0001193125-12-473944.txt : 20121116 0001193125-12-473944.hdr.sgml : 20121116 20121116144643 ACCESSION NUMBER: 0001193125-12-473944 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121116 DATE AS OF CHANGE: 20121116 EFFECTIVENESS DATE: 20121116 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: 121211356 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: 121211357 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 S000001447 JPMorgan U.S. Equity Fund C000003854 Class A JUEAX C000006324 Class B JUEBX C000007404 Select Class JUESX C000007566 Class C JUECX 0001217286 S000002765 JPMorgan Disciplined Equity Fund C000007571 Select Class JDESX C000007573 Class A JDEAX 0001217286 S000002766 JPMorgan Diversified Fund C000007574 Select Class JDVSX C000007576 Class A JDVAX C000007577 Class B JDVBX C000007578 Class C JDVCX 0001217286 S000002767 JPMorgan Dynamic Small Cap Growth Fund C000007579 Select Class JDSCX C000007580 Class A VSCOX C000007581 Class B VSCBX C000007582 Class C VSCCX 0001217286 S000002768 JPMorgan Growth and Income Fund C000007583 Select Class VGIIX C000007584 Class A VGRIX C000007585 Class B VINBX C000007586 Class C VGICX 0001217286 S000002789 JPMorgan Intrepid America Fund C000007638 Select Class JPIAX C000007639 Class A JIAAX C000007640 Class C JIACX 0001217286 S000002790 JPMorgan Intrepid Growth Fund C000007641 Select Class JPGSX C000007642 Class A JIGAX C000007643 Class C JCICX 0001217286 S000002791 JPMorgan Intrepid Multi Cap Fund C000007644 Select Class JIISX C000007645 Class A JICAX C000007646 Class C JICCX 0001217286 S000002792 JPMorgan Intrepid Value Fund C000007647 Select Class JPIVX C000007648 Class A JIVAX C000007649 Class C JIVCX 0001217286 S000002793 JPMorgan Mid Cap Equity Fund C000007650 Select Class VSNGX C000007895 Class A JCMAX C000081076 Class C JMCCX 0001217286 S000002794 JPMorgan Small Cap Equity Fund C000007651 Select Class VSEIX C000007653 Class A VSEAX C000007654 Class B VSEBX C000007655 Class C JSECX 0001217286 S000002795 JPMorgan U.S. Small Company Fund C000007656 Select Class JSCSX C000054337 Class A JTUAX C000054338 Class C JTUCX 0001217286 S000002796 JPMorgan Value Advantage Fund C000007658 Select Class JVASX C000007660 Class A JVAAX C000007661 Class C JVACX 0001217286 S000002849 JPMorgan U.S. Large Cap Core Plus Fund C000007809 Select Class JLPSX C000007811 Class A JLCAX C000007812 Class C JLPCX 0001217286 S000002873 JPMorgan Small Cap Core Fund C000007897 Select Class VSSCX 0001217286 S000007310 JPMorgan U.S. Dynamic Plus Fund C000020084 Select Class JILSX C000020085 Class A JPSAX C000020086 Class C JPSCX 0001217286 S000019635 JPMorgan Dynamic Growth Fund C000054870 Class A C000054871 Class C C000054872 Select Class JDGSX C000054873 Class R5 0001217286 S000027952 JPMorgan U.S. Research Equity Plus Fund C000084945 Class A JEPAX C000084946 Class C JEPCX C000084947 Select Class JEPSX 0001217286 S000030459 JPMorgan Mid Cap Core Fund C000093582 Class A JMRAX C000093583 Class C JMRCX C000093584 Select Class JMRSX 0001217286 S000032550 JPMorgan Equity Focus Fund C000100367 Class A JPFAX C000100368 Class C JPFCX C000100369 Select Class JPFSX 0001217286 S000033935 JPMorgan U.S.Large Cap Core Plus Fund II C000104643 Class A C000104644 Class C C000104645 Select Class C000104646 Institutional Class 0001217286 S000037861 JPMorgan Quantitative Large Cap Plus Fund C000116845 Class R6 C000116846 Class A C000116847 Class C C000116848 Select Class C000116849 Class R2 C000116850 Class R5 485BPOS 1 d379488d485bpos.htm JPMORGAN TRUST I JPMorgan Trust I

As filed with the Securities and Exchange Commission on November 16, 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. 242    x

and/or

 

 

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

    ¨
  Amendment No. 243    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:

 

Elizabeth A. Davin, Esq.

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

460 Polaris Parkway

   1095 Avenue of the Americas

Westerville, OH 43082

   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                 , 2012 pursuant to paragraph (b).
  ¨ on                 , 2012 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. 242 relates to the following fund:

 

J.P. Morgan U.S. Equity Funds    Share Classes
JPMorgan Disciplined Equity Fund    Class A and Select Class
JPMorgan Diversified Fund    Class A, Class B, Class C and Select Class
JPMorgan Dynamic Growth Fund    Class A, Class C, Select Class and Class R5
JPMorgan Dynamic Small Cap Growth Fund    Class A, Class B, Class C and Select Class
JPMorgan Equity Focus Fund    Class A, Class C and Select Class
JPMorgan Growth and Income Fund    Class A, Class B, Class C and Select Class
JPMorgan Intrepid America Fund    Class A, Class C and Select Class
JPMorgan Intrepid Growth Fund    Class A, Class C and Select Class
JPMorgan Intrepid Multi Cap Fund    Class A, Class C and Select Class
JPMorgan Intrepid Value Fund    Class A, Class C and Select Class
JPMorgan Mid Cap Core Fund    Class A, Class C and Select Class
JPMorgan Mid Cap Equity Fund    Class A, Class C and Select Class
JPMorgan Quantitative Large Cap Plus Fund    Class A, Class C, Select Class, Class R2, Class R5 and Class R6
JPMorgan Small Cap Core Fund    Select Class
JPMorgan Small Cap Equity Fund    Class A, Class B, Class C and Select Class
JPMorgan U.S. Dynamic Plus Fund    Class A, Class C and Select Class
JPMorgan U.S. Equity Fund    Class A, Class B, Class C and Select Class
JPMorgan U.S. Large Cap Core Plus Fund    Class A, Class C and Select Class
JPMorgan U.S. Large Cap Core Plus Fund II    Class A, Class C, Select Class and Institutional Class
JPMorgan U.S. Research Equity Plus Fund    Class A, Class C and Select Class
JPMorgan U.S. Small Company Fund    Class A, Class C and Select Class
JPMorgan Value Advantage Fund    Class A, Class C and Select Class

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 the 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 Westerville and State of Ohio on the 16th day of November, 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 November 16, 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/  ELIZABETH A. DAVIN

      
 

