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2012-11-01 0001217286 jpmt20:S000019635Member jpmt20:AcSharesMember jpmt20:LipperLargeCapGrowthFundsIndexMember 2011-11-02 2012-11-01 0001217286 jpmt20:S000037861Member jpmt20:AcSelectSharesMember 2011-11-02 2012-11-01 0001217286 jpmt20:S000037861Member jpmt20:AcSelectSharesMember jpmt20:C000116846Member 2011-11-02 2012-11-01 0001217286 jpmt20:S000037861Member jpmt20:AcSelectSharesMember jpmt20:C000116847Member 2011-11-02 2012-11-01 0001217286 jpmt20:S000037861Member jpmt20:AcSelectSharesMember jpmt20:C000116848Member 2011-11-02 2012-11-01 0001217286 jpmt20:S000002768Member jpmt20:AbcSelectSharesMember rr:AfterTaxesOnDistributionsMember jpmt20:C000007584Member 2011-11-02 2012-11-01 0001217286 jpmt20:S000002768Member jpmt20:AbcSelectSharesMember rr:AfterTaxesOnDistributionsAndSalesMember jpmt20:C000007584Member 2011-11-02 2012-11-01 0001217286 jpmt20:S000002768Member 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 <a name="toc131168_1"></a>JPMorgan Disciplined Equity Fund Class/Ticker: A/JDEAX; Select/JDESX What is the goal of the Fund? 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 Poors 500 Composite Stock Price Index (S&P 500 Index). Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 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. 50000 SHAREHOLDER FEES (Fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) 10/31/13 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 198% of the average value of its portfolio. 1.98 WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: <a name="toc131168_1"></a>JPMorgan Diversified Fund Class/Ticker: A/JDVAX; B/JDVBX; C/JDVCX; Select/JDVSX What is the goal of the Fund? The Fund seeks to provide a high total return from a diversified portfolio of equity and fixed income investments. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 0.0525 0 0 0 0.0025 0.0025 0.0025 0 0.0038 0.0039 SHAREHOLDER FEES (Fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Example 0.0025 0.0025 0.0013 0.0014 0.0088 0.0064 -0.0003 -0.0004 0.0085 0.006 IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: Portfolio Turnover What are the Funds main investment strategies? The Funds Main Investment Risks 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. 100000 The Funds Past Performance YEAR-BY-YEAR RETURNS AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) What are the Funds main investment strategies? 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 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 Funds 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. 10/31/13 575 683 283 106 867 891 591 359 1180 1226 1026 631 2065 2104 2234 1409 575 183 183 106 867 591 591 359 1180 1026 1026 631 2104 2234 1409 2065 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 66% of the average value of its portfolio. -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 Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities. Assets 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&P 500 Index. As of the last reconstitution of the S&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 Funds weightings are similar to those of the S&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&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&P 500 Index over the long term with a modest level of volatility. 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. 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 companys real growth potential. The research findings allow the adviser to rank the companies in each sector group according to their relative value.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: <ul><li style="margin-left:-30px">catalysts that could trigger a rise in a stock’s price</li><li style="margin-left:-30px">Impact on the overall risk of the portfolio relative to the benchmark</li><li style="margin-left:-30px">high perceived potential reward compared to perceived potential risk</li><li style="margin-left:-30px">possible temporary mispricings caused by apparent market overreactions. </li></ul> The Funds Main Investment Risks Drawing on a variety of analytical tools, the Funds adviser allocates assets among various types of equity and fixed income investments, based on the following model allocation: <ul><li style="margin-left:-30px">30%75% U.S. equity securities, including small, medium and large-cap securities </li><li style="margin-left:-30px">25%50% U.S. and foreign fixed income securities </li><li style="margin-left:-30px">0%30% foreign equity securities </li></ul> 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). The adviser may periodically increase or decrease the Funds actual asset allocation according to the relative attractiveness of each asset class. Within its equity allocations, the Fund primarily invests in the common stock and convertible securities of U.S. and foreign companies. Within its fixed income allocations, the Fund primarily invests in corporate bonds, mortgage-backed securities, mortgage dollar rolls and U.S. government securities. The Funds 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. 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. 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. 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 Funds assets among strategies and asset classes within pre-defined ranges. Investment decisions within strategies and asset classes are implemented either by the portfolio managers of the Funds underlying strategies who select individual securities for the Fund or with the Funds purchase of other J.P. Morgan Funds. 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 advisers investment views. 0.66 The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Mid Cap Company Risk. 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. Derivative Risk. 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 Funds 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. High Portfolio Turnover Risk. 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </div> You could lose money investing in the Fund. 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. The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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&P 500 Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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 Funds 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 Funds model allocation and that consists of MSCI World (60%) and Barclays U.S. Aggregate (40%) indexes. The performance of the Funds former benchmark, the S&P 500 Index, and former composite benchmark (which was composed of the S&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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The bar chart shows how the performance of the Funds 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 Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. 1-800-480-4111 www.jpmorganfunds.com Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. The bar chart shows how the performance of the Funds 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. 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. The table compares that performance to the S&P 500 Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. 1-800-480-4111 www.jpmorganfunds.com 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. After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Best Quarter 2009-06-30 0.1395 Worst Quarter 2008-12-31 YEAR-BY-YEAR RETURNS -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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">2nd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">16.74%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–21.44%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 16.97%. The Funds year-to-date total return 2012-09-30 0.1264 What is the goal of the Fund? Fees and Expenses of the Fund -0.1322 0.209 0.0928 0.0428 AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) <a name="toc131168_1"></a>JPMorgan Intrepid America Fund Class/Ticker: A/JIAAX; C/JIACX; Select/JPIAX The Fund seeks to provide long-term capital growth. 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 How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 0.1255 0.0679 -0.2541 0.2692 0.1411 -0.017 50000 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. 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. 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. After-tax returns are shown only for the Select Class Shares, and the after-tax return for the other class will vary. SHAREHOLDER FEES (Fees paid directly from your investment) <a name="toc131168_1"></a>JPMorgan Intrepid Value Fund Class/Ticker: A/JIVAX; C/JIVCX; Select/JPIVX 0.0525 0 0 0 0.01 0 0.0525 0 0 0 0.01 0 What is the goal of the Fund? 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 ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) -0.0073 -0.0073 -0.0072 0.0191 0.0241 0.0166 0.0065 0.0065 0.0065 0.0025 0.0075 0 The Fund seeks to provide long-term capital appreciation. 0.0037 0.0038 0.0037 Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. Best Quarter 2009-06-30 0.0025 0.0025 0.0025 0.1674 Worst Quarter 0.0012 0.0013 0.0012 2008-12-31 -0.2144 The Funds year-to-date total return 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 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. 