0001193125-12-466302.txt : 20121113 0001193125-12-466302.hdr.sgml : 20121112 20121113112733 ACCESSION NUMBER: 0001193125-12-466302 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 EFFECTIVENESS DATE: 20121113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMORGAN TRUST II CENTRAL INDEX KEY: 0000763852 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-95973 FILM NUMBER: 121196950 BUSINESS ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270 PARK 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: 270 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: ONE GROUP MUTUAL FUNDS DATE OF NAME CHANGE: 20000721 FORMER COMPANY: FORMER CONFORMED NAME: ONE GROUP DATE OF NAME CHANGE: 19931105 FORMER COMPANY: FORMER CONFORMED NAME: HELMSMAN FUND DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMORGAN TRUST II CENTRAL INDEX KEY: 0000763852 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04236 FILM NUMBER: 121196951 BUSINESS ADDRESS: STREET 1: C/O JPMORGAN DISTRIBUTION SERVICES, INC. STREET 2: 270 PARK 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: 270 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: ONE GROUP MUTUAL FUNDS DATE OF NAME CHANGE: 20000721 FORMER COMPANY: FORMER CONFORMED NAME: ONE GROUP DATE OF NAME CHANGE: 19931105 FORMER COMPANY: FORMER CONFORMED NAME: HELMSMAN FUND DATE OF NAME CHANGE: 19920703 0000763852 S000003650 JPMorgan Multi-Cap Market Neutral Fund C000010141 Select Class OGNIX C000010142 Class A OGNAX C000010143 Class B OGNBX C000010144 Class C OGNCX 0000763852 S000003654 JPMorgan Mid Cap Growth Fund C000010157 Select Class HLGEX C000010158 Class A OSGIX C000010159 Class B OGOBX C000010160 Class C OMGCX C000077259 Class R2 JMGZX C000106055 Class R5 JMGFX C000106056 Class R6 JMGMX 0000763852 S000003846 JPMorgan Equity Income Fund C000010743 Select Class HLIEX C000010744 Class A OIEIX C000010745 Class B OGIBX C000010746 Class C OINCX C000098140 Class R2 OIEFX C000098141 Class R5 OIERX C000109963 Class R6 OIEJX 0000763852 S000003847 JPMorgan Equity Index Fund C000010747 Select Class HLEIX C000010748 Class A OGEAX C000010749 Class B OGEIX C000010750 Class C OEICX 0000763852 S000003855 JPMorgan Intrepid Mid Cap Fund C000010792 Select Class WOOPX C000010793 Class A PECAX C000010794 Class B ODMBX C000010795 Class C ODMCX 0000763852 S000003856 JPMorgan Large Cap Growth Fund C000010797 Select Class SEEGX C000010798 Class A OLGAX C000010799 Class B OGLGX C000010800 Class C OLGCX C000070644 Class R2 JLGZX C000076449 Class R5 JLGRX C000093777 Class R6 JLGMX 0000763852 S000003857 JPMorgan Large Cap Value Fund C000010802 Select Class HLQVX C000010803 Class A OLVAX C000010804 Class B OLVBX C000010805 Class C OLVCX C000033523 Class R5 JLVRX C000070645 Class R2 JLVZX C000093778 Class R6 JLVMX 0000763852 S000003858 JPMorgan Market Expansion Index Fund C000010807 Select Class PGMIX C000010808 Class A OMEAX C000010809 Class B OMEBX C000010810 Class C OMECX C000070646 Class R2 JMEZX 0000763852 S000003859 JPMorgan Small Cap Growth Fund C000010811 Select Class OGGFX C000010812 Institutional Class JISGX C000010813 Class A PGSGX C000010814 Class B OGFBX C000010815 Class C OSGCX C000070647 Class R2 JSGZX C000093779 Class R6 JGSMX 0000763852 S000003899 JPMorgan Small Cap Value Fund C000010893 Select Class PSOPX C000010894 Class A PSOAX C000010895 Class B PSOBX C000010896 Class C OSVCX C000010897 Class R6 JSVUX C000033524 Class R5 JSVRX C000070648 Class R2 JSVZX 0000763852 S000003901 JPMorgan Investor Growth Fund C000010902 Select Class ONIFX C000010903 Class A ONGAX C000010904 Class B OGIGX C000010905 Class C OGGCX 0000763852 S000003902 JPMorgan Investor Growth & Income Fund C000010906 Select Class ONGFX C000010907 Class A ONGIX C000010908 Class B ONEBX C000010909 Class C ONECX 0000763852 S000003903 JPMorgan Investor Balanced Fund C000010910 Select Class OIBFX C000010911 Class A OGIAX C000010912 Class B OGBBX C000010913 Class C OGBCX 0000763852 S000003904 JPMorgan Investor Conservative Growth Fund C000010914 Select Class ONCFX C000010915 Class A OICAX C000010916 Class B OICGX C000010917 Class C OCGCX 485BPOS 1 d379520d485bpos.htm JPMORGAN TRUST II JPMorgan Trust II

As filed with the Securities and Exchange Commission on November 13, 2012

Securities Act File No. 2-95973

Investment Company Act File No. 811-4236

 

 

 

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. 166    x

and/or

REGISTRATION STATEMENT

 

UNDER

THE INVESTMENT COMPANY ACT OF 1940

    ¨
  Amendment No. 167    x
  (Check appropriate box or boxes)   

 

 

JPMORGAN TRUST II

(Exact Name of Registrant Specified in Charter)

 

 

270 Park Avenue

New York, New York, 10017

(Address of Principal Executive Offices)

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

Frank J. Nasta, Esq.

J.P. Morgan Investment Management Inc.

270 Park Avenue

New York, NY 10017

(Name and Address of Agent for Service)

 

 

With copies to:

 

Elizabeth A. Davin, Esq.   Jon S. Rand, Esq.
JPMorgan Chase & Co.   Dechert LLP
460 Polaris Parkway   1095 Avenue of the Americas
Westerville, OH 43082   New York, NY 10036

 

 

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

 

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

If appropriate, check the following box:

 

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

 

 

 

EXPLANATORY NOTE

This Post-Effective Amendment No. 166 relates to the following funds:

 

JPMorgan Equity Income Fund

JPMorgan Equity Index Fund

JPMorgan Intrepid Mid Cap Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan Market Expansion Index Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Multi-Cap Market Neutral Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan Investor Conservative Growth Fund

JPMorgan Investor Balanced Fund

JPMorgan Investor Growth & Income Fund

JPMorgan Investor Growth 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 II, certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) of 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 13th day of November, 2012.

 

JPMORGAN TRUST II
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 13, 2012.

 

WILLIAM J. ARMSTRONG*

    

WILLIAM G. MORTON, JR.*

William J. Armstrong     William G. Morton, Jr.
Trustee     Trustee

JOHN F. FINN*

    

ROBERT A. ODEN, JR.*

John F. Finn

Trustee

    

Robert A. Oden, Jr.

Trustee

MATTHEW GOLDSTEIN*

    

FERGUS REID, III*

Matthew Goldstein

Trustee

    

Fergus Reid, III

Trustee and Chairman

ROBERT J. HIGGINS*

    

FREDERICK W. RUEBECK*

Robert J. Higgins*

Trustee

    

Frederick W. Ruebeck

Trustee

FRANKIE D. HUGHES*

    

JAMES J. SCHONBACHLER*

Frankie D. Hughes

Trustee

    

James J. Schonbachler

Trustee

PETER C. MARSHALL*

    

LEONARD M. SPALDING, JR.*

Peter C. Marshall

Trustee

    

Leonard M. Spalding, Jr.

Trustee

MARILYN MCCOY*

     By  

PATRICIA A. MALESKI*

Marilyn McCoy

Trustee

      

Patricia A. Maleski

President and Principal Executive Officer

By  

JOY C. DOWD*

      

Joy C. Dowd

Treasurer and Principal Financial Officer

      
*By  

/S/    ELIZABETH A. DAVIN        

      
  Elizabeth A. Davin      
  Attorney-in-Fact      

Exhibit Index

 