Elizabeth A. Davin

      
  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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jpmt20:AbcSelectSharesMember jpmt20:SadpFiveHundredCitigroupValueIndexMember 2011-11-02 2012-11-01 0001217286 jpmt20:S000002768Member jpmt20:AbcSelectSharesMember jpmt20:LipperLargeCapCoreFundsIndexMember 2011-11-02 2012-11-01 0001217286 jpmt20:S000002768Member jpmt20:AbcSelectSharesMember jpmt20:LipperLargeCapValueFundsIndexMember 2011-11-02 2012-11-01 0001217286 jpmt20:S000033935Member jpmt20:InstitutionalSharesMember 2011-11-02 2012-11-01 0001217286 jpmt20:S000033935Member jpmt20:InstitutionalSharesMember jpmt20:C000104646Member 2011-11-02 2012-11-01 pure iso4217:USD 485BPOS JPMorgan Trust I 0001217286 2012-11-01 2012-10-26 2012-11-01 2012-06-30 false <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Disciplined Equity Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JDEAX; Select/JDESX</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 a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor&#146;s 500 Composite Stock Price Index (S&amp;P 500 Index). </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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</font> 50000 <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 value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">10/31/13</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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 198% of the average value of its portfolio. </font> 1.98 <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"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Diversified Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/JDVAX; B/JDVBX; C/JDVCX; Select/JDVSX</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 a high total return from a diversified portfolio of equity and fixed income investments. </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 &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> 0.0525 0 0 0 0.0025 0.0025 0.0025 0 0.0038 0.0039 <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 value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 0.0025 0.0025 0.0013 0.0014 0.0088 0.0064 -0.0003 -0.0004 0.0085 0.006 <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&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2">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.</font> 100000 <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></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</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"><b>What are the Fund&#146;s main investment strategies? </b></font> 0.045 0 0 0 0 0.05 0.01 0 0.0055 0.0055 0.0055 0.0055 0.0025 0.0075 0.0075 0 0.0047 0.0047 0.0047 0.0047 0.0025 0.0025 0.0025 0.0025 0.0022 0.0022 0.0022 0.0022 0.0015 0.0015 0.0015 0.0015 0.0142 0.0192 0.0192 0.0117 -0.0013 -0.0012 -0.0012 -0.0013 0.0129 0.018 0.018 0.0104 <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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> 575 683 283 106 867 891 591 359 1180 1226 1026 631 2065 2104 2234 1409 575 183 183 106 867 591 591 359 1180 1026 1026 631 2104 2234 1409 2065 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 66% of the average value of its portfolio. </font> -0.017 -0.0233 -0.0091 -0.0641 -0.0748 -0.0352 -0.0001 0.0469 -0.0554 0.0211 -0.0054 0.0255 0.0152 0.0179 0.0133 0.0137 0.0174 0.016 0.0284 -0.0237 -0.0025 0.0132 0.0356 0.0361 0.0358 0.034 0.0432 0.0348 0.0487 0.044 0.0362 0.0292 0.0444 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities. &#147;Assets&#148; means net assets plus the amount of borrowings for investment purposes. In implementing this strategy, the Fund primarily invests in the common stocks of U.S. companies with market capitalizations similar to those within the universe of the S&amp;P 500 Index. As of the last reconstitution of the S&amp;P 500 Index on September 30, 2012, the market capitalizations of the companies in the index ranged from $965 million to $647 billion. Sector by sector, the Fund&#146;s weightings are similar to those of the S&amp;P 500 Index. Within each sector, the Fund modestly overweights equity securities that it considers undervalued or fairly valued while modestly underweighting or not holding equity securities that appear overvalued. By owning a large number of equity securities within the S&amp;P 500 Index, with an emphasis on those that appear undervalued or fairly valued, the Fund seeks returns that modestly exceed those of the S&amp;P 500 Index over the long term with a modest level of volatility. </font> <p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The adviser takes an in-depth look at company prospects over a period as long as five years, which is designed to provide insight into a company&#146;s real growth potential. The research findings allow the adviser to rank the companies in each sector group according to their relative value.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">On behalf of the Fund, the adviser then buys and sells equity securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as undervalued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: </font></p><ul><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">catalysts that could trigger a rise in a stock&#8217;s price</font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">Impact on the overall risk of the portfolio relative to the benchmark</font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">high perceived potential reward compared to perceived potential risk</font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">possible temporary mispricings caused by apparent market overreactions. </font></li></ul> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2">Drawing on a variety of analytical tools, the Fund&#146;s adviser allocates assets among various types of equity and fixed income investments, based on the following model allocation:</font> <ul><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">30%&#150;75% U.S. equity securities, including small&#150;, medium&#150; and large-cap securities </font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">25%&#150;50% U.S. and foreign fixed income securities </font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">0%&#150;30% foreign equity securities </font></li></ul> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund invests in separate underlying strategies investing directly in individual securities or in other J.P. Morgan Funds, across asset classes, including: U.S. equity and developed international equity across market capitalizations, emerging markets equity, domestic and foreign fixed income, high yield fixed income, emerging markets debt, and real estate investment trusts (REITs). </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may periodically increase or decrease the Fund&#146;s actual asset allocation according to the relative attractiveness of each asset class.</font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Within its equity allocations, the Fund primarily invests in the common stock and convertible securities of U.S. and foreign companies. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Within its fixed income allocations, the Fund primarily invests in corporate bonds, mortgage-backed securities, mortgage &#147;dollar rolls&#148; and U.S. government securities. The Fund&#146;s bond investments will primarily be rated investment grade by a national rating organization but the Fund may also invest up to 15% of its assets in certain high yield, high risk, non-investment grade securities (also known as junk bonds). This limit will include all investments held directly by the Fund, as well as J.P. Morgan Funds held by the Fund which invest primarily in high yield, non-investment grade securities.</font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">In addition to purchasing securities directly, the Fund may invest up to 30% of its assets in shares of other J.P. Morgan Funds in order to expose the Fund to certain asset classes when the adviser believes it is appropriate. </font></p> <p style="margin-top:6px;margin-bottom:0px"><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. With respect to its fixed income allocations, the Fund may use futures contracts to manage and hedge interest rate risk associated with these investments, as well as to lengthen or shorten the duration of this portion of the portfolio. With respect to its equity and fixed income allocations, the Fund may use futures contracts to gain or reduce exposure to all or a portion of the stock or fixed income markets, respectively and for cash management. The Fund may use forward foreign currency exchange contracts to hedge or manage its foreign currency risk, as well as to gain exposure to certain currencies. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser establishes the strategic and tactical allocation for the Fund and makes the day-to-day decisions concerning strategies and overall construction of the Fund. As attractive investments arise across asset classes and strategies, the adviser attempts to capture these opportunities by allocating the Fund&#146;s assets among strategies and asset classes within pre-defined ranges. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment decisions within strategies and asset classes are implemented either by the portfolio managers of the Fund&#146;s underlying strategies who select individual securities for the Fund or with the Fund&#146;s purchase of other J.P. Morgan Funds.</font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The frequency with which the Fund buys and sells underlying investments will vary from year to year, depending on, but not limited to: market conditions, performance of the underlying investments, and changes in the adviser&#146;s investment views. </font></p> 0.66 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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. <i> </i></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk.</i> The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. </font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <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">You could lose money investing in the Fund.</font> <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> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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 how the performance of the Fund&#146;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 S&amp;P 500 Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The table compares that performance to the Diversified Composite Benchmark, a customized benchmark, the Morgan Stanley Capital International (MSCI) World Index (net of foreign withholding taxes), a broad-based securities market index, and the Lipper Mixed-Asset Target Allocation Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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 Diversified Composite Benchmark is a composite benchmark of unmanaged indexes that corresponds to the Fund&#146;s model allocation and that consists of MSCI World (60%) and Barclays U.S. Aggregate (40%) indexes. The performance of the Fund&#146;s former benchmark, the S&amp;P 500 Index, and former composite benchmark (which was composed of the S&amp;P 500 (60%) and Barclays U.S. Aggregate (40%) indexes) is also presented in the table. The performance in the table for Class A, Class B, and Class C Shares is based on the performance of Select Class Shares prior to their inception on 3/24/03. The actual returns of 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 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">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Diversified Composite Benchmark, a customized benchmark, the Morgan Stanley Capital International (MSCI) World Index (net of foreign withholding taxes), a broad-based securities market index, and the Lipper Mixed-Asset Target Allocation Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i> </font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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 table compares that performance to the S&amp;P 500 Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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 only for the Select Class Shares, and after-tax returns for the other classes will vary.</font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2009-06-30 0.1395 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> -0.1388 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>16.74%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;21.44%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 16.97%. </font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1264 <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>Fees and Expenses of the Fund </b></font> -0.1322 0.209 0.0928 0.0428 <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 periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Intrepid America Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JIAAX; C/JIACX; Select/JPIAX</b></font> <font style="font-family:Arial Narrow" size="2">The Fund seeks to provide long-term capital growth.</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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i></font> 0.1255 0.0679 -0.2541 0.2692 0.1411 -0.017 50000 <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and the after-tax return for the other class 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 your tax situation and may differ from those shown. 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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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 only for the Select Class Shares, and the after-tax return for the other class will vary.</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="5"><a name="toc131168_1"></a>JPMorgan Intrepid Value Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b> <b>A/JIVAX; C/JIVCX; Select/JPIVX </b></font> 0.0525 0 0 0 0.01 0 0.0525 0 0 0 0.01 0 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> 0.0125 0.0125 0.0125 -0.2498 0.2945 0.0025 0.0075 0 0.1103 0.0361 0.1545 0.0499 0.0104 0.0104 -0.368 0.0103 0.3128 0.1525 0.0101 0.001 0.001 0.001 0.0264 0.0314 0.0238 <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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> -0.0073 -0.0073 -0.0072 0.0191 0.0241 0.0166 0.0065 0.0065 0.0065 0.0025 0.0075 0 <font style="font-family:Arial Narrow" size="2">The Fund seeks to provide long-term capital appreciation. </font> 0.0037 0.0038 0.0037 <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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2009-06-30 0.0025 0.0025 0.0025 0.1674 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 0.0012 0.0013 0.0012 2008-12-31 -0.2144 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 0.0001 0.0001 0.0001 2012-09-30 0.0128 0.0179 0.0103 0.1697 -0.0002 -0.0003 -0.0002 0.0176 0.0101 0.0126 709 344 169 1237 900 674 1790 1581 1205 3291 3398 2661 709 244 169 1237 900 674 1790 1581 1205 3291 3398 2661 0.0101 0.008 0.0093 -0.0457 0.0211 0.0009 0.0028 0 0.0019 -0.0105 -0.0025 -0.006 0.0272 0.0247 0.0229 0.019 0.0292 0.0216 <font style="font-family:Arial Narrow" size="2"> 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 $50,000 in the J.P. Morgan Funds. </font> 50000 <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>Example </b></font> 0.0525 0 0 0 0.01 0 <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's operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</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>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 </b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> 0.0065 0.0065 0.0065 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. <br /><br /> The Fund is exposed to the risks summarized below through both its direct investments and its investments in underlying funds. </font> <br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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> <p style="margin-top:6px;margin-bottom:0px"><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></p> <p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risks. </i>Investments in foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#147;emerging markets.&#148; 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Smaller Cap Company Risk. </i>Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.</font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Investments in Mutual Funds Risk. </i>To the extent the Fund invests in underlying J.P. Morgan Funds, the Fund&#146;s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by those underlying funds. Because the adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund&#146;s investments in the underlying funds benefit the adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund&#146;s investments in an underlying fund may create a conflict of interest. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk. </i>Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If interest rates rise, the value of the Fund&#146;s income securities generally drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Mortgage-related and asset-backed securities including so called &#147;sub-prime&#148; mortgages are subject to certain other risks including prepayment and call risks. 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, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Credit Risk.</i> Some of the Fund&#146;s investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuer&#146;s financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk. </i>Some of the Fund&#146;s investments are in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed (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></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk.</i> The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund, will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures and foreign currency exchange contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p> <p style="margin-top:6px;margin-bottom:0px"><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></p> <p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> 0.0025 0.0075 0 0.0057 0.0056 0.0057 <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund.</font> <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> <font style="font-family:Arial Narrow" size="2">10/31/13</font> 0.0025 0.0025 0.0025 0.0032 0.0031 0.0032 0.0001 0.0001 0.0001 0.0148 0.0197 0.0123 -0.0052 -0.0051 -0.0042 647 279 0.0096 103 0.0146 0.0081 908 560 326 -0.0002 -0.0381 0.0094 1189 -0.0551 967 -0.0171 0.0211 567 -0.0258 1987 2103 1258 -0.0247 -0.0326 -0.0242 -0.0376 -0.0318 -0.0025 -0.0154 647 179 103 908 560 326 1189 967 567 1987 2103 1258 607 61 788 201 984 353 1550 795 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 607 61 788 201 984 353 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 95% of the average value of its portfolio.</font> 1550 795 0.95 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganDiversifiedFund 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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </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> 618 249 83 920 569 349 1244 1015 635 2158 2255 1452 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments of large and mid capitalization U.S. companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. The Fund generally defines large capitalization companies as those with a market capitalization over $10 billion at the time of purchase, and mid capitalization companies as those with market capitalization between $1 billion and $10 billion at the time of purchase.</font> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">In implementing its main strategies, the Fund invests primarily in a broad portfolio of common stocks of companies within the Russell 1000 Index that the adviser believes have characteristics such as attractive valuations, high quality and/or strong momentum that should lead to relative out performance. In identifying high quality securities, the adviser looks for profitable companies with sustainable earnings and disciplined management. In identifying securities that have strong momentum, the adviser looks for securities which have prices and/or earnings that have been increasing and that the adviser believes will continue to increase.</font></p><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund has an actively managed strategy that employs an investment process based on behavioral finance principles. Behavioral finance theorizes that investors behave irrationally in systematic and predictable ways because human psychology affects investment decision-making. This investor behavior results in market inefficiencies that persist over time. The Fund seeks to capitalize on these market anomalies through a disciplined and dispassionate investment process.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund will sell a stock if the adviser determines that the issuer no longer meets the Fund&#146;s investment criteria or if the adviser believes that more attractive opportunities are available.</font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganDiversifiedFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> 0.0266 618 149 83 920 569 349 1244 1015 635 -0.3876 0.2895 2158 2255 1452 0.089 -0.0002 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganDiversifiedFund 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/ScheduleShareholderFeesJPMorganDisciplinedEquityFund 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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 82% 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&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i> Because the Fund may invest in large and mid capitalization companies, the Fund&#146;s risks increase as it invests more heavily in mid capitalization companies. Investments in mid cap companies may be riskier than investments in larger, more established companies. Mid cap companies may be more volatile and more vulnerable to economic, market and industry changes. 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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. <i> </i></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk.</i> The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. </font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> 0.82 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganDiversifiedFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganDiversifiedFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganDiversifiedFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganDisciplinedEquityFund 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&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund. The table compares that performance to the Russell 1000<sup>&reg;</sup> Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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 the Class A and Class C Shares in the table is based on the performance of the Select Class Shares prior to their inception. The actual returns of the 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">Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments of large and mid capitalization companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. The Fund generally defines large capitalization companies as those with a market capitalization over $10 billion at the time of purchase, and mid capitalization companies as those with market capitalization between $1 billion and $10 billion, at the time of purchase. </font> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">In implementing its main strategies, the Fund invests primarily in a broad portfolio of common stocks of companies within the Russell 1000 Value Index that the adviser believes have characteristics such as attractive valuations, high quality and/or strong momentum that should lead to relative out performance. In identifying high quality securities, the adviser looks for profitable companies with sustainable earnings and disciplined management. In identifying securities that have strong momentum, the adviser looks for securities which have prices and/or earnings that have been increasing and that the adviser believes will continue to increase. </font></p><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund has an actively managed strategy that employs an investment process based on behavioral finance principles. Behavioral finance theorizes that investors behave irrationally in systematic and predictable ways because human psychology affects investment decision-making. This investor behavior results in market inefficiencies that persist over time. The Fund seeks to capitalize on these market anomalies through a disciplined and dispassionate investment process. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund will sell a stock if the adviser determines that the issuer no longer meets the Fund&#146;s investment criteria or if the adviser believes that more attractive opportunities are available.</font></p> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</i></font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 1000<sup>&reg;</sup> Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </font> 0.1268 0.0923 0.1606 0.0362 -0.3898 0.2966 0.1401 -0.0006 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>17.87%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;22.19%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 17.44%. </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="5"><a name="toc131168_1"></a>JPMorgan U.S. Dynamic Plus Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b> <b>A/JPSAX; C/JPSCX; Select/JILSX</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganDisciplinedEquityFund column period compact * ~</div> <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 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 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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganDisciplinedEquityFund column period compact * ~</div> <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 </b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value 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> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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>Example </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">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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate (including short sales) was 583% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganDisciplinedEquityFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganDisciplinedEquityFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2009-09-30 0.1787 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2219 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1744 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"> <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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> <i>Value Investing Risk. </i>A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> <i>Mid Cap Company Risk. </i>Because the Fund may invest in large- and mid-capitalization companies, the Fund&#146;s risks increase as it invests more heavily in mid-capitalization companies. Investments in mid cap companies may be riskier than investments in larger, more established companies. Mid cap companies may be more volatile and more vulnerable to economic, market and industry changes. 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></p> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> <i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.11%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;21.26%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 15.98%. </font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2009-09-30 2008-12-31 2012-09-30 <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> 0.1811 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> -0.2126 0.1598 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Standard &amp; Poor&#146;s 500 Composite Stock Price Index (&#147;S&amp;P 500 Index&#148;) and the Lipper Extended U.S. Large-Cap Core Funds Average, an average based on the total return of all funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past five calendar years. The table shows the average annual total returns for the past one year, five years and the life of the Fund.</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</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 how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund. The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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 the Class A and Class C Shares in the table is based on the performance of the Select Class Shares prior to their inception. The actual returns of the 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&#146;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&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> <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><p style="margin-top:6px;margin-bottom:0px"> <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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font> </p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Short Selling Risk. </i>The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. The Fund&#146;s losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the adviser&#146;s ability to accurately anticipate the future value of a security. Furthermore, taking short positions in securities results in a form of leverage which may cause the Fund to be more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier than investments in larger, more established companies. Mid cap companies may be more volatile and more vulnerable to economic, market and industry changes. 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.</font> </p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><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">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> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> 5.83 <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</font> 50000 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund will invest at least 80% of its Assets in long and short positions with respect to equity securities of U.S. companies. These equity securities will primarily be common stocks. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. </font> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">&#147;Plus&#148; in the Fund&#146;s name refers to the additional return the Fund endeavors to add both relative to the S&amp;P 500 Index as well as relative to traditional strategies which do not have the ability to sell stock short. At the same time, by controlling factor or risk exposures through portfolio construction, the Fund seeks to limit its volatility to that of the overall market, as represented by the S&amp;P 500 Index. Short sales involve the sale of a security which the fund does not own in hopes of purchasing the same security at a later date at a lower price. To make delivery to the buyer, the Fund must borrow the security, and the fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">The Fund intends to maintain an approximate net 100% long exposure to the equity market (long market value minus short market value). However the long and short positions held by the Fund will vary in size as market opportunities change. The Fund&#146;s long positions and their equivalents will range between 90% and 150% of the value of the Fund&#146;s net assets. The Fund&#146;s short positions will range between 0% and 50% of the value of the Fund&#146;s net assets. </font></p><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">Investment Process: The Fund has an actively managed strategy that employs an investment process based on behavioral finance principles. Behavioral finance theorizes that investors behave irrationally in systematic and predictable ways because human psychology affects investment decision-making. This investor behavior results in market inefficiencies that persist over time. The Fund seeks to capitalize on these market anomalies through a disciplined and dispassionate investment process. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">The investment process identifies securities that have been mispriced by behavioral biases. Stocks are ranked based on their value, momentum or quality characteristics. In general, stocks are purchased when they are among the top ranked within their sector and are sold if the adviser determines that the issuer no longer meets the Fund&#146;s investment criteria or if the adviser believes that more attractive opportunities are available. The adviser considers selling short or initiating underweight positions in the lowest ranked securities. Risk or factor exposures are actively managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and style and size characteristics of the Fund. </font></p> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> -0.0006 -0.0019 0.0014 -0.0555 -0.0184 0.015 0.0009 -0.0135 -0.0176 -0.0118 -0.0265 -0.0209 -0.0002 -0.006 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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> 0.074 0.0688 0.0634 0.0655 0.0677 0.0719 0.0573 <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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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 only for the Select Class Shares, and after-tax returns for the other classes will vary.