jpmorgan specialty funds

P R O S P E C T U S F E B R U A R Y 2 9 , 2 0 0 8

JPMorganSpecialtyFundsClass A & Class B Shares

JPMorgan Market Neutral Fund

The Securities and Exchange Commission hasnot approved or disapproved of these securitiesor determined if this prospectus is truthful orcomplete. Any representation to the contrary isa criminal offense.

CONTENTS

JPMorgan Market Neutral Fund . . . . . . . . . . . . . . . . . . . . . . . 1

The Fund’s Management and Administration . . . . . . . . . 8

How to Do Business with the Fund . . . . . . . . . . . . . . . . . . . . 10

Purchasing Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Sales Charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Rule 12b-1 Fees. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Networking and Sub-Transfer Agency Fees . . . . . . 19

Exchanging Fund Shares. . . . . . . . . . . . . . . . . . . . . . . . . . 20

Redeeming Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Shareholder Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Distributions and Taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Shareholder Statements and Reports. . . . . . . . . . . . . 24

Availability of Proxy Voting Record . . . . . . . . . . . . . . . . 24

Portfolio Holdings Disclosure . . . . . . . . . . . . . . . . . . . . . . 24

Risk and Reward Elements for the Fund. . . . . . . . . . . . . . . 25

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Legal Proceedings Relating to Banc One InvestmentAdvisors Corporation and Certain of its Affiliates . . . . . . 32

How to Reach Us . . . . . . . . . . . . . . . . . . . . . . . . . . . Back cover

What is the goal of the Fund?The Fund seeks to provide long-term capital appreciationfrom a broadly diversified portfolio of U.S. stocks whileneutralizing the general risks associated with stockmarket investing.

What are the Fund’s main investment strategies?The Fund takes long and short positions in different securi-ties, selecting from a universe of mid- to large-capitalizationstocks with characteristics similar to those of the Russell1000 and/or Standard & Poor’s 500 (S&P 500) Indexes, inan effort to insulate the Fund’s performance from the effectsof general stock market movements.

In rising markets, the Fund expects that the long posi-tions will appreciate more rapidly than the short positions,and in declining markets that the short positions willdecline faster than the long positions. The Fund expectsthat this difference in rates of appreciation, along with anyreturns on cash generated by short sales, will generate apositive return; the Fund pursues returns exceeding thoseof 90-day U.S. Treasury Bills.

The Fund purchases securities that it believes are under-valued and sells short securities that it believes are over-valued. The long and short positions are matched on avariety of risk characteristics in order to limit exposure tomacroeconomic factors.

In each sector in which the Fund invests, it balances thedollars invested in long and short positions to remainsector neutral. In attempting to neutralize market andsector risks, the Fund emphasizes stock selection as theprimary means of generating returns.

The Fund may invest in shares of exchange-traded funds(ETFs), affiliated money market funds and other invest-ment companies. An ETF is a registered investment com-pany that seeks to track the performance of a particularmarket index. These indexes include not only broad-market indexes but more specific indexes as well, includ-ing those relating to particular sectors, markets, regionsor industries.

Derivatives, which are investments that have a valuebased on another investment, exchange rate or index,may also be used as substitutes for securities in whichthe Fund can invest. The Fund may use futures con-tracts, options, swaps and other derivatives as tools inthe management of portfolio assets. The Fund mayuse derivatives to hedge various investments and forrisk management.

The Fund may invest in real estate investment trusts(REITs), which are pooled investment vehicles that invest

primarily in income-producing real estate or loans relatedto real estate.

For cash management or temporary defensive purposes,the Fund may invest any portion of its total assets in affili-ated money market funds, high-quality money marketinstruments or repurchase agreements.

The Fund’s Board of Trustees may change any of itsinvestment policies (including its investment objective)without shareholder approval.

The Fund is diversified as defined in the InvestmentCompany Act of 1940.

