the time of purchase, are rated investment grade (or the unrated equivalent). Up to 35% of the Fund&#8217;s net assets may be invested in securities rated below investment grade (junk bonds) including so called &#8220;distressed debt&#8221;. Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings or securities of issuers operating in troubled industries. The Fund may also invest in securities that are unrated but are deemed by the adviser to be of comparable quality. </font><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities. The Fund may also invest in inflation-linked debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities such as Treasury Inflation Protected Securities (TIPS) or issued by other entities such as corporations, foreign governments and other foreign issuers. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in loan assignments and participations (Loans) and commitments to purchase loan assignments. Loans will typically consist of senior floating rate loans, but may also include secured and unsecured loans, second lien loans or more junior and bridge loans. Loans may be issued by obligors in the U.S. or in foreign or emerging markets. As part of its principal investment strategy, the Fund may invest any portion of its total assets in cash and cash equivalents. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells investments for the Fund by analyzing both individual securities and different market sectors within broader interest rate, investment and sector themes established by the adviser&#8217;s macro team. The adviser looks for individual investments that it believes will perform well over market cycles based on a risk/reward evaluation of interest rate risk, credit risk and the complex legal and technical structure of the transaction. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies?</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate Loans and other debt securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risk.</i> The Fund invests in securities including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information. Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the Loans and certain Loans may be subject to restrictions on resale. The inability to dispose of Loans in a timely fashion could result in losses to the Fund. Because some Loans may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When Loans are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for Loans, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures contracts, options, swaps and forward contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risks. </i>U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such countries. The Fund may also invest in non-dollar denominated securities. Investments in non-dollar denominated securities are subject to risks in addition to those summarized above including currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Ginnie Mae, Fannie Mae, or 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk</i>. 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 an inflation-linked security 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 (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Equity Market Risk. </i>The Fund&#8217;s investments in preferred shares and convertible securities are subject to equity market risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Convertible Securities Risk. </i>The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Securities Risk. </i>The risk of a municipal security generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage Dollar Roll Risk. </i>The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund&#8217;s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and engaging in mortgage dollar rolls may be subject to leverage risks as described under &#8220;Derivatives Risk.&#8221; In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. <br /><br />You could lose money investing in the Fund. </font> </p></div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br />COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br />COSTS WOULD BE:</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganStrategicIncomeOpportunitiesFundR5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganStrategicIncomeOpportunitiesFundR5 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganCreditOpportunitiesFundR2R5R6 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganCreditOpportunitiesFundR2R5R6 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br />COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 124% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of the value of its Assets in emerging market debt investments. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. The Fund invests primarily in debt securities that it believes have the potential to provide a high total return from countries whose economies or bond markets are less developed. This designation currently includes most countries in the world except Australia, Canada, Hong Kong, Japan, New Zealand, the U.S., the United Kingdom and most western European countries. The Fund invest in sovereign debt securities. Sovereign debt securities are securities that are issued or guaranteed by foreign sovereign governments or their agencies, authorities or political subdivisions or instrumentalities, and supranational agencies. The Fund may also invest in debt securities issued or guaranteed by foreign corporations and foreign financial institutions. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">These securities may be of any maturity and quality, but under normal market conditions the Fund&#8217;s duration will generally be similar to that of the J.P. Morgan Emerging Markets Bond Index Global. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of &#8220;three&#8221; means that a security&#8217;s or portfolio&#8217;s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of May 31, 2012, the J.P. Morgan Emerging Markets Bond Index Global duration was 7.21 although the duration will likely vary in the future. The Fund does not have any minimum quality rating and may invest without limit in securities that are rated below investment grade (commonly known as junk bonds) or the unrated equivalent. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is managed with a focus on &#8220;weighted spread-duration&#8221; versus the J.P. Morgan Emerging Markets Bond Index Global. Spread duration is a measure of expected price sensitivity to changes in the market spreads. The adviser overweights spread durations versus the Fund&#8217;s index in countries that the adviser believes will outperform in the index and will underweight spread durations in countries that the adviser believes will underperform the index. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, swaps, foreign currency derivatives, and forward foreign currency contracts to help manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may hedge its non-dollar investments back to the U.S. dollar through the use of such derivatives, but may not always do so. In addition to hedging non-dollar investments, the Fund may use such derivatives to increase income and gain to the Fund and/or as part of its risk management process by establishing or adjusting exposure to particular foreign securities, markets or currencies.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">This Fund is non-diversified.</font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; The Fund may focus its investments in a single country or small group of countries and be subject to greater volatility than a more geographically diversified fund. 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.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Sovereign Debt Risk. </i>The Fund may invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country&#8217;s economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Currency Risk. </i>Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;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&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures contracts, options, swaps and foreign currency derivatives, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Certain of the Fund&#8217;s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund&#8217;s after-tax returns.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities Risk. </i>The Fund may invest in securities that are issued by companies that are highly leveraged, less credit-worthy 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Non-Diversified Fund Risk. </i>Since the Fund is non-diversified, it may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund&#8217;s shares being more sensitive to economics results of those issuing the securities. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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, Federal Reserve Board or any other government agency.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund.</font></div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganEmergingMarketsDebtFundR5R6 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganEmergingMarketsDebtFundR5R6 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"> <font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate Loans and other debt securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures, options, swaps, forward foreign currency contracts and price locks, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Strategy Risk.</i> The Fund may use relative value and other strategies that combine derivatives and/or securities to manage duration, sector and yield curve exposure and credit and spread volatility. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss. Relative value strategies involve complex securities transactions that involve risks in addition to direct investments in securities including leverage risk and the risks described under &#8220;<i>Derivatives Risk</i>&#8221;. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, liquidity risks, and less stringent investor protection and disclosure standards of foreign 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. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Currency Risk. </i>Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;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&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risk.</i> The Fund invests in securities including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information. Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the Loans and certain Loans may be subject to restrictions on resale. The inability to dispose of Loans in a timely fashion could result in losses to the Fund. Because some Loans may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When Loans are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for Loans, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font><br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage Dollar Roll Risk.</i> The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund&#8217;s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and mortgage dollar rolls may be subject to leverage risks as described under <i>&#8220;Derivatives Risk&#8221;</i>. In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk.</i> 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 an inflation-linked security 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 (e.g., Non-Seasonally Adjusted Consumer Product Index for all Urban Consumers (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. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Options Risk</i>. There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets and even a well conceived transaction may be unsuccessful because of market behavior or unexpected events. Options may be volatile and there can be no assurance that a liquid secondary market will exist for any particular option at any particular time, even if the contract is traded on an exchange. Exchanges may halt trading in options thereby making it impossible for the Fund to enter into or close out option positions and impairing the Fund&#8217;s access to assets held to cover such options positions. The Fund may also be at risk that counterparties entering into an option transaction will not fulfill their obligations, particularly when the Fund utilizes over-the-counter options. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"> <font style="FONT-FAMILY: Arial Narrow" size="2">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. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font> </p></div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMultiSectorIncomeFundR2R5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMultiSectorIncomeFundR2R5 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has an absolute return orientation which means that it is not managed relative to an index. The Fund attempts to achieve a positive total return in diverse market environments over time. In connection with this strategy, the Fund has flexibility to allocate its assets among a broad range of fixed income securities and derivatives as well as in a single or limited number of strategies/sectors including cash and short term investments. In particular, the Fund may invest all of substantially all of its assets in cash and short-term investments consistent with its absolute return orientation. Total return is a combination of capital appreciation and current income. &#8220;Strategic&#8221; in the Fund&#8217;s name means that the Fund, in addition to seeking current income as an element of total return, will also seek capital appreciation as an element of total return. The Fund may invest in a wide range of debt securities of issuers from the U.S. and other markets, both developed and emerging, as well as derivatives. Investments may be issued or guaranteed by a wide variety of entities including governments and their agencies, corporations, financial institutions and supranational organizations that the Fund believes have the potential to provide a high total return over time. The Fund may also invest in convertible securities, preferred securities, and equity securities that the adviser believes will produce income or generate return. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also use futures contracts, options, swaps, and foreign currency transactions for hedging, risk management, or to attempt to increase income and gain to the Fund. Swaps may be structured as credit default swaps (CDS) on individual securities or a basket or index of securities, interest rate swaps, total return swaps and price lock swaps. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Although the Fund may invest up to 100% of its total assets in securities that are rated below investment grade (junk bonds) or the unrated equivalent, the Fund will generally invest at least 25% of the Fund&#8217;s total assets in securities that, at the time of purchase, are rated investment grade or better or the unrated equivalent. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser uses the following six strategy/sector allocations in managing the Fund. </font><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Cash </b>&#8212; includes cash, money market instruments, and other short-term securities of high quality. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Rates management </b>&#8212; includes traditional fixed income securities as well as derivatives to actively manage duration, yields and the effect changes in interest rates may have. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Credit securities </b>&#8212; includes the full spectrum of investment and non-investment grade securities. Ordinarily, the Fund will invest no more than 75% of its total assets in credit securities. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Relative value strategies </b>&#8212; includes fixed income relative value strategies such as credit-oriented trades, mortgage dollar rolls, derivatives, long/short strategies, and other combinations of fixed income securities and derivatives. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Foreign and emerging market securities </b>&#8212; includes the full range of securities of issuers from developed and emerging markets. Ordinarily, the Fund will invest no more than 50% of its total assets in foreign and emerging market securities. </font></li></ul><ul type="square"><li style="margin-left:-20px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Non-traditional income </b>&#8212; includes convertible securities, preferred securities, and equity stocks that the adviser believes will produce income or generate return. Ordinarily, the Fund will invest no more than 35% of its total assets in such securities. </font></li></ul><font style="FONT-FAMILY: Arial Narrow" size="2">In buying and selling investments for the Fund, the adviser uses both security selection and derivatives to adjust allocations among each of the above strategies/sectors with an absolute return orientation. For each strategy/sector, dedicated sector specialists provide security research and recommendations to the lead portfolio managers. The Fund&#8217;s investments will not necessarily be allocated among all six strategies/sectors at any given time. Rather, the Fund uses a flexible asset allocation approach that permits the adviser to invest in a single strategy/ sector or only a few strategies/sectors, consistent with the limitations identified above. Due to the Fund&#8217;s flexible allocation approach, the Fund&#8217;s risk exposure may vary and a risk associated with an individual strategy/sector may become more pronounced when the Fund utilizes a single strategy/sector or only a few strategies/sectors. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund uses derivatives structured as futures, options, swaps and price locks to help manage duration, sector ahd yield curve exposure and credit and spread volatility. The Fund uses CDS to initiate long exposures (overweights) in areas of the market that the Adviser believes are attractively valued and short positions (underweights) in areas that the Adviser believes are not attractive from a valuation perspective. In certain market environments, the Fund may use interest rate swaps and futures contracts to help protect its portfolio from interest rate risk. The Fund may also utilize foreign currency transactions including currency options and forward foreign currency contracts to hedge non-dollar investments or to establish or adjust exposure to particular foreign securities, markets or currencies. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also use derivatives either alone or in combination with securities as part of its &#8220;relative value&#8221; strategies.&#8221; Relative value strategies seek to exploit pricing discrepancies between individual securities or market sectors. The Fund&#8217;s relative value strategies use combinations of securities and investments and include: (1) credit-oriented trades such as purchasing a CDS related to one bond or set of bonds and selling a CDS on a similar bond or set of bonds, (2) mortgage-dollar rolls in which the Fund sells mortgage-backed securities and the same time contracts to buy back very similar securities on a future date, (3) long/short strategies such as selling a bond with one maturity and buying a bond with a different maturity to take advantage of the yield/return between the maturity dates, and (4) other combinations of fixed income securities and derivatives.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in mortgage-related securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. These may include investments in collateralized mortgage obligations, principal-only and interest-only stripped mortgage-backed securities and mortgage pass-through securities including mortgage TBAs. The Fund may also invest in asset-backed securities and structured investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in a broad variety of securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities issued or guaranteed by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in loan assignments and participations (Loans), and commitments to purchase loan assignments (Unfunded Commitments). Loans will typically consist of senior floating rate loans (Senior Loans), but may also include secured and unsecured loans, second lien loans or more junior and bridge loads (Junior Loans). The Fund may invest in common shares or preferred shares of unaffiliated closed-end funds. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest any portion of its total assets in cash and cash equivalents. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in exchange traded funds (ETFs) in order to gain exposure to particular foreign markets or asset classes. The ETFs in which the Fund will invest are registered investment companies that seek to track the performance of a particular market index or security. These indexes include not only broad-based market indexes but more specific indexes as well, including those relating to particular sectors, markets, regions or industries. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in municipal securities and inflation-linked securities such as Treasury Inflation Protected Securities (TIPS). </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="font-family: Arial Narrow;" class="_mt" size="2">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.</font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. The Fund may invest in variable and floating rate Loans and other debt securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate Loans and securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risk. </i>The Fund invests in securities including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information. Loans that are deemed to be liquid at the time of purchase may become illiquid. No active trading market may exist for some of the Loans and certain Loans may be subject to restrictions on resale. The inability to dispose of Loans in a timely fashion could result in losses to the Fund. Because some Loans may have a more limited secondary market, liquidity risk may be more pronounced for the Fund. When Loans are prepaid, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for Loans, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, liquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; The Fund may focus its investments in a single country or small group of countries and be subject to greater volatility than a more geographically diversified fund. 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Currency Risk. </i>Changes in foreign currency exchange rates will affect the value of the Fund&#8217;s securities and the price of the Fund&#8217;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&#8217;s government or banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures, options, swaps, price locks, credit default swaps and foreign currency transactions, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Certain of the Fund&#8217;s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund&#8217;s after-tax returns. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Options Risk.</i> There are significant differences between the securities and options markets that could result in an imperfect correlation between these markets and even a well conceived transaction may be unsuccessful because of market behavior or unexpected events. Options may be volatile and there can no assurance that a liquid secondary market will exist for any particular option at any particular time, even if the contract is traded on an exchange. Exchanges made halt trading in options thereby making it impossible for the Fund to enter into or close out option positions and impairing the Fund&#8217;s access to assets held to cover such options positions. The Fund may also be at risk that counterparties entering into an option transaction will not fulfill their obligations, particularly when the Fund utilizes over-the-counter options. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Strategy Risk.</i> The Fund may use relative value and other strategies that combine derivatives and/or securities to manage duration, sector and yield curve exposure and credit and spread volatility. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss. Relative value strategies involve complex securities transactions that involve risks in addition to direct investments in securities including leverage risk and the risks described under &#8220;<i>Derivatives Risk</i>&#8221;. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#8217;s securities goes down, your investment in the Fund decreases in value. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Convertible Securities Risk. </i>The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Ginnie Mae, Fannie Mae, or 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk. </i>The Fund may invest in asset-backed, mortgage-related and mortgage-backed securities including so-called &#8220;sub-prime&#8221; mortgages. 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. Such securities are subject to certain other risks including prepayment, contraction and call risks. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as interest-only (IOs) and principal-only (POs), are more volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under &#8220;<i>Credit Risk</i>&#8221;, for &#8220;sub-prime&#8221; mortgages is generally higher than other types of mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage Dollar Roll Risk. </i>The Fund may enter into mortgage dollar rolls involving mortgage pass-through securities including mortgage TBAs and other mortgage-backed securities. During the period between the sale and repurchase in a mortgage dollar roll transaction, the Fund will not be entitled to receive interest and principal payments on the securities sold. Losses may arise due to changes in the value of the securities or if the counterparty does not perform under the terms of the agreement. If the counterparty files for bankruptcy or becomes insolvent, the Fund&#8217;s right to repurchase or sell securities may be limited. Short sales of mortgage TBAs and mortgage dollar rolls may be subject to leverage risks as described under <i>&#8220;Derivatives Risk&#8221;</i>. In addition, mortgage dollar rolls may increase interest rate risk and result in an increased portfolio turnover rate which increases costs and may increase taxable gains. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Investment Company Risk. </i>Shareholders bear both their proportionate share of the Fund&#8217;s expenses and similar expenses of an other investment company. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>ETF Risk. </i>The Fund may invest in shares of other investment companies, including common shares and preferred shares of closed-end funds. The Fund indirectly pays a portion of the expenses incurred by the underlying funds. The price movement of an ETF may not track the underlying index and may result in a loss. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Securities Risk. </i>The risk of a municipal security generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. Under some circumstances, municipal securities might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk. </i>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 an inflation-linked security 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 (e.g., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.<br/><br/></font><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="font-family: Arial Narrow;" class="_mt" size="2">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.<br/><br/>You could lose money investing in the Fund.</font></p></div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganTotalReturnFundR5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganTotalReturnFundR5 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganRealReturnFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b> </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has wide latitude to invest in all types of debt securities that the adviser believes have the potential to provide a high total return over time. As part of its principal investment strategy, the Fund may invest in corporate bonds, U.S. treasury obligations and other U.S. government and agency securities, asset-backed, mortgage-related and mortgage-backed securities and structured investments. Mortgage-related and mortgage-backed securities may be structured as adjustable rate mortgage loans, collateralized mortgage obligations (agency and non-agency), stripped mortgage backed securities (interest-only or principal-only), commercial mortgage-backed securities, and mortgage pass-through securities including mortgage TBAs. These securities may be of any maturity. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest a significant portion or all of its assets in mortgage-backed securities in the adviser&#8217;s discretion. The Fund may invest a significant amount of its assets in sub-prime mortgage-related securities. The Fund may enter into dollar rolls, in which the Fund sells mortgage-backed securities including mortgage TBAs and at the same time contracts to buy back very similar securities on a future date. The Fund may also sell mortgage TBAs short. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund uses derivatives structured as futures, options, swaps and price locks to help manage duration, sector and yield curve exposure and credit and spread volatility. Swaps may be structured as credit default swaps (CDS) on individual securities, a basket or index of securities, interest rate swaps, total return swaps and price lock swaps. The Fund uses CDS to initiate long exposures (overweights) in areas of the market that the adviser believes are attractively valued and short positions (underweights) in areas that the adviser believes are not attractive from a valuation perspective. In certain market environments, the Fund may use interest rate swaps and futures contracts to help protect its portfolio from interest rate risk. The Fund may also utilize foreign currency transactions including currency options and forward foreign currency contracts to hedge non-dollar investments or to establish or adjust exposure to particular foreign securities, markets or currencies. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also use derivatives either alone or in combination with securities as part of its &#8220;relative value&#8221; strategies. Relative value strategies seek to exploit pricing discrepancies between individual securities or market sectors. The Fund&#8217;s relative value strategies use combinations of securities and investments and include: (1) credit-oriented trades such as purchasing a CDS related to one bond or set of bonds and selling a CDS on a similar bond or set of bonds, (2) mortgage-dollar rolls in which the Fund sells mortgage-backed securities and the same time contracts to buy back very similar securities on a future date, (3) long/short strategies such as selling a bond with one maturity and buying a bond with a different maturity to take advantage of the yield/return between the maturity dates, and (4) other combinations of fixed income securities and derivatives. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Up to 35% of the Fund&#8217;s total assets may be invested in foreign securities, including emerging markets debt securities and debt securities denominated in foreign currencies. Investments may be issued or guaranteed by a wide variety of entities including governments and their agencies and instrumentalities, corporations, financial institutions and supranational organizations. The Fund typically will seek to hedge approximately 70% of its non-dollar investments back to the U.S. dollar, through the use of derivatives including forward foreign currency contracts, but may not always do so. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, 65% of the Fund&#8217;s net assets will be invested in securities that, at the time of purchase, are rated investment grade (or the unrated equivalent). Up to 35% of the Fund&#8217;s net assets may be invested in securities rated below investment grade (junk bonds) including so called &#8220;distressed debt&#8221;. Distressed debt includes securities of issuers experiencing financial or operating difficulties, securities where the issuer has defaulted in the payment of interest or principal or in the performance of its covenants or agreements, securities of issuers that may be involved in bankruptcy proceedings, reorganizations or financial restructurings or securities of issuers operating in troubled industries. The Fund may also invest in securities that are unrated but are deemed by the adviser to be of comparable quality. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in securities issued by the U.S. government and its agencies and instrumentalities including U.S. Treasury securities, treasury receipts and obligations and securities. The Fund may also invest in inflation-linked debt securities of varying maturities issued by the U.S. government, its agencies and instrumentalities such as Treasury Inflation Protected Securities (TIPS) or issued by other entities such as corporations, foreign governments and other foreign issuers.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in loan assignments and participations (Loans) and commitments to purchase loan assignments. Loans will typically consist of senior floating rate loans, but may also include secured and unsecured loans, second lien loans or more junior and bridge loans. Loans may be issued by obligors in the U.S. or in foreign or emerging markets. As part of its principal investment strategy, the Fund may invest any portion of its total assets in cash and cash equivalents. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells investments for the Fund by analyzing both individual securities and different market sectors within broader interest rate, investment and sector themes established by the adviser&#8217;s macro team. The adviser looks for individual investments that it believes will perform well over market cycles based on a risk/reward evaluation of interest rate risk, credit risk and the complex legal and technical structure of the transaction. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <b>Portfolio Turnover </b> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 19% of the average value of its portfolio. </font> <b>What are the Fund&#8217;s main investment strategies? </b> <b>The Fund&#8217;s Main Investment Risks </b> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">In implementing its strategy, the Fund invests in a portfolio of municipal bonds (including housing authority mortgage securities, fixed and floating rate municipal securities representing an interest in or secured by residential mortgage loans, and high yield, high risk municipal securities (also known as junk bonds), municipal inverse floaters, high yield, high risk taxable securities, and non-investment grade loan assignments and participations (such securities are also known as junk bonds). The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities in the adviser&#8217;s discretion. The Fund will invest in fixed income investments, including municipal securities, of any maturity. Distribution of net income from taxable investments would be taxable income. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to pursue a tax aware investing strategy by attempting to achieve high after-tax returns for shareholders by balancing investment considerations and tax considerations. As part of this strategy, the Fund seeks to maximize after-tax returns. Among the techniques and strategies used by the Fund in seeking the tax-efficient management are the following: investing in municipal securities, the interest from which is exempt from federal income tax; investing in taxable securities where after-tax return is favorable; attempting to minimize net realized short-term capital gain; and employing a long-term approach to investing. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Loan assignments and participations (Loans) will typically consist of senior secured floating rate loans, but may also include unsecured loans, second lien loans or more junior and bridge loans as well as commitments to purchase loans. Loans may be issued by obligors in the U.S. or in foreign or emerging markets. When the Fund acquires a loan assignment, the Fund typically will have a direct contractual relationship with the obligor; provided, however, the Fund may only be able to enforce its rights through an administrative agent. When the Fund acquires a loan participation, the Fund typically enters into a contractual relationship with the third party selling such participations, but not the borrower. As a result, the Fund assumes the credit risk of the seller of the loan participation and any other parties interpositioned between the Fund and the borrower. Under a loan participation, the Fund may have no direct rights to enforce the terms of the loan against the borrower. The Fund may not benefit directly from the collateral supporting the loan in which it has purchased the loan participations or assignments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in municipal inverse floaters, which pay interest at rates that bear an inverse relationship to changes in short-term market interest rates. A municipal inverse floater is typically created when the Fund arranges for the deposit of a municipal bond it owns with a special purpose vehicle (SPV) and receives the municipal inverse floater (which is comprised of a residual interest in the cash flows and assets of the SPV) and proceeds from the issuance by the SPV of floating rate certificates to third parties. The holder of a municipal inverse floater generally bears substantially all of the downside investment risk associated with the underlying bond, and typically also is the potential beneficiary of any appreciation of the underlying bond&#8217;s value. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Up to 35% of the Fund&#8217;s total assets may be invested in securities rated below investment grade (junk bonds). Junk bonds also include unrated securities that the Fund&#8217;s adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called &#8220;high yield bonds&#8221; and &#8220;non-investment grade bonds.&#8221; These securities generally are rated in the fifth or lower rating categories (for example, BB or lower by Standard &amp; Poor&#8217;s Corporation and Ba or lower by Moody&#8217;s Investors Service, Inc.). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A security&#8217;s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">From time to time, a significant portion of the Fund&#8217;s total assets may be invested in municipal housing authority obligations. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">All of the Fund&#8217;s assets may be invested in municipal bonds, the interest on which may be subject to the federal alternative minimum tax for both individuals and corporations. </font> <br /><br /><b>Investment Process </b><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its tax aware strategy, the Fund typically sells securities when the anticipated performance benefit justifies the resulting gain. This strategy often includes minimizing the sale of securities with large unrealized gains, holding securities long enough to avoid short-term capital gains taxes, selling securities with a higher cost basis first and offsetting capital gains realized in one security by selling another security at a capital loss. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The frequency with which the Fund buys and sells securities will vary from year to year, depending on market conditions and the implementation of the tax aware strategy. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk because it is an actively managed Fund. The Fund may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. <i></i></font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk.</i> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund&#8217;s investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund&#8217;s investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Alternative Minimum Tax Risk. </i>The Fund may invest in municipal bonds, the interest on which may be subject to the federal alternative minimum tax. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities Risk. </i>The Fund may invest in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed (also known as junk bonds). These investments 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Debt Securities and other Callable Securities Risk. </i>As part of its main investment strategy, the Fund invests in debt securities. The issuer of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Loan Risk. </i>The Fund may invest in Loans including Loans that are rated below investment grade. Like other high yield, corporate debt instruments, such Loans are subject to an increased risk of default in the payment of principal and interest as well as the other risks described under &#8220;<i>Interest Rate Risk</i>,&#8221; &#8220;<i>Credit</i> <i>Risk</i>&#8221; and &#8220;<i>High Yield Securities Risk</i>.&#8221; Loans are vulnerable to market sentiment such that economic conditions or other events may reduce the demand for Loans and cause their value to decline rapidly and unpredictably. Although the Fund limits its investments in illiquid securities to no more than 15% of the Fund&#8217;s net assets at the time of purchase, Loans that are deemed to be liquid at the time of purchase may become illiquid. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inverse Floater Risk. </i>The market value of an inverse floater can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Inverse floaters involve complex transactions and involve risks in addition to risks associated with more conventional municipal obligations. Inverse floaters may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Inverse floaters can create leverage thereby causing the Fund to be more volatile than it would be if it had not used inverse floaters. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Tax Aware Investing Risk. </i>The Fund&#8217;s tax aware strategies may reduce your taxable income, but will not eliminate it. These strategies may require trade-offs that reduce pre-tax income. Managing the Fund to maximize after-tax returns may also potentially have a negative effect on the Fund&#8217;s performance. Because tax consequences are considered in managing the Fund, the Fund&#8217;s pre-tax performance may be lower than that of a similar fund that is not tax-managed. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Taxability Risk.</i> The Fund&#8217;s investments in municipal securities rely on the opinion of the issuer&#8217;s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund&#8217;s dividends with respect to that bond might be subject to federal income tax. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Zero-Coupon Bond Risk.</i> The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganTaxAwareHighIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganTaxAwareHighIncomeFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 7% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund mainly invests in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities and high quality money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, repurchase agreements, and Rule 144A securities. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">All of the Fund&#8217;s investments will carry a minimum short-term rating of P-2, A-2 or F2 or better by Moody&#8217;s Investors Service Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), and a minimum long-term rating of Baa3, BBB&#8211;, or BBB&#8211; by Moody&#8217;s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO at the time of investment or if such investments are unrated, deemed by J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality at the time of investment. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has flexibility to invest in derivatives and may use such instruments as substitutes for securities in which the Fund can invest. Derivatives are instruments which have a value based on another instrument, exchange rate or index. Although the use of derivatives is not a main strategy of the Fund under normal market conditions, the Fund may use futures contracts, options, swaps, and forward contracts in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes and/or to increase income or gain to the Fund. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser allocates the Fund&#8217;s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">This Fund is not a money market fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk</i>. The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund&#8217;s investments generally declines. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk</i>. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund&#8217;s investments. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund&#8217;s investments. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. The Fund may invest in securities that are rated in the lowest investment grade. Issuers of such securities are more vulnerable to changes in economic conditions than issuers of higher grade securities. The Fund may invest in municipal bonds in the lowest investment grade category. Such securities are considered to have speculative characteristics similar to high yield securities. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Alternative Minimum Tax Risk. </i>The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> </font><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Debt Securities and Other Callable Securities Risk. </i>As part of its main investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Taxability Risk. </i>The Fund&#8217;s investments in municipal securities rely on the opinion of the issuer&#8217;s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund&#8217;s dividends with respect to that bond might be subject to federal income tax. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Zero-Coupon Bond Risk. </i>The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk</i>. 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. </font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br />COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br />COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 5% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 7% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in municipal securities, the income from which is exempt from federal and state personal income taxes for California residents and not subject to the federal alternative minimum tax on individuals. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. The Fund seeks investments that also provide high current income. Municipal securities in which the Fund can invest include those issued by the State of California, its political subdivisions, as well as Puerto Rico, other U.S. territories and their political subdivisions. Because the Fund&#8217;s objective is high after-tax total return rather than high tax-exempt income, the Fund may invest to a limited extent in securities of other states or territories. To the extent that the Fund invests in municipal securities of other states, the income from such securities would be free from federal personal income taxes for California residents but would be subject to California taxes. For non-California residents, the income from California municipal securities may also be subject to state and local taxes in their jurisdiction of residence. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund reserves the right to invest up to 20% of its Assets in securities that pay interest subject to federal income tax, the federal alternative minimum tax on individuals or California personal income taxes. To defend the value of its assets during unusual market conditions, the Fund may temporarily exceed this limit. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s securities may be of any maturity, but under normal circumstances the Fund&#8217;s duration will generally range between three and seven years, similar to that of the Barclays Capital California Competitive Intermediate Bond (1&#8211;17 Year) Index. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of &#8220;three&#8221; means that a security&#8217;s or portfolio&#8217;s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of May 31, 2012, the duration of the Barclays Capital California Competitive Intermediate Bond (1&#8211;17 Year) Index was 4.82 years, although the duration will likely vary in the future. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">There may be times when there are not enough municipal securities available to meet the Fund&#8217;s needs. On these occasions, the Fund may invest in securities that may be subject to federal income tax. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser&#8217;s discretion. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in zero-coupon securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/ reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST <br />WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in municipal obligations whose interest payments are excluded from gross income for federal income tax purposes and not subject to the federal alternative minimum tax on individuals. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund reserves the right to invest up to 20% of its Assets in securities that pay interest subject to federal income tax or the federal alternative minimum tax on individuals. To defend the value of its assets during unusual market conditions, the Fund may temporarily exceed this limit. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">There may be times when there are not enough municipal oblig tions available to meet the Fund&#8217;s needs. On these occasions, the Fund may invest in repurchase agreements or U.S. Treasury securities that may be subject to federal income tax. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser&#8217;s discretion. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in zero-coupon securities and forw rd commitments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The average dollar weighted maturity of the Fund&#8217;s portfolio will be between three and ten years. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual bonds in a Fund calcul ted so as to count most heavily those securities with the highe t dollar value. Average weighted maturity is important to investors as an indication of a Fund&#8217;s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual secur ties and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/ reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal period (July 21, 2011 through February 29, 2012), the Fund&#8217;s portfolio turnover rate was 0.00% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 174% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund mainly invests in high quality, U.S. dollar-denominated short-term fixed and floating rate debt securities. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities and high quality money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, municipal securities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, repurchase agreements and reverse repurchase agreements, Rule 144A securities and securities of other investment companies, including money market funds. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The dollar-weighted average maturity of the Fund normally will be 90 days or less, generally taking into account the earlier of the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and the interest rate reset date for variable or floating rate securities. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The dollar-weighted average life to maturity of the Fund normally will be 180 days or less, generally taking into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. In addition, the Fund will buy individual securities with final maturities of 13 months or less, or that have features with the effect of reducing their maturities to 13 months or less at the time of purchase, as set forth above, floating rate U.S. government agency securities with final maturities of up to 2 years or securities of money market funds. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund will generally invest at least 95% of its assets in the securities of issuers with the highest short-term credit rating by Moody&#8217;s Investors Service Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P) or Fitch Rating (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or, if the investment is unrated, deemed by J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality at the time of investment. The remainder of the Fund&#8217;s investments will carry a minimum short-term rating of P-2, A-2 or F2 or better by Moody&#8217;s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO, or a minimum long-term rating of A3, A- or A- by Moody&#8217;s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO at the time of investment or if such investments are unrated, deemed by the adviser to be of comparable quality at the time of investment. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser allocates the Fund&#8217;s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is not a money market fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br>WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 293% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has an absolute return orientation and is not managed relative to an index. The Fund attempts to achieve a positive total return over long-term market cycles by primarily investing in a portfolio of municipal securities, the income of which is exempt from federal income tax, and derivatives. The Fund utilizes derivative strategies to manage the impact of movements in interest rates and credit spreads and to adjust exposure to individual securities. &#8220;Tax Aware Income&#8221; in the Fund&#8217;s name refers to the Fund&#8217;s strategy of investing in municipal securities and balancing investment considerations with tax considerations. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities. &#8220;Assets&#8221; means net assets plus the amount of borrowings for investment purposes. Municipal securities are debt securities of any maturity issued by states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal securities include private activity and industrial development bonds, tax anticipation notes and participations in pools of municipal securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to investing in municipal securities as part of its tax aware strategies, the Fund uses other tax efficient strategies including investing in taxable securities where after-tax return is favorable; attempting to minimize realized short-term capital gain; and employing a long-term approach to investing. Although the Fund is managed using a tax aware strategy, up to 100% of the Fund&#8217;s assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals. In addition, the Fund&#8217;s use of derivatives alone or in combination with municipal securities may generate short-term capital gain. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its derivatives strategies, the Fund may use &#8220;relative value&#8221; strategies. &#8220;Relative value&#8221; strategies seek to exploit pricing discrepancies between individual securities or market sectors. The Fund&#8217;s relative value strategies use combinations of securities and investments and include: (1) municipal security trades such as purchasing a credit default swap related to a municipal security or an index of municipal securities and selling a credit default swap on a similar municipal security or index of municipal securities, (2) long/short strategies such as selling a bond with one maturity and buying a bond with a different maturity to take advantage of the yield/return between the maturity dates, and (3) other combinations of fixed income securities and derivatives. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options (including options on interest rate futures contracts and interest rate swaps), swaps and credit default swaps individually or as part of its relative value strategy to manage duration, sector and yield curve exposure and credit and spread volatility. The Fund may also use these instruments to increase gain to the Fund or to hedge interest rate risk and volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser uses security selection and/or derivatives to adjust Fund allocations among strategies or types of investments. For any and all strategies or types of investments, the Fund may use derivatives to obtain exposure. The Fund uses a flexible asset allocation approach that permits the adviser to invest in a single strategy or investment or only a few strategies or investments, consistent with the limitations identified above. Due to the Fund&#8217;s flexible allocation approach, the Fund&#8217;s risk exposure may vary and a risk associated with an individual strategy or investment may become more pronounced when the Fund utilizes a single strategy or investment or only a few strategies or investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest up to 50% of its total assets in securities that are rated below investment grade (junk bonds) by Moody&#8217;s Investor Service, Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P), Fitch Ratings (Fitch) or the equivalent by another nationally recognized statistical rating organization (NRSRO), or securities that are unrated but are deemed by the adviser to be of comparable quality. A &#8220;junk bond&#8221; is a debt security that is rated below investment grade. Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called &#8220;high yield bonds&#8221; and &#8220;non-investment grade bonds.&#8221; These securities generally are rated in the fifth or lower rating categories (for example, BB or lower by S&amp;P and Ba or lower by Moody&#8217;s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. Securities rated below investment grade may include so called &#8220;distressed debt&#8221; (i.e., securities of issuers experiencing financial or operating difficulties or operating in troubled industries that present attractive risk-reward characteristics). Although the Fund may invest up to 50% of its total assets in junk bonds if deemed advantageous by the adviser given current market conditions at the time of investment, the Fund will generally invest at least 50% of the Fund&#8217;s net assets in securities that, at the time of purchase, are rated investment grade or better or the unrated equivalent, meaning that such securities will carry a minimum rating of Baa, BBB&#8211;, or BBB&#8211; by Moody&#8217;s, S&amp;P and Fitch, respectively. A security&#8217;s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality such that subsequently they would be deemed to be below investment grade. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest up to 20% of its Assets in a wide variety of taxable debt securities of issuers from the U.S. and other markets, both developed and emerging. Investments may be issued or guaranteed by entities including governments and their agencies, corporations, financial institutions and supranational organizations that the Fund believes have the potential to provide total return. The Fund may invest in inverse floating rate instruments (inverse floaters), corporate bonds, treasury and agency securities, asset-backed, mortgage-related and mortgage-backed securities. Mortgage-backed securities may be structured as collateralized mortgage obligations (agency and non-agency). The Fund expects to invest no more than 10% of its assets in sub-prime mortgage-related securities at the time of purchase. The Fund also invests in inflation-linked securities such as Treasury Inflation Protected Securities (TIPS). </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in loan assignments and participations (Loans), and commitments to purchase loan assignments (Unfunded Commitments). The Fund may also invest in common shares or preferred shares of unaffiliated closed-end funds. The Fund generally will limit its investments in a single closed-end fund to 5% of its total assets and in all registered investment companies including closed-end funds (other than money market funds) to 10% of its total assets. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in exchange traded funds (ETFs) in order to gain exposure to particular foreign markets or asset classes. The ETFs in which the Fund may invest are registered investment companies that seek to track the performance of a particular market index or security. These indexes include not only broad-based market indexes but more specific indexes as well, including those relating to particular sectors, markets, regions or industries. Ordinarily, the Fund must limit its investments in any single ETF to 5% of its total assets and in all ETFs and other investment companies to 10% of its total assets. However, the Securities and Exchange Commission (SEC) has issued exemptive orders to many ETFs that allow any fund investing in such ETFs to disregard these 5% and 10% limitations. If the Fund invests in ETFs that have received such exemptive orders, it may invest any amount of its total assets in a single ETF or in multiple ETFs, although ordinarily the Fund will limit its investments to no more than 10% of its total assets in a single ETF. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its principal investment strategy and for temporary defensive purposes, any portion of the Fund&#8217;s total assets may be invested in cash and cash equivalents. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Investment Process. </b>In buying and selling investments for the Fund, the adviser uses an opportunistic strategy that combines both security selection and derivatives to allocate its investments with an absolute return orientation (the return that an asset achieves over a certain period of time). The portfolio management team works on a collaborative basis to allocate the Fund&#8217;s investments among investment grade and non-investment grade municipal securities and to identify relative value and other trading strategies that are designed to hedge against volatility and interest rate risk. The Fund uses a flexible asset allocation approach. Due to the Fund&#8217;s flexible allocation approach, the Fund&#8217;s risk exposure may vary and a risk associated with an individual strategy or type of investment may become more pronounced when the Fund utilizes a single strategy or type of investment or only a few strategies or types of investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">As part of its tax aware strategy, the Fund typically sells securities when the anticipated performance benefit justifies the resulting gain. This strategy often includes minimizing the sale of securities with large unrealized gains, holding securities long enough to avoid short-term capital gains taxes, selling securities with a higher cost basis first and offsetting capital gains realized in one security by selling another security at a capital loss. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 5% of the average value of its portfolio. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganNewYorkTaxFreeBondFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganNewYorkTaxFreeBondFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 174% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganManagedIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganManagedIncomeFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the Fund&#8217;s most recent fiscal period (July 21, 2011 through February 29, 2012), the Fund&#8217;s portfolio turnover rate was 0.00% of the average value of its portfolio. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganCurrentIncomeFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund mainly invests in high quality, U.S. dollar-denominated short-term fixed and floating rate debt securities. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities and high quality money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, municipal securities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, repurchase agreements and reverse repurchase agreements, Rule 144A securities and securities of other investment companies, including money market funds. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The dollar-weighted average maturity of the Fund normally will be 90 days or less, generally taking into account the earlier of the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and the interest rate reset date for variable or floating rate securities.