</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&#146;s Select Class Shares has varied from year to year for the past five 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 Standard &amp; Poor&#146;s 500 Composite Stock Price Index (&#147;S&amp;P 500 Index&#148;) and the Lipper Extended U.S. Large-Cap Core Funds Average, an average based on the total return of all funds within the Fund&#146;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"> The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2"> The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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. </font> <font style="font-family:Arial Narrow" size="2"><i> 1-800-480-4111</i> </font> <font style="font-family:Arial Narrow" size="2"> <i> www.jpmorganfunds.com</i> </font> <font style="font-family:Arial Narrow" size="2"> Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 0.1751 0.1014 0.2292 0.0011 -0.3652 0.2391 0.1377 -0.0099 <font style="font-family:Arial Narrow" size="2">10/31/13</font> 2003-02-28 2003-02-28 2003-02-28 2003-02-28 2003-02-28 0.0051 0.0051 0.0051 0.0025 0.0025 0.0025 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.43%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;22.75%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 16.14%. </font></p> 0.0028 0.0028 0.0027 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1614 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2009-09-30 0.1843 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2275 <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> -0.0099 -0.0125 -0.003 -0.0636 -0.0269 0.0039 -0.0217 -0.0237 -0.0264 -0.0202 -0.0364 -0.0308 -0.0264 -0.0226 0.0799 0.0729 0.0679 0.0714 0.0737 0.0706 0.0611 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIntrepidAmericaFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidAmericaFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidAmericaFund column period compact * ~</div> <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>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 </b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value 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/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidAmericaFund 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&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></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>The Fund&#146;s Past Performance </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidAmericaFundBarChart column period compact * ~</div> <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"> <i>www.jpmorganfunds.com</i></font> 2003-02-28 2003-02-28 2003-02-28 2003-02-28 2003-02-28 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidAmericaFund column period compact * ~</div> -0.005 -0.0119 -0.0073 -0.0166 -0.0124 0.0226 0.0151 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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. </font> <font style="font-family:Arial Narrow" size="2"> Actual after-tax returns depend on your tax situation and may differ from those shown. 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 only for the Select Class Shares, and after-tax returns for the other classes will vary. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. </font> 2006-01-31 2006-01-31 2006-01-31 2006-01-31 2006-01-31 <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="font-family:Arial Narrow" size="2">The Fund seeks long-term capital growth. </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">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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.DynamicPlusFund 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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 99% of the average value of its portfolio. </font> 0.99 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.DynamicPlusFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan U.S. Research Equity Plus Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b> <b>A/JEPAX; C/JEPCX; Select/JEPSX</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 total return from a portfolio of selected equity securities. </font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.DynamicPlusFund column period compact * ~</div> <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 value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</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> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.DynamicPlusFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13, and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests in a focused portfolio of equity securities of large capitalization companies. Large cap companies are companies with market capitalizations equal to those within the universe of the Russell 1000</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font><font style="font-family:Arial Narrow" size="2"> Growth Index at the time of purchase. Typically, the Fund invests in common stocks of companies with a history of above-average growth or companies expected to enter periods of above-average growth. Although the Fund will invest primarily in equity securities of U.S. companies, it may invest up to 20% of its total assets in foreign securities, including depositary receipts. </font></p><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund is non-diversified. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund&#146;s adviser will utilize a combination of qualitative analysis and quantitative metrics in order to seek to achieve target returns which are higher than the Fund&#146;s benchmark while attempting to maintain a moderate risk profile. In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. The adviser looks for companies with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. The adviser may sell a security due to a change in the company&#146;s fundamentals or a change in the original reason for purchase of an investment, or if the adviser no longer considers the security to be reasonably valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.DynamicPlusFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIntrepidValueFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.DynamicPlusFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidValueFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidValueFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidValueFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidValueFund 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&#146;s expectations regarding particular securities or markets are not met. </font> <br/><br/> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> <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><p style="margin-top:6px;margin-bottom:0px"> <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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font> </p><p style="margin-top:6px;margin-bottom:0px"> <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> </p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk</i>. Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may also trade at higher multiples of current earnings, compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. </font> </p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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> </p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities Risk. </i>Investments in foreign issuers are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. </font> </p><p style="margin-top:6px;margin-bottom:0px"> <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 concentration in fewer issuers may result in the Fund&#146;s shares being more sensitive to economic results among those issuing the securities. </font> </p> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. </font></p> <p style="margin-top:6px;margin-bottom:0px"> <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></p> <p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> <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> </p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <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"> You could lose money investing in the Fund. </font> <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 concentration in fewer issuers may result in the Fund&#146;s shares being more sensitive to economic results among those issuing the securities. </font> <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> <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"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</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 how the performance of the Fund&#146;s Select Class Shares has varied from year to year for 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 Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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. Subsequent to the inception of the Fund on 11/30/07 until 8/6/10, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund&#146;s performance may have been impacted. 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"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 1000</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font><font style="font-family:Arial Narrow" size="2"> Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Intrepid Multi Cap Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2">Class/Ticker: A/JICAX; C/JICCX; Select/JIISX</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 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 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 $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</font> <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</font> 50000 <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> 0.0525 0 0 0 0.01 0 <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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value of your investment)</b></font> 0.0065 0.0065 0.0065 0.0025 0.0075 0 0.0161 0.0162 0.0163 0.0025 0.0025 0.0025 0.0136 0.0137 0.0138 0.0251 0.0302 0.0228 -0.0126 -0.0127 -0.0128 0.0125 0.0175 0.01 <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</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 your tax situation and may differ from those shown. 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">Actual after-tax returns depend on your tax situation and may differ from those shown. 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.</font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2010</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>15.81%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;24.70%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 20.44%. </font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 0.2044 2012-09-30 -0.247 2008-12-31 0.1581 2010-09-30 <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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan U.S. Large Cap Core Plus Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b> <b>A/JLCAX; C/JLPCX; Select/JLPSX</b></font><br/><br/><font style="font-family:Arial Narrow" size="2">Currently, the Fund is publicly offered on a limited basis. (See &#147;Purchasing Fund Shares &#151; What does it mean that the U.S. Large Cap Core Plus Fund is publicly offered on a limited basis?&#148; in the prospectus for more information.) </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> 646 278 102 1152 814 589 1683 1475 1103 3131 3247 2516 <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 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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; 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 a high total return from a portfolio of selected equity securities. </font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> 0.0525 0 0 <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 $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in <i>&#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> 0 0.01 0 <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds. </font> 50000 646 178 102 1152 814 589 1683 1475 1103 3131 3247 2516 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 0.57 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 57% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> -0.031 <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</font> 50000 <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> 0.0525 0 0 0 0.01 0 -0.0469 0.1914 0.4331 -0.4217 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments across all market capitalizations. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. The Fund will generally invest in companies with a market capitalization of $500 million or greater at the time of purchase. In implementing its main strategies, the Fund invests primarily in a broad portfolio of common stocks of companies within the Russell 3000 Index that the adviser believes are undervalued and/or have strong momentum. In identifying securities that have strong momentum, the adviser looks for securities which have prices that have been increasing and that the adviser believes will continue to increase.</font> <p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund has an actively managed strategy that employs an investment process based on behavioral finance principles. Behavioral finance theorizes that investors behave irrationally in systematic and predictable ways because human psychology affects investment decision-making. This investor behavior results in market inefficiencies that persist over time. The Fund seeks to capitalize on these market anomalies through a disciplined and dispassionate investment process.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund will sell a stock if the adviser determines that the issuer no longer meets the Fund&#146;s investment criteria or if the adviser believes that more attractive opportunities are available.</font></p> 0.01 0.01 0.01 0.0025 0.0075 0 <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 </b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> 0.0306 0.0308 0.0308 0.0109 0.0109 0.0109 0.0025 0.0025 0.01 0.0025 0.01 0.01 0.0172 0.0174 0.0174 0.0025 0.0075 0 0.0431 0.0483 0.0408 0.0112 0.0112 0.0112 0.0234 0.0284 0.0209 1438 641 -0.0197 -0.0199 -0.0199 362 103 103 362 641 1438 0.006 0 0.0059 0.0025 0.0034 0.0001 0.012 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Smaller Cap Company Risk. </i>Although the Fund may invest in equity investments of companies across all market capitalizations, the Fund&#146;s risks increase as it invests in smaller companies (mid cap and small cap companies). Smaller companies may be more volatile and more vulnerable to economic, market and industry changes. 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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. <i> </i></font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> -0.0019 0.0101 0.0073 0.0073 0.0073 0.0025 0.0025 0.0025 0.0014 0.0014 0.0014 0.0001 0.0001 0.0001 0.0238 0.0288 0.0213 <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font> -0.0034 -0.0034 -0.0034 0.0179 0.0254 0.0204 <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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 how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund. The table compares that performance to the Russell 3000<sup>&reg;</sup> Index and the Lipper Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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 Fund&#146;s performance prior to 4/10/06 may be less pertinent for investors considering whether to purchase shares of the Fund because of changes made to the Fund&#146;s investment policies beginning at that time. The performance of the Class A and Class C Shares is based on the performance of the Select Class Shares prior to their inception. The actual returns of the 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>Example </b></font> <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> <font style="font-family:Arial Narrow" size="2">10/31/13</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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </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> 721 750 357 387 182 212 1198 860 634 1594 1276 1060 1700 1488 1113 3074 3180 2435 2450 2268 1923 <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 721 257 182 1198 860 634 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> 1700 1488 1113 3074 3180 2435 <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> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 3000<sup>&reg;</sup> Index and the Lipper Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganDynamicGrowthFund 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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate (including short sales) was 129% of the average value of its portfolio. </font> 1.29 0.1601 0.0659 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 0.1597 0.0235 -0.4196 0.3023 0.1525 0.0021 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganDynamicGrowthFund column period compact * ~</div> 750 287 212 1594 1276 1060 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganDynamicGrowthFund column period compact * ~</div> 2450 2268 1923 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.50%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;24.34%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 19.73%. </font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganDynamicGrowthFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2009-09-30 0.185 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 2008-12-31 -0.2434 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate (including short sales) was 75% of the average value of its portfolio. </font> -0.0126 0.75 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> -0.0125 0.002 -0.0106 -0.0233 2012-09-30 0.1973 -0.0469 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the value of the Fund&#146;s Assets, which are expected to include both long and short positions, will consist of different U.S. securities, selected from a universe of publicly traded large capitalization securities with characteristics similar to those comprising the Russell 1000 and the S&amp;P 500 Indices. The Fund takes long and short positions mainly in equity securities and derivatives on those securities of companies that each have a market capitalization of at least $4 billion at the time of purchase. Equity securities in which the Fund invests significantly include common stocks of U.S. and foreign companies, including depositary receipts. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">&#147;Plus&#148; in the Fund&#146;s name refers to the additional return the Fund endeavors to add both relative to the S&amp;P 500 Index as well as relative to traditional strategies which do not have the ability to sell stock short. Selling stock short allows the Fund to more fully exploit insights in stocks that the Fund&#146;s adviser expects to underperform, as well as enabling the Fund to establish additional long positions while keeping the Fund&#146;s net exposure to the market at a level similar to a traditional &#147;long-only&#148; strategy. Short sales involve the sale of a security which the fund does not own in hopes of purchasing the same security at a later date at a lower price. To make delivery to the buyer, the Fund must borrow the security, and the fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund intends to maintain an approximate net 100% long exposure to the equity market (long market value minus short market value). However the long and short positions held by the Fund will vary in size as market opportunities change. The Fund&#146;s long positions and their equivalents will range between 90% and 150% of the value of the Fund&#146;s net assets. The Fund&#146;s short positions will range between 0% and 50% of the value of the Fund&#146;s net assets.</font></p><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The adviser takes an in-depth look at company prospects over a period as long as five years which is designed to provide insight into a company&#146;s real growth potential. The research findings allow the adviser to rank the companies in each sector group according to their relative value.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">On behalf of the Fund, the adviser buys and sells, as well as shorts and covers shorts in, equity securities and derivatives on those securities according to its own policies, using the research and valuation rankings as a basis. In general, the adviser buys and covers shorts in equity securities that are identified as undervalued and considers selling or shorting them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria such as: </font></p><ul><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">catalysts that could trigger a rise in a stock&#146;s price </font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">high potential reward compared to potential risk</font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">temporary mispricings caused by apparent market overreactions. </font></li></ul> -0.0469 -0.0305 0.0264 -0.029 <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> 2007-11-30 2007-11-30 2007-11-30 <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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 0.0021 -0.0002 0.0044 -0.0534 0.0103 -0.0281 -0.0223 -0.0251 -0.0191 -0.0353 -0.0297 -0.0001 -0.0032 -0.0157 0.0686 0.0608 0.0586 0.06 0.0623 0.0738 0.0726 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"> <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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> <i>Short Selling Risk </i>The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the fund purchases the security to replace the borrowed security. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. The Fund&#146;s losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the adviser&#146;s ability to accurately anticipate the future value of a security. Furthermore, taking short positions in securities results in a form of leverage which may cause the Fund to be more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> <i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> <i>Foreign Securities Risk</i>. Investments in foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> <i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.</font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><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">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> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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 how the performance of the Fund&#146;s Select Class Shares has varied from year to year for 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 S&amp;P 500 Index and the Lipper Extended U.S. Large-Cap Core Funds Average, an average based on the total return of all funds within the Fund&#146;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">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for 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. </font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the S&amp;P 500 Index and the Lipper Extended U.S. Large-Cap Core Funds Average, an average based on the total return of all funds within the Fund&#146;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. </font> <font style="font-family:Arial Narrow" size="2"><i> 1-800-480-4111</i> </font> <font style="font-family:Arial Narrow" size="2"> <i> www.jpmorganfunds.com</i> </font> <font style="font-family:Arial Narrow" size="2"> Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganDynamicGrowthFund column period compact * ~</div> 0.2157 0.1399 -0.3458 0.3643 0.1419 -0.0387 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2009-06-30 0.179 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2028 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1733 <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 periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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/ScheduleShareholderFeesJPMorganIntrepidMultiCapFund column period compact * ~</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. </font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan U.S. Equity Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JUEAX; B/JUEBX; C/JUECX; Select/JUESX</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"> Actual after-tax returns depend on your tax situation and may differ from those shown. 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 seeks to provide high total return from a portfolio of selected equity securities.</font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. </font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the value of the Fund&#146;s Assets, which are expected to include both long and short positions, will invest in equity securities of large capitalization, U.S. companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Large capitalization companies are companies with market capitalizations of at least $4 billion at the time of purchase. In implementing its strategy, the Fund invests primarily in common stocks, real estate investment trusts (REITs) and depositary receipts. The adviser also generally is sector neutral relative to the S&amp;P 500 Index and emphasizes stock selection as the primary means of generating returns. </font> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">&#147;Plus&#148; in the Fund&#146;s name refers to the additional return the Fund endeavors to add both relative to the S&amp;P 500 Index as well as relative to traditional strategies that do not have the ability to sell stock short. Selling stock short allows the Fund to more fully exploit insights in stocks that the Fund&#146;s adviser expects to underperform, as well as enabling the Fund to establish additional long positions while keeping the Fund&#146;s net exposure to the market at a level similar to a traditional &#147;long only&#148; strategy. Short sales involve the sale of a security which the Fund does not own in hopes of purchasing the same security at a later date at a lower price. To make delivery to the buyer, the Fund must borrow the security, and the Fund is obligated to return the security to the lender, which is accomplished by a later purchase of the security by the Fund. </font> </p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">The Fund intends to maintain an approximate net 100% long exposure to the equity market (long market value minus short market value). However the long and short positions held by the Fund will vary in size as market opportunities change. The Fund&#146;s long positions and their equivalents will range between 90% and 150% of the value of the Fund&#146;s net assets. The Fund&#146;s short positions will range between 0% and 50% of the value of the Fund&#146;s net assets. </font> </p><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The adviser takes an in-depth look at company prospects over a period as long as five years, which is designed to provide insight into a company&#146;s real growth potential. The research findings allow the adviser to rank the companies in each sector group according to their relative value. </font> </p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">On behalf of the Fund, the adviser buys and sells, as well as shorts and covers shorts in, equity securities and derivatives on those securities according to its own policies, using the research and valuation rankings as a basis. In general, the adviser buys and covers shorts in equity securities that are identified as undervalued and considers selling or shorting them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria such as: </font></p> <ul><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2"> catalysts that could trigger a rise in a stock&#146;s price </font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2"> impact on the overall risk of the portfolio relative to the benchmark</font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2"> high potential reward compared to potential risk and</font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2"> temporary mispricings caused by apparent market overreactions. </font></li></ul> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> -0.0387 -0.0397 -0.0239 -0.0919 -0.0558 0.0211 -0.0258 0.0223 0.0194 0.018 0.0086 0.0146 -0.0025 -0.0154 0.0592 0.0561 0.0501 0.0474 0.0514 0.0282 0.0132 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidMultiCapFund column period compact * ~</div> <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> 50000 <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</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> 0.0525 0 0 0 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidMultiCapFund column period compact * ~</div> 0 0.05 0.01 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&#146;s Select Class Shares over the past calender 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 S&amp;P 500<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index and the Lipper Extended U.S. Large-Cap Core Funds Average, an index based on the total returns of certain mutual funds within the Fund&#146;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">The bar chart shows the performance of the Fund&#146;s Select Class Shares over the past calender year. The table shows the average annual total returns for the past one year and the life of the Fund.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the S&amp;P 500<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index and the Lipper Extended U.S. Large-Cap Core Funds Average, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidMultiCapFund column period compact * ~</div> <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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> 0.004 0.004 0.004 0.004 0.0025 0.0075 0.0075 0 0.0043 0.0043 0.0043 0.0043 0.0025 0.0025 0.0025 0.0025 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidMultiCapFundBarChart column period compact * ~</div> 0.0018 0.0018 0.0018 0.0018 0.0108 0.0158 0.0158 0.0083 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font> <br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Short Selling Risk. </i>The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. The Fund&#146;s losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the adviser&#146;s ability to accurately anticipate the future value of a security. Furthermore, taking short positions in securities results in a form of leverage which may cause the Fund to be more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities Risk. </i>To the extent the Fund invests in depositary receipts, such investments are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund, will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. </font> </p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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> </p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> -0.0011 -0.0011 -0.0011 -0.0004 0.0097 0.0147 0.0147 0.0079 2011-12-31 0.0975 2011-09-30 -0.1552 2012-09-30 0.1904 2005-11-01 2005-11-01 2005-11-01 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidMultiCapFund column period compact * ~</div> 2005-11-01 2005-11-01 <font style="font-family:Arial Narrow" size="2">10/31/13</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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <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>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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> 619 650 250 81 261 840 788 488 457 850 1050 1079 1022 1764 1735 1869 -0.031 -0.0343 -0.016 -0.0836 -0.0486 0.0211 -0.0258 0.0202 0.0174 0.0166 -0.0133 0.0123 0.0641 0.0245 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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 only for the Select Class Shares, and after-tax returns for the other classes will vary.</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.</font> <font style="font-family:Arial Narrow" size="2"> Actual after-tax returns depend on your tax situation and may differ from those shown. 