BEFORE YOU INVEST

Investors considering the Fund shouldunderstand that:• There is no assurance that the Fund will meet its

investment objective.

• The Fund does not represent a complete investmentprogram.

Investments in the Fund are not deposits or obligationsof, or guaranteed or endorsed by, any bank and arenot insured or guaranteed by the FDIC, the FederalReserve Board or any other government agency. Youcould lose money if you sell when the Fund’s shareprice is lower than when you invested.

Investment ProcessIn managing the Fund, J.P. Morgan Investment Manage-ment Inc. (JPMIM or the adviser), employs a three-step pro-cess that combines research, valuation and stock selection.

The adviser takes an in-depth look at company prospectsover a relatively long period — often as much as fiveyears — rather than focusing on near-term expectations.This approach is designed to provide insight into a com-pany’s real growth potential.

The research findings allow the adviser to rank the com-panies according to their relative value. The greater acompany’s estimated worth compared to the currentmarket price of its stock, the more undervalued thecompany. The valuation rankings are produced with thehelp of a variety of models that quantify the researchteam’s findings.

The Fund buys and sells securities according to its ownpolicies, using the research and valuation rankings as a

JPMorgan Market Neutral Fund

FEBRUARY 29, 2008 1

basis. In general, the team selects securities that areidentified as undervalued and considers selling themwhen they appear overvalued. Along with attractive valua-tion, the team often considers a number of other criteria:

• catalysts that could trigger a rise in a stock’s price

• impact on the overall risk of the portfolio relative tothe benchmark

• temporary mispricings caused by market overreactions

The frequency with which the Fund buys and sells securi-ties will vary from year to year, depending on marketconditions.

The Fund’s Main Investment RisksAll mutual funds carry a certain amount of risk. You maylose money on your investment in the Fund. Here aresome specific risks of investing in the Fund. The Fund issubject to management risk because it is an activelymanaged fund. The Fund may not achieve its objective ifthe adviser’s expectations regarding particular securitiesor markets are not met.

Market Risk. The price of equity securities may rise or fallbecause of changes in the broad market or changes in acompany’s financial condition, sometimes rapidly orunpredictably. These price movements may result fromfactors affecting individual companies, sectors or indus-tries selected for the Fund’s portfolio or the securitiesmarket as a whole, such as changes in economic orpolitical conditions. Equity securities are subject to “stockmarket risk” meaning that stock prices in general (or inparticular, the types of securities in which the Fundinvests) may decline over short or extended periods oftime. When the value of the Fund’s securities goes down,your investment in the Fund decreases in value.

Short Selling Risk. While the Fund’s market neutralapproach seeks to minimize the risks of investing in theoverall stock market, it may involve more risk than otherfunds that do not engage in short selling. The Fund’s useof short sales in combination with long positions in theFund’s portfolio in an attempt to improve performance orto reduce overall portfolio risk may not be successful andmay result in greater losses or lower positive returns thanif the Fund held only long positions. It is possible that theFund’s long equity positions will decline in value at thesame time that the value of its short equity positionsincrease, thereby increasing potential losses to the Fund.

The Fund must borrow those securities to make delivery tothe buyer. The Fund may not always be able to borrow asecurity it wants to sell short. The Fund also may be unableto close out an established short position at an acceptable

price, and may have to sell related long positions atdisadvantageous times. The Fund’s loss on a short sale ispotentially unlimited because there is no upward limit on theprice a borrowed security could attain.

High Portfolio Turnover Risk. The techniques and strate-gies contemplated by the Fund are expected to result ina high degree of portfolio turnover. High portfolio turnover(e.g., over 100%) may involve correspondingly greaterexpenses to the Fund, including brokerage commissionsor dealer mark-ups and other transaction costs on thesale of securities and reinvestments in other securities.Such sales may also result in realization of taxable capitalgains, including short-term capital gains (which are taxedat ordinary income tax rates when distributed to share-holders who are individuals), and may adversely impactthe Fund’s after-tax returns. The trading costs or taxeffects associated with portfolio turnover may adverselyaffect the Fund’s performance.