Exhibit Number    Description
EX-101.INS    XBRL Instance Document
EX-101.SCH    XBRL Taxonomy Extension Schema Document
EX-101.CAL    XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF    XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB    XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE    XBRL Taxonomy Extension Presentation Linkbase
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jpmt18:AbcSelectSharesMember jpmt18:LipperMutliCapCoreFundsIndexMember 2011-11-02 2012-11-01 pure iso4217:USD <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, YOUR 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, YOUR 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, YOUR 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, YOUR 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>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>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> 1091 866 862 462 1228 1016 1016 609 <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>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, YOUR 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, YOUR COST WOULD BE:</b></font> 761 974 761 337 1069 844 840 449 972 764 764 336 1125 897 897 504 2159 1981 1976 1604 1246 1032 1032 628 1253 1029 1029 636 726 353 325 556 2012-09-30 2012-09-30 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganIntrepidMidCapFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganMarketExpansionIndexFund column period compact * ~</div> 2012-09-30 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganEquityIndexFund column period compact * ~</div> 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganLargeCapGrowthFund column period compact * ~</div> 2012-09-30 2012-09-30 2012-09-30 2012-09-30 1233 1008 1008 608 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganMidCapGrowthFund column period compact * ~</div> 762 362 395 900 502 2012-09-30 870 502 475 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganMulti-CapMarketNeutralFund column period compact * ~</div> 2012-09-30 606 708 339 312 2012-09-30 892 527 504 1275 1139 733 1139 2012-09-30 2012-09-30 2012-09-30 1347 1220 1215 809 2012-09-30 2012-09-30 1329 1200 1200 790 1309 1175 1175 769 2012-09-30 2012-09-30 2012-09-30 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example</b></font> 1091 1066 862 462 0.2281 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 0.3049 1228 1216 1016 609 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 974 961 761 337 1069 1044 840 449 0.2964 0.3646 972 964 764 336 1125 1097 897 504 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 0.2821 0.0138 0.0138 2159 2181 1976 1604 0.2728 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 1246 1232 1032 628 0.3936 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 1253 1229 1029 636 0.3409 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 726 353 325 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 556 0.2679 0.2281 0.3445 1233 1208 1008 608 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 762 395 362 0.2659 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 900 502 0.3211 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 870 502 475 0.2653 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganSmallCapGrowthFundClassABCSelect column period compact * ~</div> 606 0.3572 708 339 312 0.2964 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 0.3936 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 892 527 504 1275 1339 1139 733 0.1188 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 1347 1420 1215 809 0.2351 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganInvestorGrowthAndIncomeFund column period compact * ~</div> 0.1809 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 1329 1400 1200 790 1309 1375 1175 769 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganMidCapGrowthFundClassR2R5R6 column period compact * ~</div> 0.2831 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganInvestorGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganInvestorBalancedFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMorganInvestorConservativeGrowthFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Equity Income Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/OIEIX; B/OGIBX; C/OINCX; Select/HLIEX </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">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 44% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Equity Index Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/OGEAX; B/OGEIX; C/OEICX; Select/HLEIX </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">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 7% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.</font> 50000 0.0525 0 0 0 0.0525 0 0 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Large Cap Growth Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:<br/> A/OLGAX; B/OGLGX; C/OLGCX; Select/SEEGX</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> 626 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Large Cap Value Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/OLVAX; B/OLVBX; C/OLVCX; Select/HLQVX</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">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 144% of the average value of its portfolio.</font> 50000 <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.</font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Intrepid Mid Cap Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/PECAX; B/ODMBX; C/ODMCX; Select/WOOPX </b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"><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"><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 51% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.</font> 50000 0.1349 <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 0.133 0.0525 0 0 0 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Market Expansion Index Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/OMEAX; B/OMEBX; C/OMECX; Select/PGMIX</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> 0.0525 0 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">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> 0.1361 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganLargeCapValueFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganIntrepidMidCapFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">www.jpmorganfunds.com</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 77% of the average value of its portfolio. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMarketExpansionIndexFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEquityIncomeFund column period compact * ~</div> 0.1328 <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. </font> 50000 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Multi-Cap Market Neutral Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/OGNAX; B/OGNBX; C/OGNCX; Select/OGNIX</b></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.</font> 0.0525 0 0 0 <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value </b></font><br/><font style="font-family:Arial Narrow" size="1"><b> of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate (including short sales) was 316% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. </font> 50000 0.1627 <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past eight calendar years. The table shows the average annual total returns over the past one year, five years and the life of the Fund.</font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> 0 0 0 0.0525 0.0138 0.0138 <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEquityIndexFund column period compact * ~</div> 0.1486 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMulti-CapMarketNeutralFund 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 $50,000 in the J.P. Morgan Funds.</font> 50000 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a> JPMorgan Small Cap Value Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b> A/PSOAX; B/PSOBX; C/OSVCX; Select/PSOPX </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganLargeCapGrowthFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value </b></font><br/><font style="font-family:Arial Narrow" size="1"><b> of your investment)</b></font> 0.0525 0 0 0 <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. </font> 50000 <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 38% 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 28% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Small Cap Growth Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/PGSGX; B/OGFBX; C/OSGCX; Select/OGGFX</b><br/><br/>Currently, the Fund is publicly offered on a limited basis. (See &#147;Purchasing Fund Shares &#150; What does it mean that the Dynamic Small Cap Growth Fund and the Small Cap Growth Fund are publicly offered on a limited basis?&#148; in the prospectus for more information.) </font> <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> 0.0525 0 0 0 <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> 0.157 <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.</font> 0.0031 50000 0.1403 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Equity Income Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> R2/OIEFX; R5/OIERX</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 44% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Small Cap Growth Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> Institutional/JISGX</b></font><br/><br/><font style="font-family:Arial Narrow" size="2">Currently, the Fund is publicly offered on a limited basis. (See &#147;Purchasing Fund Shares &#151; What does it mean that the Small Cap Growth Fund is publicly offered on a limited basis?&#148; in the prospectus for more information.) </font> <font style="font-family:Arial Narrow" size="2"><b>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 58% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <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 Mid Cap Growth Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/OSGIX; B/OGOBX; C/OMGCX; Select/HLGEX</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">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 70% of the average value of its portfolio.</font> 50000 <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.</font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 0.1486 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmallCapGrowthFundInstitutionalClass column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">Because the Class R2, Class R5 and Class R6 Shares have not operated for a full calendar year, the bar chart shows how the performance of the Fund&#146;s Select Class Shares, which are offered in a different prospectus, has varied from year to year for the past ten calendar years. The table shows the average annual total returns for Class R2 and Class R5 Shares over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 0.0525 0 0 0 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganEquityIncomeFundClassR2R5R6 column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Large Cap Growth Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><br/><b>Class/Ticker: R2/JLGZX; R5/JLGRX; R6/JLGMX</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 28% of the average value of its portfolio. </font> 0.1447 <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Market Expansion Index Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:<b> R2/JMEZX </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganLargeCapGrowthFundClassR2R5R6 column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMidCapGrowthFund 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 77% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Mid Cap Growth Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: R2/JMGZX; R5/JMGFX; R6/JMGMX </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 Small Cap Growth Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: R2/JSGZX; R6/JGSMX </b></font><br/><br/><font style="font-family:Arial Narrow" size="2">Currently, the Fund is publicly offered on a limited basis. (See &#147;Purchasing Fund Shares &#151; What does it mean that the Small Cap Growth Fund is publicly offered on a limited basis?&#148; in the prospectus for more information.) </font> <font style="font-family:Arial Narrow" size="2"><b>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 58% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"> The bar chart shows how the performance of the Fund&#146;s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 0.1445 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmallCapGrowthFundClassR2R6 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 70% of the average value of its portfolio. </font> 0.1449 0.0525 0 0 0 50000 <font style="font-family:Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.</font> 0 <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 58% of the average value of its portfolio. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmallCapGrowthFundClassABCSelect column period compact * ~</div> 0.1429 <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMarketExpansionIndexFundClassR2 column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Large Cap Value Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b> R2/JLVZX; R5/JLVRX; R6/JLVMX</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 144% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class R5 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganLargeCapValueFundClassR2R5R6 column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Small Cap Value Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><b>R2/JSVZX; R5/JSVRX; R6/JSVUX</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 38% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class R6 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> 0.158 <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Investor Conservative Growth Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/OICAX; B/OICGX; C/OCGCX; Select/ONCFX </b></font> 0.045 0 0 0 <font style="font-family:Arial Narrow" size="2"> You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $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> <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 9% of the average value of its portfolio. </font> <font style="font-family:Arial Narrow" size="2"> The bar chart shows how the performance of the Fund&#146;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </font> <font style="font-family:Arial Narrow" size="2"><i> www.jpmorganfunds.com</i> </font> 0.0804 0.1361 0.1328 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganSmallCapValueFundClassR2R5R6 column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Investor Growth &amp; Income Fund </font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/ONGIX; B/ONEBX; C/ONECX; </b><br/><b>Select/ONGFX </b> 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 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">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="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 how the performance of the Fund&#146;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </font> <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 Investor Balanced Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker:</b><br/><b>A/OGIAX; B/OGBBX; C/OGBCX; Select/OIBFX</b></font> 0.1213 <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">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 9% of the average value of its portfolio. </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 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInvestorGrowthAndIncomeFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Investor Growth Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/ONGAX; B/OGIGX; C/OGGCX; Select/ONIFX </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 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> 0.1005 0.045 0 0 0 <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 6% of the average value of its portfolio. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganMidCapGrowthFundClassR2R5R6 column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years, and ten years. </font> <font style="font-family:Arial Narrow" size="2"> <i>www.jpmorganfunds.com</i></font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class R2 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> 0.1399 0.1297 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInvestorGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInvestorBalancedFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMorganInvestorConservativeGrowthFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">Because the Class R2, Class R5 and Class R6 Shares have not operated for a full calendar year, the bar chart shows how the performance of the Fund&#146;s Select Class Shares, which are offered in a different prospectus, has varied from year to year for the past ten calendar years.</font> 485BPOS JPMORGAN TRUST II 2012-10-25 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2">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">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> 0 0.05 0.01 0 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2003</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>13.61%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-17.96%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.28%. </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 shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 0 0.05 0.01 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2">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> -0.0004 -0.0005 -0.0004 -0.0004 658 258 82 626 158 158 82 1781 1759 1886 1033 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i></font> <font style="font-family:Arial Narrow" size="2">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>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>21.51%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2002</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>&#150;20.73%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.49%. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><b>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 tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i></font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>18.98%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-23.42%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.30%. </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> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">This 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> 0 0.05 0.01 0 0 0.05 0.01 0 -0.0014 0 0 -0.0014 645 691 291 101 645 191 191 101 2084 2071 2201 1362 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i></font> 0 0.05 0.01 0 -0.0011 -0.0012 -0.0011 -0.0001 -0.002 0 0 -0.002 592 642 242 45 592 142 142 45 1546 1532 1669 779 617 648 248 82 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 617 148 148 82 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>20.48%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-25.97%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.61%.</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 shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganLargeCapValueFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">1-800-480-4111</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganIntrepidMidCapFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMarketExpansionIndexFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganEquityIncomeFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">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> 569 622 222 20 569 122 122 20 1577 1567 1704 812 632 664 264 93 632 164 164 93 1856 1828 1961 1120 <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>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>15.90%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-21.92%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 16.27%. </font> 0 0.05 0.01 0 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> -0.0005 -0.0005 -0.0005 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"><i>1-800-480-4111</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>5.12%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">1st quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-3.36%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 0.31%. </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 shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 0 0.05 0.01 0 -0.0019 0 0 -0.0019 826 887 486 293 826 387 386 293 3953 3969 4070 3389 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2003-05-23 2003-05-23 2003-05-23 2003-05-23 2003-05-23 2003-05-23 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganEquityIndexFundBarChart column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2010</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>17.35%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-21.53%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 14.86%.</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/ScheduleAnnualTotalReturnsJPMorganMulti-CapMarketNeutralFundBarChart column period compact * ~</div> -0.0049 -0.0024 -0.0024 -0.0049 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganLargeCapGrowthFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> 0 0.05 0.01 0 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> -0.0016 -0.0005 -0.0005 -0.0016 <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> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>21.55%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-25.48%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 15.70%. </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 shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 647 690 290 103 0 0.05 0.01 0 647 190 190 103 2125 2110 2239 1406 -0.0019 -0.0019 -0.0019 -0.0019 646 678 278 102 646 178 178 102 2143 2119 2249 1426 <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"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>23.01%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-25.95%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 14.03%. </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">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</font> -0.0003 -0.0004 <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> 132 61 56 132 61 56 1599 795 734 <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> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>23.14%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-25.97%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 14.29%. </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 shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> -0.0019 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</font> <font style="font-family:Arial Narrow" size="2">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> 87 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> 87 1254 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>16.90%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-27.10%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 14.86%. </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 shown only for the Select Class Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2003</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>13.61%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-17.96%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.28%. </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 only shown for Class R5 Shares, and after-tax returns for the other class will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmallCapGrowthFundInstitutionalClassBarChart column period compact * ~</div> 0.05 0.01 0 0 -0.0014 -0.0014 -0.0014 -0.002 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganEquityIncomeFundClassR2R5R6BarChart column period compact * ~</div> 646 678 278 96 646 178 96 178 2094 2070 2200 1368 <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> -0.0004 0 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> 138 73 66 <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>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2010</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>17.20</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-21.53%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 14.47%.</font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="font-family:Arial Narrow" size="2">The 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/ScheduleAnnualTotalReturnsJPMorganLargeCapGrowthFundClassR2R5R6BarChart 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">After-tax returns are shown only for the Class R5 Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><b>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> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMidCapGrowthFundBarChart column period compact * ~</div> 138 73 66 1676 883 810 <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> -0.0023 -0.0013 -0.0013 <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> -0.0019 -0.0019 <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> 153 77 153 1982 1137 <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"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>23.01%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-25.95%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 14.45%. </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 shown only for the Class R6 Shares, and after-tax returns for the other class will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2">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> 144 82 77 1924 1181 1072 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmallCapGrowthFundClassR2R6BarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Class R6 Shares, and after tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 1742 1720 1847 1001 0 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 79 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmallCapValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganSmallCapGrowthFundClassABCSelectBarChart column period compact * ~</div> -0.0022 94 1366 <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>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>20.26%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-25.97%</b></font><br/><br/><font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 12.97%. </font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> -0.0011 -0.0001 -0.0001 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMarketExpansionIndexFundClassR2BarChart column period compact * ~</div> 122 61 56 1569 761 700 <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> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>21.51%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2002</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-20.78%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.61%. </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 shown only for the Class R5 Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganLargeCapValueFundClassR2R5R6BarChart 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"> <i>1-800-480-4111</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>21.58%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-25.49%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 15.80%. </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 shown only for the Class R6 Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 0 0.05 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 &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 37 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> -0.0016 -0.0004 -0.0005 <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> 154 94 89 -0.0018 0 0 -0.0018 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 1963 1174 1127 590 715 315 121 2271 2325 2452 1631 <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>8.14%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-5.73%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 8.04%. </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 shown only for Class A Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2">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/ScheduleAnnualTotalReturnsJPMorganSmallCapValueFundClassR2R5R6BarChart column period compact * ~</div> -0.0004 <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 37 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 0.05 0.01 0 -0.0021 0 0 -0.0021 <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> 602 731 330 133 2424 2488 2605 1795 <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"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>14.40%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-15.31%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 12.13%. </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">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 37 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information.