497 1 d446030d497.htm JPMORGAN TRUST I JPMorgan Trust I

J.P. MORGAN INTERNATIONAL EQUITY FUNDS

JPMorgan Emerging Economies Fund

JPMorgan Emerging Markets Equity Fund

JPMorgan Global Unconstrained Equity Fund

JPMorgan International Equity Fund

JPMorgan International Equity Income Fund

JPMorgan International Unconstrained Equity Fund

JPMorgan International Value Fund

JPMorgan Intrepid European Fund

JPMorgan Intrepid International Fund

(All Shares Classes, except Class L Shares)

(each, a series of JPMorgan Trust I)

Supplement dated August 21. 2017

to the Summary Prospectuses and Prospectuses dated

March 1, 2017, as supplemented

Expense Cap Reductions. Effective November 1, 2017 (the “Effective Date”), the Funds’ adviser and/or its affiliates have contractually agreed to waive fees and/or expenses as set forth below. In connection with these changes, as of the Effective Date, the sections “Annual Fund Operating Expenses” and “Example” in the Fund’s prospectus will hereby be replaced by the following:

JPMORGAN EMERGING ECONOMIES FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on page 6 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees1        0.85 %       0.85 %       0.85 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.42        0.52        0.45  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses2

        0.17        0.27        0.20  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses1        1.52        2.12        1.30  
Fee Waivers and Expense Reimbursements3        (0.38 )       (0.48 )       (0.41 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements3 		       1.14        1.64        0.89  

 

1 As of May 20, 2016, the Fund’s advisory fee was reduced, therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to effect the current fee.

 

2 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

3 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.14%, 1.64% and 0.89% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

 

SUP-INTEQ-817

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        635          908          1,240          2,179  
CLASS C SHARES ($)        267          569          1,048          2,373  
CLASS I SHARES ($)        91          329          632          1,494  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                                
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        635          908          1,240          2,179  
CLASS C SHARES ($)        167          569          1,048          2,373  
CLASS I SHARES ($)        91          329          632          1,494  

For the Class R5 and Class R6 Shares:

The tables below replace the corresponding tables on page 1 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R5      Class R6  
Management Fees1        0.85 %       0.85 % 
Distribution (Rule 12b-1) Fees        NONE        NONE  
Other Expenses        0.29        1.07  

Shareholder Service Fees

        0.05 *       NONE  

Remainder of Other Expenses

        0.24 2       0.17  
      

 

 

     

 

 

  
Total Annual Fund Operating Expenses1        1.14        1.02  
Fee Waivers and Expense Reimbursements3        (0.35 )       (0.33 ) 
      

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements3        0.79        0.69  

 

* Effective 4/3/17, the “Shareholder Service Fees” for Class R5 Shares increased to 0.10%.

 

1 As of May 20, 2016, the Fund’s advisory fee was reduced, therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to effect the current fee.

 

2 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

3 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.79% and 0.69% of the average daily net assets of Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                      
        1 Year        3 Years        5 Years        10 Years  
CLASS R5 SHARES ($)        81          271          558          1,322  
CLASS R6 SHARES ($)        70          257          497          1,186  

JPMORGAN EMERGING MARKETS EQUITY FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on pages 11-12 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees1        0.85 %       0.85 %       0.85 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.44        0.45        0.42  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses2

        0.19        0.20        0.17  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses1        1.55        2.06        1.28  
Fee Waivers and Expense Reimbursements3        (0.31 )       (0.32 )       (0.29 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements3 		       1.24        1.74        0.99  

 

1 As of May 20, 2016, the Fund’s advisory fee was reduced, therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to effect the current fee.