Real Estate Securities Risk. The value of real estatesecurities in general, and REITs in particular, are subjectto the same risks as direct investments in real estate andwill depend on the value of the underlying properties orthe underlying loans or interests. The value of thesesecurities will rise and fall in response to many factors,including economic conditions, the demand for rentalproperty and interest rates. In particular, the value ofthese securities may decline when interest rates rise andwill also be affected by the real estate market and by themanagement of the underlying properties. REITs may bemore volatile and/or more illiquid than other types ofequity securities.

Derivatives Risk. The Fund may use derivatives in con-nection with its investment strategies. Derivatives may beriskier than other types of investments because they maybe more sensitive to changes in economic or marketconditions than other types of investments and couldresult in losses that significantly exceed the Fund’s origi-nal investment. Certain derivatives may give rise to a formof leverage. As a result, the Fund may be more volatilethan if the Fund had not been leveraged because theleverage tends to exaggerate any effect of the increase ordecrease in the value of the Fund’s portfolio securities.Derivatives are also subject to the risk that changes inthe value of a derivative may not correlate perfectly withthe underlying asset, rate or index. The use of derivativesfor hedging or risk management purposes or to increaseincome or gain may not be successful, resulting in lossesto the Fund, and the cost of hedging may reduce theFund’s returns.

JPMorgan Market Neutral Fund (continued)

2 JPMORGAN SPECIALTY FUNDS

ETF and Investment Company Risk. The Fund may investin shares of other investment companies. Shareholdersbear both their proportionate share of the Fund’sexpenses and similar expenses of the underlying invest-ment company when the Fund invests in shares ofanother investment company. The price movement of aninvestment company that is an ETF may not track theunderlying index and may result in a loss. If the Fundinvests in closed-end investment companies, it may incuradded expenses such as additional management feesand trading costs.

Temporary Defensive Position Risk. To respond tounusual circumstances, the Fund may invest up to 100%of its total assets in cash and cash equivalents for tem-porary defensive purposes. These investments may pre-vent the Fund from meeting its investment objective.

Risk/Return SummaryFor a more detailed discussion of the Fund’s main risksand strategies, please see pages 25–29.

FEBRUARY 29, 2008 3

The Fund’s Past Performance

This section shows the Fund’s performance record withrespect to the Fund’s shares.* The bar chart shows howthe performance of the Fund’s Class A Shares has variedfrom year to year over the past nine calendar years. Thisprovides some indication of the risks of investing in theFund. The table shows the average annual total returnsfor the past one year, five years and life of the Fund. Itcompares that performance to the Merrill Lynch 3-MonthU.S. Treasury Bill Index, a broad-based securities marketindex, and the Lipper Equity Market-Neutral Funds Aver-age, an average based on the total returns of certainmutual funds within the Fund’s designated category asdetermined by Lipper.

The performance figures in the bar chart do not reflectany deduction for the front-end sales load which isassessed on Class A Shares. If the load were reflected,

the performance figures would have been lower. The per-formance figures in the table for the Class A Sharesreflect the deduction of the maximum front-end salesload and the performance figures in the table for Class BShares reflect the deduction of the applicable contingentdeferred sales load.

Past performance (before and after taxes) is not neces-sarily an indication of how any class of the Fund will per-form in the future.

The calculations assume that all dividends and distribu-tions are reinvested in the Fund. Some of the companiesthat provide services to the Fund have in the past agreednot to collect some expenses and to reimburse others.Without these agreements, the performance figureswould have been lower than those shown.