</i> </font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for Class A Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInvestorGrowthAndIncomeFundBarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>11.50%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-10.32%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 10.05%. </font> <font style="font-family:Arial Narrow" size="2"><i></i>The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 37 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; in Appendix A to Part II of the Statement of Additional Information. </i></font> <font style="font-family:Arial Narrow" size="2"><b>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 0.05 0.01 0 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> -0.0025 0 0 0 0.05 0.01 0 -0.0025 -0.0019 0 0 -0.0019 <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> 595 727 327 126 596 722 322 127 2390 2449 2575 1758 2343 2524 1708 2397 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganMidCapGrowthFundClassR2R5R6BarChart column period compact * ~</div> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>16.45%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-18.66%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.99%. </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> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for Class A Shares and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInvestorGrowthFundBarChart column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">3rd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>16.83%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-27.21%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 14.49%. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInvestorBalancedFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMorganInvestorConservativeGrowthFundBarChart column period compact * ~</div> 2012-06-30 <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>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">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in the equity securities of corporations that regularly pay dividends, including common stocks and debt securities and preferred stock convertible to common stock. In implementing this strategy, the Fund invests primarily in common stock and real estate investment trusts (REITs). &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund employs a fundamental bottom- up stock selection process to invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because yield is a key consideration in selecting securities, the Fund may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what the Fund&#146;s adviser believes to be their long-term investment value. The adviser seeks to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Strategy Risk. </i>An undervalued stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Smaller Cap Company Risk. </i>Although the Fund invests primarily in securities of large cap companies, it may invest in equity investments of companies across all market capitalizations and, to the extent it does, the Fund&#146;s risks increase as it invests more heavily in smaller companies (mid cap and small cap companies). Smaller companies may be more volatile and more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk</i>. The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund, will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2"><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> <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">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2"><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> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover</b></font> 0.0025 0.0025 0.0025 0.0025 0.0018 0.0019 0.0018 0.0018 0.0109 0.016 0.0159 0.0084 850 800 498 264 -0.1822 -0.2967 0.0759 0.0759 0.0719 0.0545 0.0173 0.0181 0.0581 0.0039 0.0266 0.0445 0.0281 0.0353 0.0359 0.0355 0.0368 0.0389 0.0364 <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> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover</b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in equity securities of large companies, including common stocks, and debt and preferred stocks which are convertible to common stock. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Large companies are companies with market capitalizations equal to those within the universe of the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index at the time of purchase. As of the last reconstitution of the Russell 1000 Value Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $368 billion. In implementing its main strategies, the Fund invests primarily in common stocks.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund&#146;s adviser invests in companies whose securities are, in the adviser&#146;s opinion, undervalued when purchased but which have the potential to increase their intrinsic value per share. In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The adviser takes an in-depth look at company prospects over a period as long as five years, which is designed to provide insight into a company&#146;s real growth potential. The research findings allow the adviser to rank the companies in each industry group according to their relative value.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">On behalf of the Fund, the adviser then buys and sells securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as undervalued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria:</font></p><ul><li><font style="font-family:Arial Narrow" size="2">catalysts that could trigger a rise in a stock&#146;s price </font></li><li><font style="font-family:Arial Narrow" size="2">high potential reward compared to potential risk</font></li><li><font style="font-family:Arial Narrow" size="2">temporary mispricings caused by market overreactions.</font></li></ul> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Value Investing Risk. </i>A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2"><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> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in common and preferred stocks, rights, warrants, convertible securities and other equity securities of mid cap companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Mid cap companies are companies with market capitalizations similar to those within the universe of the Russell Midcap<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index at the time of purchase. As of the last reconstitution of the Russell Midcap Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $17.4 billion. In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs).</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund invests primarily in a broad portfolio of common stocks of companies within the Russell Midcap Index that the adviser believes have characteristics such as attractive valuations, high quality and/or strong momentum that should lead to relative outperformance. In identifying high quality securities, the adviser looks for profitable companies with sustainable earnings and disciplined management. In identifying securities that have strong momentum, the adviser looks for securities that have prices and/or earnings that have been increasing and that the adviser believes will continue to increase.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund has an actively managed strategy that employs an investment process based on behavioral finance principles. Behavioral finance theorizes that investors behave irrationally in systematic and predictable ways because human psychology affects investment decision-making. This investor behavior results in market inefficiencies that persist over time. The Fund seeks to capitalize on these market anomalies through a disciplined and dispassionate investment process.</font></p><div style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund will sell a stock if the adviser determines that the issuer no longer meets the Fund&#146;s investment criteria listed above or if the adviser believes that more attractive opportunities are available.</font></div> <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.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> <font style="font-family:Arial Narrow" size="2">10/31/13 </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2009-06-30 2002-09-30 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> 0.2151 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 2009-09-30 0.1898 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.1797 -0.3943 -0.0157 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 0.0025 0.0025 0.0025 0.0025 0.0023 0.0023 0.0023 0.0023 0.0138 0.0188 0.0188 0.0113 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> 926 891 591 345 <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> -0.0157 -0.0168 -0.0086 -0.0692 -0.0748 -0.0346 -0.0155 -0.0565 0.0504 0.0389 0.0412 0.0422 0.0422 0.0408 0.0699 0.056 0.0025 0.0025 0.0025 0.0025 0.0016 0.0017 0.0016 0.0016 0.0106 0.0157 0.0156 0.0081 0.0025 0.0025 0.0025 0.0025 0.0014 0.0014 0.0014 0.0014 0.0089 0.0139 0.0139 0.0064 775 740 440 185 <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> 834 784 482 258 <font style="font-family:Arial Narrow" size="2">The Fund invests in stocks of medium-sized and small U.S. companies that are included in the S&amp;P SmallCap 600<sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup> and S&amp;P MidCap 400<sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup> and which trade on the New York and American Stock Exchanges as well as over-the-counter stocks that are part of the National Market System. The Fund seeks to closely track the sector and industry weights within the combined indexes. Because the Fund uses an enhanced index strategy, not all of the stocks in the indexes are included in the Fund and the Fund&#146;s position in an individual stock may be overweighted or underweighted when compared to the indexes. Nonetheless, the Fund, under normal circumstances, will hold 80% or more of the stocks in the combined indexes in order to closely replicate the performance of the combined indexes. The Fund seeks to achieve a correlation between the performance of its portfolio and that of the indexes of at least 0.95, without taking into account the Fund&#146;s expenses. Perfect correlation would be 1.00.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining market exposure to the index while maintaining a cash balance for liquidity.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: Because the Fund uses an enhanced index strategy, the adviser uses a quantitative process to select the Fund&#146;s portfolio securities. This process overweights inexpensive stocks with improving fundamental characteristics and underweights expensive stocks that have deteriorating fundamental characteristics. A previously attractive stock is pared back or sold when the combined perspective on valuation and fundamentals is no longer favorable.</font></p><br/><p style="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #3f3f3f;width:15%"></p><font style="font-family:Arial Narrow" size="1">1</font><font style="font-family:Arial Narrow" size="1"> &#147;S&amp;P 500&#148; is a registered service mark of Standard &amp; Poor&#146;s Corporation, which does not sponsor and is in no way affiliated with the Fund.</font> -0.2266 -0.3906 -0.0478 <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"><font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></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>Index Investing Risk. </i>The Fund attempts to track the performance of a market capitalization-weighted combination of the S&amp;P Small Cap 600 and the S&amp;P MidCap 400. Therefore, securities may be purchased, retained and sold by the Fund at times when an actively managed fund would not do so. If the value of securities that are heavily weighted in the index changes, you can expect a greater risk of loss than would be the case if the Fund were not fully invested in such securities. There is also the risk that the Fund&#146;s performance may not correlate with the performance of the index.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Smaller Cap Company Risk. </i>Investments in mid cap and small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interest. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font> </p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> -0.0478 -0.0497 -0.0285 -0.0983 -0.1034 -0.0635 0.0039 -0.0217 -0.1473 0.0215 0.0112 0.0163 0.0137 0.0141 0.0131 0.0389 0.0259 -0.3545 -0.0166 2009-06-30 0.2048 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.0166 -0.0295 0.0055 0.0672 0.0574 0.0567 -0.0702 0.0588 -0.0758 0.0583 -0.0352 0.0568 -0.0092 -0.0381 -0.0565 0.0703 0.0581 0.056 <font style="FONT-FAMILY: Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 2003-06-30 0.1361 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in the equity securities of large, well-established companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Large, well-established companies are companies with market capitalizations equal to those within the universe of the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index at the time of purchase. As of the last reconstitution of the Russell 1000 Growth Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $540 billion. Typically, in implementing its strategy, the Fund invests in common stocks of companies with a history of above-average growth or companies expected to enter periods of above-average growth. </font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a fundamental bottom-up approach that seeks to identify companies with positive price momentum and attractive fundamental dynamics. The adviser seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes. The adviser seeks to identify long-term imbalances in supply and demand. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the original investment thesis, if market expectations exceed the company&#146;s potential to deliver and/or due to balance sheet deterioration. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk</i>. Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"> <font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> 0.0025 0.0025 0.0025 0.0025 0.0019 0.0019 0.0019 0.0019 0.0094 0.0144 0.0144 0.0069 762 732 432 171 <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 869 819 519 290 0.029 0.0289 0.0189 -0.0267 -0.0281 0.0121 0.0264 -0.029 0.0329 0.0328 0.0285 0.0249 0.0253 0.0243 0.026 0.0143 <font style="font-family:Arial Narrow" size="2">The Fund invests in stocks included in the S&amp;P 500 Index</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1 </sup></font><font style="font-family:Arial Narrow" size="2">and also may invest in stock index futures. The Fund&#146;s adviser attempts to track the performance of the S&amp;P 500 Index to achieve a correlation of at least 0.95 between the performance of the Fund and that of the S&amp;P 500 Index without taking into account the Fund&#146;s expenses. Perfect correlation would be 1.00. </font><br/><br/><font style="font-family:Arial Narrow" size="2">The percentage of a stock that the Fund holds will be approximately the same percentage that the stock represents in the S&amp;P 500 Index. The adviser generally picks stocks in the order of their weightings in the S&amp;P 500 Index, starting with the heaviest weighted stock. Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in stocks of companies included in the index or indices identified by the Fund and in derivative instruments that provide exposure to stocks of such companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. </font><br/><br/><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining market exposure to the index while maintaining a cash balance for liquidity.</font><br/><br/><p style="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #3f3f3f;width:15%"></p><font style="font-family:Arial Narrow" size="1">1</font><font style="font-family:Arial Narrow" size="1"> &#147;S&amp;P 500&#148; is a registered service mark of Standard &amp; Poor&#146;s Corporation, which does not sponsor and is in no way affiliated with the Fund.</font> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Index Investing Risk. </i>The Fund is not actively managed and is designed to track the performance of the S&amp;P 500 Index. Therefore, securities may be purchased, retained and sold by the Fund at times when an actively managed fund would not do so. If the value of securities that are heavily weighted in the index changes, you can expect a greater risk of loss than would be the case if the Fund were not fully invested in such securities. There is also the risk that the Fund&#146;s performance may not correlate with the performance of the index. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font> </p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font> </p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2"><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> -0.2228 -0.3705 0.0196 <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> 0.0025 0.0025 0.0025 0.0025 0.0015 0.0015 0.0015 0.0015 0.0116 0.0166 0.0166 0.0091 2009-06-30 0.159 <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 Fund attempts to neutralize exposure to general domestic market risk by primarily investing in common stocks that the Fund&#146;s adviser considers to be attractive and &#145;short selling&#146; stocks that the adviser considers to be unattractive. The Fund uses a multi-style approach, meaning that it may invest across different industries, sectors and capitalization levels targeting both value-and growth-oriented domestic companies. The Fund intends to maintain approximately equal value exposure in its long and short positions in order to offset the effects on its performance resulting from general domestic stock market movements or sector swings. By using this strategy, the Fund seeks to generate returns independent of the direction of the stock market.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"> When the Fund makes a short sale, the Fund borrows the security in order to settle the sale and buys the security at a later date to return to the lender. The Fund must maintain collateral at least equal to the current market value of the security sold short. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"> Investment Process: In determining whether a stock is attractive or unattractive, the adviser uses a proprietary stock selection model that collects quantitative and fundamental investment data designed to evaluate the relative attractiveness of stocks. The stock selection model considers valuation factors such as discounted cash flows and price-to-book values, as well as account data concerning an issuer&#146;s fundamentals. The Fund seeks to enhance return by purchasing long positions in stocks that are ranked the highest by the model and selling short stocks that are ranked the lowest.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund&#146;s strategy is to be sector neutral meaning that both the long and short positions will have approximately the same weight in the market sectors in which the Fund invests. However, the stock selection model may result in the Fund&#146;s long and short positions being overweighted in different industries within a sector.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund may achieve a gain if the securities in its long portfolio outperform the securities in its short portfolio, each taken as a whole. Conversely, it is expected that the Fund will incur a loss if the securities in its short portfolio outperform the securities in its long portfolio.</font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Strategy Risk. </i>There is no guarantee that the use of long and short positions will succeed in limiting a Fund&#146;s exposure to domestic stock market movements, capitalization, sector-swings or other risk factors. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Short Selling Risk. </i>The Fund will incur a loss as a result of a short sale if the price of the security sold short increases in value between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed security. In addition, a lender may request, or market conditions may dictate, that securities sold short be returned to the lender on short notice, and the Fund may have to buy the securities sold short at an unfavorable price. If this occurs, any anticipated gain to the Fund may be reduced or eliminated or the short sale may result in a loss. The Fund&#146;s losses are potentially unlimited in a short sale transaction. Short sales are speculative transactions and involve special risks, including greater reliance on the adviser&#146;s ability to accurately anticipate the future value of a security. Furthermore, taking short positions in securities results in a form of leverage which may cause the Fund to be more volatile.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Smaller Cap Company Risk. </i>Because the Fund may invest in equity investments of companies across all market capitalizations, the Fund&#146;s risks increase as it invests more heavily in smaller companies (mid cap and small cap companies). Smaller cap companies may be more volatile and more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> 0.0196 0.0167 0.0166 -0.0365 -0.0407 -0.0006 0.0211 0.0193 0.0271 0.024 0.0228 0.0191 0.0184 0.0169 0.0292 0.0268 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 0.0025 0.0025 0.0025 0.0025 0.0019 0.002 0.0019 0.0019 0.0334 0.0385 0.0384 0.0309 1482 1475 1172 936 -0.0018 -0.2838 -0.001 -0.3956 -0.001 -0.001 -0.0007 -0.0564 -0.0608 -0.0208 0.001 0.006 0.029 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b> 2008-12-31 2010-09-30 0.1735 <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund?</b></font> <font style="font-family:Arial Narrow" size="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>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> 0.0025 0.0025 0.0025 0.0025 0.0026 0.0026 0.0026 0.0026 <font style="font-family:Arial Narrow" size="2">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index stocks at the time of purchase. As of the last reconstitution of the Russell 2000 Value Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. In reviewing investment opportunities for the Fund, its adviser uses a value-oriented approach. In implementing its main strategies, the Fund&#146;s equity investments are primarily in common stocks and real estate investment trusts (REITs). </font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into portfolios. In general, stocks are purchased when they are among the top ranked within their sector. Stocks become candidates for sale when their ranking falls, when they appear unattractive or when the company is no longer a small cap company. The Fund may continue to hold the securities if it believes further substantial growth is possible. Risk factor exposures are managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and/or style characteristics of the Fund. </font></p> 0.0142 0.0192 0.0192 0.0117 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met.</font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk</i>. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Value Investing Risk. </i>A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk</i>. The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 936 898 598 356 <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> 0.0025 0.0025 0.0025 0.0025 0.0029 0.0029 0.0029 0.0029 0.0144 0.0194 0.0194 0.0119 -0.1092 -0.2975 -0.0391 2009-09-30 0.2155 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.0391 -0.0408 -0.0231 -0.0918 -0.0974 -0.0572 -0.055 -0.0482 0.0642 0.0519 0.0535 0.0558 0.0559 0.0547 0.064 0.0734 <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> 939 891 591 359 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in the securities of small capitalization companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index stocks at the time of purchase. As of the last reconstitution of the Russell 2000 Growth Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. In implementing its main strategies, the Fund will invest primarily in common stocks. Typically, the Fund invests in securities of companies with a history of above-average growth, as well as companies expected to have above-average growth.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk</i>. Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> -0.2113 -0.4326 -0.0353 2009-06-30 0.0512 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2009-03-31 2009-06-30 0.2301 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 <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.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> -0.086 -0.0889 -0.0523 -0.0905 -0.0509 -0.0337 -0.0291 -0.034 0.0544 0.0445 0.0448 0.0545 0.0535 0.0627 0.0448 0.0365 <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> 0.0025 0.0005 0 0.0017 0.0018 0.0018 0.0133 0.0064 0.0059 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </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> 418 201 185 <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">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in the securities of small capitalization companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index stocks at the time of purchase. As of the last reconstitution of the Russell 2000 Growth Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. In implementing its main strategies, the Fund will invest primarily in common stocks. Typically, the Fund invests in securities of companies with a history of above-average growth, as well as companies expected to have above-average growth.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk. </i> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in the equity securities of corporations that regularly pay dividends, including common stocks and debt securities and preferred stock convertible to common stock. In implementing this strategy, the Fund invests primarily in common stock and real estate investment trusts (REITs). &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund employs a fundamental bottom-up stock selection process to invest in common stock of corporations that regularly pay dividends and have favorable long-term fundamental characteristics. Because yield is a key consideration in selecting securities, the Fund may purchase stocks of companies that are out of favor in the financial community and, therefore, are selling below what the Fund&#146;s adviser believes to be their long-term investment value. The adviser seeks to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</font></p> <font style="font-family:Arial Narrow" size="2">10/31/13</font> 0.001 0.0029 0.0104 <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> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Strategy Risk. </i>An undervalued stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Smaller Cap Company Risk. </i>Although the Fund invests primarily in securities of large cap companies, it may invest in equity investments of companies across all market capitalizations and, to the extent it does, the Fund&#146;s risks increase as it invests more heavily in smaller companies (mid cap and small cap companies). Smaller companies may be more volatile and more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund, will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>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">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in equity securities of mid cap companies, including common stocks and debt securities and preferred stocks that are convertible to common stocks. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. In implementing its main strategies, the Fund invests primarily in common stocks of mid cap companies which the Fund&#146;s adviser believes are capable of achieving sustained growth. Mid cap companies are companies with market capitalizations similar to those within the universe of the Russell Midcap<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index at the time of purchase. As of the last reconstitution of the Russell Midcap Growth Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $17.4 billion.