0001193125-12-474027.txt : 20121116 0001193125-12-474027.hdr.sgml : 20121116 20121116154111 ACCESSION NUMBER: 0001193125-12-474027 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 10 FILED AS OF DATE: 20121116 DATE AS OF CHANGE: 20121116 EFFECTIVENESS DATE: 20121116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-103022 FILM NUMBER: 121211606 BUSINESS ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMorgan Trust I CENTRAL INDEX KEY: 0001217286 IRS NUMBER: 331043149 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21295 FILM NUMBER: 121211607 BUSINESS ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: JP MORGAN MUTUAL FUND SERIES DATE OF NAME CHANGE: 20030204 0001217286 S000011871 JPMorgan SmartRetirement Income Fund C000032433 Class A JSRAX C000032434 Class C JSRCX C000032435 Select Class JSRSX C000032436 Institutional Class JSIIX C000070627 Class R2 JSIZX 0001217286 S000011872 JPMorgan SmartRetirement 2010 Fund C000032437 Class A JSWAX C000032438 Class C JSWCX C000032439 Select Class JSWSX C000032440 Institutional Class JSWIX C000070628 Class R2 JSWZX 0001217286 S000011873 JPMorgan SmartRetirement 2015 Fund C000032441 Class C JSFCX C000032442 Select Class JSFSX C000032443 Institutional Class JSFIX C000032444 Class A JSFAX C000070629 Class R2 JSFZX 0001217286 S000011874 JPMorgan SmartRetirement 2020 Fund C000032445 Class A JTTAX C000032446 Class C JTTCX C000032447 Select Class JTTSX C000032448 Institutional Class JTTIX C000070630 Class R2 JTTZX 0001217286 S000011875 JPMorgan SmartRetirement 2030 Fund C000032449 Class A JSMAX C000032450 Class C JSMCX C000032451 Select Class JSMSX C000032452 Institutional Class JSMIX C000070631 Class R2 JSMZX 0001217286 S000011876 JPMorgan SmartRetirement 2040 Fund C000032453 Class A SMTAX C000032454 Class C SMTCX C000032455 Select Class SMTSX C000032456 Institutional Class SMTIX C000070632 Class R2 SMTZX 0001217286 S000018065 JPMorgan SmartRetirement 2025 Fund C000050048 Class A JNSAX C000050049 Class C JNSCX C000050050 Select Class JNSSX C000050051 Institutional Class JNSIX C000070633 Class R2 JNSZX 0001217286 S000018066 JPMorgan SmartRetirement 2035 Fund C000050052 Class A SRJAX C000050053 Class C SRJCX C000050054 Select Class SRJSX C000050055 Institutional Class SRJIX C000070634 Class R2 SRJZX 0001217286 S000018067 JPMorgan SmartRetirement 2045 Fund C000050056 Class C JSACX C000050057 Select Class JSASX C000050058 Institutional Class JSAIX C000050059 Class A JSAAX C000070635 Class R2 JSAZX 0001217286 S000018068 JPMorgan SmartRetirement 2050 Fund C000050060 Class A JTSAX C000050061 Class C JTSCX C000050062 Select Class JTSSX C000050063 Institutional Class JTSIX C000070636 Class R2 JTSZX 0001217286 S000035832 JPMorgan SmartRetirement 2055 Fund C000109814 Class A JFFAX C000109815 Class C JFFCX C000109816 Select Class JFFSX C000109817 Class R2 JFFRX C000109818 Institutional Class JFFIX 485BPOS 1 d379504d485bpos.htm JPMORGAN TRUST I JPMorgan Trust I

As filed with the Securities and Exchange Commission on November 16, 2012

Securities Act File No. 333-103022

Investment Company Act File No. 811-21295

 

 

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM N-1A

 

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

    ¨
  Pre-Effective Amendment No.    ¨
  Post-Effective Amendment No. 243    x

and/or

 

 

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

    ¨
  Amendment No. 244    x
  (Check appropriate box or boxes)   

 

 

JPMORGAN TRUST I

(Exact Name of Registrant Specified in Charter)

 

 

270 Park Avenue

New York, New York, 10017

(Address of Principal Executive Offices)

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

Frank J. Nasta, Esq.

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

 

 

With copies to:

 

Carmine Lekstutis

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

 

 

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

 

  x immediately upon filing pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ on                 , 2011 pursuant to paragraph (b).
  ¨ on                 , 2011 pursuant to paragraph (a)(1).
  ¨ on (date) pursuant to paragraph (a)(2).

If appropriate, check the following box:

 

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

 

 

 

EXPLANATORY NOTE

This Post-Effective Amendment No. 243 relates to the following fund:

JPMorgan SmartRetirement Income Fund

JPMorgan SmartRetirement 2010 Fund

JPMorgan SmartRetirement 2015 Fund

JPMorgan SmartRetirement 2020 Fund

JPMorgan SmartRetirement 2025 Fund

JPMorgan SmartRetirement 2030 Fund

JPMorgan SmartRetirement 2035 Fund

JPMorgan SmartRetirement 2040 Fund

JPMorgan SmartRetirement 2045 Fund

JPMorgan SmartRetirement 2050 Fund

JPMorgan SmartRetirement 2055 Fund

SIGNATURE

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant, JPMorgan Trust I, certifies that it meets all the requirements for the effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933, and has duly caused this Post-Effective Amendment to the Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of New York and State of New York on the 16th day of November, 2012.

 

JPMORGAN TRUST I

By:  

    PATRICIA A. MALESKI*        

  Patricia A. Maleski
  President and Principal Executive Officer

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities indicated on November 16, 2012.

 

WILLIAM J. ARMSTRONG*

    

WILLIAM G. MORTON, JR.*

William J. Armstrong

Trustee

    

William G. Morton, Jr.

Trustee

JOHN F. FINN*

    

ROBERT A. ODEN, JR.*

John F. Finn

Trustee

    

Robert A. Oden, Jr.

Trustee

DR. MATTHEW GOLDSTEIN*

    

FERGUS REID, III*

Dr. Matthew Goldstein

Trustee

    

Fergus Reid, III

Trustee and Chairman

ROBERT J. HIGGINS*

    

FREDERICK W. RUEBECK*

Robert J. Higgins*

Trustee

    

Frederick W. Ruebeck

Trustee

FRANKIE D. HUGHES*

    

JAMES J. SCHONBACHLER*

Frankie D. Hughes

Trustee

    

James J. Schonbachler

Trustee

PETER C. MARSHALL*

    

LEONARD M. SPALDING, JR.*

Peter C. Marshall

Trustee

    

Leonard M. Spalding, Jr.

Trustee

MARILYN MCCOY*

     By  

PATRICIA A. MALESKI*

Marilyn McCoy

Trustee

      

Patricia A. Maleski

President and Principal Executive Officer

By  

JOY C. DOWD*

      
  Joy C. Dowd      
  Treasurer and Principal Financial Officer      
*By  

/S/  CARMINE LEKSTUTIS

      
  Carmine Lekstutis      
  Attorney-in-Fact      

Exhibit Index

 