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> 2003-02-28 2003-02-28 2003-02-28 2003-02-28 2003-02-28 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>13.95%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;13.88%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 12.64%. </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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Dynamic Growth Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b> <b>Select/JDGSX</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Mid Cap Core Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JMRAX; C/JMRCX; Select/JMRSX</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>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </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&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <font style="font-family:Arial Narrow" size="2">The Fund seeks long-term capital appreciation. </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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information</i>. </font> <font style="font-family:Arial Narrow" size="2">10/31/13 </font> 50000 <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>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> <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>YEAR-BY-YEAR RETURNS</b></font> <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 periods ended December 31, 2011)</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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>17.90%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;20.28%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 17.33%. </font></p> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 44% of the average value of its portfolio. </font> 2010-04-03 2010-04-03 2010-04-03 2010-04-03 2010-04-03 0.44 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of mid cap companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Mid cap companies are companies with market </font><font style="font-family:Arial Narrow" size="2">capitalizations equal to those within the universe of the Russell Midcap Index at the time of purchase. As of the last reconstitution of the Russell Midcap Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $17.4 billion. In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). </font><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a fundamental bottom-up investment process. The adviser seeks to invest in companies with leading competitive advantages, durable business models and sustainable free cash flow generation with management committed to increasing shareholder value. It also looks to invest in securities that are trading at a discount to their intrinsic value. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.ResearchEquityPlusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.LargeCapCorePlusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.ResearchEquityPlusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.LargeCapCorePlusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.ResearchEquityPlusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.LargeCapCorePlusFund 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&#146;s expectations regarding particular securities or markets are not met. </font> <br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><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 </font> <font style="font-family:Arial Narrow" size="2"> increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit- worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><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/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.ResearchEquityPlusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.LargeCapCorePlusFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.LargeCapCorePlusFundBarChart column period compact * ~</div> <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> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.ResearchEquityPlusFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.LargeCapCorePlusFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.ResearchEquityPlusFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </font> 4642 4762 4151 4642 4762 4151 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2011</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>9.75%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2011</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;15.52%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 19.04%. </font></p> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Intrepid Growth Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> A/JIGAX; C/JCICX; Select/JPGSX</b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares over the past calendar year. The table shows the average annual total returns for the past one year and the life of the Fund. </font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 619 150 150 81 840 488 488 261 1079 850 850 457 1764 1735 1869 1022 <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>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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 83% of the average value of its portfolio. </font> 0.83 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of U.S. companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. In implementing its strategy, the Fund primarily invests in common stocks of large- and medium-capitalization U.S. companies, but it may also invest up to 20% of its Assets in common stocks of foreign companies, including depositary receipts. </font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Sector by sector, the Fund&#146;s weightings are similar to those of the S&amp;P 500 Index. Within each sector, the Fund focuses on those equity securities that it considers most undervalued and seeks to outperform the S&amp;P 500 through superior stock selection. By emphasizing undervalued equity securities, the Fund seeks to produce returns that exceed those of the S&amp;P 500 Index. At the same time, by controlling the sector weightings of the Fund so they can differ only moderately from the sector weightings of the S&amp;P 500 Index, the Fund seeks to limit its volatility to that of the overall market, as represented by this index.</font></p><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The adviser takes an in-depth look at company prospects over a period as long as five years, which is designed to provide insight into a company&#146;s real growth potential. The research findings allow the adviser to rank the companies in each sector group according to their relative value.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">On behalf of the Fund, the adviser then buys and sells equity securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as undervalued and considers selling them when they appear to be overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: </font></p><ul><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">catalysts that could trigger a rise in a stock&#8217;s price</font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">high potential reward compared to potential risk</font></li><li style="margin-left:-30px"><font style="font-family:Arial Narrow" size="2">temporary mispricings caused by apparent market overreactions.</font></li></ul> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. The securities of mid 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Strategy Risk. </i>An undervalued stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Foreign Securities Risk</i>. Investments in foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <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">You could lose money investing in the Fund.</font> <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> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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 how the performance of the Fund&#146;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 S&amp;P 500 Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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">The bar chart shows how the performance of the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the S&amp;P 500 Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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. </font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">The Fund seeks to provide long-term capital growth.</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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2003</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.00%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;20.57%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 16.55%. </font></p> <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</font> 50000 <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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value of your investment)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2003-06-30 0.18 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2057 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1655 0.0525 0 0 0 0.01 0 -0.2662 0.3242 0.108 0.0245 0.1714 0.1029 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIntrepidGrowthFund column period compact * ~</div> -0.3464 0.3294 0.1424 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidGrowthFund column period compact * ~</div> -0.0156 <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 periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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> 0.0065 0.0065 0.0065 0.0025 0.0075 0 0.0042 0.0042 0.0042 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidGrowthFund column period compact * ~</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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and the after-tax return for the other class will vary.</font> 0.0025 0.0025 0.0017 0.0017 0.0017 0.0001 0.0001 0.0001 -0.0156 -0.0182 -0.0066 -0.0698 -0.0735 -0.0329 0.0211 0.0009 0.0133 0.0183 0.0108 0.0151 0.0067 0.0104 0.0019 0.0035 0.0075 -0.0025 -0.006 -0.0007 -0.0007 -0.0007 0.0337 0.026 0.0269 0.0256 0.0264 0.0252 0.0292 0.0216 0.0126 0.0176 0.0101 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidGrowthFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell Midcap Index and the Lipper Mid-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#146;s Select Class Shares over the past 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 Russell Midcap Index and the Lipper Mid-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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 shown only for the Select Class Shares, and after-tax returns for the other classes will vary.</font> <font style="font-family:Arial Narrow" size="2"> Actual after-tax returns depend on your tax situation and may differ from those shown. 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/ScheduleShareholderFeesJPMorganU.S.EquityFund column period compact * ~</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. </font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.EquityFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 0.0149 <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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </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> 647 279 103 918 569 337 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidGrowthFund column period compact * ~</div> 1209 984 589 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.EquityFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMidCapCoreFundBarChart column period compact * ~</div> 2037 2142 1311 647 179 103 1209 984 589 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.EquityFund column period compact * ~</div> 918 569 337 2037 2142 1311 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.EquityFundBarChart column period compact * ~</div> 0 0.0525 0 0 0.01 0 <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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 110% of the average value of its portfolio. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.EquityFund column period compact * ~</div> 1.1 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Small Cap Core Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2">Class/Ticker: Select/VSSCX</font> <font style="font-family:Arial Narrow" size="2">What is the goal of the Fund? </font> <font style="font-family:Arial Narrow" size="2">The Fund seeks capital growth over the long term.</font> <font style="font-family:Arial Narrow" size="2">Fees and Expenses of the Fund </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">ANNUAL FUND OPERATING EXPENSES</font><br/><font style="font-family:Arial Narrow" size="1">(Expenses that you pay each year as a percentage of the</font><br/><font style="font-family:Arial Narrow" size="1">value of your investment)</font> <font style="font-family:Arial Narrow" size="2">Example</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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <font style="font-family:Arial Narrow" size="2">WHETHER OR NOT YOU SELL YOUR SHARES YOUR<br/>COST WOULD BE:</font> <font style="font-family:Arial Narrow" size="2">WHETHER OR NOT YOU SELL YOUR SHARES YOUR<br/>COST WOULD BE:</font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> 82 303 542 1228 0.0065 0.0065 0.0065 0.0025 0.0075 0 0.0041 0.0041 0.0041 0.0065 0 0.0037 0.0025 0.0025 0.0025 0.0025 0.0012 0.0016 0.0016 0.0016 0.0102 0.0001 0.0001 0.0001 -0.0022 0.008 0.0132 0.0182 0.0107 -0.0006 -0.0006 -0.0006 0.0126 0.0176 0.0101 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments of large and mid capitalization companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. The Fund generally defines large capitalization companies as those with a market capitalization over $10 billion at the time of purchase, and mid capitalization companies as those with market capitalization between $1 billion and $10 billion, at the time of purchase.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">In implementing its main strategies, the Fund invests primarily in a broad portfolio of common stocks of companies within the Russell 1000 Growth Index that the adviser believes have characteristics such as attractive valuations, high quality and/or strong momentum that should lead to relative out performance. In identifying high quality securities, the adviser looks for profitable companies with sustainable earnings and disciplined management. In identifying securities that have strong momentum, the adviser looks for securities which have prices and/or earnings that have been increasing and that the adviser believes will continue to increase.</font></p><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund has an actively managed strategy that employs an investment process based on behavioral finance principles. Behavioral finance theorizes that investors behave irrationally in systematic and predictable ways because human psychology affects investment decision-making. This investor behavior results in market inefficiencies that persist over time. The Fund seeks to capitalize on these market anomalies through a disciplined and dispassionate investment process.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund will sell a stock if the adviser determines that the issuer no longer meets the Fund&#146;s investment criteria or if the adviser believes that more attractive opportunities are available.</font></p> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> 82 303 542 1228 <font style="font-family:Arial Narrow" size="2">Portfolio Turnover </font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 45% of the average value of its portfolio.</font> 0.45 <font style="font-family:Arial Narrow" size="2">What are the Fund&#146;s main investment strategies? </font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of Russell 2000&reg; Index at the time of purchase. As of the last reconstitution of the Russell 2000 Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. Sector by sector, the Fund&#146;s weightings are similar to those of the Russell 2000 Index. The Fund can moderately underweight or overweight sectors when it believes it will benefit performance. In implementing its main strategies, the Fund&#146;s investments are primarily in common stocks and real estate investment trusts (REITs).</font> <p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund pursues returns that exceed those of the Russell 2000 Index while seeking to limit its volatility relative to this index. In managing the Fund, the adviser employs a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into portfolios. In general, stocks are purchased when they are among the top ranked within their sector. Stocks become candidates for sale when their ranking falls, when they appear unattractive or when the company is no longer a small cap company. The Fund may continue to hold the securities if it believes further substantial growth is possible. Risk factor exposures are managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and/or style characteristics of the Fund.</font></p> <font style="font-family:Arial Narrow" size="2">The Fund&#146;s Main Investment Risks</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&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"> <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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk. </i>Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Because the Fund may invest in large and mid capitalization companies, the Fund&#146;s risks increase as it invests more heavily in mid cap companies. Investments in mid cap companies may be riskier than investments in larger, more established companies. Mid cap companies may be more volatile and more vulnerable to economic, market and industry changes. 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.