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The dollar-weighted average life to maturity of the Fund normally will be 180 days or less, generally taking into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made. In addition, the Fund will buy individual securities with final maturities of 13 months or less, or that have features with the effect of reducing their maturities to 13 months or less at the time of purchase, as set forth above, floating rate U.S. government agency securities with final maturities of up to 2 years or securities of money market funds. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund will generally invest at least 95% of its assets in the securities of issuers with the highest short-term credit rating by Moody&#8217;s Investors Service Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P) or Fitch Rating (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or, if the investment is unrated, deemed by J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality at the time of investment. The remainder of the Fund&#8217;s investments will carry a minimum short-term rating of P-2, A-2 or F2 or better by Moody&#8217;s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO, or a minimum long-term rating of A3, A- or A- by Moody&#8217;s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO at the time of investment or if such investments are unrated, deemed by the adviser to be of comparable quality at the time of investment. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser allocates the Fund&#8217;s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is not a money market fund. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganCurrentIncomeFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COSTS WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund mainly invests in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities and high quality money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, repurchase agreements, and Rule 144A securities. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">All of the Fund&#8217;s investments will carry a minimum short-term rating of P-2, A-2 or F2 or better by Moody&#8217;s Investors Service Inc. (Moody&#8217;s), Standard &amp; Poor&#8217;s Corporation (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), and a minimum long-term rating of Baa3, BBB&#8211;, or BBB&#8211; by Moody&#8217;s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO at the time of investment or if such investments are unrated, deemed by J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality at the time of investment. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund has flexibility to invest in derivatives and may use such instruments as substitutes for securities in which the Fund can invest. Derivatives are instruments which have a value based on another instrument, exchange rate or index. Although the use of derivatives is not a main strategy of the Fund under normal market conditions, the Fund may use futures contracts, options, swaps, and forward contracts in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes and/or to increase income or gain to the Fund. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">The adviser allocates the Fund&#8217;s assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">This Fund is not a money market fund. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganManagedIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganManagedIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganTaxAwareIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganTaxAwareIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganCaliforniaTaxFreeBondFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganCaliforniaTaxFreeBondFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganCaliforniaTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganCaliforniaTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganCurrentIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganCurrentIncomeFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntermediateTaxFreeBondFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntermediateTaxFreeBondFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in municipal securities, the income from which is exempt from federal and state personal income taxes for California residents and not subject to the federal alternative minimum tax on individuals. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. The Fund seeks investments that also provide high current income. Municipal securities in which the Fund can invest include those issued by the State of California, its political subdivisions, as well as Puerto Rico, other U.S. territories and their political subdivisions. Because the Fund&#8217;s objective is high after-tax total return rather than high tax-exempt income, the Fund may invest to a limited extent in securities of other states or territories. To the extent that the Fund invests in municipal securities of other states, the income from such securities would be free from federal personal income taxes for California residents but would be subject to California taxes. For non-California residents, the income from California municipal securities may also be subject to state and local taxes in their jurisdiction of residence. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund reserves the right to invest up to 20% of its Assets in securities that pay interest subject to federal income tax, the federal alternative minimum tax on individuals or California personal income taxes. To defend the value of its assets during unusual market conditions, the Fund may temporarily exceed this limit. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s securities may be of any maturity, but under normal circumstances the Fund&#8217;s duration will generally range between three and seven years, similar to that of the Barclays Capital California Competitive Intermediate Bond (1&#8212;17 Year) Index. Duration is a measure of the price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of &#8220;three&#8221; means that a security&#8217;s or portfolio&#8217;s price would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve). As of May 31, 2012, the duration of the Barclays Capital California Competitive Intermediate Bond (1&#8212;17 Year) Index was 4.82 years, although the duration will likely vary in the future. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">There may be times when there are not enough municipal securities available to meet the Fund&#8217;s needs. On these occasions, the Fund may invest in securities that may be subject to federal income tax. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser&#8217;s discretion. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in zero-coupon securities. </font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/ reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST <br/>WOULD BE:</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in municipal obligations whose interest payments are excluded from gross income for federal income tax purposes and exempt from New York State and New York City personal income taxes, and not subject to the federal alternative minimum tax on individuals. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in municipal obligations issued by the State of New York, its political subdivisions, as well as Puerto Rico, other U.S. territories and their political subdivisions. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund reserves the right to invest up to 20% of its Assets in securities that pay interest subject to federal income tax, the federal alternative minimum tax on individuals or New York State and New York City personal income taxes. To defend the value of its assets during unusual market conditions, the Fund may temporarily exceed this limit. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">There may be times when there are not enough municipal obligations available to meet the Fund&#8217;s needs. On these occasions, the Fund may invest in repurchase agreements or U.S. Treasury securities that may be subject to federal income tax. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser&#8217;s discretion. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in zero-coupon securities and forward commitments. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The average dollar weighted maturity of the Fund&#8217;s portfolio will be between three and ten years. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual bonds in a Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of a Fund&#8217;s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/ reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Main Investment Risks </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in municipal obligations whose interest payments are excluded from gross income for federal income tax purposes and exempt from New York State and New York City personal income taxes, and not subject to the federal alternative minimum tax on individuals. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in municipal obligations issued by the State of New York, its political subdivisions, as well as Puerto Rico, other U.S. territories and their political subdivisions. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund reserves the right to invest up to 20% of its Assets in securities that pay interest subject to federal income tax, the federal alternative minimum tax on individuals or New York State and New York City personal income taxes. To defend the value of its assets during unusual market conditions, the Fund may temporarily exceed this limit. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">There may be times when there are not enough municipal obligations available to meet the Fund&#8217;s needs. On these occasions, the Fund may invest in repurchase agreements or U.S. Treasury securities that may be subject to federal income tax. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser&#8217;s discretion. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in zero-coupon securities and forward commitments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The average dollar weighted maturity of the Fund&#8217;s portfolio will be between three and ten years. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual bonds in a Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of a Fund&#8217;s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in municipal obligations whose interest payments are excluded from gross income for federal income tax purposes and not subject to the federal alternative minimum tax on individuals. &#8220;Assets&#8221; means net assets, plus the amount of borrowings for investment purposes. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under normal circumstances, the Fund reserves the right to invest up to 20% of its Assets in securities that pay interest subject to federal income tax or the federal alternative minimum tax on individuals. To defend the value of its assets during unusual market conditions, the Fund may temporarily exceed this limit. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">There may be times when there are not enough municipal obligations available to meet the Fund&#8217;s needs. On these occasions, the Fund may invest in repurchase agreements or U.S. Treasury securities that may be subject to federal income tax. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may invest in debt securities issued by governmental entities, certain issuers identified with the U.S. government and private issuers. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser&#8217;s discretion. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in high-quality, short-term money market instruments and repurchase agreements. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund may also invest in zero-coupon securities and forward commitments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The average dollar weighted maturity of the Fund&#8217;s portfolio will be between three and ten years. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual bonds in a Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of a Fund&#8217;s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/ reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntermediateTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntermediateTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganRealReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganNewYorkTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganNewYorkTaxFreeBondFund column period compact * ~</div> 0 0.01 0 0.0035 0.0035 0.0035 0.0025 0.0075 0 0.0025 0.0025 0.0025 0.0017 0.0017 0.0017 0.0375 0 0 0 0.01 0 0.0035 0.0035 0.0035 0.0025 0.0075 0 0.0025 0.0025 0.0025 0.0028 0.0028 0.0027 0.0375 0 0 0.0035 0.01 0 0 0.001 0.0028 <b>The Fund&#8217;s Past Performance </b> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for each of the last ten calendar years. The table shows average annual total returns for the past one year, five years and ten years. The table compares that performance to the J.P. Morgan Emerging Markets Bond Index Global and the Lipper Emerging Markets Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Select Class Shares prior to their inception includes the performance of the only class of shares of the Fund that operated in a master-feeder structure. The performance in the table for Class A and Class C Shares is based on the performance of Select Class Shares prior to the inception of the Class A and Class C Shares. The actual returns of Class A and Class C Shares would have been lower because each of these classes has higher expenses than Select Class Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares for the past three calendar years. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital U.S. Aggregate Index and the Lipper Intermediate Investment Grade Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">2nd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>17.09%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2008</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-18.46%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 6.64%.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS </b></font><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font><br /><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">1st quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>2.09%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>0.16%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 2.57%.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <b>The Fund&#8217;s Past Performance </b> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares for the past one calendar year. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital 1-10 Year U.S. TIPS Index, Barclays Capital U.S. Intermediate Aggregate Index, both broad-based securities market indexes, Inflation Managed Bond Composite Benchmark (a composite benchmark determined by adding the Barclays Capital Intermediate Government/Credit Index and 80% of the Barclays Capital Swap 5 Year Zero Coupon Index) and the Lipper Treasury Inflation-Protected Securities Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> 0.004 0.0375 0 0.004 0 0.004 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 0.0025 0.0075 0 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font></p> 0.0025 0.0025 0.0025 0 0.01 0.0075 0 0.0097 0.0082 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Institutional Class Shares over the past six calendar years. The table shows the average annual total returns for the past one year, past five years, and the life of the Fund. The table compares that performance to the Barclays Capital U.S. TIPS Index and the Lipper Treasury Inflation-Protected Securities Funds Index, an index based on the total return of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 0.0375 0 0 0 0.01 0 0.0045 0.0045 0.0045 0.0025 0.0075 0 <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 0.0025 0.0025 0.0025 0.0014 0.0014 0.0014 <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>7.62%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2010</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-0.55%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 1.61%.</font></p> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">1st quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>4.78%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2008</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-4.04%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 0.77%.