Exhibit Number    Description
EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
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jpmt19:S000011873Member jpmt19:InstitutionalSharesMember jpmt19:LipperMixedAssetTargetTwoThousandFifteenFundMember 2011-11-02 2012-11-01 0001217286 jpmt19:S000011876Member jpmt19:R2SharesMember jpmt19:SandpTargetDateTwentyFortyIndexMember 2011-11-02 2012-11-01 0001217286 jpmt19:S000011876Member jpmt19:R2SharesMember jpmt19:LipperMixedAssetTargetTwentyFortyFundsAverageMember 2011-11-02 2012-11-01 0001217286 jpmt19:S000018068Member jpmt19:R2SharesMember jpmt19:SAndPTargetDateTwoThousandFortyFiveIndexMember 2011-11-02 2012-11-01 0001217286 jpmt19:S000018068Member jpmt19:R2SharesMember jpmt19:LipperMixedAssetTargetTwoThousandFiftyFundsAverageMember 2011-11-02 2012-11-01 pure iso4217:USD <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, 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BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"> <b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES,YOUR <br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> 401 1053 910 512 1073 930 532 1035 891 488 1026 882 483 1093 950 554 1161 1020 626 1153 1007 613 1113 970 575 1144 1003 608 1132 <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 2012-09-30 2012-09-30 2012-09-30 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2015Fund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirementIncomeFund column period compact * ~</div> 2012-09-30 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2020Fund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2010Fund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2025Fund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2050Fund column period compact * ~</div> 2012-09-30 2012-09-30 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2045Fund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2040Fund column period compact * ~</div> 990 595 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2030Fund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2035Fund column period compact * ~</div> 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmartRetirement2055Fund column period compact * ~</div> 514 528 473 451 536 2012-09-30 2012-09-30 2012-09-30 2012-09-30 2012-09-30 545 2012-09-30 741 746 2012-09-30 769 494 2012-09-30 2012-09-30 2012-09-30 2012-09-30 810 2012-09-30 2012-09-30 826 850 430 2012-09-30 876 2012-09-30 2012-09-30 885 2012-09-30 2012-09-30 2012-09-30 863 411 789 401 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 10% of the average value of its portfolio. </font> 1053 910 512 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 10% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 1073 930 532 <font style="FONT-FAMILY: Arial Narrow" size="2"><i> www.jpmorganfunds.com</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 16% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#8217;s performance. During the Fund&#8217;s most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 12% of the average value of its portfolio.</font> 1026 882 483 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 1035 891 488 <font style="FONT-FAMILY: Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 1093 950 554 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 13% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 15% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 11% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 1161 1020 626 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio. </font> 1153 1007 613 <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio. </font> 1113 970 575 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 14% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><i> www.jpmorganfunds.com </i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 1144 608 1003 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 1132 990 595 <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 14% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year (January 31, 2012 through June 30, 2012), the Fund&#146;s portfolio turnover rate was 19% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 411 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 514 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 14% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 528 473 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 14% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 13% of the average value of its portfolio.</font> 451 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 12% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 536 <font style="font-family:Arial Narrow" size="2"><i> www.jpmorganfunds.com </i> </font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 545 <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 741 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 746 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 769 494 <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 789 <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><i> www.jpmorganfunds.com </i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 810 <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 826 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 850 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2">www.jpmorganfunds.com</font> 863 430 <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 876 <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 885 <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement</font><font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> 2015 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JSFAX; C/JSFCX; Select/JSFSX </b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> 2020 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> A/JTTAX; C/JTTCX; Select/JTTSX</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.</font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> Income Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: Institutional/JSIIX</b></font> 100000 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> 0.045 0 0 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> 60 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> 0.045 0 0 539 259 83 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the </b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value of your investment)</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. </font> 100000 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.</font> 100000 542 262 86 <font style="FONT-FAMILY: Arial Narrow" size="2"> The bar chart shows the performance of the Fund&#8217;s Select Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> 0.0847 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> 2010 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> A/JSWAX; C/JSWCX; Select/JSWSX</b></font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.</font> 100000 0.045 0 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement</font><font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> 2025 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JNSAX; C/JNSCX; Select/JNSSX</b></font> 0.0858 0 0.045 0 0 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the </b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.</font> 100000 532 252 76 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> 0.045 0 0 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> 533 253 <font style="FONT-FAMILY: Arial Narrow" size="2">The bar chart shows the performance of the Fund&#8217;s Select Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund. 0.1028 <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="FONT-FAMILY: Arial Narrow" size="2">The bar chart shows the performance of the Fund&#8217;s Select Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirementIncomeFundInstitutionalClass column period compact * ~</div> 0.1163 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2015Fund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirementIncomeFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Select Class Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> 0.0857 0.1258 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement</font><font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> Income Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JSRAX; C/JSRCX; Select/JSRSX </b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> 2030</font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JSMAX; C/JSMCX; Select/JSMSX </b></font> <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2020Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.</font> 100000 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2010Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund's Select Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2025Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement</font><font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> 2050 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JTSAX; C/JTSCX; Select/JTSSX </b></font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.</font> 100000 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> 0.045 0 0 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement</font><font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> 2045 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JSAAX; C/JSACX; Select/JSASX </b></font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. 100000 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> 0.045 0 0 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>value of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Select Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> 0.045 0 0 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2050Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> JPMorgan SmartRetirement</font><font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> 2040 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"> <b>Class/Ticker: A/SMTAX; C/SMTCX; Select/SMTSX </b></font> <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. </font> 100000 <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Select Class Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> 0.1416 0.1415 <font style="FONT-FAMILY: Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Select Class Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2"> The bar chart shows the performance of the Fund&#146;s Select Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> 0.1414 0.045 0 0 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2045Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.</font> 100000 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> 0.045 0 0 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b> of your investment)</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2040Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund's Select Class Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> 0.1407 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2030Fund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2035Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> 2035 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> A/SRJAX; C/SRJCX; Select/SRJSX</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> 2055 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: </b><b>A/JFFAX; C/JFFCX; Select/JFFSX </b></font> <font style="font-family:Arial Narrow" size="2"> You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.</font> 100000 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> 0.045 0 0 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="5">JPMorgan SmartRetirement<font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> 2010 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: Institutional/JSWIX </b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> 0.1337 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2055Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2035 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> Institutional/SRJIX</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2025 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> Institutional/JNSIX</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2040 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: Institutional/SMTIX</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="5">JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2020 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> Institutional/JTTIX</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2045 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: Institutional/JSAIX</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2010FundInstitutionalClass column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"> The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> 0.1423 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> 2050 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b> <b>Institutional/JTSIX</b></font> 0.1418 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement</font><font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> 2015 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: Institutional/JSFIX </b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 16% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> 0.086 0.1435 0.1277 <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2035FundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2045FundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2040FundInstitutionalClass column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2030 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: Institutional/JSMIX</b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2025FundInstitutionalClass column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 15% of the average value of its portfolio. </font> 0.1175 <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2055 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: Institutional/JFFIX</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> Income Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: R2/JSIZX</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year (January 31, 2012 through June 30, 2012), the Fund&#146;s portfolio turnover rate was 19% of the average value of its portfolio. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2020FundInstitutionalClass column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2010 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> R2/JSWZX</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 10% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2015 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> R2/JSFZX </b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> 0.1354 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2020 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b> Class/Ticker: R2/JTTZX </b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 16% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"> The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2025 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: R2/JNSZX</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 12% of the average value of its portfolio. </font> 0.1426 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2055FundInstitutionalClass column period compact * ~</div> 0.0806 <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2"> The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund. </font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage<br/> of the value of your investment)</b></font> 0.0821 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 13% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2050FundInstitutionalClass column period compact * ~</div> 0.1001 <font style="font-family:Arial Narrow" size="1">&#147;Other Expenses&#148; are based on estimated amounts for the current fiscal year.