50000 SHAREHOLDER FEES (Fees paid directly from your Investment) Example 0.0525 0 0 0 0.01 0 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: 0.0065 0.0065 0.0065 The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its direct investments and its investments in underlying funds. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div> General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. Foreign Securities and Emerging Markets Risks. 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 emerging markets. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Smaller Cap Company Risk. 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. Investments in Mutual Funds Risk. To the extent the Fund invests in underlying J.P. Morgan Funds, the Funds 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 Funds 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 Funds investments in an underlying fund may create a conflict of interest. Income Securities Risk. Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If interest rates rise, the value of the Funds 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 sub-prime 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. Credit Risk. Some of the Funds investments are subject to the risk that a counterparty will fail to make payments when due or default completely. If an issuers financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments. High Yield Securities Risk. Some of the Funds 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. Real Estate Securities Risk. The Funds 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. Derivative Risk. 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 Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund.</div> 0.0025 0.0075 0 0.0057 0.0056 0.0057 You could lose money investing in the Fund. 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. 10/31/13 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 Portfolio Turnover 607 61 788 201 984 353 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 95% of the average value of its portfolio. 1550 795 0.95 What are the Funds main investment strategies? Example 10/31/13 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganDiversifiedFund column period compact * ~</div> 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 Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 618 249 83 920 569 349 1244 1015 635 2158 2255 1452 Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments of large and mid capitalization U.S. companies. Assets 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. 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.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.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.The Fund will sell a stock if the adviser determines that the issuer no longer meets the Funds investment criteria or if the adviser believes that more attractive opportunities are available. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganDiversifiedFund column period compact * ~</div> The Funds Main Investment Risks 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> Portfolio Turnover <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganDisciplinedEquityFund column period compact * ~</div> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 82% of the average value of its portfolio. The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Mid Cap Company Risk. Because the Fund may invest in large and mid capitalization companies, the Funds 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. Derivative Risk. 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 Funds 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. High Portfolio Turnover Risk. 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </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> What are the Funds main investment strategies? You could lose money investing in the Fund. The Funds Past Performance <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> This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments of large and mid capitalization companies. Assets 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. 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. 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. 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. The Fund will sell a stock if the adviser determines that the issuer no longer meets the Funds investment criteria or if the adviser believes that more attractive opportunities are available. The Funds Main Investment Risks The bar chart shows how the performance of the Funds 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® Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. www.jpmorganfunds.com 1-800-480-4111 Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">17.87%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–22.19%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 17.44%. AVERAGE ANNUAL TOTAL RETURNS (For the period ended December 31, 2011) <a name="toc131168_1"></a>JPMorgan U.S. Dynamic Plus Fund Class/Ticker: A/JPSAX; C/JPSCX; Select/JILSX <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganDisciplinedEquityFund column period compact * ~</div> What is the goal of the Fund? The Fund seeks to provide long-term capital appreciation. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganDisciplinedEquityFund column period compact * ~</div> ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) SHAREHOLDER FEES (Fees paid directly from your investment) 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. 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. 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. Example IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 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 Funds 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. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate (including short sales) was 583% of the average value of its portfolio. What are the Funds main investment strategies? <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> Best Quarter 2009-09-30 0.1787 Worst Quarter 2008-12-31 -0.2219 The Funds year-to-date total return 2012-09-30 0.1744 The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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.</div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Value Investing Risk. 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 companys value or the factors that the adviser believes will cause the stock price to increase do not occur. Mid Cap Company Risk. Because the Fund may invest in large- and mid-capitalization companies, the Funds 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. Derivative Risk. 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 Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.</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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">18.11%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–21.26%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 15.98%. Best Quarter Worst Quarter The Funds year-to-date total return 2009-09-30 2008-12-31 2012-09-30 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. 0.1811 You could lose money investing in the Fund. -0.2126 0.1598 1-800-480-4111 www.jpmorganfunds.com Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. The table compares that performance to the Standard & Poors 500 Composite Stock Price Index (S&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 Funds 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 Funds Past Performance The bar chart shows how the performance of the Funds 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. YEAR-BY-YEAR RETURNS AVERAGE ANNUAL TOTAL RETURNS (For the period ended December 31, 2011) This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The Funds Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"> 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. </div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Short Selling Risk. 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 Funds losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the advisers 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. Mid Cap Company Risk. 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. Derivative Risk. 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 Funds 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. High Portfolio Turnover Risk. 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </div> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. 5.83 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. 50000 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. Assets means net assets, plus the amount of borrowings for investment purposes. Plus in the Funds name refers to the additional return the Fund endeavors to add both relative to the S&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&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. 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 Funds long positions and their equivalents will range between 90% and 150% of the value of the Funds net assets. The Funds short positions will range between 0% and 50% of the value of the Funds net assets. 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. 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. 