 

2 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

3 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.24%, 1.74% and 0.99% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        645          930          1,268          2,222  
CLASS C SHARES ($)        277          582          1,048          2,337  
CLASS I SHARES ($)        101          347          645          1,493  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                                
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        645          930          1,268          2,222  
CLASS C SHARES ($)        177          582          1,048          2,337  
CLASS I SHARES ($)        101          347          645          1,493  

For the Class R5 and Class R6 Shares:

The tables below replace the corresponding tables on page 6 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R5      Class R6  
Management Fees1        0.85 %       0.85 % 
Distribution (Rule 12b-1) Fees        NONE        NONE  
Other Expenses        0.21        0.16  

Shareholder Service Fees

        0.05 *       NONE  

Remainder of Other Expenses

        0.16 2       0.16  
      

 

 

     

 

 

  
Acquired Fund Fees and Expenses        0.01        0.01  
Total Annual Fund Operating Expenses1        1.07        1.02  
Fee Waivers and Expense Reimbursements3        (0.18 )       (0.23 ) 
      

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements3 		       0.89        0.79  

 

* Effective 4/3/17, the “Shareholder Service Fees” for Class R5 Shares increased to 0.10%.

 

1 As of May 20, 2016, the Fund’s advisory fee was reduced, therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to effect the current fee.

 

2 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

3 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.89% and 0.79% of the average daily net assets of Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                      
        1 Year        3 Years        5 Years        10 Years  
CLASS R5 SHARES ($)        91          304          554          1,272  
CLASS R6 SHARES ($)        81          278          517          1,205  

For Class R2, Class R3 and R4 Shares

The tables below replace the corresponding tables on page 1 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R2      Class R3      Class R4  
Management Fees1        0.85 %       0.85 %       0.85 % 
Distribution (Rule 12b-1) Fees        0.50        0.25        NONE  
Other Expenses        0.41        0.41        0.41  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses2

        0.16        0.16        0.16  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses1        1.77        1.52        1.27  
Fee Waivers and Expense Reimbursement3        (0.23 )       (0.23 )       (0.23 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements3 		       1.54        1.29        1.04  

 

1 As of May, 2016, the Fund’s advisory fee was reduced, therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to reflect the current fee.

 

2 “Remainder of Other Expenses” are based on estimated amounts for the current fiscal year.

 

3 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.54%, 1.29% and 1.04% of the average daily net assets of Class R2, Class R3 and Class R4 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                      
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        157          511          915          2,045  
CLASS R3 SHARES ($)        131          434          784          1,772  
CLASS R4 SHARES ($)        106          356          652          1,492  

JPMORGAN GLOBAL UNCONSTRAINED EQUITY FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on pages 26-27 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees        0.70 %       0.70 %       0.70 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.84        10.27        4.63  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses1

        0.59        10.02        4.38  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses        1.80        11.73        5.34  
Fee Waivers and Expense Reimbursements2        (0.80 )       (10.23 )       (4.59 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements2 		       1.00        1.50        0.75  

 

1 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.00%, 1.50% and 0.75% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          910          1,303          2,401  
CLASS C SHARES ($)        253          1,525          3,714          8,020  
CLASS I SHARES ($)        77          736          1,889          4,737  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                                
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          910          1,303          2,401  
CLASS C SHARES ($)        153          1,525          3,714          8,020  
CLASS I SHARES ($)        77          736          1,889          4,737  

For Class R2, Class R5 and R6 Shares

The tables below replace the corresponding tables on page 16 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R2      Class R5      Class R6  
Management Fees        0.70 %       0.70 %       0.70 % 
Distribution (Rule 12b-1) Fees        0.50        NONE        NONE  
Other Expenses        12.26        12.12        12.05  

Shareholder Service Fees

        0.25        0.10 *       NONE  

Remainder of Other Expenses

        12.01        12.02        12.05  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses        13.47        12.83        12.76  
Fee Waivers and Expense Reimbursements1        (12.17 )       (12.18 )       (12.21 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements1 		       1.30        0.65        0.55  

 

* Effective 4/3/17, the “Shareholder Service Fees” for Class R5 Shares increased to 0.10%.