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirementIncomeFundClassR2 column period compact * ~</div> 0.1231 0.113 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2030FundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2020FundClassR2 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2025FundClassR2 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2015FundClassR2 column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2010FundClassR2 column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2030 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b> <b>R2/JSMZX </b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 15% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<font style="font-family:Arial Narrow" size="5"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> 2035 Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: R2/SRJZX</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 14% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup> 2040 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: R2/SMTZX</b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 14% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2030FundClassR2 column period compact * ~</div> 0.1382 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<font style="font-family:Arial Narrow" size="5"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> 2045 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: R2/JSAZX</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> 0.1374 0.139 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan SmartRetirement<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> 2050 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b> <b>R2/JTSZX</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> JPMorgan SmartRetirement</font><font style="FONT-FAMILY: Arial Narrow" size="5"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font><font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> 2055 Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: R2/JFFRX </b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="1">&#147;Other Expenses&#148; are based on estimated amounts for the current fiscal year.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2045FundClassR2 column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 11% of the average value of its portfolio. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2040FundClassR2 column period compact * ~</div> 0.1039 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2055FundClassR2 column period compact * ~</div> 0.131 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2015FundInstitutionalClass column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Class R2 Shares for the past four calendar years. The table shows the average annual total returns for the past one year and life of the Fund.</font> 0.1389 <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year (January 31, 2012 through June 30, 2012), the Fund&#146;s portfolio turnover rate was 19% of the average value of its portfolio. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2050FundClassR2 column period compact * ~</div> <font style="font-family:Arial Narrow" size="1">&#147;Other Expenses&#148; are based on estimated amounts for the current fiscal year.</font> <font style="font-family:Arial Narrow" size="2">The bar chart shows the performance of the Fund&#146;s Institutional Class Shares for the past five calendar years. The table shows the average annual total returns for the past one year, five years and life of the Fund.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmartRetirement2035FundClassR2 column period compact * ~</div> 485BPOS JPMorgan Trust I <font style="FONT-FAMILY: Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 85 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> 0 0.01 0 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> -0.0016 -0.0029 -0.0014 -0.0014 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 85 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 915 0 0.01 0 <font style="FONT-FAMILY: Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 85 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 1815 1997 1154 -0.003 -0.0015 -0.0015 <font style="FONT-FAMILY: Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#8217;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>1-800-480-4111</i></font> 1857 2039 1199 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>10.15%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;7.91%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 8.58%. </font></p> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>10.12%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;7.91%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 8.47%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">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 are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 85 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i></font> 0 0.01 0 0 0.01 0 <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> -0.0031 -0.0016 -0.0016 -0.0032 -0.0017 -0.0016 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 85 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i></font> 0 0.01 0 77 1779 1962 1105 -0.003 -0.0015 -0.0015 <font style="FONT-FAMILY: Arial Narrow" size="2"><i>1-800-480-4111</i> </font> 2006-05-15 2006-05-15 2006-05-15 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>14.01%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;13.53%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 10.28%. </font></p> 1758 1941 1093 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 545 266 90 1901 2082 1246 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies?</b></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>15.73%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;15.58%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 11.63%. </font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirementIncomeFundInstitutionalClassBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2015FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirementIncomeFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>17.12%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;17.36%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 12.58%.</font></p> 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares and after-tax returns for the other classes will vary. 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 are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2007-07-31 2007-07-31 2007-07-31 2007-07-31 2007-07-31 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 85 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2020FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2010FundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>11.38%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;10.54%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 8.57%.</font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 85 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2025FundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 0 0.01 0 -0.0039 -0.0024 -0.0024 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 85 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 0 0.01 0 551 272 96 -0.0037 -0.0021 -0.0021 2054 2234 1410 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 551 272 96 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.50%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.02%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 13.37%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 2034 2205 1379 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 0 0.01 0 -0.0031 -0.0016 -0.0016 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.04%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.11%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 14.15%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 548 269 93 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 85 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> 1943 2124 1291 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i> </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#8217;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">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 are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.28%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.20%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 14.16%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i> </font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.26%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.46%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 14.14%.</font></p> 2007-07-31 2007-07-31 2007-07-31 2007-07-31 2007-07-31 <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares and after-tax returns for the other classes will vary. 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 are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2007-07-31 2007-07-31 2007-07-31 2007-07-31 2007-07-31 0 0.01 0 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2050FundBarChart column period compact * ~</div> -0.0035 -0.002 -0.002 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2045FundBarChart column period compact * ~</div> 272 96 551 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#8220;How to Do Business with the Funds &#8212; SALES CHARGES&#8221; on page 85 of the prospectus and in &#8220;PURCHASES, REDEMPTIONS AND EXCHANGES&#8221; in Appendix A to Part II of the Statement of Additional Information.</i></font> 0 0.01 0 -0.0032 -0.0017 -0.0017 551 272 96 1985 2166 1336 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2040FundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 2007-07-31 2007-07-31 2007-07-31 2007-07-31 2007-07-31 2015 2195 1368 2006-05-15 2006-05-15 2006-05-15 2006-05-15 2006-05-15 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2035FundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2030FundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.33%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.18%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 14.07%.</font></p> <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 85 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> 0 0.01 0 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> -0.0035 -0.002 -0.002 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 551 272 96 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>11.41%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;10.54%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 8.60%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2006-05-15 2006-05-15 2006-05-15 61 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> -0.0017 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.28% </b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.47% </b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 14.23%.</font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> -0.002 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 81 -0.0015 1163 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 81 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> 1195 75 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> 1071 -0.0015 -0.0022 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> -0.0017 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies?</b></font> 70 1023 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 81 1216 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><i> 1-800-480-4111</i> </font> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i> </font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.37%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.18%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 14.18%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 2006-05-15 2006-05-15 2006-05-15 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2010FundInstitutionalClassBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> -0.0024 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.32%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.20%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 14.35%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are 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 are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>17.26%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;17.36%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 12.77%.</font></p> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">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 are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 2007-07-31 2007-07-31 2007-07-31 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2007-07-31 2007-07-31 2007-07-31 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2007-07-31 2007-07-31 2007-07-31 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2035FundInstitutionalClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2045FundInstitutionalClassBarChart column period compact * ~</div> 81 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2040FundInstitutionalClassBarChart column period compact * ~</div> 1238 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>15.77%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;15.58%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 11.75%. </font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2025FundInstitutionalClassBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2006-05-15 2006-05-15 2006-05-15 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> -0.002 <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> 81 -0.0032 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2020FundInstitutionalClassBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> 111 1663 -0.0032 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> 112 1674 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>13.89% </b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;13.68% </b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 10.01%.</font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies?</b></font> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> -0.003 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.63%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.04%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 13.54%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 118 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> -0.0016 78 1721 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> 1117 -0.0031 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.20%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.11%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 14.26%. </font></p> 121 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>9.91%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;7.94%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 8.06%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>11.24%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;10.69%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 8.21%.