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 Funds 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. The Funds Past Performance -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 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. 0.074 0.0688 0.0634 0.0655 0.0677 0.0719 0.0573 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. After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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 & Poors 500 Composite Stock Price Index (S&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 Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The bar chart shows how the performance of the Funds 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® Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. 1-800-480-4111 www.jpmorganfunds.com Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. YEAR-BY-YEAR RETURNS 0.1751 0.1014 0.2292 0.0011 -0.3652 0.2391 0.1377 -0.0099 10/31/13 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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">18.43%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–22.75%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 16.14%. 0.0028 0.0028 0.0027 The Funds year-to-date total return 2012-09-30 0.1614 Best Quarter 2009-09-30 0.1843 Worst Quarter 2008-12-31 -0.2275 AVERAGE ANNUAL TOTAL RETURNS (For the period ended December 31, 2011) -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> What is the goal of the Fund? <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidAmericaFund column period compact * ~</div> Fees and Expenses of the Fund ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Example <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidAmericaFund column period compact * ~</div> Portfolio Turnover What are the Funds main investment strategies? The Funds Main Investment Risks YEAR-BY-YEAR RETURNS The Funds Past Performance <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidAmericaFundBarChart column period compact * ~</div> AVERAGE ANNUAL TOTAL RETURNS (For the period ended December 31, 2011) www.jpmorganfunds.com 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 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. 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. 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 shown only for the Select Class Shares, and after-tax returns for the other classes will vary. 2006-01-31 2006-01-31 2006-01-31 2006-01-31 2006-01-31 YEAR-BY-YEAR RETURNS The Fund seeks long-term capital growth. The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 Funds 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.DynamicPlusFund column period compact * ~</div> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 99% of the average value of its portfolio. 0.99 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.DynamicPlusFund column period compact * ~</div> <a name="toc131168_1"></a>JPMorgan U.S. Research Equity Plus Fund Class/Ticker: A/JEPAX; C/JEPCX; Select/JEPSX What is the goal of the Fund? The Fund seeks to provide total return from a portfolio of selected equity securities. Fees and Expenses of the Fund <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.DynamicPlusFund column period compact * ~</div> SHAREHOLDER FEES (Fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.DynamicPlusFund column period compact * ~</div> YEAR-BY-YEAR RETURNS 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 Funds 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. 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® 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. 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. The Fund is non-diversified. Investment Process: The Funds adviser will utilize a combination of qualitative analysis and quantitative metrics in order to seek to achieve target returns which are higher than the Funds 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. The adviser may sell a security for several reasons. The adviser may sell a security due to a change in the companys 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. <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> 1-800-480-4111 www.jpmorganfunds.com <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.DynamicPlusFund column period compact * ~</div> Best Quarter Worst Quarter The Funds year-to-date total return <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> The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"> 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. </div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Growth Investing Risk. 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. Derivative Risk. 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 Funds 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. Foreign Securities Risk. 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. Non-Diversified Fund Risk. 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 Funds shares being more sensitive to economic results among those issuing the securities. High Portfolio Turnover Risk. 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </div> You could lose money investing in the Fund. Non-Diversified Fund Risk. 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 Funds shares being more sensitive to economic results among those issuing the securities. 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. WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Funds 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 Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 1-800-480-4111 The bar chart shows how the performance of the Funds 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® Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. <a name="toc131168_1"></a>JPMorgan Intrepid Multi Cap Fund Class/Ticker: A/JICAX; C/JICCX; Select/JIISX What is the goal of the Fund? The Fund seeks to provide long-term capital appreciation. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 79 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 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. 50000 SHAREHOLDER FEES (Fees paid directly from your investment) 0.0525 0 0 0 0.01 0 ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) 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 Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 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. 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. 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. <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2010</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">15.81%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–24.70%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 20.44%. Best Quarter Worst Quarter The Funds year-to-date total return 0.2044 2012-09-30 -0.247 2008-12-31 0.1581 2010-09-30 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds 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. <a name="toc131168_1"></a>JPMorgan U.S. Large Cap Core Plus Fund Class/Ticker: A/JLCAX; C/JLPCX; Select/JLPSX Currently, the Fund is publicly offered on a limited basis. (See Purchasing Fund Shares What does it mean that the U.S. Large Cap Core Plus Fund is publicly offered on a limited basis? in the prospectus for more information.) IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 646 278 102 1152 814 589 1683 1475 1103 3131 3247 2516 What is the goal of the Fund? The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. The Fund seeks to provide a high total return from a portfolio of selected equity securities. Fees and Expenses of the Fund 0.0525 0 0 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 How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 0 0.01 0 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. 50000 646 178 102 1152 814 589 1683 1475 1103 3131 3247 2516 Portfolio Turnover 0.57 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 57% of the average value of its portfolio. What are the Funds main investment strategies? -0.031 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. 50000 SHAREHOLDER FEES (Fees paid directly from your investment) 0.0525 0 0 0 0.01 0 -0.0469 0.1914 0.4331 -0.4217 Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments across all market capitalizations. Assets 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. 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. 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.The Fund will sell a stock if the adviser determines that the issuer no longer meets the Funds investment criteria or if the adviser believes that more attractive opportunities are available. 0.01 0.01 0.01 0.0025 0.0075 0 ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) The Funds Main Investment Risks 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 The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Smaller Cap Company Risk. Although the Fund may invest in equity investments of companies across all market capitalizations, the Funds 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.Derivative Risk. 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 Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </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 You could lose money investing in the Fund. -0.0034 -0.0034 -0.0034 0.0179 0.0254 0.0204 The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Index and the Lipper Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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 Funds 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 Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Example 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. 