 

1 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.30%, 0.65% and 0.55% of the average daily net assets of Class R2, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                      
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        132          1,657          4,089          8,579  
CLASS R5 SHARES ($)        66          1,478          3,856          8,350  
CLASS R6 SHARES ($)        56          1,453          3,826          8,322  

JPMORGAN INTERNATIONAL EQUITY FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on page 36 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees1        0.70 %       0.70 %       0.70 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.38        0.39        0.37  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses2

        0.13        0.14        0.12  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses1        1.33        1.84        1.07  
Fee Waivers and Expense Reimbursements3        (0.38 )       (0.39 )       (0.37 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements3 		       0.95        1.45        0.70  

 

1 As of November 1, 2016, the Fund’s advisory fee was reduced, therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to effect the current fee.

 

2 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

3 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.95%, 1.45% and 0.70% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        617          851          1,145          1,978  
CLASS C SHARES ($)        248          501          921          2,093  
CLASS I SHARES ($)        72          265          516          1,237  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                                
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        617          851          1,145          1,978  
CLASS C SHARES ($)        148          501          921          2,093  
CLASS I SHARES ($)        72          265          516          1,237  

For the Class R2, Class R5 and Class R6 Shares:

The tables below replace the corresponding tables on page 27 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R2      Class R5      Class R6  
Management Fees1        0.70 %       0.70 %       0.70 % 
Distribution (Rule 12b-1) Fees        0.50        NONE        NONE  
Other Expenses        0.41        0.22        0.11  

Shareholder Service Fees

        0.25        0.10 *       NONE  

Remainder of Other Expenses

        0.16        0.12 2       0.11  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses1        1.61        0.92        0.81  
Fee Waivers and Expense Reimbursements3        0.36        0.32        0.31  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements3 		       1.25        0.60        0.50  

 

* Effective 4/3/17, the “Shareholder Service Fees” for Class R5 Shares increased to 0.10%.

 

1 As of May 20, 2016, the Fund’s advisory fee was reduced, therefore, the Management Fees and Total Annual Fund Operating Expenses have been restated to effect the current fee.

 

2 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

3 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.25%, 0.60% and 0.50% of the average daily net assets of Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                      
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        127          436          806          1,848  
CLASS R5 SHARES ($)        61          228          445          1,071  
CLASS R6 SHARES ($)        51          195          387          942  

JPMORGAN INTERNATIONAL EQUITY INCOME FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on pages 41-42 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees        0.70 %       0.70 %       0.70 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.57        0.59        0.57  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses

        0.32        0.34        0.32  
      

 

 

     

 

 

     

 

 

  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
Total Annual Fund Operating Expenses1        1.53        2.05        1.28  
Fee Waivers and Expense Reimbursements2        (0.58 )       (0.60 )       (0.58 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements2 		       0.95        1.45        0.70  

 

1 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.95%, 1.45% and 0.70% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        617          872          1,208          2,156  
CLASS C SHARES ($)        248          523          989          2,280  
CLASS I SHARES ($)        72          288          588          1,440  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                                
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        617          872          1,208          2,156  
CLASS C SHARES ($)        148          523          989          2,280  
CLASS I SHARES ($)        72          288          588          1,440  

For the Class R2, Class R5 and Class R6 Shares:

The tables below replace the corresponding tables on page 32 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R2      Class R5      Class R6  
Management Fees        0.70 %       0.70 %       0.70 % 
Distribution (Rule 12b-1) Fees        0.50        NONE        NONE  
Other Expenses        1.05        0.64        2.36  

Shareholder Service Fees

        0.25        0.10 *       NONE  

Remainder of Other Expenses

        0.80 1       0.54        2.36  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses        2.26        1.35        3.07  
Fee Waivers and Expense Reimbursements2        1.01        0.75        2.57  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements2 		       1.25        0.60        0.50  

 

* Effective 4/3/17, the “Shareholder Service Fees” for Class R5 Shares increased to 0.10%.