YEAR-BY-YEAR RETURNS*,1

–0.05%

8.38%7.43%

–3.67%1.14%

0.05% –0.80%

6.54%7.49%

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

200720062005200420032002200120001999

Best Quarter 2nd quarter, 2001 4.63% Worst Quarter 4th quarter, 1999 –3.64%

* Class A Shares were launched on 2/28/02 and the Fund’s performance in the bar chart prior to 1/1/03 is based on the performance of InstitutionalClass Shares of the Fund, which are not offered in this prospectus. During these periods, the actual returns of Class A Shares would have beenlower than shown because Class A Shares have higher expenses than Institutional Class Shares.

1 The Fund’s fiscal year end is 10/31.



AVERAGE ANNUAL TOTAL RETURNS (%) (WITH MAXIMUM SALES CHARGES)Shows performance over time for periods ended December 31, 2007*,1

Past 1 Year Past 5 Years Life of Fund1

CLASS A SHARESReturn Before Taxes 1.87 1.72 2.16Return After Taxes on Distributions 0.70 1.11 1.06Return After Taxes on Distributions and Sale of Fund Shares 1.39 1.17 1.20

CLASS B SHARES 1.94 1.94 2.44**

Return Before Taxes

MERRILL LYNCH 3-MONTH U.S. TREASURY BILL INDEX2,4 4.71 3.11 3.58(Reflects No Deduction for Fees, Expenses or Taxes)

LIPPER EQUITY MARKET-NEUTRAL FUNDS AVERAGE3,4 3.55 3.30 3.05(Reflects No Deduction for Taxes)

After-tax returns are shown only for the Class A Shares and not the other class offered by this prospectus, and after-taxreturns for the other class will vary. After-tax returns are calculated using the historical highest individual federal marginalincome tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’stax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who holdtheir shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.

* The Fund’s performance in the table for the period before Class A and Class B Shares were launched on 2/28/02 is based on the performance ofInstitutional Class Shares of the Fund. During these periods, the actual returns of Class A and Class B Shares would have been lower than shownbecause Class A and Class B Shares have higher expenses than Institutional Class Shares.

** Class B Shares automatically convert to Class A Shares after eight years. Therefore, the performance in the “Life of Fund” column represents acombination of Class A and Class B operating expenses.

1 The Fund commenced operations on 12/31/98.

2 The Merrill Lynch 3-Month U.S. Treasury Bill Index is a one-security index which, at the beginning of every month, selects for inclusion the bill matur-ing closest to, but not beyond, 91 days from that date. That issue is then held for one month, sold and rolled into a new bill. The performance of theindex does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees. By contrast, the perfor-mance of the Fund reflects the deduction of the mutual fund expenses, including sales charges if applicable.

3 The performance of the Lipper Equity Market-Neutral Funds Average includes expenses associated with a mutual fund such as investment manage-ment fees. These expenses are not identical to the expenses charged by the Fund.

4 Investors cannot invest directly in an index.

FEBRUARY 29, 2008 5

Investor Expenses for Class A and Class B SharesThe expenses for Class A and Class B Shares (including acquired fund fees and expenses) before and after reimburse-ments are shown below. The tables below do not reflect charges or credits which you might incur if you invest through aFinancial Intermediary.

SHAREHOLDER FEES (%)(Fees paid directly from your investment)

Class A Shares Class B Shares

Maximum Sales Charge (Load) when you buyShares, as a % of Offering Price* 5.25 NONE

Maximum Deferred Sales Charge (Load)as a % of Original Cost of the Shares NONE** 5.00***

* The offering price is the net asset value of the shares purchased plus any sales charge. You may be able to reduce or eliminate your initial salescharge. See “How to Do Business with the Fund.”

** Except for purchases of $1 million or more. Please see “Sales Charges — Class A Shares.”

*** For Class B Shares purchased prior to 2/19/05, the deferred sales charge is based on the current market value or the original cost of the shares,whichever is less.