10/31/13 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 721 750 357 387 182 212 1198 860 634 1594 1276 1060 1700 1488 1113 3074 3180 2435 2450 2268 1923 www.jpmorganfunds.com 721 257 182 1198 860 634 1-800-480-4111 1700 1488 1113 3074 3180 2435 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. The bar chart shows how the performance of the Funds 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® Index and the Lipper Multi-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganDynamicGrowthFund column period compact * ~</div> Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate (including short sales) was 129% of the average value of its portfolio. 1.29 0.1601 0.0659 What are the Funds main investment strategies? 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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">18.50%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–24.34%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 19.73%. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganDynamicGrowthFundBarChart column period compact * ~</div> 10/31/13 Best Quarter 2009-09-30 0.185 Worst Quarter Portfolio Turnover 2008-12-31 -0.2434 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate (including short sales) was 75% of the average value of its portfolio. -0.0126 0.75 The Funds year-to-date total return -0.0125 0.002 -0.0106 -0.0233 2012-09-30 0.1973 -0.0469 Under normal circumstances, at least 80% of the value of the Funds 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&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. Assets means net assets, plus the amount of borrowings for investment purposes.Plus in the Funds name refers to the additional return the Fund endeavors to add both relative to the S&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 Funds adviser expects to underperform, as well as enabling the Fund to establish additional long positions while keeping the Funds net exposure to the market at a level similar to a traditional long-only 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.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 Funds long positions and their equivalents will range between 90% and 150% of the value of the Funds net assets. The Funds short positions will range between 0% and 50% of the value of the Funds net assets.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. 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 companys real growth potential. The research findings allow the adviser to rank the companies in each sector group according to their relative value.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: <ul><li style="margin-left:-30px">catalysts that could trigger a rise in a stocks price </li><li style="margin-left:-30px">high potential reward compared to potential risk</li><li style="margin-left:-30px">temporary mispricings caused by apparent market overreactions. </li></ul> -0.0469 -0.0305 0.0264 -0.029 The Funds Main Investment Risks 2007-11-30 2007-11-30 2007-11-30 YEAR-BY-YEAR RETURNS AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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 The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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.</div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Short Selling Risk 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 Funds losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the advisers 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. Derivative Risk. 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 Funds 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. Foreign Securities Risk. 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. High Portfolio Turnover Risk. 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.</div> Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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&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 Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The bar chart shows how the performance of the Funds 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&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 Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. 1-800-480-4111 www.jpmorganfunds.com Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. YEAR-BY-YEAR RETURNS <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 Best Quarter 2009-06-30 0.179 Worst Quarter 2008-12-31 -0.2028 The Funds year-to-date total return 2012-09-30 0.1733 AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIntrepidMultiCapFund column period compact * ~</div> 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. <a name="toc131168_1"></a>JPMorgan U.S. Equity Fund Class/Ticker: A/JUEAX; B/JUEBX; C/JUECX; Select/JUESX What is the goal of the Fund? 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. The Fund seeks to provide high total return from a portfolio of selected equity securities. What are the Funds main investment strategies? After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. Under normal circumstances, at least 80% of the value of the Funds Assets, which are expected to include both long and short positions, will invest in equity securities of large capitalization, U.S. companies. Assets 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&P 500 Index and emphasizes stock selection as the primary means of generating returns. Plus in the Funds name refers to the additional return the Fund endeavors to add both relative to the S&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 Funds adviser expects to underperform, as well as enabling the Fund to establish additional long positions while keeping the Funds net exposure to the market at a level similar to a traditional long only 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. 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 Funds long positions and their equivalents will range between 90% and 150% of the value of the Funds net assets. The Funds short positions will range between 0% and 50% of the value of the Funds net assets. 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. 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 companys real growth potential. The research findings allow the adviser to rank the companies in each sector group according to their relative value. 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: <ul><li style="margin-left:-30px"> catalysts that could trigger a rise in a stocks price </li><li style="margin-left:-30px"> impact on the overall risk of the portfolio relative to the benchmark</li><li style="margin-left:-30px"> high potential reward compared to potential risk and</li><li style="margin-left:-30px"> temporary mispricings caused by apparent market overreactions. </li></ul> The Funds Main Investment Risks Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. The Funds Past Performance -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 You could lose money investing in the Fund. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidMultiCapFund column period compact * ~</div> 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. 50000 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. SHAREHOLDER FEES (Fees paid directly from your investment) 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 This section provides some indication of the risks of investing in the Fund. The bar chart shows the performance of the Funds 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&P 500® 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 Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The bar chart shows the performance of the Funds 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&P 500® 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 Funds 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidMultiCapFund column period compact * ~</div> ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) 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 The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Short Selling Risk. 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 Funds losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the advisers 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. Derivative Risk. 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 Funds 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. Foreign Securities Risk. 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. Real Estate Securities Risk. The Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </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 10/31/13 Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds 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. AVERAGE ANNUAL TOTAL RETURNS (For the period ended December 31, 2011) IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: 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. 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. 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 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. 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 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. 