0000770482 jpvofi:S000003489Member jpvofi:AbcSharesMember 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:InstitutionalSharesMember 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:AbcSharesMember jpvofi:C000009649Member 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:AbcSharesMember jpvofi:C000009650Member 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:AbcSharesMember jpvofi:C000009651Member 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:InstitutionalSharesMember jpvofi:C000009652Member 2011-11-02 2012-11-01 0000770482 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:InstitutionalSharesMember rr:AfterTaxesOnDistributionsMember jpvofi:C000009652Member 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:InstitutionalSharesMember rr:AfterTaxesOnDistributionsAndSalesMember jpvofi:C000009652Member 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:InstitutionalSharesMember jpvofi:RussellTenHundrendValueIndexMember 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:InstitutionalSharesMember jpvofi:LipperLargeCapValueFundsIndexMember 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:AbcSharesMember rr:AfterTaxesOnDistributionsMember jpvofi:C000009649Member 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:AbcSharesMember rr:AfterTaxesOnDistributionsAndSalesMember jpvofi:C000009649Member 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:AbcSharesMember jpvofi:RussellTenHundrendValueIndexMember 2011-11-02 2012-11-01 0000770482 jpvofi:S000003489Member jpvofi:AbcSharesMember jpvofi:LipperLargeCapValueFundsIndexMember 2011-11-02 2012-11-01 pure iso4217:USD IF YOU SELL YOUR SHARES, YOUR COST WOULD BE: WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: 1100 887 887 416 416 Example 1100 1087 Example 2012-09-30 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMORGANVALUEOPPORTUNITIESFUNDINC column period compact * ~</div> <a name="toc131168_1"></a>JPMorgan Value Opportunities Fund Class/Ticker: A/JVOAX; B/JVOBX; C/JVOCX 0.0525 SHAREHOLDER FEES (Fees paid directly from your investment) <a name="toc131168_1"></a>JPMorgan Value Opportunities Fund Class/Ticker: Institutional/JVOIX 887 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 142% of the average value of its portfolio. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year, the Funds portfolio turnover rate was 142% of the average value of its portfolio. 0.3263 www.jpmorganfunds.com 0.3263 0.1352 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. www.jpmorganfunds.com <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMORGANVALUEOPPORTUNITIESFUNDINCInstitutionalShareClass column period compact * ~</div> 0.1327 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualFundOperatingExpensesJPMORGANVALUEOPPORTUNITIESFUNDINC column period compact * ~</div> JPMORGAN VALUE OPPORTUNITIES FUND INC -0.0012 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds SALES CHARGES on page 78 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES on page 45 of the Statement of Additional Information. 0 0 66 ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) -0.0021 This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. 615 648 248 1821 1817 1958 The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. ANNUAL FUND OPERATING EXPENSES (Expenses that you pay each year as a percentage of the value of your investment) This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. 943 The bar chart shows how the performance of the Funds 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. 1-800-480-4111 Best Quarter                                                             2nd quarter, 2009                                                           21.22% Worst Quarter                                                           4th quarter, 2008                                                           -20.68% The Funds year-to-date total return through 9/30/12 was 13.27%. Best Quarter                                                             2nd quarter, 2009                                                           21.38% Worst Quarter                                                           4th quarter, 2008                                                           -20.64% The Funds year-to-date total return through 9/30/12 was 13.52%. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. AVERAGE ANNUAL TOTAL RETURNS (For periods ended December 31, 2011) 50000 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. The bar chart shows how the performance of the Funds Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. 1-800-480-4111 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMORGANVALUEOPPORTUNITIESFUNDINCInstitutionalShareClassBarChart column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAnnualTotalReturnsJPMORGANVALUEOPPORTUNITIESFUNDINCBarChart column period compact * ~</div> 485BPOS 2012-06-30 0000770482 2012-11-01 0.001 0.0027 0.0077 What is the goal of the Fund? 10/31/13 234 0 0.05 0.01 0.0025 0.0025 0.0025 0.0026 0.0027 0.0027 0.0373 0.0225 0.0279 0.0389 0.0259 0.0114 0.0167 0.0167 -0.0022 -0.0022 849 805 505 What is the goal of the Fund? 615 148 148 IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE: WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE: What are the Funds main investment strategies? 66 What are the Funds main investment strategies? The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </div> Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value. General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Value Investing Risk. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the companys value or the factors that the adviser believes will cause the stock price to increase do not occur. Mid-Cap Company Risk. Investments in mid-cap companies may be riskier than investments in larger, more established companies. Mid-cap companies may be more volatile and vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Derivative Risk. Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Funds original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. High Portfolio Turnover Risk. The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.  <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money investing in the Fund. </div> The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</div>Equity Market Risk. The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value.General Market Risk. Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.Value Investing Risk. A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the companys value or the factors that the adviser believes will cause the stock price to increase do not occur.Mid-Cap Company Risk. Investments in mid-cap companies may be riskier than investments in larger, more established companies. Mid-cap companies may be more volatile and vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.Derivative Risk. Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Funds original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.High Portfolio Turnover Risk. The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.Redemption Risk. The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.You could lose money investing in the Fund.