ANNUAL OPERATING EXPENSES (%)(Expenses that are deducted from Class A and Class B Assets)

Class A Shares Class B Shares

Management Fees 1.25 1.25Distribution (Rule 12b-1) Fees 0.25 0.75Shareholder Service Fees 0.25 0.25Other Expenses1

Dividend Expenses Relating to Short Sales 2.16 2.16Remainder of Other Expenses 0.77 0.82

Total Other Expenses 2.93 2.98Acquired Fund Fees and Expenses2 0.01 0.01

Total Annual Operating Expenses3,4 4.69 5.24Fee Waivers and Expense Reimbursements4 (1.02) (1.07)

Net Expenses4 3.67 4.17

1 “Other Expenses” have been calculated based on the actual amounts incurred in the most recent fiscal year.

2 “Acquired Fund Fees and Expenses” are based on the allocation of the Fund’s assets among the acquired funds calculated on a daily basis throughthe Fund’s last fiscal year end. This amount reflects the allocation only through the fiscal year ending 10/31/07. “Acquired Fund Fees and Expenses”will vary with changes in the expenses of the acquired funds as well as allocation of the Fund’s assets, and may be higher or lower than thoseshown above.

3 The Total Annual Operating Expenses included in the fee table do not correlate to the ratio of expenses to average net assets in the Financial High-lights. The Financial Highlights reflect only the operating expenses of the Fund and do not include Acquired Fund Fees and Expenses.

4 JPMIM, the Administrator and the Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent total annual operatingexpenses of Class A and Class B Shares (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes andextraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceeds 1.50% of the average daily net assets of theClass A Shares and 2.00% of the average daily net assets of the Class B Shares through 2/28/09. Without the dividend expenses relating to short salesand the Acquired Fund Fees and Expenses, the Total Annual Operating Expenses would have been 2.52% and 3.07% for Class A Shares and Class BShares, respectively, and Net Expenses would have been 1.50% and 2.00% for Class A Shares and Class B Shares, respectively. In addition, the Fund’sservice providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.



ExampleThe example below is intended to help you compare the cost of investing in Class A and Class B Shares with the costof investing in other mutual funds. The example assumes:

• $10,000 initial investment,

• 5% return each year, and

• net expenses through 2/28/09 and total annual operating expenses thereafter.

This example is for comparison only; the actual returns of the Class A and Class B Shares and your actual costs may behigher or lower.

IF YOU SELL YOUR SHARES YOUR COST WOULD BE:

1 Year 3 Years 5 Years 10 Years

CLASS A SHARES* ($) 875 1,778 2,687 4,985CLASS B SHARES** ($) 919 1,773 2,722 5,019***

IF YOU DO NOT SELL YOUR SHARES YOUR COST WOULD BE:

1 Year 3 Years 5 Years 10 Years

CLASS A SHARES ($) 875 1,778 2,687 4,985CLASS B SHARES ($) 419 1,473 2,522 5,019***

* Assumes sales charge is deducted when shares are purchased.

** Assumes applicable deferred sales charge is deducted when shares are sold.

*** Reflects conversion of Class B Shares to Class A Shares after they have been owned for eight years.

FEBRUARY 29, 2008 7

The Fund is a series of JPMorgan Trust I, a Delawarestatutory trust (the “Trust”). The Trust is governed by thetrustees who are responsible for overseeing all businessactivities of the Fund.

The Fund operates in a multiple class structure. A mul-tiple class fund is an open-end investment company thatissues two or more classes of shares representing inter-ests in the same investment portfolio.

Each class in a multiple class fund can set its own trans-action minimums and may vary with respect to expensesfor distribution, administration and shareholder services.This means that one class could offer access to the Fundon different terms, and thus would experience differentperformance, than another class. Certain classes may bemore appropriate for a particular investor.

The Fund may issue other classes of shares that havedifferent expense levels and performance and differentrequirements for who may invest. Call 1-800-480-4111 toobtain more information concerning all of the Fund’sother share classes. A Financial Intermediary whoreceives compensation for selling Fund shares mayreceive a different amount of compensation for sales ofdifferent classes of shares.