</font></p> 0.007 0.007 0.007 0.0025 0.0075 0 0.0025 0.0025 0.0025 0.002 0.002 0.002 0.0375 0 0 0 <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares over the past six calendar years. The table shows the average annual total returns for the past one year, five years, and the life of the Fund. The table compares that performance to the Barclays Capital U.S. TIPS Index and the Lipper Treasury Inflation-Protected Securities Funds Index, an index based on the total return of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <br /><br /> 0.01 0 <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 0.003 0.003 0.003 0.0025 0.0075 0 0.0025 0.0025 0.0025 0.0034 0.0034 0.0031 0 0.0375 0 0 0.01 0 0.0045 0.0045 0.0045 0.0025 0.0075 0 0.0025 0.0025 0.0025 0.0021 0.0022 0.0019 <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganInflationManagedBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganInflationManagedBondFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganRealReturnFundInstitutionalClassBarChart column period compact * ~</div> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">1st quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>4.66%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2008</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-4.08%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 0.76%.</font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganRealReturnFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS<b></font> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">2nd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>1.92%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>0.06%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 2.38%.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Class R2 Shares for the past one calendar year. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital 1-10 Year U.S. TIPS Index, Barclays Capital U.S. Intermediate Aggregate Index, both broad-based securities market indexes, Inflation Managed Bond Composite Benchmark (a composite benchmark determined by adding the Barclays Capital Intermediate Government/Credit Index and 80% of the Barclays Capital Swap 5 Year Zero Coupon Index) and the Lipper Treasury Inflation-Protected Securities Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <b>The Fund&#8217;s Past Performance </b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares for the past one calendar year. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital U.S. Aggregate Index, BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, both broad-based securities market indexes, and the Lipper Multi-Sector Income Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated</i> <i>performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares for the past three calendar years. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital U.S. Universal Index, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, and the Lipper Absolute Return Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the </font><font style="FONT-FAMILY: Arial Narrow" size="2">index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS<br />(WITH MAXIMUM SALES CHARGES)<br />(For the period ended December 31, 2011)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2011</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b> </b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>2.93%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b> &nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b> </b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-1.18%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b> &nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"><font size="1"> </font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 2.90%.</font></p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">2nd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>10.12%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-4.55%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 2.72%.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>3.25%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-3.52%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 2.37%.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganTotalReturnFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganTotalReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganRealReturnFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganEmergingMarketsDebtFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMultiSectorIncomeFund column period compact * ~</div> 0.0035 0.0035 0.0035 <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganCreditOpportunitiesFundBarChart column period compact * ~</div> 0.005 0 0 0.0025 0.0005 0 0.0017 0.0017 0.0018 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganCreditOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganStrategicIncomeOpportunitiesFundBarChart column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares for the past one calendar year. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital U.S. Credit Index, a broad-based securities market index, and the Lipper General Bond Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. </i><b>Effective September 15, 2011, some of the Fund&#8217;s investment strategies changed. The Fund&#8217;s past performance would have been different if the Fund were managed using the current strategies.</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganInflationManagedBondFundR2R5R6BarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganInflationManagedBondFundR2R5R6 column period compact * ~</div> 0 0.0045 0.0045 0.0045 0.005 0 0 0.0025 0.0005 0 0.003 0 0.003 0.003 0.0037 0.0005 0.0032 0.0045 0 0.0005 0.0015 <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Class R2 Shares for the past one calendar year. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital U.S. Credit Index, a broad-based securities market index, and the Lipper General Bond Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> <b>Effective September 15, 2011, some of the Fund&#8217;s investment strategies changed. The Fund&#8217;s past performance would have been different if the Fund were managed using the current strategies.</b></font> <b>The Fund&#8217;s Past Performance </b> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Class R5 Shares for the past three calendar years. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital U.S. Aggregate Index and the Lipper Intermediate Investment Grade Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">YEAR&#8210;BY&#8210;YEAR RETURNS</font> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>3.12%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-3.64%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 2.25%.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>7.66%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2010</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-0.52%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 1.65%.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br /><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Class R5 Shares for the past three calendar years. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital U.S. Universal Index, the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, and the Lipper Absolute Return Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting <b>www</b>.jpmorganfunds.com or by calling 1-800-480-4111.</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS<br />(For the period ended December 31, 2011)</b></font> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">2nd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>10.16%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-4.42%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 2.67%.</font></p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>2.70%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-1.30%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return through 3/31/12 was 2.82%.</font></p> 0.004 0.004 0.004 0.005 0 0 0.0025 0.0005 0 0.0111 0.011 0.011 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganStrategicIncomeOpportunitiesFundR5BarChart column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 0.002 0.0025 0.0005 0 0 0 0.007 0.007 <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Class R2 Shares for the past one calendar year. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital U.S. Aggregate Index, BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, both broad-based securities market indexes, and the Lipper Multi-Sector Income Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganCreditOpportunitiesFundR2R5R6BarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganCreditOpportunitiesFundR2R5R6 column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Class R5 Shares has varied from year to year for each of the last ten calendar years. The table shows average annual total returns for the past one year, five years and ten years, except for Class R6 Shares which will commence operations on or after the date of this prospectus. The table compares that performance to the J.P. Morgan Emerging Markets Bond Index Global and the Lipper Emerging Markets Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class R5 Shares is based on the performance of Select Class Shares prior to the inception of Class R5 Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Select Class Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. </font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">2nd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>16.95%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2008</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-18.43% </b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 6.64%.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganEmergingMarketsDebtFundR5R6BarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganEmergingMarketsDebtFundR5R6 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMultiSectorIncomeFundR2R5BarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganTotalReturnFundR5BarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganTotalReturnFundR5 column period compact * ~</div> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS </b></font> 0.0375 0 0 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS </b></font><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font><br /><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font> <font class="_mt" style="font-family: Courier New;"><b>YEAR-BY-YEAR RETURNS </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganStrategicIncomeOpportunitiesFundR5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganMulti-SectorIncomeFundBarChart column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganStrategicIncomeOpportunitiesFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS<br />(WITH MAXIMUM SALES CHARGES)</b></font><br /><b><font style="FONT-FAMILY: Arial Narrow"size="1">(For the period ended December 31, 2011)</font></b> 0.0375 0 0 0.0035 0.0035 0.0035 0.0025 0.0075 0 0.0025 0.0025 0.0025 0.0061 0.0059 0.0065 <b>The Fund&#8217;s Past Performance </b> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares over the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund. The table compares that performance to the Barclays Capital Municipal Bond Index, the Barclays Capital High Yield Municipal Bond Index, and the Lipper General Municipal Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other indexes, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangement such as 401(k) plans or individual retirement accounts. </font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>8.35%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2008</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-3.27%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date return as of 3/31/12 was 1.76%.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>(WITH MAXIMUM SALES CHARGES)</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganTaxAwareHighIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganTaxAwareHighIncomeFund column period compact * ~</div> 0.003 0 0.001 0.0011 <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Institutional Class Shares over the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Barclays Capital Competitive Intermediate Municipal (1&#8212;17 Year) Maturities Index and the Lipper Intermediate Municipal Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Barclays Capital California Competitive Intermediate Municipal Bond (1&#8212;17 Year) Index and the Lipper California Intermediate Municipal Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> 0.003 0 0.001 0.0017 0.0015 0 0.001 0.0011 0 0.003 0.0375 0 0 0 0.01 0 0.003 0.003 0.003 0.0025 0.0075 0 0.0025 0.0025 0.0025 0.0017 0.0017 0.0017 0.001 0.0014 <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Institutional Class Shares over the past one calendar year. The table shows the average annual total returns for the past one year and the life of the Fund. The table compares that performance to the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-766-7722.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk</i>. The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund&#8217;s investments generally declines. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Geographic Concentration Risk. </i>Because the Fund invests primarily in municipal obligations issued by the State of New York, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. As the nation&#8217;s financial capital, New York&#8217;s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk</i>. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. </font> <br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund&#8217;s investments. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund&#8217;s investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. The Fund may invest in securities that are rated in the lowest investment grade. Such securities are considered to have speculative characteristics similar to high yield securities. </font> <br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Alternative Minimum Tax Risk. </i>The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax. </font> <br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Debt Securities and Other Callable Securities Risk. </i>As part of its main investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Taxability Risk. </i>The Fund&#8217;s investments in municipal securities rely on the opinion of the issuer&#8217;s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund&#8217;s dividends with respect to that bond might be subject to federal income tax. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Zero-Coupon Bond Risk. </i>The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font> <br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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.<br/><br/>You could lose money investing in the Fund. </font></p></div><br/> <b>The Fund&#8217;s Past Performance </b> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Barclays Capital New York Competitive Intermediate (1&#8212;17 Year) Maturities Index and the Lipper Intermediate Municipal Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Barclays Capital California Competitive Intermediate Municipal Bond (1&#8211;17 Year) Index and the Lipper California Intermediate Municipal Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class C Shares shown in the table is based on the performance of Class A Shares prior to the inception of the Class C Shares. The actual returns of Class C Shares would have been lower because Class C Shares have higher expenses than the Class A Shares on which their performance is based. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>5.09%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2010</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-3.32%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 0.51%.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font></p> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>6.18%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2010</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-3.72%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 1.21%.