</div> You could lose money investing in the Fund. -0.1254 -0.0487 0.0289 0.0147 0.0209 0.0294 0.0283 0.0389 0.0259 -0.1254 -0.0462 2009-06-30 0.2138 2008-12-31 You could lose money investing in the Fund. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 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. 2009-06-30 0.2122 2008-12-31 false 2012-11-01 2012-11-01 0.004 0 0.0037 0.0065 The Fund seeks to provide long-term capital appreciation. Fees and Expenses of the Fund 943 0.004 0.004 0.004 0.0023 0.0075 0.0075 0.0051 0.0052 0.0052 -0.0462 -0.0487 -0.0268 0.0039 -0.0217 -0.0327 -0.0409 -0.0297 -0.0264 -0.0226 0.0093 0.0145 0.0145 1821 1817 1958 The Fund seeks to provide long-term capital appreciation. 849 505 505 Fees and Expenses of the Fund Portfolio Turnover 234 Portfolio Turnover 1.42 Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of mid- and large- capitalization companies at the time of purchase. Assets means net assets, plus the amount of borrowings for investment purposes. Issuers with market capitalizations between $2 billion and $5 billion are considered mid capitalization while those above $5 billion are considered large capitalization. Although the Fund is permitted to invest significantly in both mid- and large-capitalization companies, the adviser currently intends to invest primarily in equity securities of large capitalization companies. The equity securities the Fund primarily invests in are common stocks. Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Investment Process: The Funds adviser invests in companies whose securities are, in the advisers opinion, currently 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 companys real growth potential. The research findings allow the adviser to rank the companies in each industry group according to their relative value. 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: <ul><li>catalysts that could trigger a rise in a stocks price </li> <li>high potential reward compared to potential risk </li> <li>temporary mispricings caused by market overreactions. </li></ul> Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of mid- and large-capitalization companies at the time of purchase. Assets means net assets, plus the amount of borrowings for investment purposes. Issuers with market capitalizations between $2 billion and $5 billion are considered mid capitalization while those above $5 billion are considered large capitalization. Although the Fund is permitted to invest significantly in both mid- and large-capitalization companies, the adviser currently intends to invest primarily in equity securities of large capitalization companies. The equity securities the Fund primarily invests in are common stocks.Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. Investment Process: The Funds adviser invests in companies whose securities are, in the advisers opinion, currently 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 companys real growth potential. The research findings allow the adviser to rank the companies in each industry group according to their relative value. 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:<ul><li>catalysts that could trigger a rise in a stocks price</li><li>high potential reward compared to potential risk</li><li>temporary mispricings caused by market overreactions.</li></ul> The Funds Main Investment Risks The Funds Main Investment Risks The Funds Past Performance Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. The Funds Past Performance This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Russell 1000® Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance for the Class C Shares prior to their inception on 2/19/05 is based on the performance of the Class B Shares, whose expenses are substantially similar to those of the Class C Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower. This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Russell 1000® Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance for the Institutional Class Shares prior to their inception on 12/31/04 is based on the performance of the Class A Shares. The actual returns of Institutional Class Shares would have been different than those shown because Institutional Class Shares have different expenses than Class A Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. 0.1714 0.0366 0.199 -0.0149 -0.3992 0.3168 0.121 The table compares that performance to the Russell 1000® Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. YEAR-BY-YEAR-RETURNS Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. -0.0989 -0.1008 -0.0618 -0.1038 -0.0634 0.0039 -0.0217 -0.0467 -0.054 -0.0409 -0.046 -0.0412 -0.0264 -0.0226 YEAR-BY-YEAR RETURNS 0.1714 0.0411 0.2046 -0.0111 -0.3969 0.3236 0.1245 Best Quarter Worst Quarter -0.2064 The Funds year-to-date total return 10/31/13 1.42 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. 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. The table compares that performance to the Russell 1000® Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. The performance figures in the bar chart do not reflect any deduction for the front-end sales load which is assessed on Class A Shares. If the load were reflected, the performance figures would have been lower. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. Best Quarter Worst Quarter -0.2068 The Funds year-to-date total return <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMORGANVALUEOPPORTUNITIESFUNDINCInstitutionalShareClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMORGANVALUEOPPORTUNITIESFUNDINCInstitutionalShareClass column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleTransposedJPMORGANVALUEOPPORTUNITIESFUNDINC column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleExpenseExampleNoRedemptionTransposedJPMORGANVALUEOPPORTUNITIESFUNDINC column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMORGANVALUEOPPORTUNITIESFUNDINC column period compact * ~</div> <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedJPMORGANVALUEOPPORTUNITIESFUNDINCInstitutionalShareClass column period compact * ~</div> The Fund's adviser, distributor and business manager (the Service Providers) have contractually agreed to waive their respective fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Institutional Class Shares (excluding acquired fund fees and expenses, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 0.65% of their average daily net assets. This agreement cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it. (under $1 million) The Fund's adviser, distributor and business manager (the Service Providers) have contractually agreed to waive their respective fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses of Class A, Class B and Class C Shares (excluding acquired fund fees and expenses, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses) exceed 0.95%, 1.45% and 1.45%, respectively, of their average daily net assets. This agreement cannot be terminated prior to 11/1/13 at which time the Service Providers will determine whether or not to renew or revise it.