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk</i>. Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> 312 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> -0.0317 -0.0346 -0.017 -0.0291 -0.034 0.0638 0.0541 0.0531 0.0448 0.0365 2009-09-30 0.169 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.2019 -0.4377 -0.0579 0.0776 0.0734 0.056 0.0716 0.0039 0.0266 0.0447 0.0282 0.0355 0.0404 0.0389 0.0368 <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2003-06-30 0.1361 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 2009-06-30 -0.1822 2008-12-31 -0.2967 0.0759 0.2314 -0.2094 -0.4314 -0.0317 0.0025 0.0025 0.0025 0.0025 0.0023 0.0023 0.0023 0.0023 0.0114 0.0139 0.0189 0.0189 929 880 580 342 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> -0.0579 -0.0715 -0.0205 -0.1159 -0.1103 -0.0754 -0.0165 -0.053 <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> 0.0463 0.0374 0.0387 0.0379 0.0379 0.0369 0.0529 0.0448 0.0025 0.0005 0 0.0014 0.0015 0.0014 0.014 0.0071 0.0065 439 227 208 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in the equity securities of large, well-established companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Large, well-established companies are companies with market capitalizations equal to those within the universe of the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index at the time of purchase. As of the last reconstitution of the Russell 1000 Growth Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $540 billion. Typically, in implementing its strategy, the Fund invests in common stocks of companies with a history of above-average growth or companies expected to enter periods of above-average growth. </font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a fundamental bottom-up approach that seeks to identify companies with positive price momentum and attractive fundamental dynamics. The adviser seeks structural disconnects which allow businesses to exceed market expectations. These disconnects may result from: demographic/cultural changes, technological advancements and/or regulatory changes. The adviser seeks to identify long-term imbalances in supply and demand. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the original investment thesis, if market expectations exceed the company&#146;s potential to deliver and/or due to balance sheet deterioration. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met.</font><br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk</i>. Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font> </p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> -0.2878 -0.3988 0.0246 2010-09-30 0.172 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 0.0313 0.0312 0.0205 0.0246 0.0318 0.0264 -0.029 0.0334 0.0333 0.029 0.0277 0.0335 0.026 0.0143 <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2"><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"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2">The Fund invests in stocks of medium-sized and small U.S. companies that are included in the S&amp;P SmallCap 600</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:Arial Narrow" size="2"> and S&amp;P MidCap 400</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">1</sup></font><font style="font-family:Arial Narrow" size="2"> and which trade on the New York and American Stock Exchanges as well as over-the-counter stocks that are part of the National Market System. The Fund seeks to closely track the sector and industry weights within the combined indexes. Because the Fund uses an enhanced index strategy, not all of the stocks in the indexes are included in the Fund and the Fund&#146;s position in an individual stock may be overweighted or underweighted when compared to the indexes. Nonetheless, the Fund, under normal circumstances, will hold 80% or more of the stocks in the combined indexes in order to closely replicate the performance of the combined indexes. The Fund seeks to achieve a correlation between the performance of its portfolio and that of the indexes of at least 0.95, without taking into account the Fund&#146;s expenses. Perfect correlation would be 1.00.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts to gain or reduce exposure to its index, maintain liquidity and minimize transaction costs. In managing cash flows, the Fund buys futures contracts to invest incoming cash in the market or sells futures contracts in response to cash outflows, thereby gaining market exposure to the index while maintaining a cash balance for liquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: Because the Fund uses an enhanced index strategy, the adviser uses a quantitative process to select the Fund&#146;s portfolio securities. This process overweights inexpensive stocks with improving fundamental characteristics and underweights expensive stocks that have deteriorating fundamental characteristics. A previously attractive stock is pared back or sold when the combined perspective on valuation and fundamentals is no longer favorable.</font></p><br/><p style="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #3f3f3f;width:15%"> </p><font style="font-family:Arial Narrow" size="1">1</font><font style="font-family:Arial Narrow" size="1"> &#147;S&amp;P Small Cap 600&#148; and &#147;S&amp;P Mid Cap 400&#148; are registered service marks of Standard &amp; Poor&#146;s Corporation, which does not sponsor and is in no way affiliated with the Fund. </font> <br/><br/><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Index Investing Risk. </i>The Fund attempts to track the performance of a market capitalization-weighted combination of the S&amp;P Small Cap 600 and the S&amp;P MidCap 400. Therefore, securities may be purchased, retained and sold by the Fund at times when an actively managed fund would not do so. If the value of securities that are heavily weighted in the index changes, you can expect a greater risk of loss than would be the case if the Fund were not fully invested in such securities. There is also the risk that the Fund&#146;s performance may not correlate with the performance of the index. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Smaller Cap Company Risk. </i>Investments in mid cap and small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interest. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and creditworthiness of REIT issuers. The Fund will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</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> 0.0025 0.0005 0 0.0023 0.0022 0.0022 0.0164 0.0093 0.0088 <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> 0.0025 0 0.0029 0.0029 0.0169 0.0094 514 281 <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> 77 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in the securities of small capitalization companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index stocks at the time of purchase. As of the last reconstitution of the Russell 2000 Growth Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. In implementing its main strategies, the Fund will invest primarily in common stocks. Typically, the Fund invests in securities of companies with a history of above-average growth, as well as companies expected to have above-average growth. </font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth. </font></p><p style="margin-top:6px;margin-bottom:0px"></p><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity. </font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. </font><font style="font-family:Arial Narrow" size="2"> These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk.</i> Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> -0.2231 -0.4338 -0.0309 <font style="font-family:Arial Narrow" size="2">10/31/13</font> 2009-06-30 0.2301 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.0309 -0.0337 -0.0164 -0.0391 -0.0291 -0.034 0.0639 0.0542 0.0532 0.0533 0.0448 0.0365 <font style="font-family:Arial Narrow" size="2"> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> 495 283 268 <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR <br/>COST WOULD BE:</b></font> 144 82 77 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in equity securities of mid cap companies, including common stocks and debt securities and preferred stocks that are convertible to common stocks. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. In implementing its main strategies, the Fund invests primarily in common stocks of mid cap companies which the Fund&#146;s adviser believes are capable of achieving sustained growth. Mid cap companies are companies with market capitalizations similar to those within the universe of the Russell Midcap<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Growth Index at the time of purchase. As of the last reconstitution of the Russell Midcap Growth Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $17.4 billion. </font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The adviser may sell a security for several reasons. A security may be sold due to a change in the company&#146;s fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.</font></p> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Mid Cap Company Risk. </i>Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Growth Investing Risk.</i> Because investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> -0.2043 -0.4395 -0.0575 2009-09-30 0.1683 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.0575 -0.0711 -0.0202 -0.0575 -0.0624 0.0464 0.0374 0.0388 0.0464 0.0417 -0.0165 -0.053 0.0529 0.0448 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> 0000763852 0.0025 0.0014 0.0114 340 94 <font style="font-family:Arial Narrow" size="2">10/31/13</font> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> -0.022 -0.0092 -0.0381 -0.0565 0.0609 0.0703 0.0581 0.056 0.0025 0.0005 0.0016 0.0016 0.0131 0.0061 -0.152 -0.359 -0.022 0 0.0016 0.0056 404 194 178 122 61 56 -0.045 -0.0472 -0.0264 -0.0519 -0.0446 0.0039 -0.0217 0.0228 0.0123 0.0173 0.0164 0.0228 0.0389 0.0259 -0.2266 -0.3897 -0.045 <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> <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">Under normal circumstances, at least 80% of the Fund&#146;s Assets will be invested in equity securities of large companies, including common stocks, and debt and preferred stocks which are convertible to common stock. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Large companies are companies with market capitalizations equal to those within the universe of the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index at the time of purchase. As of the last reconstitution of the Russell 1000 Value Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $1.4 billion to $368 billion. In implementing its main strategies, the Fund invests primarily in common stocks.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund&#146;s adviser invests in companies whose securities are, in the adviser&#146;s opinion, undervalued when purchased but which have the potential to increase their intrinsic value per share. In managing the Fund, the adviser employs a three-step process that combines research, valuation and stock selection. The adviser takes an in-depth look at company prospects over a period as long as five years, which is designed to provide insight into a company&#146;s real growth potential. The research findings allow the adviser to rank the companies in each industry group according to their relative value.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">On behalf of the Fund, the adviser then buys and sells securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as undervalued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria:</font></p><ul><li><font style="font-family:Arial Narrow" size="2">catalysts that could trigger a rise in a stock&#146;s price </font></li><li><font style="font-family:Arial Narrow" size="2">high potential reward compared to potential risk</font></li><li><font style="font-family:Arial Narrow" size="2">temporary mispricings caused by market overreactions</font></li></ul> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Value Investing Risk. </i>A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk. </i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility or increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.</font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i> The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 2009-06-30 0.2151 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2002-09-30 2009-06-30 0.2026 <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>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> <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">Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. &#147;Assets&#148; means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000</font><font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font><font style="font-family:Arial Narrow" size="2"> Value Index stocks at the time of purchase. As of the last reconstitution of the Russell 2000 Value Index on June 22, 2012, the market capitalizations of the companies in the index ranged from $101 million to $2.6 billion. In reviewing investment opportunities for the Fund, its adviser uses a value-oriented approach. In implementing its main strategies, the Fund&#146;s equity investments are primarily in common stocks and real estate investment trusts (REITs).</font><p><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions.</font></p><font style="font-family:Arial Narrow" size="2">Investment Process: In managing the Fund, the adviser employs a process that ranks stocks based on its proprietary stock ranking system. The rankings are then reviewed and adjusted utilizing fundamental research conducted by the investment team to enhance accuracy and consistency. The adjusted rankings are used to place stocks into portfolios. In general, stocks are purchased when they are among the top ranked within their sector. Stocks become candidates for sale when their ranking falls, when they appear unattractive or when the company is no longer a small cap company. The Fund may continue to hold the securities if it believes further substantial growth is possible. Risk factor exposures are managed through portfolio construction. Portfolio constraints control for sector weights, position sizes and/or style characteristics of the Fund. </font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Small Cap Company Risk. </i>Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Value Investing Risk. </i>A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk.</i> The Fund&#146;s investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund, will indirectly bear its proportionate share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund. </font><br/><br/><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font></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">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 2009-09-30 0.2158 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.1092 -0.2971 -0.0378 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> 0.0025 0.0005 0 <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> 0.0026 0.0026 0.0025 0.0167 0.0096 0.0092 <font style="font-family:Arial Narrow" size="2">10/31/13</font> 0.0025 0.0025 0.0025 0.0025 0.0013 0.0013 0.0013 0.0013 288 302 511 <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 0.0162 0.0212 0.0212 0.0137 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2">The Fund is a &#147;Fund of Funds.&#148; The Fund&#146;s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a conservative growth fund, the majority of the Fund&#146;s assets will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds, although a portion of its assets also will be invested in J.P. Morgan equity funds including international equity funds and specialty funds. J.P. Morgan specialty funds include funds that use market neutral strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities. Generally, the Fund&#146;s allocation strategy is to achieve a long-term risk/return profile similar to a fund that invests 70% in income securities and 30% in equity securities. </font> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">The Fund&#146;s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund&#146;s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to the Investor Conservative Growth Composite Benchmark and its Lipper peer group. </font></p> 154 94 89 -0.0378 -0.0219 -0.0378 -0.0439 -0.055 -0.0482 0.0652 0.0527 0.0543 0.0648 0.0587 0.064 0.0734 921 964 664 416 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>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>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>Income Securities Risk. </i>Certain underlying funds invest in income securities that will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#147;sub-prime&#148; mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </font></p> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk. </i>Some of the underlying funds invest in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Securities Risk. </i>Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund&#146;s securities goes down, the Fund&#146;s investment in the underlying fund decreases in value. </font></p> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Foreign Securities and Emerging Markets Risk. </i>Underlying funds that invest in foreign currencies, foreign issuers and foreign securities (including depositary receipts) 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, liquidity 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>Convertible Securities Risk. </i>Some of the underlying funds invest in convertible securities.<i> </i>The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities.</font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Strategy Risk. </i>A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Index Funds Risk. </i>Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund&#146;s performance may not correlate with the performance of the index. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Commodity Risk. </i>Certain underlying funds have exposure to commodities. Exposure to commodities, commodity-related securities and derivatives may subject an underlying 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>Derivatives Risk. </i>The underlying funds may use derivatives. Derivatives may be riskier than other investments because they may be sensitive to changes in economic and market conditions and could result in losses that significantly exceed the original investment. Many derivatives create leverage thereby causing the underlying fund to be more volatile than they would be if they had not used derivatives. Derivatives also expose the underlying funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligation), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Inflation-Managed Strategy Risk. </i>The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk.</i> Certain underlying funds are highly concentrated in real estate securities, including 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 the management skill and credit worthiness 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>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> 590 215 215 121 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> -0.0333 -0.0405 -0.0212 -0.0427 -0.0025 0.015 0.0597 0.0103 0.0476 0.0253 0.0398 0.0276 0.0274 0.0392 0.0381 0.0471 0.0539 0.0351 0.0514 0.0437 2009-06-30 0.0814 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.0228 -0.1228 0.0126 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> -0.0397 <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> 0.0025 0.0025 0.0025 0.0025 0.0016 0.0017 0.0016 0.0016 0.0177 0.0228 0.0227 0.0152 <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> 963 1012 709 460 602 231 230 133 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> <font style="font-family:Arial Narrow" size="2">The Fund is a &#147;Fund of Funds.&#148; The Fund&#146;s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth and income fund, the majority of the Fund&#146;s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds while a moderate portion will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities. Generally, the Fund&#146;s allocation strategy is to achieve a long-term risk/return profile similar to a fund that invests 70% in equity securities and 30% in income securities. </font> <p style="margin-top:6px;margin-bottom:0px"></p><font style="font-family:Arial Narrow" size="2">The Fund&#146;s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund&#146;s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to the Investor Growth &amp; Income Composite Benchmark and its Lipper peer group. </font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>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>Equity Securities Risk. </i>Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund&#146;s securities goes down, the Fund&#146;s investment in the underlying fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk. </i>Certain underlying funds invest in income securities that will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#147;sub-prime&#148; mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Index Funds Risk. </i>Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund&#146;s performance may not correlate with the performance of the index. </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>Underlying funds that invest in foreign currencies, foreign issuers and foreign securities (including depositary receipts) 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, liquidity 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>Some of the underlying funds invest in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Convertible Securities Risk. </i>Some of the underlying funds invest in convertible securities.<i> </i>The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Strategy Risk. </i>A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Smaller Companies Risk. </i>Some of the underlying funds invest in securities of smaller companies which may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Commodity Risk. </i>Certain underlying funds have exposure to commodities. Exposure to commodities, commodity-related securities and derivatives may subject an underlying 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. <i> </i></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 may use derivatives. Derivatives may be riskier than other investments because they may be sensitive to changes in economic and market conditions and could result in losses that significantly exceed the original investment. Many derivatives create leverage thereby causing the underlying fund to be more volatile than they would be if they had not used derivatives. Derivatives also expose the underlying funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligation), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Inflation-Managed Strategy Risk. </i>The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>Certain underlying funds are highly concentrated in real estate securities, including 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 the management skill and credit worthiness 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>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> -0.1371 -0.2757 -0.015 2009-06-30 0.144 <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>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> -0.0592 -0.0626 -0.0369 -0.0699 -0.0305 -0.0119 0.0103 0.0597 0.0278 -0.0054 <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> 0.0371 0.0286 0.0283 0.0364 0.0353 0.0446 0.0351 0.0539 0.0439 0.0444 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2">The Fund is a &#147;Fund of Funds.&#148; The Fund&#146;s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a balanced fund, approximately half of the Fund&#146;s assets will be allocated to J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds and approximately half will be invested in J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities. Generally, the Fund&#146;s allocation strategy is to achieve a long-term risk/return profile similar to a fund that invests 50% in income securities and 50% in equity securities.</font><p style="margin-top:6px;margin-bottom:0px"></p><font style="font-family:Arial Narrow" size="2">The Fund&#146;s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund&#146;s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to the Investor Balanced Composite Benchmark and its Lipper peer group. </font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>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>Equity Securities Risk. </i>Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund&#146;s securities goes down, the Fund&#146;s investment in the underlying fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk. </i>Certain underlying funds invest in income securities that will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#147;sub-prime&#148; mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Index Funds Risk. </i>Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund&#146;s performance may not correlate with the performance of the index. </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>Underlying funds that invest in foreign currencies, foreign issuers and foreign securities (including depositary receipts) 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, liquidity 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>Some of the underlying funds invest in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Convertible Securities Risk. </i>Some of the underlying funds invest in convertible securities.<i> </i>The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Strategy Risk. </i>A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Commodity Risk. </i>Certain underlying funds have exposure to commodities. Exposure to commodities, commodity-related securities and derivatives may subject an underlying 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>Derivatives Risk. </i>The underlying funds may use derivatives. Derivatives may be riskier than other investments because they may be sensitive to changes in economic and market conditions and could result in losses that significantly exceed the original investment. Many derivatives create leverage thereby causing the underlying fund to be more volatile than they would be if they had not used derivatives. Derivatives also expose the underlying funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligation), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Inflation-Managed Strategy Risk. </i>The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>Certain underlying funds are highly concentrated in real estate securities, including 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 the management skill and credit worthiness 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>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>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">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 2009-06-30 0.115 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2008-12-31 -0.0778 -0.1959 -0.0019 0.0025 0.0025 0.0025 0.002 0.002 0.002 0.0174 0.0224 0.0224 0.0025 0.002 0.0149 0.0025 0.0025 0.0025 0.0025 0.0014 0.0014 0.0014 0.0014 0.0169 0.0219 0.0219 0.0144 <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> 950 1000 700 446 941 985 685 437 595 227 227 126 596 222 222 127 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> -0.0472 -0.0524 -0.0294 -0.0177 0.0005 0.0597 0.0103 0.0382 0.0037 -0.0575 <font style="font-family:Arial Narrow" size="2">The Fund is a &#147;Fund of Funds.