</font></p> <font style="font-family:Arial Narrow" size="2"><i> 1-800-480-4111</i> </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plan or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>17.12%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;17.45%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 <br/>was 12.31%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 2006-05-15 2006-05-15 2006-05-15 2007-07-31 2007-07-31 2007-07-31 <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 2006-05-15 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> -0.0031 2006-05-15 125 1808 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2050FundInstitutionalClassBarChart column period compact * ~</div> 2007-07-31 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirementIncomeFundClassR2BarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>15.52%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;15.68%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 11.30%. </font></p> 2006-05-15 <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2030FundInstitutionalClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2015FundClassR2BarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2025FundClassR2BarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2010FundClassR2BarChart column period compact * ~</div> 2006-05-15 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2020FundClassR2BarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> -0.0031 128 1841 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> -0.0033 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>13.94%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;13.53%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 10.39%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> -0.0036 131 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 1894 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.38%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.08%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 13.10%. </font></p> 131 <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 2006-05-15 67 <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 977 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.23%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.28%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 13.82%. </font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2030FundClassR2BarChart column period compact * ~</div> 2007-07-31 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.15%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.29%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 13.90%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> -0.0039 131 1954 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 2007-07-31 <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>19.18%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.51%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 13.74%. </font></p> 2006-05-15 -0.0041 2006-05-15 2006-05-15 2006-05-15 131 1974 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2045FundClassR2BarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> -0.0035 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2040FundClassR2BarChart column period compact * ~</div> 131 <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2015FundInstitutionalClassBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"><tr><td width="37%"></td><td valign="bottom" width="5%"></td><td width="39%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter 2009</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.98%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr><tr><td valign="top"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter 2008</font></td><td valign="bottom"><font size="1"></font></td><td valign="bottom"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td><td valign="bottom" align="right"><font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#8211;19.17%</b></font></td><td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Arial Narrow" size="2"><b></b></font></td></tr></table><p style="MARGIN-TOP: 6px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s year-to-date total return through 9/30/12 was 13.89%. </font></p> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 2007-07-31 1924 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2050FundClassR2BarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> -0.0014 938 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmartRetirement2035FundClassR2BarChart column period compact * ~</div> 1764 2012-06-30 0001217286 false 2012-10-26 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> 0.001 0.0008 0.0075 0.0025 0.0025 0.0025 0.0007 0.0007 0.0007 0.012 0.017 0.0095 <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> 224 <font style="font-family:Arial Narrow" size="2">10/31/13 </font> 60 224 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> 786 522 289 539 159 83 <font style="font-family:Arial Narrow" size="2">10/31/13 </font> 786 522 289 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 0.0025 0.0025 0.0025 0.0008 0.0008 0.0008 0.0124 0.0174 0.0099 <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/> WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the Adviser&#8217;s expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its investments in underlying funds and its direct investments. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investment Risk. </i>The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund&#8217;s strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investments in Mutual Funds Risk.</i> The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund&#8217;s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund&#8217;s Adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund&#8217;s investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund&#8217;s investments in an underlying fund may create a conflict of interest. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Tactical Allocation Risk.</i> The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments listed above. The Fund&#8217;s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed above from time to time.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk.</i> Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#8220;sub-prime&#8221; mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, an underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Securities Risk.</i> Investments in equity securities (such as stocks) are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s or the underlying fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund&#8217;s investment decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk.</i> The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including REITs.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk.</i> Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk.</i> Investments in securities and instruments issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Smaller Companies Risk.</i> Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivatives Risk.</i> The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives may be riskier than other investments and may increase the volatility of the Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s or an underlying fund&#8217;s original investment. Derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including 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 or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds 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 and underlying funds to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Commodity Risk.</i> Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Natural Resources Risk.</i> Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Inflation Managed Strategy Risk.</i> The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Direct Investment Risk.</i> The Fund&#8217;s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk). </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk.</i> The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 797 533 300 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the Adviser&#146;s expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its investments in underlying funds and its direct investments. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investment Risk. </i>The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund&#146;s strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investments in Mutual Funds Risk. </i>The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund&#146;s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund&#146;s Adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund&#146;s investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund&#146;s investments in an underlying fund may create a conflict of interest. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Tactical Allocation Risk.</i> The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments listed above. The Fund&#146;s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed above from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk.</i> Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#147;sub-prime&#148; mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, an underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Securities Risk. </i>Investments in equity securities (such as stocks) are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s or the underlying fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund&#146;s investment decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including REITs. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#147;emerging markets.&#148; Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk. </i>Investments in securities and instruments issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Smaller Companies Risk. </i>Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivatives Risk. </i>The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives may be riskier than other investments and may increase the volatility of the Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s or an underlying fund&#146;s original investment. Derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including 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 or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds 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 and underlying funds to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Commodity Risk. </i>Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Natural Resources Risk.</i> Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Inflation Managed Strategy Risk.</i> The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Direct Investment Risk. </i>The Fund&#146;s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk). </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 542 162 86 797 533 300 -0.1697 0.0113 2009-06-30 0.1012 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="FONT-FAMILY: Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2009-06-30 0.1015 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 0.0025 0.0025 0.0025 0.0008 0.0008 0.0008 0.0115 0.0165 0.009 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> 0.0025 0.0025 0.0025 0.001 0.001 0.0009 <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund</b></font> 0.0113 0.0003 0.0073 0.0424 0.0258 0.0117 0.0167 0.0091 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the Adviser&#8217;s expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its investments in underlying funds and its direct investments. </font> <br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Investment Risk.</i> The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund&#8217;s strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Investments in Mutual Funds Risk.</i> The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund&#8217;s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund&#8217;s Adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund&#8217;s investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund&#8217;s investments in an underlying fund may create a conflict of interest. </font> <br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Tactical Allocation Risk</i><i>.</i> The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund&#8217;s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Equity Securities Risk. </i>Investments in equity securities (such as stocks) are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s or the underlying fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund&#8217;s investment decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Smaller Companies Risk.</i> Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Income Securities Risk.</i> Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#8220;sub-prime&#8221; mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, an underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Yield Securities Risk. </i>Investments in securities and instruments issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk.</i> Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Real Estate Securities Risk.</i> The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including REITs. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivatives Risk.</i> The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives may be riskier than other investments and may increase the volatility of the Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s or an underlying fund&#8217;s original investment. Derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including 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 or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds 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 and underlying funds to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Commodity Risk.</i> Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk. </font> <br /><br /> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Natural Resources Risk.</i> Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Inflation Managed Strategy Risk.</i> The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Direct Investment Risk. </i>The Fund&#8217;s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk). </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk.</i> The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="FONT-FAMILY: Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font> 770 505 271 <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the Adviser&#8217;s expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its investments in underlying funds and its direct investments.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investment Risk.</i> The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund&#8217;s strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investments in Mutual Funds Risk.</i> The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund&#8217;s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund&#8217;s Adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund&#8217;s investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund&#8217;s investments in an underlying fund may create a conflict of interest. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Tactical Allocation Risk.</i> The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund&#8217;s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Securities Risk.