 

1 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.25%, 0.60% and 0.50% of the average daily net assets of Class R2, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                      
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        127          506          1,020          2,432  
CLASS R5 SHARES ($)        61          275          591          1,489  
CLASS R6 SHARES ($)        51          443          1,140          3,003  

JPMORGAN INTERNATIONAL UNCONSTRAINED EQUITY FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on pages 55-56 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees        0.70 %       0.70 %       0.70 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.61        0.64        0.61  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses1

        0.36        0.39        0.36  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses        1.57        2.10        1.32  
Fee Waivers and Expense Reimbursements2        (0.57 )       (0.60 )       (0.57 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements2 		       1.00        1.50        0.75  

 

1 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.00%, 1.50% and 0.75% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          886          1,230          2,200  
CLASS C SHARES ($)        253          539          1,015          2,333  
CLASS I SHARES ($)        77          303          611          1,487  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD BE:		                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          886          1,230          2,200  
CLASS C SHARES ($)        153          539          1,015          2,333  
CLASS I SHARES ($)        77          303          611          1,487  

For the Class R2, Class R5 and Class R6 Shares:

The tables below replace the corresponding tables on page 46 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R2      Class R5      Class R6  
Management Fees        0.70 %       0.70 %       0.70 % 
Distribution (Rule 12b-1) Fees        0.50        NONE        NONE  
Other Expenses        3.17        2.94        0.32  

Shareholder Service Fees

        0.25        0.10 *       NONE  

Remainder of Other Expenses

        2.92        2.84        0.32  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses        4.38        3.65        1.03  
Fee Waivers and Expense Reimbursements1        (3.08 )       (3.00 )       (0.48 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements1 		       1.30        0.65        0.55  

 

* Effective 4/3/17, the “Shareholder Service Fees” for Class R5 Shares increased to 0.10%.

 

1 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.30%, 0.65% and 0.55% of the average daily net assets of Class R2, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                      
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        132          742          1,696          4,133  
CLASS R5 SHARES ($)        66          536          1,352          3,492  
CLASS R6 SHARES ($)        56          230          473          1,170  

JPMORGAN INTERNATIONAL VALUE FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on page 60 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees        0.60 %       0.60 %       0.60 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.38        0.39        0.38  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses1

        0.13        0.14        0.13  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses        1.23        1.74        0.98  
Fee Waivers and Expense Reimbursements2        (0.23 )       (0.24 )       (0.23 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements2 		       1.00        1.50        0.75  

 

1 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.00%, 1.50% and 0.75% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          851          1,122          1,896  
CLASS C SHARES ($)        253          500          898          2,011  
CLASS I SHARES ($)        77          265          496          1,158  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                                
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          851          1,122          1,896  
CLASS C SHARES ($)        153          500          898          2,011  
CLASS I SHARES ($)        77          265          496          1,158  

Also the first paragraph under “Expense Limitation – International Value Fund” on page 106 of deleted.

For the Class R2, Class R5 and Class R6 Shares:

The tables below replace the corresponding tables on page 51 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R2      Class R5      Class R6  
Management Fees        0.60 %       0.60 %       0.60 % 
Distribution (Rule 12b-1) Fees        0.50        NONE        NONE  
Other Expenses        0.44        0.23        0.13  

Shareholder Service Fees

        0.25        0.10 *       NONE  

Remainder of Other Expenses

        0.19 2       0.13 1       0.13  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses        1.54        0.83        0.73  
Fee Waivers and Expense Reimbursements3        (0.24 )       (0.18 )       (0.18 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements3 		       1.30        0.65        0.55  

 

* Effective 4/3/17, the “Shareholder Service Fees” for Class R5 Shares increased to 0.10%.

 

1 “Remainder of Other Expense” has been calculated based on the estimated amounts for the current year.

 

2 “Remainder of Other Expenses” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

3 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.30%, 0.65% and 0.55% of the average daily net assets of Class R2, Class R5 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COST WOULD BE:		                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        132          438          793          1,792  
CLASS R5 SHARES ($)        66          228          424          991  
CLASS R6 SHARES ($)        56          196          370          872  

Also the paragraph under “Expense Limitation – International Value Fund” on page 82 is deleted.