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. 2003-02-28 2003-02-28 2003-02-28 2003-02-28 2003-02-28 Example <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">2nd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">13.95%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–13.88%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 12.64%. 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 Funds 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. 10/31/13 <a name="toc131168_1"></a>JPMorgan Dynamic Growth Fund Class/Ticker: Select/JDGSX <a name="toc131168_1"></a>JPMorgan Mid Cap Core Fund Class/Ticker: A/JMRAX; C/JMRCX; Select/JMRSX What is the goal of the Fund? Fees and Expenses of the Fund Example Portfolio Turnover What are the Funds main investment strategies? The Funds Main Investment Risks The Funds Past Performance The Fund seeks long-term capital appreciation. 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 How to Do Business with the Funds SALES CHARGES on page 79 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 10/31/13 50000 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. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) SHAREHOLDER FEES (Fees paid directly from your investment) IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: YEAR-BY-YEAR RETURNS AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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 Funds 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. <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">2nd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">17.90%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–20.28%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 17.33%. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 44% of the average value of its portfolio. 2010-04-03 2010-04-03 2010-04-03 2010-04-03 2010-04-03 0.44 Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of mid cap companies. Assets means net assets, plus the amount of borrowings for investment purposes. Mid cap companies are companies with market 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). 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. 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. The adviser may sell a security for several reasons. A security may be sold due to a change in the companys 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. <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> The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Mid Cap Company Risk. 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. Real Estate Securities Risk. The Funds 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. Derivative Risk. 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 Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </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> You could lose money investing in the Fund. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganU.S.LargeCapCorePlusFundBarChart column period compact * ~</div> 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. <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> 1-800-480-4111 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.ResearchEquityPlusFund column period compact * ~</div> www.jpmorganfunds.com Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2011</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">9.75%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2011</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–15.52%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 19.04%. <a name="toc131168_1"></a>JPMorgan Intrepid Growth Fund Class/Ticker: A/JIGAX; C/JCICX; Select/JPGSX The bar chart shows how the performance of the Funds 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. IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 619 150 150 81 840 488 488 261 1079 850 850 457 1764 1735 1869 1022 What is the goal of the Fund? Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 83% of the average value of its portfolio. 0.83 What are the Funds main investment strategies? Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of U.S. companies. Assets 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. Sector by sector, the Funds weightings are similar to those of the S&P 500 Index. Within each sector, the Fund focuses on those equity securities that it considers most undervalued and seeks to outperform the S&P 500 through superior stock selection. By emphasizing undervalued equity securities, the Fund seeks to produce returns that exceed those of the S&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&P 500 Index, the Fund seeks to limit its volatility to that of the overall market, as represented by this index.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. 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 companys real growth potential. The research findings allow the adviser to rank the companies in each sector group according to their relative value.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: <ul><li style="margin-left:-30px">catalysts that could trigger a rise in a stock’s price</li><li style="margin-left:-30px">high potential reward compared to potential risk</li><li style="margin-left:-30px">temporary mispricings caused by apparent market overreactions.</li></ul> The Funds Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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.</div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.Mid Cap Company Risk. 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.Strategy Risk. 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 companys value or the factors that the adviser believes will cause the stock price to increase do not occur.Foreign Securities Risk. 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. Derivative Risk. 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 Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </div> You could lose money investing in the Fund. 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. The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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&P 500 Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The bar chart shows how the performance of the Funds 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&P 500 Index and the Lipper Large-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. 1-800-480-4111 www.jpmorganfunds.com The Fund seeks to provide long-term capital growth. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. YEAR-BY-YEAR RETURNS <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">2nd quarter, 2003</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">18.00%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–20.57%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 16.55%. 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. 50000 SHAREHOLDER FEES (Fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Best Quarter 2003-06-30 0.18 Worst Quarter 2008-12-31 -0.2057 The Funds year-to-date total return 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 AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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. 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> 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. 0.0025 After-tax returns are shown only for the Select Class Shares, and the after-tax return for the other class will vary. 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> 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 Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. 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. This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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 Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.EquityFund column period compact * ~</div> 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. 10/31/13 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.EquityFund column period compact * ~</div> Example 0.0149 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 Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 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 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 110% of the average value of its portfolio. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganU.S.EquityFund column period compact * ~</div> 1.1 What are the Funds main investment strategies? <a name="toc131168_1"></a>JPMorgan Small Cap Core Fund Class/Ticker: Select/VSSCX What is the goal of the Fund? The Fund seeks capital growth over the long term. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds 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. WHETHER OR NOT YOU SELL YOUR SHARES YOUR COST WOULD BE: WHETHER OR NOT YOU SELL YOUR SHARES YOUR COST WOULD BE: 10/31/13 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 Under normal circumstances, the Fund invests at least 80% of its Assets in equity investments of large and mid capitalization companies. Assets 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.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.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.