</i> Investments in equity securities (such as stocks) are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#8217;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#8217;s or the underlying fund&#8217;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund&#8217;s investment decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Smaller Companies Risk.</i> Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk. </i>Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#8220;sub-prime&#8221; mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, an underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk.</i> Investments in securities and instruments issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk.</i> Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk.</i> The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including REITs. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivatives Risk.</i> The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives may be riskier than other investments and may increase the volatility of the Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#8217;s or an underlying fund&#8217;s original investment. Derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including 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 or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds 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 and underlying funds to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Commodity Risk.</i> Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Natural Resources Risk.</i> Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Inflation Managed Strategy Risk.</i> The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Direct Investment Risk. </i>The Fund&#8217;s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk). </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk.</i> The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 775 510 274 533 153 77 775 510 274 0.0025 0.0025 0.0025 0.0009 0.0009 0.0009 0.0128 0.0178 0.0103 <font style="FONT-FAMILY: Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 532 2009-06-30 152 76 2008-12-31 770 505 271 0.1401 <font style="font-family:Arial Narrow" size="2">10/31/13</font> -0.257 0.0005 <font style="font-family:Arial Narrow" size="2">10/31/13</font> 0.0005 -0.0093 0.0003 -0.046 -0.0168 0.0179 0.0091 -0.1705 0.0097 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 809 546 313 0.0097 -0.0007 0.0063 -0.0363 -0.0074 0.0424 0.0258 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 545 166 90 809 546 313 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> -0.2889 -0.0091 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="FONT-FAMILY: Arial Narrow" size="2">The JPMorgan SmartRetirement<font style="FONT-FAMILY: Arial Narrow" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> Income Fund is a &#8220;fund of funds&#8221; that invests in other J.P. Morgan Funds (underlying funds), and is generally intended for investors who are retired or about to retire soon. The Fund is designed to provide exposure to a variety of asset classes through investments in underlying funds, with an emphasis on fixed income funds over equity funds and other funds. The Fund&#8217;s strategic target allocations among various asset and sub-asset classes as of November 1, 2012 are set forth below: </font><br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="11%"></td></tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-TOP:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Strategic Target Allocations<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font></b><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1<b></b></sup><b><font style="font-family:Arial Narrow" size="2"></font></b></font></font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f; BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Fixed Income</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>55.5</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Fixed Income</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Inflation Managed </font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">High Yield </font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Emerging Markets Debt </font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Equity</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>31.0</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Large Cap Equity </font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Small/Mid Cap Equity </font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">REIT </font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">International Equity </font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Emerging Markets Equity </font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Money Market/Cash and Cash Equivalents</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>10.0</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Money Market/Cash and Cash Equivalents</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Commodities&nbsp;&amp; Global Natural Resources</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>3.5</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Commodities</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Global Natural Resources</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> </table><p style="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</p><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10" valign="top" align="left"><font style="font-family:Arial Narrow" size="1">1</font></td> <td align="left" valign="top"><font style="font-family:Arial Narrow" size="1">As of the date of this prospectus, the Fund utilizes underlying funds to implement its strategic target allocations although the Fund also has flexibility to utilize direct investments in securities and derivatives to implement its strategic target allocations in the future. </font></td></tr></table><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> These strategic target allocations represent J.P. Morgan Investment Management Inc.&#8217;s (JPMIM or the Adviser) view of how the Fund&#8217;s investments should be allocated over the long term. The Fund&#8217;s actual allocations may differ due to tactical allocations. The Adviser will use tactical allocations to take advantage of short to intermediate term opportunities through a combination of positions in underlying funds and direct investments, including derivatives. As a result of these tactical allocations, the Fund may deviate from its strategic target allocations at any given time by up to +/- 15% for fixed income, +/- 10% for equity, +/- 20% for money market/cash and cash equivalents and +/- 5% for commodities and global natural resources. These ranges apply to both the asset and sub-asset classes. Updated information concerning the Fund&#8217;s actual allocations to underlying funds and investments will be available in the Fund&#8217;s shareholder reports and on the Fund&#8217;s website from time to time.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">The Adviser will review the Fund&#8217;s strategic target allocations among the various asset and sub-asset classes on at least an annual basis and may make changes when it believes it is beneficial to the Fund, including, but not limited to, adding new asset and sub-asset classes, removing asset and sub-asset classes, changing the asset and sub-asset class allocations, changing the types of underlying funds or underlying fund allocations or maintaining the strategic target allocations for longer or shorter periods of time. In establishing the Fund&#8217;s strategic target allocations, the Adviser focuses on asset classes and underlying funds that the Adviser believes would outperform the Fund&#8217;s benchmarks and peer group over the long term. The Adviser will also review its tactical allocations on a periodic basis and may make modifications in its discretion. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">In addition to investing in J.P. Morgan Funds, the Fund may invest directly in securities and other financial instruments, including derivatives, and such investments will be allocated to the appropriate asset class, as applicable. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives such as futures contracts to gain exposure to, or to overweight or underweight its investments among, various sectors or markets. The Fund may also use exchange traded futures for cash management and to gain market exposure pending investment in underlying funds.</font></p> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"> Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2009-06-30 0.1573 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-06-30 -0.0091 -0.018 -0.0059 -0.0545 -0.0267 0.0083 -0.003 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganSmartRetirementIncomeFundInstitutionalClass column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> The Fund is subject to management risk and may not achieve its objective if the Adviser&#146;s expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its investments in underlying funds and its direct investments. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2"> An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Investment Risk. </i> The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund&#146;s strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Investments in Mutual Funds Risk. </i> The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund&#146;s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund&#146;s Adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund&#146;s investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund&#146;s investments in an underlying fund may create a conflict of interest. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Tactical Allocation Risk. </i> The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund&#146;s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Equity Securities Risk. </i> Investments in equity securities (such as stocks) are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s or the underlying fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund&#146;s investment decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Income Securities Risk.</i> Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#147;sub-prime&#148; mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, an underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> High Yield Securities Risk.</i> Investments in securities and instruments issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Foreign Securities and Emerging Markets Risk.</i> Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#147;emerging markets.&#148; Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Real Estate Securities Risk.</i> The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including REITs.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Smaller Companies Risk.</i> Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Derivatives Risk.</i> The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives may be riskier than other investments and may increase the volatility of the Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s or an underlying fund&#146;s original investment. Derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including 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 or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds 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 and underlying funds to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Commodity Risk.</i> Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Natural Resources Risk.</i> Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Inflation Managed Strategy Risk.</i> The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Direct Investment Risk.</i> The Fund&#146;s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk).</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i> Redemption Risk.</i> The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font> -0.2129 0.0091 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganSmartRetirement2015Fund column period compact * ~</div> 2009-06-30 0.1138 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 0.0091 -0.0013 0.0059 -0.0371 -0.0083 0.0287 0.0122 2009-06-30 0.1712 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 <font style="FONT-FAMILY: Arial Narrow" size="2">The JPMorgan SmartRetirement<font style="FONT-FAMILY: Arial Narrow" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> 2015 Fund</font><font style="FONT-FAMILY: Arial Narrow" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"></sup></font><font style="FONT-FAMILY: Arial Narrow" size="2"> is a &#8220;fund of funds&#8221; that invests in other J.P. Morgan Funds (underlying funds), and is generally intended for investors expecting to retire around the year 2015 (target retirement date). The Fund is designed to provide exposure to a variety of asset classes through investments in underlying funds, and over time the Fund&#8217;s asset allocation strategy will change. The &#8220;glide path&#8221; depicted in the chart below shows how the Fund&#8217;s strategic target allocations among asset and sub-asset classes generally become more conservative as the target retirement date approaches (i.e., more emphasis on fixed income and less on equity). The table accompanying the chart is simply the glide path in tabular form. </font><br/><br/> <div align="center"><img src="g379504g377146g78d22.jpg" alt="(GLIDE PATH MOUNTAIN CHART)"></img></div><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="45%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" colspan="20" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-TOP:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Strategic Target Allocations<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font></b><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1<b></b></sup><b><font style="font-family:Arial Narrow" size="2"></font></b></font></font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f; BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><font style="font-family:Arial Narrow" size="1"><b>Years to Target Retirement Date</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>40+</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>35</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>30</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>25</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>20</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>15</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>10</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>5</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>0</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>-5</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>-10</b></font></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><font size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Equity</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">85.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">85.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">85.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">85.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">77.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">70.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">60.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">49.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">31.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">31.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">31.