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="font-family: Arial Narrow;" class="_mt" size="2">An investment in this Fund or any other fund may not prov de 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 investm nts 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.</font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk</i>. The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund&#8217;s investments generally declines.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk</i>. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund&#8217;s investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund&#8217;s investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. The Fund may invest in securities that are rated in the lowest investment grade. Issuers of such securities are more vulnerable to changes in economic conditions than issuers of higher grade securities. The Fund may invest in municipal bonds in the lowest investment grade category. Such securities are considered to have speculative characteristics similar to high yield securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Alternative Minimum Tax Risk. </i>The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk. </i>Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Debt Securities and Other Callable Securities Risk. </i>As part of its main investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Taxability Risk. </i>The Fund&#8217;s investments in municipal securities rely on the opinion of the issuer&#8217;s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund&#8217;s dividends with respect to that bond might be subject to federal income tax. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Zero-Coupon Bond Risk. </i>The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk. </i>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. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="font-family: Arial Narrow;" class="_mt" size="2">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.<br/><br/>You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><i></i>This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares over the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Barclays Capital Competitive Intermediate Municipal (1&#8211;17 Year) Maturities Index and the Lipper Intermediate Municipal Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class A, Class B and Class C Shares shown in the table is based on the performance of Select Class Shares prior to their inception. The actual returns of the Class A, Class B and Class C Shares would have been lower because each of these classes has higher expenses than Select Class Shares. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. </i></font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>4.68%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2010</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-2.50%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 0.53%.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed Securities Risk. </i>The Fund may invest in asset-backed securities that are subject to certain other risks including prepayment and call risks. During periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures contracts, options, swaps and forward contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Issuer Risk</i>. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. 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.<i> </i></font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Concentration Risk. </i>Because the Fund may invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry may 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Non-Money Market Fund Risk. </i>The Fund is not a money market fund. Although the Fund seeks to provide low volatility of principal, the Fund&#8217;s net asset value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the fund will generate higher returns than money market funds. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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.<br/><br/>You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund commenced operations on July 21, 2011 and, therefore, has no reportable performance history. 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 the 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. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">2nd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>0.18%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2011</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-0.01%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 0.33%.</font></p> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font></p> 0.0015 0 0.0025 0.0015 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font> <br /><br /><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Issuer Risk</i>. U.S. dollar denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. 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.</font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Repurchase Agreement Risk</i>. 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the 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. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</i> The 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s price. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Risk Associated with the Fund Holding Cash</i>. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Floating and Variable Rate Securities Risk.</i> 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 Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk. </i>Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt its ability to preserve capital and liquidity. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Concentration Risk. </i>Because the Fund may invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry may 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Investment Company Risk.</i> The Fund may invest in shares of other investment companies. Shareholders bear both their proportionate share of the Fund&#8217;s expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Non-Money Market Fund Risk. </i>The Fund is not a money market fund. Although the Fund seeks to provide low volatility of principal, the Fund&#8217;s net asset value will fluctuate every day, and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds. </font> <br /><br /><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> 0.003 0.003 0.003 0.003 0.0025 0.0075 0.0075 0 0.0025 0.0025 0.0025 0.0025 0.0011 0.0012 0.0011 0.0012 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk.</i> The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund&#8217;s investments generally declines. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk.</i> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the securities and thus the value of the Fund&#8217;s investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund&#8217;s investments. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk. </i>Derivatives, including futures contracts, options, swaps and credit default swaps, may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Fund&#8217;s original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including the 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 does not have a claim on the reference assets and is subject to enhanced counterparty risk. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Strategy Risk. </i>The Fund may use relative value and other strategies that combine derivatives and/or securities to manage duration, sector and yield curve exposure and credit and spread volatility and to gain exposure to municipal securities or markets. There is no guarantee that these strategies will succeed and their use may subject the Fund to greater volatility and loss. Relative value strategies involve complex securities transactions that involve risks in addition to direct investments in securities including leverage risk and the risks described under <i>&#8220;Derivatives Risk.&#8221;</i> </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Debt Securities and Other Callable Securities Risk. </i>As part of its main investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. The Fund may invest in municipal securities in the lowest investment grade category. Such securities are considered to have speculative characteristics similar to high yield securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities and Loan Risks. </i>The Fund may invest in securities and instruments that are issued by municipalities and companies that are highly leveraged, less creditworthy or financially distressed (also known as junk bonds). These investments 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. Loans are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, illiquidity risks, and lack of publicly available information. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Tax Aware Investing Risk</i>. The Fund&#8217;s tax aware strategies may reduce your taxable income, but will not eliminate it. The Fund may invest all of its assets in municipal securities, the interest on which may be subject to the federal alternative minimum tax. In addition, the Fund&#8217;s derivative strategies may generate short-term capital gains which alone or in conjunction with the Fund&#8217;s other investment strategies may result in distributions of taxable income. Tax aware strategies may require trade-offs that reduce pre-tax income. Managing the Fund using a tax aware strategy may potentially have a negative effect on the Fund&#8217;s performance. Because tax consequences are considered in managing the Fund, the Fund&#8217;s pre-tax performance may be lower than that of a similar fund that is not tax-managed. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Taxability Risk. </i>The Fund&#8217;s investments in municipal securities rely on the opinion of the issuer&#8217;s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund&#8217;s dividends with respect to that bond might be subject to federal income tax. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risks. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, illiquidity risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; 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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>ETF and Investment Company Risk. </i>The Fund may invest in shares of other investment companies and ETFs. Shareholders bear both their proportionate share of Fund&#8217;s expenses and similar expenses of the underlying investment company or ETF when the Fund invests in shares of another investment company or ETF. The price movement of an index-based ETF may not track the underlying index and may result in a loss. ETFs may trade at a price below their net asset value (also known as a discount). If the Fund invests in closed-end investment companies, it may incur added expenses such as additional management fees and trading costs. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation-Linked Security Risk. </i>Unlike conventional bonds, the principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specified rate of inflation (e.g., the Consumer Price Index for all Urban Consumers (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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inverse Floater Risk. </i>The market value of an inverse floater can be more volatile than that of a conventional fixed-rate bond having similar credit quality, maturity and redemption provisions. Inverse floaters involve complex transactions and involve risks in addition to risks associated with more conventional municipal obligations including leverage risk and the risks described under <i>Derivatives Risk.</i> </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font><br/><br/><div style="border-bottom: #3f3f3f 1pt solid; border-left: #3f3f3f 1pt solid; padding-bottom: 3px; width: 100%; margin-left: 0%; border-top: #3f3f3f 1pt solid; margin-right: 0%; border-right: #3f3f3f 1pt solid; padding-top: 2px;"> <div class="MetaData"> <p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div></div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund commenced operations on March 1, 2011 and therefore, has no reportable performance history. 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 the 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. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganNewYorkTaxFreeBondFundInstitutionalClassBarChart column period compact * ~</div> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganNewYorkTaxFreeBondFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk</i>. The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund&#8217;s investments generally declines. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Geographic Concentration Risk. </i>Because the Fund invests primarily in municipal obligations issued by the State of New York, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. As the nation&#8217;s financial capital, New York&#8217;s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk.</i> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund&#8217;s investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund&#8217;s investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. The Fund may invest in securities that are rated in the lowest investment grade. Such securities are considered to have speculative characteristics similar to high yield securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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. </font><font style="FONT-FAMILY: Arial Narrow" size="2">government related organizations such as Fannie Mae or Freddie Mac may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Alternative Minimum Tax Risk. </i>The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Debt Securities and Other Callable Securities Risk. </i>As part of its main investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Taxability Risk. </i>The Fund&#8217;s investments in municipal securities rely on the opinion of the issuer&#8217;s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and </font><font style="FONT-FAMILY: Arial Narrow" size="2">the Fund&#8217;s dividends with respect to that bond might be subject to federal income tax. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Zero-Coupon Bond Risk. </i>The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#8217;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Barclays Capital New York Competitive Intermediate (1&#8211;17 Year) Maturities Index and the Lipper Intermediate Municipal Debt Funds Index, an index based on the total returns of certain mutual funds within the Fund&#8217;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class C Shares shown in the table is based on the performance of Class B Shares prior to the inception of the Class C Shares. The actual returns of Class C Shares would have been similar to those shown because the classes have similar expenses. Past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="background-color: rgb(255, 255, 255); border-collapse: collapse; "><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Best Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">3rd quarter, 2009</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>5.05%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"><font size="2" style="font-family: 'Arial Narrow'; "><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; ">4th quarter, 2010</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;</b></font></td><td valign="bottom" align="right"><font size="2" style="font-family: 'Arial Narrow'; "><b>-3.36%</b></font></td><td nowrap="nowrap" valign="bottom"><font size="2" style="font-family: 'Arial Narrow'; "><b>&nbsp;&nbsp;</b></font></td></tr><tr><td valign="top"></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr></table><p style="font-family: 'Times New Roman'; font-size: medium; background-color: rgb(255, 255, 255); margin-top: 6px; margin-bottom: 0px; "><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 0.61%.</font></p> 0.0015 0 0.0025 0.0217 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk.</i> The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund&#8217;s investments generally declines. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Geographic Concentration Risk. </i>Because the Fund primarily invests in issuers in the State of California, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California&#8217;s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#8217;s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk.</i> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund&#8217;s investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund&#8217;s investments. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. The Fund may invest in municipal bonds in the lowest investment grade category. Such securities are considered to have speculative characteristics similar to high yield securities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Alternative Minimum Tax Risk. </i>The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Debt Securities and Other Callable Securities Risk. </i>As part of its main investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities Risk. </i>The Fund may invest in high yield, high risk securities (also known as junk bonds) which are considered to be speculative. These investments may be issued by companies which are highly leveraged, less creditworthy or financially distressed. Although these investments generally provide a higher yield than higher-rated debt securities, the high degree of risk involved in these investments can result in substantial or total losses. These securities are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. The market price of these securities can change suddenly and unexpectedly. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Taxability Risk. </i>The Fund&#8217;s investments in municipal securities rely on the opinion of the issuer&#8217;s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund&#8217;s dividends with respect to that bond might be subject to federal income tax. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Zero-Coupon Bond Risk. </i>The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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.</font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div><br/> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Fund&#8217;s Select Class Shares over the past one calendar year. The table shows the average annual total returns for the past one year and the life of the Fund. The table compares that performance to the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-766-7722.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 0.0015 0 0.001 0.0218 0.0375 0 0 0 0 0.05 0.01 0 0.003 0.003 0.003 0.003 <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganManagedIncomeFundInstitutionalClassBarChart column period compact * ~</div> 0.0025 0.0075 0.0075 0 0.0025 0.0025 0.0025 0.0025 0.0014 0.0014 0.0014 0.0014 <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>Best&nbsp;Quarter</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2">2nd quarter, 2011</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>0.16%</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;&nbsp;</b></font></td></tr> <tr><td valign="top"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>Worst&nbsp;Quarter</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2">3rd quarter, 2011</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>-0.04%</b></font></td></tr></table><br/><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 0.30%.</font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Asset-Backed Securities Risk. </i>The Fund may invest in asset-backed securities that are subject to certain other risks including prepayment and call risks. During periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk</i>. Derivatives, including futures contracts, options, swaps and forward contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be particularly sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Derivatives may not perform as expected, so the Fund may not realize the intended benefits. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Issuer Risk</i>. U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Concentration Risk. </i>Because the Fund may invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry may 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund will likely 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. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> <br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Non-Money Market Fund Risk. </i>The Fund is not a money market fund. Although the Fund seeks to provide low volatility of principal, the Fund&#8217;s net asset value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the fund will generate higher returns than money market funds. </font> <br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. <br /><br />You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> 0.0375 0 0 0.01 0 0 0.004 0.004 0.004 0.0025 0.0075 0 0.0025 0.0025 0.0025 0.0047 0.0048 0.0063 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganManagedIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganManagedIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganIntermediateTaxFreeBondFundInstitutionalClassBarChart column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk. </i>The Fund&#8217;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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund invests 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Issuer Risk</i>. U.S. dollar denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Repurchase Agreement Risk</i>. 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the 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. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</i> The 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">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&#8217;s price. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Risk Associated with the Fund Holding Cash</i>. Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Fund&#8217;s performance. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Floating and Variable Rate Securities Risk.</i> 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 Fund&#8217;s ability to sell the securities at any given time. Such securities also may lose value. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk. </i>Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt its ability to preserve capital and liquidity. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">Since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Concentration Risk. </i>Because the Fund may invest a significant portion of its assets in securities of companies in the banking industry, developments affecting the banking industry may 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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Investment Company Risk.</i> The Fund may invest in shares of other investment companies. Shareholders bear both their proportionate share of the Fund&#8217;s expenses and similar expenses of the underlying investment company when the Fund invests in shares of another investment company. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>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, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Non-Money Market Fund Risk. </i>The Fund is not a money market fund. Although the Fund seeks to provide low volatility of principal, the Fund&#8217;s net asset value will fluctuate every day, and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds. </font><br /><br /><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font><br /><br /><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund commenced operations on July 21, 2011 and, therefore, has no reportable performance history. 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 the 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. </font> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>Best&nbsp;Quarter</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2">3rd quarter, 2009</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>6.18%</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;&nbsp;</b></font></td></tr> <tr><td valign="top"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>Worst&nbsp;Quarter</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2">4th quarter, 2010</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>-3.67%</b></font></td></tr></table><br/><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 1.25%.</font> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#8217;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font></p></div><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Interest Rate Risk.</i> The Fund mainly invests in bonds and other debt securities. These securities will increase or decrease in value based on changes in interest rates. If rates increase, the value of the Fund&#8217;s investments generally declines. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Geographic Concentration Risk. </i>Because the Fund primarily invests in issuers in the State of California, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California&#8217;s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California&#8217;s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Municipal Obligations Risk.</i> The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality&#8217;s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund&#8217;s income or hurt the ability to preserve capital and liquidity.</font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the bonds and thus the value of the Fund&#8217;s investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality&#8217;s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund&#8217;s investments. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Credit Risk. </i>The Fund&#8217;s investments are subject to the risk that the issuer or the counterparty will fail to make payments when due or default completely. If an issuer&#8217;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. The Fund may invest in municipal bonds in the lowest investment grade category. Such securities are considered to have speculative characteristics similar to high yield securities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Government Securities Risk. </i>The Fund may invest in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Alternative Minimum Tax Risk. </i>The Fund may invest in securities, the interest on which may be subject to the federal alternative minimum tax. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mortgage-Related and Other Asset-Backed Securities Risk.</i> Mortgage-related and asset-backed securities, including certain municipal housing authority obligations, are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the Fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the Fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the Fund may exhibit additional volatility. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Debt Securities and Other Callable Securities Risk. </i>As part of its main investment strategy, the Fund invests in debt securities. The issuers of these securities and other callable securities may be able to repay principal in advance, especially when interest rates fall. Changes in prepayment rates can affect the return on investment and yield of these securities. When debt obligations are prepaid and when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities Risk. </i>The Fund may invest in high yield, high risk securities (also known as junk bonds) which are considered to be speculative. These investments may be issued by companies which are highly leveraged, less creditworthy or financially distressed. Although these investments generally provide a higher yield than higher-rated debt securities, the high degree of risk involved in these investments can result in substantial or total losses. These securities are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and a potential lack of a secondary or public market for securities. The market price of these securities can change suddenly and unexpectedly. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Taxability Risk. </i>The Fund&#8217;s investments in municipal securities rely on the opinion of the issuer&#8217;s bond counsel that the interest paid on those securities will not be subject to federal income tax. Tax opinions are generally provided at the time the municipal security is initially issued. However, after the Fund buys a security, the Internal Revenue Service may determine that a bond issued as tax-exempt should in fact be taxable and the Fund&#8217;s dividends with respect to that bond might be subject to federal income tax. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Zero-Coupon Bond Risk. </i>The market value of a zero-coupon bond is generally more volatile than the market value of other fixed income securities with similar maturities that pay interest periodically. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk. </i>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. </font><br/><br/><div style="width: 100%; margin-left: 0%; margin-right: 0%; border: 1pt solid rgb(63, 63, 63); padding-top: 2px; padding-bottom: 3px;"><p style="margin: 0px 1%; padding-top: 0px;"><font style="FONT-FAMILY: Arial Narrow" size="2">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. </font> <br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <b><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2">YEAR-BY-YEAR RETURNS</font></p></b> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganCaliforniaTaxFreeBondFundInstitutionalClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganCaliforniaTaxFreeBondFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganCaliforniaTaxFreeBondFundBarChart column period compact * ~</div> <p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font></p><p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 1px"><font style="FONT-FAMILY: Arial Narrow" size="1"></font><font style="FONT-FAMILY: Arial Narrow" size="1"><b>(For the period ended December 31, 2011)</b></font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganCaliforniaTaxFreeBondFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor&#8217;s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganManagedIncomeFundInstitutionalClass column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b><b>The Fund&#8217;s Past Performance </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>The Fund&#8217;s Past Performance </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntermediateTaxFreeBondFundInstitutionalClass column period compact * ~</div> <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td valign="top"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>Best&nbsp;Quarter</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2">3rd quarter, 2009</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom">&nbsp;</td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>4.71%</b></font></td> <td valign="bottom" nowrap="nowrap"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;&nbsp;</b></font></td></tr> <tr><td valign="top"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>Worst&nbsp;Quarter</b></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2">4th quarter, 2010</font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"></font></td> <td valign="bottom"><font class="_mt" size="1">&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family: Arial Narrow;" class="_mt" size="2"><b>-2.49%</b></font></td></tr></table><br/><font size="2" style="font-family: 'Arial Narrow'; ">The Fund&#8217;s year-to-date total return through 3/31/12 was 0.56%.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b</font> <font style="FONT-FAMILY: Arial Narrow" size="2"></font><font style="FONT-FAMILY: Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 0.0375 0 0 0 0 0.05 0.01 0 0 0.01 0 <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganIntermediateTaxFreeBondFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntermediateTaxFreeBondFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMultiSectorIncomeFundR2R5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganRealReturnFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/Role/ScheduleAnnualTotalReturnsJPMorganNewYorkTaxFreeBondFundBarChart column period compact * ~</div>