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.The Fund will sell a stock if the adviser determines that the issuer no longer meets the Funds investment criteria or if the adviser believes that more attractive opportunities are available. The Funds Main Investment Risks 82 303 542 1228 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 45% of the average value of its portfolio. 0.45 What are the Funds main investment strategies? Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. Assets 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® 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 Funds 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 Funds investments are primarily in common stocks and real estate investment trusts (REITs). 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.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. The Funds Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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.</div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Growth Investing Risk. 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. Mid Cap Company Risk. Because the Fund may invest in large and mid capitalization companies, the Funds 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. Derivative Risk. 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 Funds 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. High Portfolio Turnover Risk. 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.</div> You could lose money investing in the Fund. 279 647 103 916 567 334 980 1205 584 2027 2132 1300 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. The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The bar chart shows how the performance of the Funds 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. 647 179 103 916 567 334 1205 980 584 2027 2132 1300 The table compares that performance to the Russell 1000® Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. 1-800-480-4111 The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Small Cap Company Risk. 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. Derivative Risk. 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 Funds 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. Real Estate Securities Risk. The Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund. </div> www.jpmorganfunds.com Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. YEAR-BY-YEAR RETURNS The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Index and Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The bar chart shows how the performance of the Funds 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® Index and Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. www.jpmorganfunds.com <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganMidCapCoreFund column period compact * ~</div> 1-800-480-4111 <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">15.81%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–22.16%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 18.34%. YEAR-BY-YEAR RETURNS <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMidCapCoreFund column period compact * ~</div> -0.1694 0.352 0.2231 0.039 0.1541 AVERAGE ANNUAL TOTAL RETURNS (For the period ended December 31, 2011) -0.0527 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMidCapCoreFund column period compact * ~</div> -0.3186 0.2307 0.2737 -0.0458 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMidCapCoreFund column period compact * ~</div> After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. 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. 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. <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">19.97%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–26.24%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 16.64%. 0.1045 0.0879 0.0938 0.1116 -0.3923 0.3382 0.1587 0.0138 Best Quarter 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 Worst Quarter 2008-12-31 -0.2624 The Funds year-to-date total return 2012-09-30 0.1664 AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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. The Funds year-to-date total return 2012-09-30 0.1834 Best Quarter 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. 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. 2009-09-30 0.1581 Worst Quarter 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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2011</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">14.06%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2011</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–17.94%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 10.64%. Best Quarter 2011-12-31 0.1406 Worst Quarter 2011-09-30 -0.1794 The Funds year-to-date total return 2012-09-30 0.1064 Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. 10/31/13 What is the goal of the Fund? <a name="toc131168_1"></a>JPMorgan Dynamic Small Cap Growth Fund Class/Ticker: A/VSCOX; B/VSCBX; C/VSCCX; Select/JDSCX Currently, the Fund is publicly offered on a limited basis. (See Purchasing Fund Shares What does it mean that the Dynamic Small Cap Growth Fund and the Small Cap Growth Fund are publicly offered on a limited basis? in the prospectus for more information.) The Fund seeks capital growth over the long term. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 79 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 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. 50000 SHAREHOLDER FEES (Fees paid directly from your investment) 0.0525 0 0 0 0 0.05 0.01 0 What is the goal of the Fund? Fees and Expenses of the Fund Example Portfolio Turnover What are the Funds main investment strategies? The Funds Main Investment Risks The Funds Past Performance ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) 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 IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: 0.0025 0.0025 0.0033 0.0033 0.0033 0.0032 IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 0.0148 0.0198 0.0198 0.0122 0 0 0 -0.0012 SHAREHOLDER FEES (Fees paid directly from your investment) 0.0148 0.0198 0.0198 0.011 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 How to Do Business with the Funds SALES CHARGES on page 79 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 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 Funds 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. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds 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. 668 701 301 112 968 921 621 375 1291 1268 1068 659 2201 2177 2306 1467 This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 1-800-480-4111 www.jpmorganfunds.com YEAR-BY-YEAR RETURNS AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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 The Funds year-to-date total return 2012-09-30 0.1596 Worst Quarter 2008-12-31 -0.2438 Best Quarter 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 Portfolio Turnover 0.63 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 63% of the average value of its portfolio. <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">17.24%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–24.38%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 15.96%. What are the Funds main investment strategies? Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. Assets 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® 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. 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.Investment Process: In managing the Fund, the Funds adviser seeks to outperform the Funds 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.The adviser may sell a security for several reasons. A security may be sold due to a change in the companys 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. The Funds Main Investment Risks 647 279 93 647 179 93 962 613 376 962 613 376 1299 1072 680 2250 2347 1544 1299 1072 680 2250 2347 1544 The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.Small Cap Company Risk. 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.Growth Investing Risk. 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. Derivative Risk. 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 Funds 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.Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </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> You could lose money investing in the Fund. 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. The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Growth Index and Lipper Small-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. The bar chart shows how the performance of the Funds 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® Growth Index and Lipper Small-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. www.jpmorganfunds.com 1-800-480-4111 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. -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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2010</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">18.90%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–26.98%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 13.69%. YEAR-BY-YEAR RETURNS Best Quarter 2010-12-31 0.189 Worst Quarter 2008-12-31 -0.2698 The Funds year-to-date total return 2012-09-30 0.1369 AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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. 