JPMORGAN INTREPID EUROPEAN FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on pages 68-69 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees        0.65 %       0.65 %       0.65 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.41        0.41        0.39  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses1

        0.16        0.16        0.14  
      

 

 

     

 

 

     

 

 

  
Acquired Fund Fees and Expenses        0.01        0.01        0.01  
Total Annual Fund Operating Expenses        1.32        1.82        1.05  
Fee Waivers and Expense Reimbursements2        (0.08 )       (0.08 )       (0.06 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements2 		       1.24        1.74        0.99  

 

1 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.24%, 1.74% and 0.99% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        645          906          1,196          2,018  
CLASS C SHARES ($)        277          557          970          2,124  
CLASS I SHARES ($)        101          322          567          1,271  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                                
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        645          906          1,196          2,018  
CLASS C SHARES ($)        177          557          970          2,124  
CLASS I SHARES ($)        101          322          567          1,271  

JPMORGAN INTREPID INTERNATIONAL FUND

For the Class A, Class C and Class I Shares:

The tables below replace the corresponding tables on page 77 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class A      Class C      Class I  
Management Fees        0.60 %       0.60 %       0.60 % 
Distribution (Rule 12b-1) Fees        0.25        0.75        NONE  
Other Expenses        0.37        0.41        0.37  

Shareholder Service Fees

        0.25        0.25        0.25  

Remainder of Other Expenses1

        0.12        0.16        0.12  
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses        1.22        1.76        0.97  
Fee Waivers and Expense Reimbursements2        (0.22 )       (0.26 )       (0.22 ) 
      

 

 

     

 

 

     

 

 

  
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements2 		       1.00        1.50        0.75  

 

1 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.00%, 1.50% and 0.75% of the average daily net assets of Class A, Class C and Class I Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:                                        
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          850          1,119          1,887  
CLASS C SHARES ($)        253          502          904          2,029  
CLASS I SHARES ($)        77          264          492          1,148  

 

IF YOU DO NOT SELL YOUR SHARES, YOUR COST WOULD BE:                                
        1 Year        3 Years        5 Years        10 Years  
CLASS A SHARES ($)        622          850          1,119          1,887  
CLASS C SHARES ($)        153          502          904          2,029  
CLASS I SHARES ($)        77          264          492          1,148  

For the Class R2 and Class R6 Shares:

The tables below replace the corresponding tables on page 56 of the prospectus.

 

ANNUAL FUND OPERATING EXPENSES

(Expenses that you pay each year as a percentage of the value of your investment)

                  
        Class R2      Class R6  
Management Fees        0.60 %       0.60 % 
Distribution (Rule 12b-1) Fees        0.50        NONE  
Other Expenses        0.51        0.12  

Shareholder Service Fees

        0.25        NONE  

Remainder of Other Expenses

        0.26 1       0.12  
      

 

 

     

 

 

  
Total Annual Fund Operating Expenses        1.61        0.72  
Fee Waivers and Expense Reimbursements2        (0.31 )       (0.17 ) 
Total Annual Fund Operating Expenses After Fee Waivers
and Expense Reimbursements2 		       1.30        0.55  

 

1 “Remainder of Other Expense” has been calculated based on the actual other expenses incurred in the most recent fiscal year, except that these expenses have been adjusted to reflect the combination of sub-transfer agency expenses into “Shareholder Service Fees” effective 4/3/17.

 

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 1.30% and 0.55% of the average daily net assets of Class R2 and Class R6 Shares, respectively. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them.

Example

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 10/31/19 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.

 

WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST WOULD BE:                      
        1 Year        3 Years        5 Years        10 Years  
CLASS R2 SHARES ($)        132          446          816          1,857  
CLASS R6 SHARES ($)        56          195          366          862  

 

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE

SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE