0000792953-12-000067.txt : 20121121 0000792953-12-000067.hdr.sgml : 20121121 20121121094148 ACCESSION NUMBER: 0000792953-12-000067 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121121 DATE AS OF CHANGE: 20121121 EFFECTIVENESS DATE: 20121121 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMORGAN VALUE OPPORTUNITIES FUND INC CENTRAL INDEX KEY: 0000770482 IRS NUMBER: 521400462 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-97999 FILM NUMBER: 121219783 BUSINESS ADDRESS: STREET 1: 1101 VERMONT AVE NW STREET 2: SUITE 800 CITY: WASHINGTON STATE: DC ZIP: 20005 BUSINESS PHONE: 2028425665 MAIL ADDRESS: STREET 1: 1101 VERMONT AVE NW STREET 2: SUITE 800 CITY: WASHINGTON STATE: DC ZIP: 20005 FORMER COMPANY: FORMER CONFORMED NAME: GROWTH FUND OF WASHINGTON INC /DC/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WASHINGTON AREA GROWTH FUND INC /DC/ DATE OF NAME CHANGE: 19850610 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMORGAN VALUE OPPORTUNITIES FUND INC CENTRAL INDEX KEY: 0000770482 IRS NUMBER: 521400462 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04321 FILM NUMBER: 121219784 BUSINESS ADDRESS: STREET 1: 1101 VERMONT AVE NW STREET 2: SUITE 800 CITY: WASHINGTON STATE: DC ZIP: 20005 BUSINESS PHONE: 2028425665 MAIL ADDRESS: STREET 1: 1101 VERMONT AVE NW STREET 2: SUITE 800 CITY: WASHINGTON STATE: DC ZIP: 20005 FORMER COMPANY: FORMER CONFORMED NAME: GROWTH FUND OF WASHINGTON INC /DC/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WASHINGTON AREA GROWTH FUND INC /DC/ DATE OF NAME CHANGE: 19850610 0000770482 S000003489 JPMORGAN VALUE OPPORTUNITIES FUND INC C000009649 Class A JVOAX C000009650 Class B JVOBX C000009651 Class C JVOCX C000009652 Institutional Share Class JVOIX 485BPOS 1 bpos.htm 485BPOS bpos.htm

Securities Act File No. 2-97999
Investment Company Act File No. 811-4321

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
    
    
    
[X]
Pre-Effective Amendment No.
    
    
    
[   ]
Post-Effective Amendment No. 46
    
    
    
[X]
             
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
    
    
    
[X]
Amendment No. 42
    
    
    
[X]
 
 (Check appropriate box or boxes)
 
 

 
 
JPMorgan Value Opportunities Fund, Inc.
 
 
(Exact Name of Registrant Specified in Charter)
 
 
1101 Vermont Avenue, N.W.
 
 
Washington, D.C. 20005
 
 
(Address of Principal Executive Offices)
 
 
Registrant’s Telephone No., Including Area Code: (202) 842-5665
 
 
Jeffrey L. Steele
 
 
Washington Management Corporation
 
 
1101 Vermont Avenue, N.W.
 
 
Washington, D.C. 20005
 
 
(Name and Address of Agent for Service)

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

[ X ]
immediately upon filing pursuant to paragraph (b)
 
[   ]
on (date) pursuant to paragraph (b)
 
[   ]
60 days after filing pursuant to paragraph (a)(1)
 
[   ]
on (date) pursuant to paragraph (a)(1)
 
[   ]
75 days after filing pursuant to paragraph (a)(2)
 
[   ]
on (date) pursuant to paragraph (a)(2) of Rule 485

If appropriate, check the following box:

[  ]
 
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.


 
 
 
 
 
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended (the “1933 Act”), and the Investment Company Act of 1940, as amended, the Registrant, JP Morgan Value Opportunities Fund, Inc., has duly caused this Post-Effective Amendment No. 46 to its Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Washington and District of Columbia on the 21st day of November, 2012.

JP Morgan Value Opportunities Fund, Inc.

By:    
 
/s/Jeffrey L. Steele            
Jeffrey L. Steele
President


Counsel certifies that this Registration Statement meets all the requirements for effectiveness pursuant to Rule 485(b) under the 1933 Act.
By:    
 
/s/Stephanie L. Pfromer
Stephanie L. Pfromer, Esq.


Pursuant to the requirements of the 1933 Act, this Registration Statement has been signed below by the following persons in the capacities indicated on November 21, 2012.

Nariman Farvardin*
    
    
    
James C. Miller III*
 
Nariman Farvardin
     
James C. Miller III
 
Director
    
    
    
Director
 
 
    
    
    
   
Barbara Hackman Franklin*
    
    
    
J. Knox Singleton*
 
Barbara Hackman Franklin
     
J. Knox Singleton
 
Director
    
    
    
Director and Chairman of the Board
 
 
    
    
    
   
R. Clark Hooper*
    
    
    
/s/Jeffrey L. Steele
 
R. Clark Hooper
      Jeffrey L. Steele  
Director
    
    
    
President and Director
 
 
    
    
    
   
James H. Lemon, Jr.*
    
    
    
   
James H. Lemon, Jr.
         
Director and Vice Chairman of the Board
    
    
    
   

 
 
By /s/Michael W. Stockton
Michael W. Stockton
    
    
    
 
 
By /s/Jeffrey L. Steele
Jeffrey L. Steele
 
Senior Vice President, Treasurer, Chief Financial Officer and Assistant Secretary
    
    
    
President
 
 
    
    
    
   
*By /s/Michael W. Stockton
Michael W. Stockton
    
    
    
   
Attorney-in-fact
    
    
    
   

 
 
 
 
 
POWER OF ATTORNEY


The undersigned directors of JPMorgan Value Opportunities Fund, Inc., a Maryland Corporation, do hereby constitute and appoint Michael W. Stockton, Jennifer L. Butler and Stephanie L. Pfromer, or any of them to act as attorneys-in-fact for and in his or her  name, place and stead (1) to sign his or her  name as a director of said Corporation to any and all amendments to the Registration Statement of JPMorgan Value Opportunities Fund, Inc., File No. 2-97999 under the Securities Act of 1933 as amended, or under the Investment Company Act of 1940, as amended, File No. 811-4321, said amendments to be filed with the Securities and Exchange Commission, and to any and all reports, applications or renewal of applications required by any State in the United States of America in which this Corporation is registered to sell shares, and (2) to deliver any and all such amendments to such Registration Statement, so signed, for filing with the Securities and Exchange Commission under the provisions of the Securities Act of 1933 as amended, or the Investment Company Act of 1940, as amended, granting to said attorneys-in-fact, and each of them, full power and authority to do and perform every act and thing whatsoever requisite and necessary to be done in and about the premises as fully to all intents and purposes as the undersigned might or could do if personally present, hereby ratifying and approving the acts of said attorneys-in-fact.

EXECUTED at Washington, D.C., this 20th day of September, 2011.


JPMORGAN VALUE OPPORTUNITIES FUND, INC.
 

 
/s/ Nariman Farvardin 
  /s/ James C. Miller III  
Nariman Farvardin    James C. Miller III  
       
/s/ Barbara H. Franklin               
/s/ Jeffrey L. Steele
 
Barbara H. Franklin    Jeffrey L. Steele  
       
/s/ R. Clark Hooper   /s/ J. Knox Singleton  
R. Clark Hooper   J. Knox Singleton  
       
/s/ James H. Lemon, Jr.
     
James H. Lemon, Jr.
     
                                                               


 
 
 
 

EXHIBIT INDEX


EXHIBIT NO.                                        EXHIBIT DESCRIPTION

101.INS
XBRL Instance Document
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase
101.DEF
XBRL Taxonomy Extension Definition Linkbase
101.LAB
XBRL Taxonomy Extension Labels Linkbase
101.PRE
XBRL Taxonomy Extension Presentation Linkbase


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JPMORGAN VALUE OPPORTUNITIES FUND INC [BarChart] link:presentationLink link:calculationLink link:definitionLink 000017 - Schedule - Average Annual Total Returns {Transposed} {- JPMORGAN VALUE OPPORTUNITIES FUND INC} link:presentationLink link:calculationLink link:definitionLink 000018 - Document - Risk/Return Detail {Unlabeled} - JPMORGAN VALUE OPPORTUNITIES FUND INC link:presentationLink link:calculationLink link:definitionLink 000019 - Disclosure - Risk/Return Detail Data {Elements} - JPMORGAN VALUE OPPORTUNITIES FUND INC - A, B, C Shares link:presentationLink link:calculationLink link:definitionLink 000021 - Document - Risk/Return Summary {Unlabeled} - JPMORGAN VALUE OPPORTUNITIES FUND INC - Institutional Shares link:presentationLink link:calculationLink link:definitionLink 000022 - Schedule - Shareholder Fees {- JPMORGAN VALUE OPPORTUNITIES FUND INC Institutional Share Class} link:presentationLink link:calculationLink link:definitionLink 000023 - Schedule - Annual Fund Operating Expenses {- JPMORGAN VALUE OPPORTUNITIES FUND INC Institutional Share Class} link:presentationLink link:calculationLink link:definitionLink 000024 - Schedule - Expense Example {Transposed} {- JPMORGAN VALUE OPPORTUNITIES FUND INC Institutional Share Class} link:presentationLink link:calculationLink link:definitionLink 000025 - Schedule - Expense Example, No Redemption {Transposed} {- JPMORGAN VALUE OPPORTUNITIES FUND INC Institutional Share Class} link:presentationLink link:calculationLink link:definitionLink 000026 - Schedule - Annual Total Returns - JPMORGAN VALUE OPPORTUNITIES FUND INC Institutional Share Class [BarChart] link:presentationLink link:calculationLink link:definitionLink 000027 - Schedule - Average Annual Total Returns {Transposed} {- JPMORGAN VALUE OPPORTUNITIES FUND INC Institutional Share Class} link:presentationLink link:calculationLink link:definitionLink 000028 - Document - Risk/Return Detail {Unlabeled} - JPMORGAN VALUE OPPORTUNITIES FUND INC Institutional Share Class link:presentationLink link:calculationLink link:definitionLink 000029 - Disclosure - Risk/Return Detail Data {Elements} - JPMORGAN VALUE OPPORTUNITIES FUND INC - Institutional Shares link:presentationLink link:calculationLink link:definitionLink EX-101.INS 4 jpvofi-20121101.xml XBRL TAXONOMY EXTENSION SCHEMA LINKBASE 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 <font style="font-family:Arial Narrow" size="2"><b>IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> 1100 887 887 416 416 <font style="font-family:Arial Narrow" size="2"><b>Example</b></font> 1100 1087 <font style="font-family:Arial Narrow" size="2"><b>Example </b></font> 2012-09-30 2012-09-30 <div style="display:none">~ http://www.jpmorganfunds.com/role/ScheduleShareholderFeesJPMORGANVALUEOPPORTUNITIESFUNDINC column period compact * ~</div> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Value Opportunities Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: A/JVOAX; B/JVOBX; C/JVOCX 0.0525 <font style="font-family:Arial Narrow" size="2"><b>SHAREHOLDER FEES </b></font><font style="font-family:Arial Narrow" size="1"><b>(Fees paid directly from your investment)</b></font> <font style="font-family:Arial Narrow" size="5"><a name="toc131168_1"></a>JPMorgan Value Opportunities Fund</font><br/><br/><font style="font-family:Arial Narrow" size="2"><b>Class/Ticker: Institutional/JVOIX</b></font> 887 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 142% of the average value of its portfolio.</font> <font style="font-family:Arial Narrow" size="2">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Fund&#146;s performance. During the Fund&#146;s most recent fiscal year, the Fund&#146;s portfolio turnover rate was 142% of the average value of its portfolio. </font> 0.3263 <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> 0.3263 0.1352 <font style="FONT-FAMILY: Arial Narrow" size="2">You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds.</font> <font style="font-family:Arial Narrow" size="2"><i>www.jpmorganfunds.com</i></font> <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 <font style="FONT-FAMILY: Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your family invest, or agree to invest in the future, at least $50,000 in the J.P. Morgan Funds. <i>More information about these and other discounts is available from your financial intermediary and in &#147;How to Do Business with the Funds &#151; SALES CHARGES&#148; on page 78 of the prospectus and in &#147;PURCHASES, REDEMPTIONS AND EXCHANGES&#148; on page 45 of the Statement of Additional Information.</i></font> 0 0 66 <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> -0.0021 <font style="FONT-FAMILY: Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</font> 615 648 248 1821 1817 1958 <font style="font-family:Arial Narrow" size="2">The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. </font> <font style="font-family:Arial Narrow" size="2"><b>ANNUAL FUND OPERATING EXPENSES</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(Expenses that you pay each year as a percentage of the value</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>of your investment)</b></font> <font style="font-family:Arial Narrow" size="2">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower. </font> 943 <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. </font> <font style="font-family:Arial Narrow" size="2"> <i>1-800-480-4111</i> </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>21.22%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-20.68%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.27%. </font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">2nd quarter, 2009</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>21.38%</b></font><br/><font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2">4th quarter, 2008</font>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp;<font style="FONT-FAMILY: Arial Narrow" size="2"><b>-20.64%</b></font><br/><br/> <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return through 9/30/12 was 13.52%. </font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2"><b>AVERAGE ANNUAL TOTAL RETURNS</b></font><br/><font style="font-family:Arial Narrow" size="1"><b>(For periods ended December 31, 2011)</b></font> 50000 <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">The bar chart shows how the performance of the Fund&#146;s Class A Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</font> <font style="font-family:Arial Narrow" size="2"><i>1-800-480-4111</i></font> <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 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> <font style="font-family:Arial Narrow" size="2">10/31/13</font> 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 <font style="font-family:Arial Narrow" size="2"><b>What is the goal of the Fund? </b></font> 615 148 148 <font style="font-family:Arial Narrow" size="2"><b>IF YOU DO NOT SELL YOUR SHARES, YOUR COST<br/>WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>WHETHER OR NOT YOU SELL YOUR SHARES, YOUR<br/> COST WOULD BE:</b></font> <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> 66 <font style="font-family:Arial Narrow" size="2"><b>What are the Fund&#146;s main investment strategies? </b></font> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /> <div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you. </font></p></div> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value. </font></p> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>General Market Risk.</i> Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. </font></p><p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Value Investing Risk. </i>A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur. </font></p> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Mid-Cap Company Risk. </i>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. </font> </p> <p style="margin-top:6px;margin-bottom:0px"> <font style="font-family:Arial Narrow" size="2"><i>Derivative Risk.</i> Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid. </font></p> <p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font> </p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> </p></div> <font style="font-family:Arial Narrow" size="2">The Fund is subject to management risk and may not achieve its objective if the adviser&#146;s expectations regarding particular securities or markets are not met. </font><br /><br /><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">An investment in this Fund or any other fund may not provide a complete investment program. The suitability of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.</font></p></div><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Equity Market Risk. </i>The price of equity securities may rise or fall because of changes in the broad market or changes in a company&#146;s financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting individual companies, sectors or industries selected for the Fund&#146;s portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Fund&#146;s securities goes down, your investment in the Fund decreases in value.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2"><i>General Market Risk. </i>Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Value Investing Risk. </i>A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the company&#146;s value or the factors that the adviser believes will cause the stock price to increase do not occur.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Mid-Cap Company Risk. </i>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.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Derivative Risk. </i>Derivatives, including futures, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund&#146;s original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2"><i>High Portfolio Turnover Risk. </i>The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.</font></p><p style="margin-top:6px;margin-bottom:0px"><font style="FONT-FAMILY: Arial Narrow" size="2"><i>Redemption Risk. </i>The Fund could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.</font></p><p style="margin-top:6px;margin-bottom:0px">&nbsp;</p><div style="width:100%;margin-left:0%; margin-right:0%;border:solid 1pt #3f3f3f;padding-top:2px;padding-bottom:3px"><p style="margin-top:0px;margin-bottom:0px;padding-top:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</font></p><p style="margin-top:6px;margin-bottom:0px;padding-bottom:0px; margin-left:1%;margin-right:1%"><font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font></p></div> <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund. </font> -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 <font style="font-family:Arial Narrow" size="2">You could lose money investing in the Fund.</font> <font style="FONT-FAMILY: Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> <font style="font-family:Arial Narrow" size="2">Actual after-tax returns depend on your tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</font> 2009-06-30 0.2122 2008-12-31 false 2012-11-01 2012-11-01 0.004 0 0.0037 0.0065 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund seeks to provide long-term capital appreciation.</font> <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> 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 <font style="font-family:Arial Narrow" size="2">The Fund seeks to provide long-term capital appreciation. </font> 849 505 505 <font style="font-family:Arial Narrow" size="2"><b>Fees and Expenses of the Fund </b></font> <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover</b></font> 234 <font style="font-family:Arial Narrow" size="2"><b>Portfolio Turnover </b></font> 1.42 <font style="font-family:Arial Narrow" size="2">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. &#147;Assets&#148; 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. </font> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund&#146;s adviser invests in companies whose securities are, in the adviser&#146;s opinion, 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 company&#146;s real growth potential. The research findings allow the adviser to rank the companies in each industry group according to their relative value. </font></p> <p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">On behalf of the Fund, the adviser then buys and sells securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as undervalued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria: </font> </p> <ul><li><font style="font-family:Arial Narrow" size="2">catalysts that could trigger a rise in a stock&#146;s price </font></li> <li><font style="font-family:Arial Narrow" size="2">high potential reward compared to potential risk </font></li> <li><font style="font-family:Arial Narrow" size="2">temporary mispricings caused by market overreactions. </font></li></ul> <font style="font-family:Arial Narrow" size="2">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. &#147;Assets&#148; 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.</font><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash positions. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">Investment Process: The Fund&#146;s adviser invests in companies whose securities are, in the adviser&#146;s opinion, 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 company&#146;s real growth potential. The research findings allow the adviser to rank the companies in each industry group according to their relative value. </font></p><p style="margin-top:6px;margin-bottom:0px"><font style="font-family:Arial Narrow" size="2">On behalf of the Fund, the adviser then buys and sells securities, using the research and valuation rankings as a basis. In general, the adviser buys equity securities that are identified as undervalued and considers selling them when they appear overvalued. Along with attractive valuation, the adviser often considers a number of other criteria:</font></p><ul><li><font style="font-family:Arial Narrow" size="2">catalysts that could trigger a rise in a stock&#146;s price</font></li><li><font style="font-family:Arial Narrow" size="2">high potential reward compared to potential risk</font></li><li><font style="font-family:Arial Narrow" size="2">temporary mispricings caused by market overreactions.</font></li></ul> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Main Investment Risks </b></font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. </font> <font style="font-family:Arial Narrow" size="2"><b>The Fund&#146;s Past Performance </b></font> <font style="font-family:Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#146;s 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<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. 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. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.</i></font><br/><br/><font style="font-family:Arial Narrow" size="2">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.</font> <font style="font-family:Arial Narrow" size="2">This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund&#146;s 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<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. 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. <i>Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111</i>. </font> 0.1714 0.0366 0.199 -0.0149 -0.3992 0.3168 0.121 <font style="font-family:Arial Narrow" size="2"> The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.</font> <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR-RETURNS</b></font> <font style="font-family:Arial Narrow" size="2">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </font> -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 <font style="font-family:Arial Narrow" size="2"><b>YEAR-BY-YEAR RETURNS</b></font> 0.1714 0.0411 0.2046 -0.0111 -0.3969 0.3236 0.1245 <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> -0.2064 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> 10/31/13 1.42 <font style="font-family:Arial Narrow" size="2">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</font> <font style="FONT-FAMILY: Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">The table compares that performance to the Russell 1000<font style="font-family:Arial Narrow" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">&reg;</sup></font> Value Index and the Lipper Large-Cap Value Funds Index, an index based on the total returns of certain mutual funds within the Fund&#146;s designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index.</font> <font style="font-family:Arial Narrow" size="2"> Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</font> <font style="font-family:Arial Narrow" size="2">The 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.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font> <font style="font-family:Arial Narrow" size="2">After-tax returns are shown only for the Class A Shares, and after-tax returns for the other classes will vary.</font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Best Quarter</b></font> <font style="FONT-FAMILY: Arial Narrow" size="2"><b>Worst Quarter</b></font> -0.2068 <font style="FONT-FAMILY: Arial Narrow" size="2">The Fund&#146;s year-to-date total return</font> <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. 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