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. After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. -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 JPMorgan Small Cap Equity Fund Class/Ticker: A/VSEAX; B/VSEBX; C/JSECX; Select/VSEIX Currently, the Fund is publicly offered on a limited basis. (See Purchasing Fund Shares What does it mean that the Small Cap Equity Fund is publicly offered on a limited basis? in the prospectus for more information.) What is the goal of the Fund? The Fund seeks capital growth over the long term. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 79 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. SHAREHOLDER FEES (Fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 10/31/13 Portfolio Turnover <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 Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of mid cap companies. Assets means net assets, plus the amount of borrowings for investment purposes. Mid cap companies are companies with market capitalizations equal to those within the universe of the Russell Midcap® 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). 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. 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. The adviser may sell a security for several reasons. A security may be sold due to a change in the companys 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. The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Mid Cap Company Risk. 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. Derivative Risk. 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 Funds 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. Real Estate Securities Risk. The Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </div> You could lose money investing in the Fund. 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. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. 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 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 bar chart shows how the performance of the Funds 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. 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. After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. 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. 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. 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 <a name="toc131168_1"></a>JPMorgan Value Advantage Fund Class/Ticker: A/JVAAX; C/JVACX; Select/JVASX What is the goal of the Fund? The Fund seeks to provide long-term total return from a combination of income and capital gains. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 79 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. 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. 50000 SHAREHOLDER FEES (Fees paid directly from your investment) 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 Example IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 10/31/13 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 Funds 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. 648 280 104 939 591 359 1251 1027 634 2135 2241 1418 648 180 104 939 591 359 1251 1027 634 2135 2241 1418 Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 49% of the average value of its portfolio. 0.49 What are the Funds main investment strategies? 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). 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. 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 advisers 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. The adviser may sell a security for several reasons. A security may be sold due to a change in the companys 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. The Funds Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Smaller Cap Company Risk. Because the Fund may invest in equity investments of companies across all market capitalizations, the Funds 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. Value Investing Risk. 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 companys value or the factors that the adviser believes will cause the stock price to increase do not occur. Real Estate Securities Risk. The Funds 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. Derivative Risk. 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 Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </div> You could lose money investing in the Fund. 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. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganDynamicSmallCapGrowthFundBarChart column period compact * ~</div> The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Value Index and the Lipper Multi-Cap Value Funds Index, an index based on the total return of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganDynamicSmallCapGrowthFund column period compact * ~</div> 1-800-480-4111 www.jpmorganfunds.com The bar chart shows how the performance of the Funds 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® Value Index and the Lipper Multi-Cap Value Funds Index, an index based on the total return of certain mutual funds within the Funds 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. 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. 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganDynamicSmallCapGrowthFund column period compact * ~</div> YEAR-BY-YEAR RETURNS The Funds year-to-date total return 2012-09-30 0.1655 Best Quarter 2009-09-30 0.224 Worst Quarter 2008-12-31 -0.2377 0.2201 0.0291 -0.3578 0.3507 0.2022 0.0111 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. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) -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 IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: 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 <a name="toc131168_1"></a>JPMorgan Dynamic Growth Fund What is the goal of the Fund? The Fund seeks long-term capital growth. Fees and Expenses of the Fund The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds 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. 10/31/13 WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 99% of the average value of its portfolio. 0.99 What are the Funds main investment strategies? <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMidCapEquityFund column period compact * ~</div> 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® 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. 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. The Fund is non-diversified. Investment Process: The Funds adviser will utilize a combination of qualitative analysis and quantitative metrics in order to seek to achieve target returns which are higher than the Funds 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. The adviser may sell a security for several reasons. The adviser may sell a security due to a change in the companys 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. The Funds Main Investment Risks <a name="toc131168_1"></a>JPMorgan U.S. Small Company Fund Class/Ticker: A/JTUAX; C/JTUCX; Select/JSCSX What is the goal of the Fund? The Fund seeks to provide high total return from a portfolio of small company stocks. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 79 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. SHAREHOLDER FEES (Fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">22.40% </td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–23.77% </td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 16.55%. Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds 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. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 74% of the average value of its portfolio. What are the Funds main investment strategies? Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap U.S. companies. Assets 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® 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 Funds 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. The Fund pursues returns that exceed those of the Russell 2000® Index while seeking to limit its volatility relative to this index. In implementing its main strategies, the Funds investments are primarily in common stocks and real estate investment trusts (REITs).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.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. The Funds Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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.</div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Small Cap Company Risk. 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. Real Estate Securities Risk. The Funds 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. Derivative Risk. 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 Funds 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund. </div> The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Index and the Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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. </div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Growth Investing Risk. 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. Derivative Risk. 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 Funds 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. Foreign Securities Risk. 