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">U.S. Large Cap Equity</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">41.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">41.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">41.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">41.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">37.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">29.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">24.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">U.S. Small/Mid Cap Equity</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">8.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">REIT</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">International Equity</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">18.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">18.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">18.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">18.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">17.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">12.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Emerging Markets Equity</font></p></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">8.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">5.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Commodities&nbsp;&amp; Global Natural Resources</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Commodities</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Global Natural Resources</font></p></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">1.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Fixed Income</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">22.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">30.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">40.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">49.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">55.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">55.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">55.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">U.S. Fixed Income</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">22.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">31.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">35.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Inflation Managed</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">High Yield</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Emerging Markets Debt</font></p></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">3.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Money Market/Cash and Cash Equivalents</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Money Market/Cash and Cash Equivalents</font></p></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> </table><p style="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</p><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10" valign="top" align="left"><font style="font-family:Arial Narrow" size="1">1</font></td> <td align="left" valign="top"><font style="font-family:Arial Narrow" size="1">As of the date of this prospectus, the Fund utilizes underlying funds to implement its strategic target allocations although the Fund also has flexibility to utilize direct investments in securities and derivatives to implement its strategic target allocations in the future. </font></td></tr></table><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The glide path shows the Fund&#8217;s long term strategic target allocations. The Fund&#8217;s actual allocations may differ due to tactical allocations. J.P. Morgan Investment Management Inc. (JPMIM or the Adviser) will use tactical allocations to take advantage of short to intermediate term opportunities through a combination of positions in underlying funds and direct investments, including derivatives. As a result of tactical allocations, the Fund may deviate from the strategic target allocations at any given time by up to +/- 10% for equity, +/- 5% for commodities and global natural resources, +/- 15% for fixed income and +/- 20% for money market/cash and cash equivalents. These ranges apply to both the asset and sub-asset classes. Updated information concerning the Fund&#8217;s actual allocations to underlying funds and investments will be available in the Fund&#8217;s shareholder reports and on the Fund&#8217;s website from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Adviser will review the Fund&#8217;s strategic target allocations shown in the glide path on at least an annual basis and may make changes when it believes it is beneficial to the Fund, including, but not limited to, adding new asset and sub-asset classes, removing asset and sub-asset classes, changing the asset and sub-asset class allocations, changing the types of underlying funds or underlying fund allocations or maintaining the strategic target allocations for longer or shorter periods of time. In establishing the Fund&#8217;s strategic target allocations, the Adviser focuses on asset classes and underlying funds that the Adviser believes would outperform the Fund&#8217;s benchmarks and peer group over the long term. The Adviser will also review its tactical decisions on a periodic basis and may make modifications in its discretion. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is a &#8220;to&#8221; target date fund. This means that the Fund intends to reach its most conservative strategic target allocations by the end of the year of the target retirement date. When the strategic target allocations of the Fund are substantially the same as those of the JPMorgan SmartRetirement Income Fund, the Fund may be merged into the JPMorgan SmartRetirement Income Fund at the discretion of the Fund&#8217;s Board of Trustees. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to investing in J.P. Morgan Funds, the Fund may invest directly in securities and other financial instruments, including derivatives, and such investments will be allocated to the appropriate asset class, as applicable. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives such as futures contracts to gain exposure to, or to overweight or underweight its investments among, various sectors or markets. The Fund may also use exchange traded futures for cash management and to gain market exposure pending investment in underlying funds. </font></p> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganSmartRetirementIncomeFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The JPMorgan SmartRetirement<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Income Fund is a &#147;fund of funds&#148; that invests in other J.P. Morgan Funds (underlying funds), and is generally intended for investors who are retired or about to retire soon. The Fund is designed to provide exposure to a variety of asset classes through investments in underlying funds, with an emphasis on fixed income funds over equity funds and other funds. The Fund&#146;s strategic target allocations among various asset and sub-asset classes as of November 1, 2012 are set forth below: </font><br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="71%"></td> <td valign="bottom" width="20%"></td> <td></td> <td></td> <td valign="bottom" width="6%"></td></tr> <tr bgcolor="#3f3f3f"> <td valign="bottom" colspan="4" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-TOP:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2" color="#ffffff"></font><font style="font-family:Arial Narrow" size="2" color="#ffffff"><b>Strategic Target Allocations<font style="font-family:Arial Narrow" size="1" color="#ffffff"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font></b><font style="font-family:Arial Narrow" size="1" color="#ffffff"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1<font style="font-family:Arial Narrow" size="1" color="#ffffff"><b></b></font></sup><font style="font-family:Arial Narrow" size="1" color="#ffffff"><b><font style="font-family:Arial Narrow" size="2" color="#ffffff"></font></b></font></font></font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f; BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Fixed Income</b></font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>55.5</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Fixed Income</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Inflation Managed</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">High Yield</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Emerging Markets Debt</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Equity</b></font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>31.0</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Large Cap Equity</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Small/Mid Cap Equity</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">REIT</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">International Equity</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Emerging Markets Equity</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Money Market/Cash and Cash Equivalents</b></font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>10.0</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Money Market/Cash and Cash Equivalents</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Commodities&nbsp;&amp; Global Natural Resources</b></font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>3.5</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Commodities</font></td> <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Global Natural Resources</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> </table><p style="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</p><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10" valign="top" align="left"><font style="font-family:Arial Narrow" size="1">1</font></td> <td align="left" valign="top"><font style="font-family:Arial Narrow" size="1">As of the date of this prospectus, the Fund utilizes underlying funds to implement its strategic target allocations although the Fund also has flexibility to utilize direct investments in securities and derivatives to implement its strategic target allocations in the future. </font></td></tr></table><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">These strategic target allocations represent J.P. Morgan Investment Management Inc.&#8217;s (JPMIM or the Adviser) view of how the Fund&#8217;s investments should be allocated over the long term. The Fund&#8217;s actual allocations may differ due to tactical allocations. The Adviser will use tactical allocations to take advantage of short to intermediate term opportunities through a combination of positions in underlying funds and direct investments, including derivatives. As a result of these tactical allocations, the Fund may deviate from its strategic target allocations at any given time by up to +/- 15% for fixed income, +/-&nbsp;10% for equity, +/-&nbsp;20% for money market/cash and cash equivalents and +/- 5% for commodities and global natural resources. These ranges apply to both the asset and sub-asset classes. Updated information concerning the Fund&#8217;s actual allocations to underlying funds and investments will be available in the Fund&#8217;s shareholder reports and on the Fund&#8217;s website from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Adviser will review the Fund&#146;s strategic target allocations among the various asset and sub-asset classes on at least an annual basis and may make changes when it believes it is beneficial to the Fund, including, but not limited to, adding new asset and sub-asset classes, removing asset and sub-asset classes, changing the asset and sub-asset class allocations, changing the types of underlying funds or underlying fund allocations or maintaining the strategic target allocations for longer or shorter periods of time. In establishing the Fund&#146;s strategic target allocations, the Adviser focuses on asset classes and underlying funds that the Adviser believes would outperform the Fund&#146;s benchmarks and peer group over the long term. The Adviser will also review its tactical allocations on a periodic basis and may make modifications in its discretion.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">In addition to investing in J.P. Morgan Funds, the Fund may invest directly in securities and other financial instruments, including derivatives, and such investments will be allocated to the appropriate asset class, as applicable. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives such as futures contracts to gain exposure to, or to overweight or underweight its investments among, various sectors or markets. The Fund may also use exchange traded futures for cash management and to gain market exposure pending investment in underlying funds.</font></p> -0.313 -0.0249 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> -0.0249 -0.0332 -0.0155 -0.07 -0.0424 -0.0003 -0.0206 <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"> Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganSmartRetirement2020Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganSmartRetirement2010Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The JPMorgan SmartRetirement<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> 2025 Fund is a &#147;fund of funds&#148; that invests in other J.P. Morgan Funds (underlying funds), and is generally intended for investors expecting to retire around the year 2025 (target retirement date). The Fund is designed to provide exposure to a variety of asset classes through investments in underlying funds, and over time the Fund&#146;s asset allocation strategy will change. The &#147;glide path&#148; depicted in the chart below shows how the Fund&#146;s strategic target allocations among asset and sub-asset classes generally become more conservative as the target retirement date approaches (i.e., more emphasis on fixed income and less on equity). The table accompanying the chart is simply the glide path in tabular form. </font><br/><br/> <div align="center"><img src="g379504g377146g78d22.jpg" alt="(GLIDE PATH MOUNTAIN CHART)"></img></div><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="45%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td valign="bottom"></td> <td></td> <td></td> <td valign="bottom" width="2%"></td></tr> <tr> <td valign="bottom" colspan="8" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-TOP:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Strategic Target Allocations<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font></b><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1<b></b></sup><b><font style="font-family:Arial Narrow" size="2"></font></b></font></font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f; BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font size="1">&nbsp;</font></td></tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-left:8px"><font style="font-family:Arial Narrow" size="1"><b>Years to Target Retirement Date</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>40+</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>35</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>30</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>25</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>20</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>15</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>10</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>5</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>0</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>-5</b></font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="1"><b>-10</b></font></td> <td valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><font size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Equity</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">85.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">85.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">85.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">85.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">77.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">70.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">60.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">49.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">31.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">31.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">31.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">U.S. Large Cap Equity</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">41.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">41.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">41.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">41.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">37.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">29.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">24.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">U.S. Small/Mid Cap Equity</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">8.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">REIT</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">International Equity</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">18.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">18.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">18.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">18.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">17.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">12.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Emerging Markets Equity</font></p></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">8.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">5.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Commodities&nbsp;&amp; Global Natural Resources</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Commodities</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Global Natural Resources</font></p></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">1.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Fixed Income</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">22.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">30.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">40.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">49.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">55.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">55.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">55.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">U.S. Fixed Income</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">9.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">15.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">22.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">31.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">35.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Inflation Managed</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">High Yield</font></p></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">5.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">6.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Emerging Markets Debt</font></p></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">3.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">4.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #000000" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #000000; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Money Market/Cash and Cash Equivalents</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-left:8px"> <p style="margin-left:1.00em"><font style="font-family:Arial Narrow" size="2">Money Market/Cash and Cash Equivalents</font></p></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">0.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> </table><p style="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</p><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10" valign="top" align="left"><font style="font-family:Arial Narrow" size="1">1</font></td> <td align="left" valign="top"><font style="font-family:Arial Narrow" size="1">As of the date of this prospectus, the Fund utilizes underlying funds to implement its strategic target allocations although the Fund also has flexibility to utilize direct investments in securities and derivatives to implement its strategic target allocations in the future. </font></td></tr></table><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">The glide path shows the Fund&#146;s long term strategic target allocations. The Fund&#146;s actual allocations may differ due to tactical allocations. J.P. Morgan Investment Management Inc. (JPMIM or the Adviser) will use tactical allocations to take advantage of short to intermediate term opportunities through a combination of positions in underlying funds and direct investments, including derivatives. As a result of tactical allocations, the Fund may deviate from the strategic target allocations at any given time by up to +/- 15% for equity and fixed income, +/- 5% for commodities and global natural resources and +/- 20% for money market/cash and cash equivalents. These ranges apply to both the asset and sub-asset classes. Updated information concerning the Fund&#146;s actual allocations to underlying funds and investments will be available in the Fund&#146;s shareholder reports and on the Fund&#146;s website from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">The Adviser will review the Fund&#146;s strategic target allocations shown in the glide path on at least an annual basis and may make changes when it believes it is beneficial to the Fund, including, but not limited to, adding new asset and sub-asset classes, removing asset and sub-asset classes, changing the asset and sub-asset class allocations, changing the types of underlying funds or underlying fund allocations or maintaining the strategic target allocations for longer or shorter periods of time. In establishing the Fund&#146;s strategic target allocations, the Adviser focuses on asset classes and underlying funds that the Adviser believes would outperform the Fund&#146;s benchmarks and peer group over the long term. The Adviser will also review its tactical decisions on a periodic basis and may make modifications in its discretion. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">The Fund is a &#147;to&#148; target date fund. This means that the Fund intends to reach its most conservative strategic target allocations by the end of the year of the target retirement date. When the strategic target allocations of the Fund are substantially the same as those of the JPMorgan SmartRetirement Income Fund, the Fund may be merged into the JPMorgan SmartRetirement Income Fund at the discretion of the Fund&#146;s Board of Trustees. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">In addition to investing in J.P. Morgan Funds, the Fund may invest directly in securities and other financial instruments, including derivatives, and such investments will be allocated to the appropriate asset class, as applicable. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives such as futures contracts to gain exposure to, or to overweight or underweight its investments among, various sectors or markets. The Fund may also use exchange traded futures for cash management and to gain market exposure pending investment in underlying funds. </font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the Adviser's expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its investments in underlying funds and its direct investments. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investment Risk. </i>The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund's strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investments in Mutual Funds Risk. </i>The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund's investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund's Adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund's investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund's investments in an underlying fund may create a conflict of interest.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Tactical Allocation Risk. </i>The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments listed above. The Fund's tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed above from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk. </i>Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#8220;sub-prime&#8221; mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, an underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk. </i>Investments in securities and instruments issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Securities Risk. </i>Investments in equity securities (such as stocks) are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company's financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund's or the underlying fund's portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund's investment decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#8220;emerging markets.&#8221; Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Smaller Companies Risk. </i>Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including REITs.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivatives Risk. </i>The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives may be riskier than other investments and may increase the volatility of the Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund's or an underlying fund's original investment. Derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including 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 or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds 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 and underlying funds to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Commodity Risk. </i>Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Natural Resources Risk. </i>Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Inflation Managed Strategy Risk. </i>The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Direct Investment Risk. </i>The Fund's direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk).</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="FONT-FAMILY: Arial Narrow" size="2">The JPMorgan SmartRetirement<font style="FONT-FAMILY: Arial Narrow" size="1"><sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup></font> 2010 Fund is a &#8220;fund of funds&#8221; that invests in other J.P. Morgan Funds (underlying funds), and is generally intended for investors who are retired or about to retire soon. The Fund is designed to provide exposure to a variety of asset classes through investments in underlying funds, with an emphasis on fixed income funds over equity funds and other funds. The Fund&#8217;s strategic target allocations among various asset and sub-asset classes as of November 1, 2012 are set forth below: </font><br/><br/><table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center"> <tr> <td width="85%"></td> <td valign="bottom" width="1%"></td> <td></td> <td></td> <td valign="bottom" width="11%"></td></tr> <tr> <td valign="bottom" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-TOP:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Strategic Target Allocations<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex"></sup></font></b><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1<b></b></sup><b><font style="font-family:Arial Narrow" size="2"></font></b></font></font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td colspan="2" valign="bottom" style="BORDER-TOP:1px solid #3f3f3f">&nbsp;<font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-TOP:1px solid #3f3f3f; BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font size="1">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Fixed Income</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>55.5</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Fixed Income</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">33.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Inflation Managed</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">High Yield</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Emerging Markets Debt</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">4.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Equity</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>31.0</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Large Cap Equity</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">16.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">U.S. Small/Mid Cap Equity</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">3.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">REIT</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">International Equity</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">7.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Emerging Markets Equity</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Money Market/Cash and Cash Equivalents</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>10.0</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Money Market/Cash and Cash Equivalents</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">10.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2"><b>Commodities&nbsp;&amp; Global Natural Resources</b></font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2"><b>&nbsp;</b></font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2"><b>3.5</b></font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2"><b>%&nbsp;</b></font></td></tr> <tr bgcolor="#cceeff"> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Commodities</font></td> <td valign="bottom"><font size="1">&nbsp;</font></td> <td valign="bottom"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" align="right"><font style="font-family:Arial Narrow" size="2">1.5</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> <tr> <td valign="top" style="BORDER-LEFT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-left:8px"><font style="font-family:Arial Narrow" size="2">Global Natural Resources</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font size="1">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f"><font style="font-family:Arial Narrow" size="2">&nbsp;</font></td> <td valign="bottom" style="BORDER-BOTTOM:1px solid #3f3f3f" align="right"><font style="font-family:Arial Narrow" size="2">2.0</font></td> <td nowrap="nowrap" valign="bottom" style="BORDER-RIGHT:1px solid #3f3f3f; BORDER-BOTTOM:1px solid #3f3f3f; padding-right:8px"><font style="font-family:Arial Narrow" size="2">%&nbsp;</font></td></tr> </table><p style="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</p><table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10" valign="top" align="left"><font style="font-family:Arial Narrow" size="1">1</font></td> <td align="left" valign="top"><font style="font-family:Arial Narrow" size="1">As of the date of this prospectus, the Fund utilizes underlying funds to implement its strategic target allocations although the Fund also has flexibility to utilize direct investments in securities and derivatives to implement its strategic target allocations in the future. </font></td></tr></table><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2">These strategic target allocations represent J.P. Morgan Investment Management Inc.&#8217;s (JPMIM or the Adviser) view of how the Fund&#8217;s investments should be allocated over the long term. The Fund&#8217;s actual allocations may differ due to tactical allocations. The Adviser will use tactical allocations to take advantage of short to intermediate term opportunities through a combination of positions in underlying funds and direct investments, including derivatives. As a result of these tactical allocations, the Fund may deviate from its strategic target allocations at any given time by up to +/- 15% for fixed income, +/- 10% for equity, +/- 20% for money market/cash and cash equivalents and +/- 5% for commodities and global natural resources. These ranges apply to both the asset and sub-asset classes. Updated information concerning the Fund&#8217;s actual allocations to underlying funds and investments will be available in the Fund&#8217;s shareholder reports and on the Fund&#8217;s website from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund is a &#8220;to&#8221; target date fund. This means that since the target retirement date (2010) has passed, the Fund has generally reached its most conservative strategic target allocations. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2">However, the Adviser will review the Fund&#8217;s strategic target allocations among the various asset and sub-asset classes on at least an annual basis and may make changes when it believes it is beneficial to the Fund, including, but not limited to, adding new asset and sub-asset classes, removing asset and sub-asset classes, changing the asset and sub-asset class allocations, changing the types of underlying funds or underlying fund allocations or maintaining the strategic target allocations for longer or shorter periods of time. In establishing the Fund&#8217;s strategic target allocations, the Adviser focuses on asset classes and underlying funds that the Adviser believes would outperform the Fund&#8217;s benchmarks and peer group over the long term. The Adviser will also review its tactical allocations on a periodic basis and may make modifications in its discretion. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#8217;s strategic target allocations currently approximate those of the JPMorgan SmartRetirement Income Fund. As a result, the Fund may be merged into the JPMorgan SmartRetirement Income Fund at the discretion of the Fund&#8217;s Board of Trustees. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2">In addition to investing in J.P. Morgan Funds, the Fund may invest directly in securities and other financial instruments, including derivatives, and such investments will be allocated to the appropriate asset class, as applicable. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may use derivatives such as futures contracts to gain exposure to, or to overweight or underweight its investments among, various sectors or markets. The Fund may also use exchange traded futures for cash management and to gain market exposure pending investment in underlying funds. </font></p> <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganSmartRetirement2025Fund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">10/31/13</font> 0.0025 0.0025 0.0025 0.0018 0.0018 0.0018 0.0143 0.0193 0.0118 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 845 583 351 0.0025 0.0025 0.0025 0.0016 0.0015 0.0015 0.0141 0.019 0.0115 551 172 96 845 583 351 <font style="font-family:Arial Narrow" size="2">10/31/13 </font> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 841 577 345 <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 551 841 172 96 <font style="font-family:Arial Narrow" size="2"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> 577 345 <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 0.0025 0.0025 0.0025 0.001 0.001 0.001 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the Adviser&#146;s expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its investments in underlying funds and its direct investments. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investment Risk. </i>The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund&#146;s strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Investments in Mutual Funds Risk. </i>The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund&#146;s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund&#146;s Adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund&#146;s investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund&#146;s investments in an underlying fund may create a conflict of interest. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Tactical Allocation Risk.</i> The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund&#146;s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Securities Risk. </i>Investments in equity securities (such as stocks) are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s or the underlying fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund&#146;s investment decreases in value.</font> </p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#147;emerging markets.&#148; Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk. </i>Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#147;sub-prime&#148; mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, an underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk. </i>Investments in securities and instruments issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including REITs. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Smaller Companies Risk. </i>Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivatives Risk. </i>The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives may be riskier than other investments and may increase the volatility of the Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s or an underlying fund&#146;s original investment. Derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including 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 or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds 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 and underlying funds to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Commodity Risk. </i>Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Natural Resources Risk.</i> Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Inflation Managed Strategy Risk.</i> The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Direct Investment Risk. </i>The Fund&#146;s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk). </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> 0.0132 0.0182 0.0107 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the Adviser&#146;s expectations regarding particular securities or markets are not met. The Fund is exposed to the risks summarized below through both its investments in underlying funds and its direct investments. </font><br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> <font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investment Risk. </i><i></i>The Fund is not a complete retirement program and there is no guarantee that the Fund will provide sufficient retirement income to an investor. Meeting your retirement goals is dependent upon many factors including the amount you save and the period over which you do so. You should consider your expected retirement date, individual retirement needs (i.e., how much money you expect to need), other expected income after retirement, inflation, other assets, and risk tolerance in choosing whether to invest in the Fund. Your risk tolerance may change over time and the Adviser may change the Fund&#146;s strategic target allocation model. It is important that you re-evaluate your investment in the Fund periodically. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Investments in Mutual Funds Risk. </i>The Fund invests in other J.P. Morgan Funds as a primary strategy, so the Fund&#146;s investment performance and risks are directly related to the performance and risks of the underlying funds. Shareholders will indirectly bear the expenses charged by the underlying funds. Because the Fund&#146;s Adviser or its affiliates provide services to and receive fees from the underlying funds, the Fund&#146;s investments in the underlying funds benefit the Adviser and/or its affiliates. In addition, the Fund may hold a significant percentage of the shares of an underlying fund. As a result, the Fund&#146;s investments in an underlying fund may create a conflict of interest. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Tactical Allocation Risk.</i> The Adviser has discretion to make short to intermediate term tactical allocations that increase or decrease the exposure to asset classes and investments shown in the glide path. The Fund&#146;s tactical allocation strategy may not be successful in adding value, may increase losses to the Fund and/or cause the Fund to have a risk profile different than that portrayed in the glide path from time to time. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Securities Risk. </i>Investments in equity securities (such as stocks) are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s or the underlying fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of such securities goes down, the Fund&#146;s investment decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in &#147;emerging markets.&#148; Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk. </i>Investments in income securities will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in variable and floating rate loan assignments and participations (Loans) and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate Loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#147;sub-prime&#148; mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when securities are called, an underlying fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in the amount of dividends and yield. Mortgage-related and asset-backed securities may decline in value, face valuation difficulties, be more volatile and/or be illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk. </i>Investments in securities and instruments issued by companies that are highly leveraged, less creditworthy or financially distressed (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund may be exposed through its direct investments or investments in underlying funds to real estate securities, including real estate investment trusts (REITs). </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"> These securities are subject to the same risks as direct investments in real estate and mortgages, which include, but are not limited to, sensitivity to changes in real estate values and property taxes, interest rate risk, tax and regulatory risk, fluctuations in rent schedules and operating expenses, adverse changes in local, regional or general economic conditions, deterioration of the real estate market and the financial circumstances of tenants and sellers, unfavorable changes in zoning, building, environmental and other laws, the need for unanticipated renovations, unexpected increases in the cost of energy, environmental factors and, in the case of mortgages, credit risk, prepayment risk and extension risk. In addition, investments in REITS are subject to risks associated with management skill and creditworthiness of the issuer and underlying funds will indirectly bear their proportionate share of expenses, including management fees, paid by each REIT in which they invest in addition to the expenses of the underlying funds. Certain underlying funds are highly concentrated in real estate securities, including REITs. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Smaller Companies Risk. </i>Investments in securities of smaller companies may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivatives Risk. </i>The underlying funds and the Fund may use derivatives, including futures contracts and exchange traded futures. Derivatives may be riskier than other investments and may increase the volatility of the Fund and the underlying funds. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s or an underlying fund&#146;s original investment. Derivatives expose the Fund and the underlying funds to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligation (including 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 or the underlying fund do not have a claim on the reference assets and are subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund and the underlying funds 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 and underlying funds to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Commodity Risk. </i>Exposure to commodities, commodity-related securities and derivatives may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked investments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. In addition, to the extent that an underlying fund gains exposure to an asset through synthetic replication by investing in commodity-linked investments rather than directly in the asset, it may not have a claim on the applicable underlying asset and will be subject to enhanced counterparty risk. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Natural Resources Risk.</i> Equity and equity-like securities of natural resources companies and associated businesses may be negatively impacted by variations, often rapid, in the commodities markets, the supply of and demand for specific products and services, the supply of and demand for oil and gas, the price of oil and gas, exploration and production spending, government regulation, economic conditions, events relating to international political developments, environmental incidents, energy conservation and the success of exploration projects. Therefore, the securities of companies in the natural resources sector may experience more price volatility than securities of companies in other industries. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Inflation Managed Strategy Risk.</i> The Fund may invest in underlying funds that utilize derivatives and debt securities to mimic a portfolio of inflation-protected bonds. There is no guarantee that this strategy will be effective. In addition, the Fund may be exposed to inflation-protected securities. Unlike conventional bonds, the principal and interest payments on inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) are adjusted periodically to a specified rate of inflation (i.e., Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U)). Exposure to TIPS and other inflation-linked debt securities are subject to the effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the price of a TIPS tends to decline when real interest rates increase. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Direct Investment Risk. </i>The Fund&#146;s direct investments in securities and financial instruments are subject to additional risks specific to their structure, sector or market (e.g., futures and swaps on foreign securities are subject to foreign investment, emerging market and derivative risks; debt securities are subject to credit risk). </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> <font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> -0.0493 -0.0562 -0.0313 -0.093 -0.0665 -0.0231 -0.0407 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 548 169 93 820 557 <