&#148; The Fund&#146;s main investment strategy is to invest in other J.P. Morgan Funds (underlying funds). Because this is a growth fund, the majority of the Fund&#146;s assets will be invested in J.P. Morgan equity funds including J.P. Morgan international equity funds and J.P. Morgan specialty funds, although a portion of its assets also will be allocated to J.P. Morgan income funds and J.P. Morgan money market funds. J.P. Morgan specialty funds include funds that use market neutral strategies or that have exposure to alternative equity asset classes such as real estate investment trusts (REITs) or commodities. Generally, the Fund&#146;s allocation strategy is to achieve a long-term risk/return profile similar to a fund that invests 90% in equity securities and 10% in income securities. </font><p style="margin-top:6px;margin-bottom:0px"></p><font style="font-family:Arial Narrow" size="2">The Fund&#146;s adviser, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) allocates the Fund&#146;s investments in the underlying funds based on an evaluation of three components: fund selection, tactical asset allocation and strategic asset allocation. The adviser determines the strategic weight for each asset class represented by the underlying funds by using three to five-year and 10 to 15-year outlooks. Taking a long term approach, the adviser focuses on making investments that it believes will perform well over time while maintaining a level of volatility similar to the Investor Growth Composite Benchmark and its Lipper peer group. </font> 0.0412 0.0307 0.0302 0.0406 0.0396 0.0487 0.0539 0.0483 0.0351 0.0406 <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>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 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>Equity Securities Risk. </i>Certain underlying funds invest in equity securities (such as stocks) that are more volatile and carry more risks than some other forms of investment. The price of equity securities may rise or fall because of economic or political changes or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the underlying fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the underlying fund&#146;s securities goes down, the Fund&#146;s investment in the underlying fund decreases in value. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Income Securities Risk. </i>Certain underlying funds invest in income securities that will change in value based on changes in interest rates and are subject to the risk that a counterparty will fail to make payments when due or default. If rates rise, the value of these investments drops. Certain underlying funds invest in mortgage-related and asset-backed securities including so-called &#147;sub-prime&#148; mortgages that are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset values, difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. These securities are also subject to prepayment and call risk. In periods of declining interest rates, the underlying fund may be subject to contraction risk which is the risk that borrowers will increase the rate at which they prepay the maturity value of mortgages and other obligations. When mortgages and other obligations are prepaid and when securities are called, the 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 dividend and yield. In periods of rising interest rates, the underlying fund may be subject to extension risk which is the risk that the expected maturity of an obligation will lengthen in duration due to a decrease in prepayments. As a result, in certain interest rate environments, the underlying fund may exhibit additional volatility. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Index Funds Risk. </i>Index funds are not actively managed and are designed to track the performance and holdings of a specified index. Securities may be purchased, held and sold by an index fund at times when an actively managed fund would not do so. There is also the risk that the underlying fund&#146;s performance may not correlate with the performance of the index. </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>Underlying funds that invest in foreign currencies, foreign issuers and foreign securities (including depositary receipts) 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, liquidity 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>Strategy Risk. </i>A primary risk of some of the underlying funds is to invest in common stock considered to be attractive and to sell short securities considered to be unattractive. This strategy involves complex securities transactions that require the underlying fund to borrow securities. The underlying fund may not be able to borrow a security it wishes to sell short or may have to purchase a borrowed security in the market to return it to the lender at a disadvantageous time or price. Losses on short sales are potentially unlimited because there is no upward limit on the price a borrowed security could attain. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Smaller Companies Risk. </i>Some of the underlying funds invest in securities of smaller companies which may be riskier, more volatile and vulnerable to economic, market and industry changes than securities of larger, more established companies. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>High Yield Securities Risk. </i>Some of the underlying funds invest in securities and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments (known as junk bonds) are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and potential illiquidity. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Convertible Securities Risk. </i>Some of the underlying funds invest in convertible securities.<i> </i>The value of convertible securities tends to decline as interest rates rise and, because of the conversion feature, tends to vary with fluctuations in the market value of the underlying securities. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Commodity Risk. </i>Certain underlying funds have exposure to commodities. Exposure to commodities, commodity-related securities and derivatives may subject an underlying 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>Derivatives Risk. </i>The underlying funds may use derivatives. Derivatives may be riskier than other investments because they may be sensitive to changes in economic and market conditions and could result in losses that significantly exceed the original investment. Many derivatives create leverage thereby causing the underlying fund to be more volatile than they would be if they had not used derivatives. Derivatives also expose the underlying funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligation), including credit risk of the derivative counterparty. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Inflation-Managed Strategy Risk. </i>The underlying funds may use inflation-managed strategies including using swaps that are based on the Consumer Price Index for all Urban Consumers (CPI-U) in combination with a core portfolio of fixed income securities to create the equivalent of a portfolio of inflation-protected fixed income securities. There is no guarantee that the use of derivatives and debt securities will mimic a portfolio of inflation-protected bonds or reflect the actual rate of inflation. In addition, some of the underlying funds may make direct investments in inflation-protected securities. Unlike conventional bonds, the principal or interest of inflation-protected securities such as Treasury Inflation Protected Securities (TIPS) is adjusted periodically to a specified rate of inflation (e.g., CPI-U). There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Real Estate Securities Risk. </i>Certain underlying funds are highly concentrated in real estate securities, including 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 the management skill and credit worthiness 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>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> -0.1869 -0.3319 -0.0316 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> 2009-06-30 0.1645 2008-12-31 -0.0748 -0.0759 0.0319 0.0265 0.0261 0.0313 0.0301 0.0392 0.0351 0.0539 0.0384 0.0345 <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. </font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> false 2012-11-01 2012-11-01 <font style="font-family:Arial Narrow" size="2">The Fund seeks current income through regular payment of dividends</font> <font style="font-family:Arial Narrow" size="2">with the secondary goal of achieving capital appreciation by investing primarily in equity securities. </font> 0.44 <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <font style="font-family:Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares the performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Equity Income Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font> <font style="font-family:Arial Narrow" size="2"> The table compares the performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Equity Income Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. </font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="font-family:Arial Narrow" size="2">The Fund seeks investment results that correspond to the aggregate price and dividend performance of securities in the Standard &amp; Poor&#146;s 500 Composite Stock Price Index (S&amp;P 500 Index). </font> 0.07 <font style="font-family:Arial Narrow" size="2">The Fund seeks long-term capital appreciation and growth of income by investing primarily in equity securities.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary. </font> 0.004 0.004 0.004 0.004 0.0025 0.0075 0.0075 0 0.0043 0.0044 0.0043 0.0043 0.0001 0.0001 0.0001 0.0001 0.0105 0.0155 0.0155 0.008 1781 1759 1886 1033 850 500 498 264 0.1156 0.0613 0.21 0.016 0.175 0.1892 0.0052 0.0109 0.0006 0.0022 0.0061 -0.0264 -0.0072 0.0144 <font style="font-family:Arial Narrow" size="2">The Fund seeks capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.</font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <font style="font-family:Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i> </font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks</b></font> 1.44 <font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper.Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.</font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2">The Fund seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.</font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <font style="font-family:Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Russell Midcap<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index and the Lipper Mid-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i></font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 0.51 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> <font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font> -0.2073 <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> -0.2342 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 0.1441 0.1755 0.1388 0.0311 0.3591 0.1934 <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary.</font> 0.0065 0.0065 0.0065 0.0065 0.0025 0.0075 0.0075 0 0.0048 0.0048 0.0048 0.0048 0.0124 0.0188 0.0188 0.0099 <font style="font-family:Arial Narrow" size="2">The Fund seeks to provide a return which substantially duplicates the price and yield performance of domestically traded common stocks in the small- and mid-capitalization equity markets, as represented by a market capitalization weighted combination of the Standard &amp; Poor&#146;s SmallCap 600 Index (S&amp;P SmallCap 600) and the Standard &amp; Poor&#146;s MidCap 400 Index (S&amp;P MidCap 400). </font> 2084 2071 2201 1362 926 591 591 345 -0.0006 -0.0067 -0.0019 -0.0137 -0.0137 -0.0094 0.0141 0.0128 0.004 0.004 0.004 0.004 0.0025 0.0075 0.0075 0 0.0041 0.0042 0.0041 0.0041 0.0095 0.0145 0.0145 0.008 0.0025 0.0025 0.0025 0.0025 0.0025 0.0075 0.0075 0 0.0039 0.0039 0.0039 0.0039 0.0069 0.0139 0.0139 0.0044 <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell Midcap<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Index and the Lipper Mid-Cap Core Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.</font> 1546 1532 1669 779 775 440 440 185 834 484 482 258 <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> 0.1515 0.0407 0.2042 -0.0115 0.3259 0.1248 <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <font style="font-family:Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#146;s Select Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The table compares that performance to the S&amp;P 1000 Index and the Lipper Small-Cap Core Funds Index and Lipper Mid-Cap Core Funds Index, both of which are indexes based on the total returns of certain small cap and mid cap mutual funds within small cap and mid cap fund categories, respectively, as determined by Lipper. Unlike the other index, the Lipper indexes include the expenses of the mutual funds included in the indexes. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</font> -0.0308 -0.0438 -0.0287 -0.043 -0.0426 -0.038 -0.0264 -0.0226 0.1858 0.1108 0.1362 0.0333 0.3445 0.2475 <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund's year-to-date total return</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> -0.2597 0.0193 0.0086 0.0145 0.0058 0.0056 0.0095 0.0284 0.0132 0.0128 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganLargeCapValueFund column period compact * ~</div> 0.77 <font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganLargeCapValueFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the S&amp;P 1000 Index and the Lipper Small-Cap Core Funds Index and Lipper Mid-Cap Core Funds Index, both of which are indexes based on the total returns of certain small cap and mid cap mutual funds within small cap and mid cap fund categories, respectively, as determined by Lipper. Unlike the other index, the Lipper indexes include the expenses of the mutual funds included in the indexes.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganIntrepidMidCapFund column period compact * ~</div> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Select Class Shares, and after-tax returns for the other classes will vary.</font> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganIntrepidMidCapFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganIntrepidMidCapFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganMarketExpansionIndexFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganMarketExpansionIndexFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganMarketExpansionIndexFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMorganEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMorganEquityIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMorganEquityIncomeFund column period compact * ~</div> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> -0.1796 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> 0.0025 0.0025 0.0025 0.0025 0.0025