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. Non-Diversified Fund Risk. 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 Funds shares being more sensitive to economic results among those issuing the securities. High Portfolio Turnover Risk. 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. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">2nd quarter, 2003</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">22.89%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–26.85%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 17.65%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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. 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. 50000 0.74 10/31/13 You could lose money investing in the Fund. 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. The bar chart shows how the performance of the Funds 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® Index and the Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. www.jpmorganfunds.com 1-800-480-4111 YEAR-BY-YEAR RETURNS Best Quarter 2003-06-30 0.2289 Worst Quarter YEAR-BY-YEAR RETURNS 2008-12-31 The Funds Past Performance -0.2685 The Funds year-to-date total return 2012-09-30 0.1765 This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Funds 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 Funds 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. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. -0.2048 0.3972 0.1373 0.0393 0.1578 -0.0655 -0.3427 0.3464 0.2688 -0.0386 0.0525 0 0 The Funds year-to-date total return 2012-09-30 0.2063 Best Quarter 2010-09-30 0.1582 0 0.01 0 Worst Quarter 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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">3rd quarter, 2010</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">15.82%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–24.66%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 20.63%. 648 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. 280 104 973 628 397 AVERAGE ANNUAL TOTAL RETURNS (For the period ended December 31, 2011) 1321 1103 712 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. 2299 2415 1606 You could lose money investing in the Fund. 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. Non-Diversified Fund Risk. 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 Funds shares being more sensitive to economic results among those issuing the securities. 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 The bar chart shows how the performance of the Funds 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® Growth Index and the Lipper Large-Cap Growth Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.SmallCompanyFund column period compact * ~</div> 1-800-480-4111 www.jpmorganfunds.com <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> IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 27% of the average value of its portfolio. What are the Funds main investment strategies? Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. Assets 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® 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.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.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.The adviser may sell a security for several reasons. A security may be sold due to a change in the companys 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. The Funds Main Investment Risks The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">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.</div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.Small Cap Company Risk. 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.Derivative Risk. 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 Funds 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.Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, 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. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund.</div> The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds 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® Index and the Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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 C Shares prior to their inception on 2/19/05 is based on the performance of Class B Shares of the Fund, whose expenses are substantially similar to those of Class C Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 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. YEAR-BY-YEAR RETURNS <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">Best Quarter</td><td valign="bottom"></td><td valign="bottom">2nd quarter, 2009</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">17.65%</td><td valign="bottom" nowrap="nowrap"></td></tr><tr><td valign="top">Worst Quarter</td><td valign="bottom"></td><td valign="bottom">4th quarter, 2008</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom" align="right">–18.88%</td><td valign="bottom" nowrap="nowrap"></td></tr></table>The Fund’s year-to-date total return through 9/30/12 was 15.44%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 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. 0.0525 0 0 0 0 0.05 0.01 0 0.0065 0.0065 0.0065 0.0065 0.0025 0.0075 0.0075 0 0.0051 0.0051 0.0051 0.0051 0.0025 0.0025 0.0025 0.0025 0.0026 0.0026 0.0026 0.0026 0.0001 0.0001 0.0001 0.0001 0.0142 0.0192 0.0192 0.0117 -0.0011 -0.0011 -0.0011 -0.0016 0.0131 0.0181 0.0181 0.0101 651 684 284 103 941 892 592 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 55% of the average value of its portfolio. 356 1251 1227 1027 628 2129 2105 2234 1406 The Funds objective is long-term capital growth. 10/31/13 50000 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. 0.55 <a name="toc377231_6"></a>JPMorgan Mid Cap Equity Fund Class/Ticker: A/JCMAX; C/JMCCX; Select/VSNGX Effective 10/31/12, the Funds benchmark changed from the S&P 500 Index to the MSCI World Index to better reflect the Funds investment strategies and asset allocation. At that time, the model allocation in the Diversified Composite Benchmark was also revised and the MSCI World Index replaced the S&P 500 Index. 651 184 184 103 941 592 592 356 1251 1027 1027 628 2129 2105 2234 1406 -0.0277 -0.0395 -0.0114 -0.029 0.0111 0.0292 -0.0418 -0.0381 0.0398 0.0332 0.0318 0.0424 0.0458 0.0542 0.0015 0.0132 0.0868 0.0779 0.0738 0.0876 0.0864 0.097 0.0562 0.0581 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmallCapEquityFund column period compact * ~</div> 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. 50000 10/31/13 You could lose money investing in the Fund. 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. The bar chart shows how the performance of the Funds 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® Index and the Lipper Small-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Funds 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. www.jpmorganfunds.com 1-800-480-4111 0.27 Best Quarter 2009-06-30 0.1765 Worst Quarter 2008-12-31 -0.1888 The Funds year-to-date total return 2012-09-30 0.1544 -0.173 0.3637 0.2613 0.1239 0.1831 0.0355 -0.2728 0.3176 0.26 0.0261 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. After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. 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. <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganDynamicGrowthFundClassR5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganDynamicGrowthFundClassR5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganDynamicGrowthFundClassR5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganDynamicGrowthFundClassR5BarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganEquityFocusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEquityFocusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganEquityFocusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganDynamicGrowthFundClassR5 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganEquityFocusFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganU.S.LargeCapCorePlusFundII column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganU.S.LargeCapCorePlusFundII column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganU.S.LargeCapCorePlusFundII column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganU.S.LargeCapCorePlusFundII column period compact * ~</div> -0.0106 -0.0107 -0.0091 0.002 -0.0233 <a name="toc131168_1"></a>JPMorgan Quantitative Large Cap Plus Fund Class/Ticker: R2/JQGZX; R5/JQGRX; R6/* *The Share Class does not have an exchange ticker symbol because it currently is not offered to the general public. What is the goal of the Fund? The Fund seeks to provide total return. <a name="toc131168_1"></a>JPMorgan Equity Focus Fund Class/Ticker: A/JPFAX; C/JPFCX; Select/JPFSX What is the goal of the Fund? The Fund seeks long term capital appreciation. Fees and Expenses of the Fund The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 25 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information. Fees and Expenses of the Fund SHAREHOLDER FEES (Fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 2007-11-30 2007-11-30 2007-11-30 ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) 0.0075 0.0075 0.0075 0.005 0 0 0.0124 0.0104 0.0099 0.0068 0.0068 0.0068 0.0025 0.0005 0 0.0031 0.0031 0.0031 0.0249 0.0179 0.0174 -0.0061 -0.0051 -0.0051 0.0188 0.0128 0.0123