</font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><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">You could lose money investing in the Fund. </font> 279 647 103 916 567 334 980 1205 584 2027 2132 1300 <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> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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 how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund. The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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 the Class A and Class C Shares in the table is based on the performance of the Select Class Shares prior to their inception. The actual returns of the 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">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> 647 179 103 916 567 334 1205 980 584 2027 2132 1300 <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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. </font> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></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&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"> <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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><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"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</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>The Fund&#146;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 how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The table compares that performance to the Russell 2000<sup>&reg;</sup> Index and Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 2000<sup>&reg;</sup> Index and Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganMidCapCoreFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>15.81%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;22.16%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 18.34%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMidCapCoreFund column period compact * ~</div> -0.1694 0.352 0.2231 0.039 0.1541 <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> -0.0527 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMidCapCoreFund column period compact * ~</div> -0.3186 0.2307 0.2737 -0.0458 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMidCapCoreFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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.</font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.97%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;26.24%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 16.64%. </font></p> 0.1045 0.0879 0.0938 0.1116 -0.3923 0.3382 0.1587 0.0138 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 0.0688 0.0682 0.0584 0.0147 0.0485 0.0611 0.0128 2009-09-30 0.1997 0.0149 0.0144 -0.0407 0.0102 -0.002 -0.0155 -0.0565 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2624 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1664 <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 periods 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 your tax situation and may differ from those shown. 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&#146;s year-to-date total return</font> 2012-09-30 0.1834 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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.</font> 2009-09-30 0.1581 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2216 -0.0458 -0.0466 -0.0287 -0.0418 -0.0381 -0.007 -0.0156 -0.0076 0.0015 0.0132 0.0475 0.037 0.0391 0.0562 0.0581 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMidCapCoreFund column period compact * ~</div> 0.0138 0.0129 0.0101 -0.0422 -0.0037 0.0264 -0.029 0.0121 0.0105 0.0102 -0.0013 0.0046 0.025 0.0085 0.0753 0.0687 0.0629 0.0667 0.069 0.0718 0.059 2003-02-28 2003-02-28 2003-02-28 2003-02-28 2003-02-28 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmallCapCoreFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganSmallCapCoreFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganSmallCapCoreFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmallCapCoreFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganSmallCapCoreFund column period compact * ~</div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2011</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>14.06%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2011</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;17.94%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 10.64%. </font></p> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2011-12-31 0.1406 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2011-09-30 -0.1794 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1064 <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> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font> <font style="font-family:Arial Narrow" size="2">10/31/13</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="5"><a name="toc131168_1"></a>JPMorgan Dynamic Small Cap Growth Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/VSCOX; B/VSCBX; C/VSCCX; Select/JDSCX</b><br/><br/>Currently, the Fund is publicly offered on a limited basis. (See &#147;Purchasing Fund Shares &#151; What does it mean that the Dynamic Small Cap Growth Fund and the Small Cap Growth Fund are publicly offered on a limited basis?&#148; in the prospectus for more information.)</font> <font style="font-family:Arial Narrow" size="2">The Fund seeks capital growth over the long term.</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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i></font> <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds.</font> 50000 <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> 0.0525 0 0 0 0 0.05 0.01 0 <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>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </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&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </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 </b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value of 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 value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> 0.0065 0.0065 0.0065 0.0065 0.0025 0.0075 0.0075 0 0.0058 0.0058 0.0058 0.0057 0.0025 0.0025 <font style="font-family:Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> 0.0025 0.0025 0.0033 0.0033 0.0033 0.0032 <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 0.0148 0.0198 0.0198 0.0122 0 0 0 -0.0012 <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> 0.0148 0.0198 0.0198 0.011 <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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> 668 701 301 112 968 921 621 375 1291 1268 1068 659 2201 2177 2306 1467 <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&#146;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 Russell Midcap</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font><font style="font-family:Arial Narrow" size="2"> Index and the Lipper Mid-Cap Core Funds Index, an index based on the total returns of certain mutual funds within mid cap funds 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 the Class A and Class C Shares is based on the performance of the Select Class Shares prior to their inception on 11/2/09. The actual returns of the 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"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 668 201 201 112 968 621 621 375 1291 1068 1068 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmallCapEquityFund column period compact * ~</div> 659 2201 2177 2306 1467 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1596 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2438 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2009-09-30 0.1724 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganSmallCapEquityFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganSmallCapEquityFund column period compact * ~</div> -0.1339 0.3229 0.1936 0.0961 0.1424 0.0981 -0.3851 0.3418 0.2402 -0.018 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 0.63 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 63% of the average value of its portfolio.</font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>17.24%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;24.38%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 15.96%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000<sup>&reg;</sup> Growth Index and/or with market capitalizations of less than $3.5 billion at the time of purchase. As of the date of the last reconstitution of the Russell 2000 Growth Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. In implementing its main strategies, the Fund invests primarily in common stocks.</font> <p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the Fund&#146;s adviser seeks to outperform the Fund&#146;s benchmark while maintaining a moderate risk profile. The adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</font></p> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> 647 279 93 647 179 93 962 613 376 962 613 376 1299 1072 680 2250 2347 1544 1299 1072 680 2250 2347 1544 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk. </i> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.<i> </i></font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <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/ScheduleAnnualTotalReturnsJPMorganSmallCapEquityFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganSmallCapEquityFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font> <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> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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 how the performance of the Fund&#146;s Class A 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 Russell 2000<sup>&reg;</sup> Growth Index and Lipper Small-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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><br/><br/>The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class A 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.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 2000<sup>&reg;</sup> Growth Index and Lipper Small-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower.</font> -0.2277 0.3847 0.0982 0.0529 0.1516 0.1322 -0.4371 0.2737 0.3338 -0.0387 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2010</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.90%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;26.98%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 13.69%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2010-12-31 0.189 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2698 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1369 <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 periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Class A 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 your tax situation and may differ from those shown. 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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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 only for the Class A Shares, and after-tax returns for the other classes will vary. </font> -0.0891 -0.0579 -0.0933 -0.0891 -0.0533 -0.0356 -0.0291 -0.034 -0.0028 -0.0063 -0.0031 -0.0018 0.0022 0.0119 0.0114 0.0209 0.0345 0.0289 0.0281 0.0351 0.034 0.0442 0.0448 0.0365 <font style="font-family:Arial Narrow" size="5">JPMorgan Small Cap Equity Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/VSEAX; B/VSEBX; C/JSECX; Select/VSEIX</b><br/><br/>Currently, the Fund is publicly offered on a limited basis. (See &#147;Purchasing Fund Shares &#151; What does it mean that the Small Cap Equity Fund is publicly offered on a limited basis?&#148; in the prospectus for more information.)</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 capital growth over the long term. </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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; 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 </b></font><br/><font style="font-family:Arial Narrow" size="1"><b>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">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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </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">10/31/13</font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganDynamicSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganDynamicSmallCapGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganDynamicSmallCapGrowthFund column period compact * ~</div> 0.0525 0 0 0 0.01 0 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of mid cap companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Mid cap companies are companies with market </font><font style="font-family:Arial Narrow" size="2"> capitalizations equal to those within the universe of the Russell Midcap<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index securities at the time of purchase. As of the last reconstitution of the Russell Midcap Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $17.4 billion. In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs). </font> <p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund focuses on mid-sized companies with increasing market share, strong earnings prospects and sustainable free cash flows as compared to their competitors. The Fund also looks for dominant franchises with predictable business models deemed capable of achieving sustained growth and undervalued companies with the potential to grow their intrinsic value per share. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </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&#146;s expectations regarding particular securities or markets are not met. </font><br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><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> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established 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> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. </font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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> </p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><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">You could lose money investing in the Fund. </font> <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> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell Midcap</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font><font style="font-family:Arial Narrow" size="2"> Index and the Lipper Mid-Cap Core Funds Index, an index based on the total returns of certain mutual funds within mid cap funds category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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 only for the Select Class Shares, and after-tax returns for the other classes will vary.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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.</font> 0.0657 0.0532 0.0537 0.0592 0.0638 0.0699 0.056 0.0199 0.0102 0.0147 0.0075 0.0162 0.0141 0.0128 -0.018 -0.0188 -0.0106 -0.0727 -0.0362 -0.0155 -0.0565 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Value Advantage Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> A/JVAAX; C/JVACX; Select/JVASX </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 from a combination of income and capital gains. </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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2">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 $50,000 in the J.P. Morgan Funds. </font> 50000 <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> 0.0525 0 0 0 0.01 0 0.0065 0.0065 0.0065 0.0025 0.0075 0 0.0051 0.0051 0.0051 0.0025 0.0025 0.0025 0.0026 0.0026 0.0026 0.0002 0.0002 0.0002 0.0143 0.0193 0.0118 -0.0016 -0.0016 -0.0016 0.0127 0.0177 0.0102 <font style="font-family:Arial Narrow" size="2"><b>Example </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">10/31/13</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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 648 280 104 939 591 359 1251 1027 634 2135 2241 1418 648 180 104 939 591 359 1251 1027 634 2135 2241 1418 <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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 49% of the average value of its portfolio. </font> 0.49 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"> The Fund will invest primarily in equity securities across all market capitalizations. The Fund may at any given time invest a significant portion of its assets in companies of one particular market capitalization category, such as large-capitalization companies. Equity securities in which the Fund primarily invests include common stocks and real estate investment trusts (REITs). </font> <p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"> Investment Process: In managing the Fund, the adviser employs a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary fundamental analysis. The adviser&#146;s aim is to identify undervalued companies that have the potential to grow their intrinsic values per share, and to purchase these companies at a discount. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"> The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </font></p> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"> <i>Smaller Cap Company Risk. </i>Because the Fund may invest in equity investments of companies across all market capitalizations, the Fund&#146;s risks increase as it invests more heavily in smaller companies (mid cap and small cap companies). Smaller companies may be more volatile and more vulnerable to economic, market and industry changes. 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"> <i>Value Investing Risk. </i>A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"> <i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"> <i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <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">You could lose money investing in the Fund. </font> <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> <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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganDynamicSmallCapGrowthFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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 how the performance of the Fund&#146;s Class A Shares has varied from year to year for 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 Russell 3000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Multi-Cap Value Funds Index, an index based on the total return of certain mutual funds within the Fund&#146;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><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower. </font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganDynamicSmallCapGrowthFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class A Shares has varied from year to year for 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.</font> <font style="font-family:Arial Narrow" size="2"> The table compares that performance to the Russell 3000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Multi-Cap Value Funds Index, an index based on the total return of certain mutual funds within the Fund&#146;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. </font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </font> <font style="font-family:Arial Narrow" size="2">The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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/ScheduleExpenseExampleNoRedemptionTransposedJPMorganDynamicSmallCapGrowthFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1655 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2009-09-30 0.224 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2377 0.2201 0.0291 -0.3578 0.3507 0.2022 0.0111 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Class A 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 your tax situation and may differ from those shown. 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>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> -0.0421 -0.0437 -0.0253 -0.0039 0.0137 -0.001 -0.0412 0.0056 0.0003 0.0028 0.0114 0.0191 -0.0258 -0.0302 0.0446 0.0393 0.0364 0.0477 0.0556 0.0185 0.0091 <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> 2005-02-28 2005-02-28 2005-02-28 2005-02-28 2005-02-28 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganMidCapEquityFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMidCapEquityFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganValueAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganValueAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMidCapEquityFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganValueAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMidCapEquityFund column period compact * ~</div> 0.006 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganValueAdvantageFund column period compact * ~</div> 0 0.0039 0.0005 0.0034 0.0001 0.01 0.0081 -0.0019 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMidCapEquityFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganValueAdvantageFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganValueAdvantageFund column period compact * ~</div> 0.0065 0.0065 0.0065 0.0025 0.0075 0 0.0064 0.0063 0.0065 0.0025 0.0025 0.0025 0.0039 0.0038 0.004 0.0001 0.0001 0.0001 83 0.0155 0.0204 0.0131 299 534 -0.0029 -0.0028 -0.004 1207 0.0126 0.0176 0.0091 83 299 534 1207 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Dynamic Growth Fund</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 long-term capital growth.</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>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</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2">10/31/13</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"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST 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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 99% of the average value of its portfolio. </font> 0.99 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMidCapEquityFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests in a focused portfolio of equity securities of large capitalization companies. Large cap companies are companies with market capitalizations equal to those within the universe of the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index at the time of purchase. Typically, the Fund invests in common stocks of companies with a history of above-average growth or companies expected to enter periods of above-average growth. Although the Fund will invest primarily in equity securities of U.S. companies, it may invest up to 20% of its total assets in foreign securities, including depositary receipts. </font><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund is non-diversified. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund&#146;s adviser will utilize a combination of qualitative analysis and quantitative metrics in order to seek to achieve target returns which are higher than the Fund&#146;s benchmark while attempting to maintain a moderate risk profile. In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. The adviser looks for companies with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. The adviser may sell a security due to a change in the company&#146;s fundamentals or a change in the original reason for purchase of an investment, or if the adviser no longer considers the security to be reasonably valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </font></p> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan U.S. Small Company Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JTUAX; C/JTUCX; Select/JSCSX</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 high total return from a portfolio of small company stocks.</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 $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; 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 value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>22.40% </b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;23.77% </b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 16.55%. </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&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</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 &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 74% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap U.S. companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations similar to those within the universe of the Russell 2000<sup>&reg;</sup> Index at the time of purchase. As of the last reconstitution of the Russell 2000 Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. Sector by sector, the Fund&#146;s weightings are similar to those of the Russell 2000<sup>&reg;</sup> Index. The Fund can moderately underweight or overweight sectors when it believes it will benefit performance. The Fund pursues returns that exceed those of the Russell 2000<sup>&reg;</sup> Index while seeking to limit its volatility relative to this index. In implementing its main strategies, the Fund&#146;s investments are primarily in common stocks and real estate investment trusts (REITs).</font><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into portfolios. In general, stocks are purchased when they are among the top ranked within their sector. Stocks become candidates for sale when their ranking falls, when they appear unattractive or when the company is no longer a small cap company. The Fund may continue to hold the securities if it believes further substantial growth is possible. Risk factor exposures are managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and/or style characteristics of the Fund.</font></p> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"> <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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established 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></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"> <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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><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>The Fund&#146;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 how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the performance of the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Russell 2000<sup>&reg;</sup> Index and the Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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 in the table for Class A and Class C Shares is based on the performance of Select Class Shares prior to their inception on 11/1/07. 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">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk.</i> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings, compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Foreign Securities Risk. </i>Investments in foreign issuers are subject to additional risks including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. </font></p><p style="margin-top:6px;margin-bottom:0px"><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 concentration in fewer issuers may result in the Fund&#146;s shares being more sensitive to economic results among those issuing the securities. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. </font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2003</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>22.89%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;26.85%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 17.65%. </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 periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for 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 your tax situation and may differ from those shown. 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">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 $50,000 in the J.P. Morgan Funds.</font> 50000 0.74 <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <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> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the performance of the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 2000<sup>&reg;</sup> Index and the Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"> <i>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>Best Quarter</b></font> 2003-06-30 0.2289 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 2008-12-31 <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> -0.2685 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.1765 <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&#146;s Class R5 Shares has varied from year to year for 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 Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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. Subsequent to the inception of the Fund on 11/30/07 until 8/6/10, the Fund did not experience any shareholder purchase and sale activity. If such shareholder activity had occurred, the Fund&#146;s performance may have been impacted. Unlike the other index, the Lipper index does include the expense 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 shown only for the Select Class Shares, and after-tax returns for the other classes will vary.</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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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> -0.2048 0.3972 0.1373 0.0393 0.1578 -0.0655 -0.3427 0.3464 0.2688 -0.0386 0.0525 0 0 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 2012-09-30 0.2063 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> 2010-09-30 0.1582 0 0.01 0 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2466 0.006 0.006 -0.4204 0.006 0.4356 0.1938 0.0025 0.0075 0 -0.0452 0.0074 0.0075 0.0075 0.0025 0.0025 0.0025 0.0049 0.005 0.005 0.0001 0.0001 0.0001 0.016 0.0211 0.0136 -0.0033 -0.0034 -0.0034 0.0127 0.0177 0.0102 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2010</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>15.82%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;24.66%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 20.63%. </font></p> 648 <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 your tax situation and may differ from those shown. 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> 280 104 973 628 397 <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> 1321 1103 712 <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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. 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> 2299 2415 1606 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <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> <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 concentration in fewer issuers may result in the Fund&#146;s shares being more sensitive to economic results among those issuing the securities. </font> 648 180 104 973 628 397 1321 1103 712 2299 2415 1606 -0.0386 -0.039 -0.0245 -0.0908 -0.0553 -0.0418 -0.0381 0.0018 -0.0076 0.0007 -0.0112 -0.0045 0.0015 0.0132 0.0437 0.0324 0.0364 0.0369 0.0405 0.0562 0.0581 <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class R5 Shares has varied from year to year for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;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.</font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.SmallCompanyFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.SmallCompanyFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.SmallCompanyFund column period compact * ~</div> -0.0452 -0.0452 -0.0294 0.0264 -0.029 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.SmallCompanyFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.SmallCompanyFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.SmallCompanyFund column period compact * ~</div> <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">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 27% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000<sup>&reg;</sup> Index stocks at the time of purchase. As of the last reconstitution of the Russell 2000 Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. In implementing its main strategies, the Fund invests primarily in common stocks.</font><p style="margin-top:6px;margin-bottom:0px"><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. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a fundamental bottom-up investment process. The adviser seeks to invest in companies with leading competitive advantages, predictable and durable business models and sustainable free cash flow generation with management committed to increasing intrinsic value.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </font></p> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;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&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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><p style="margin-top:6px;margin-bottom:0px"><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&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established 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></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;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). 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. 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></p><p style="margin-top:6px;margin-bottom:0px"><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></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><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></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; ma