The Fund’s Investment AdviserJ.P. Morgan Investment Management Inc. (JPMIM) is theinvestment adviser to the Fund and makes the day-to-day investment decisions for the Fund.

JPMIM is a wholly-owned subsidiary of JPMorgan AssetManagement Holdings Inc., which is a wholly-ownedsubsidiary of JPMorgan Chase & Co. (JPMorgan Chase),a bank holding company. JPMIM is located at 245 ParkAvenue, New York, NY 10167.

During the most recent fiscal year ended 10/31/07,the adviser was paid management fees (net of waivers),as shown below, as a percentage of average dailynet assets:

Market Neutral Fund 0.29%

A discussion of the basis the Board of Trustees of theTrust used in reapproving the investment advisory agree-ment for the Fund is available in the annual report for themost recent fiscal year ended October 31.

The Portfolio ManagerThe portfolio manager is Terance Chen, CFA, Vice Presi-dent of JPMIM. Mr. Chen joined JPMIM in 1994 and hasmanaged the Fund since December of 2000. Mr. Chen is

a portfolio manager of the U.S. Equity Group. He isresponsible for the management of REI 150 and REI 250structured strategies, and he is the manager of theResearch Market Neutral strategy.

The Statement of Additional Information provides addi-tional information about the portfolio managers’ compen-sation, other accounts managed by the portfoliomanagers and the portfolio managers’ ownership ofsecurities in the Fund.

The Fund’s AdministratorJPMorgan Funds Management, Inc. (the Administrator)provides administrative services and oversees the Fund’sother service providers. The Administrator receives a pro-rata portion of the following annual fee on behalf of theFund for administrative services: 0.15% of the first $25billion of average daily net assets of all Funds (excludingfund of funds and money market funds) in the JPMorganFunds Complex and 0.075% of average daily net assetsof such Funds over $25 billion.

The Fund’s Shareholder Servicing AgentThe Trust, on behalf of the Fund, has entered into ashareholder servicing agreement with JPMorgan Distribu-tion Services, Inc. (JPMDS) under which JPMDS hasagreed to provide certain support services to the Fund’sshareholders. For performing these services, JPMDS, asshareholder servicing agent, receives an annual fee of0.25% of the average daily net assets of the Class A andClass B Shares of the Fund. JPMDS may enter into ser-vice agreements with Financial Intermediaries underwhich it will pay all or a portion of the 0.25% annual feeto such Financial Intermediaries for performing share-holder and administrative services.

The Fund’s DistributorJPMDS (the Distributor) is the distributor for the Fund. TheDistributor is an affiliate of JPMIM and the Administrator.

Additional Compensation to FinancialIntermediariesJPMIM, JPMDS and, from time to time, other affiliatesof JPMorgan Chase may also, at their own expenseand out of their own legitimate profits, provide additionalcash payments to Financial Intermediaries whose cus-tomers invest in shares of the JPMorgan Funds. For thispurpose, Financial Intermediaries include financial advi-sors, investment advisers, brokers, financial planners,banks, insurance companies, retirement or 401(k) planadministrators and others, including various affiliates ofJPMorgan Chase, that have entered into agreements

The Fund’s Management and Administration


with JPMDS. These additional cash payments are pay-ments over and above any sales charges (including Rule12b-1 fees), shareholder servicing, sub-transfer agencyand/or networking fees that are paid to such FinancialIntermediaries, as described elsewhere in this prospectus.These additional cash payments are generally made toFinancial Intermediaries that provide shareholder, sub-transfer agency or administrative services or marketingsupport. Marketing support may include access to salesmeetings, sales representatives and Financial Intermedi-ary management representatives, inclusion of theJPMorgan Funds on a sales list, including a preferredor select sales list, or other sales programs and/or for

training and educating a Financial Intermediary’s employ-ees. These additional cash payments also may be madeas an expense reimbursement in cases where the Finan-cial Intermediary provides shareholder services toJPMorgan Fund shareholders. JPMIM and JPMDS mayalso pay cash compensation in the form of finders’ feesthat vary depending on the JPMorgan Fund and the dol-lar amount of shares sold. Such additional compensationmay provide such Financial Intermediaries with an incen-tive to favor sales of shares of the JPMorgan Funds overother investment options they make available to their cus-tomers. See the Statement of Additional Information formore information.

FEBRUARY 29, 2008 9

PURCHASING FUND SHARES

Where can I buy shares?You may purchase Fund shares:

• Through your Financial Intermediary. Financial Interme-diaries may include financial advisors, investment advis-ers, brokers, financial planners, banks, insurancecompanies, retirement or 401(k) plan administratorsand others, including various affiliates of JPMorganChase, that have entered into agreements with JPMDSas Distributor and/or shareholder servicing agent.Shares purchased this way will typically be held for youby the Financial Intermediary; or

• Directly from the Fund through JPMDS.

Who can buy shares?Class A and Class B Shares may be purchased by thegeneral public.

When can I buy shares?Purchases may be made on any business day. Thisincludes any day that the Fund is open for business,other than weekends and days on which the New YorkStock Exchange (NYSE) is closed, including the followingholidays: New Year’s Day, Martin Luther King, Jr. Day,Presidents’ Day, Good Friday, Memorial Day, Indepen-dence Day, Labor Day, Thanksgiving Day and Christ-mas Day.

Only purchase orders accepted by the Fund or a Finan-cial Intermediary before 4:00 p.m. Eastern Time (ET) willbe effective at that day’s price. JPMorgan Funds Serviceswill accept your order when federal funds, a wire, acheck or Automated Clearing House (ACH) transaction isreceived together with a completed Account Application.If you purchase shares through a Financial Intermediary,you may be required to complete additional forms or fol-low additional procedures. You should contact yourFinancial Intermediary regarding purchases, exchangesand redemptions. Please see “How do I open anaccount?” for more details.

On occasion, the NYSE will close before 4:00 p.m. ET.When that happens, purchase orders accepted by theFund or a Financial Intermediary after the NYSE closeswill be effective the following business day.

If a Financial Intermediary holds your shares, it is theresponsibility of the Financial Intermediary to send yourpurchase order to the Fund. Your Financial Intermediarymay have an earlier cut-off time for purchase orders.

Share ownership is electronically recorded; therefore, nocertificate will be issued.

The JPMorgan Funds do not authorize market timingand, except for the Funds identified below, use reason-able methods to identify market timers and to preventsuch activity. However, there can be no assurance thatthese methods will prevent market timing or other tradingthat may be deemed abusive. Market timing is an invest-ment strategy using frequent purchases, redemptionsand/or exchanges in an attempt to profit from short-termmarket movements. Market timing may result in dilutionof the value of Fund shares held by long-term sharehold-ers, disrupt portfolio management and increase Fundexpenses for all shareholders. Although market timingmay affect any Fund, these risks may be higher for Fundsthat invest significantly in non-U.S. securities or thinlytraded securities (e.g., certain small cap securities), suchas international, global or emerging market funds or smallcap funds. For example, when a Fund invests in securi-ties trading principally in non-U.S. markets that closeprior to the close of the NYSE, market timers may seekto take advantage of the difference between the prices ofthese securities at the close of their non-U.S. marketsand the value of such securities when the Fund calcu-lates its net asset value. The JPMorgan Funds or the Dis-tributor will prohibit any purchase order (includingexchanges) with respect to one investor, a related groupof investors or their agent(s), where they detect a patternof either purchases and sales of one of the JPMorganFunds, or exchanges between or among the JPMorganFunds, that indicates market timing or trading that theydetermine is abusive.

The JPMorgan Funds’ Board of Trustees has adoptedpolicies and procedures that use a variety of methods toidentify market timers, including reviewing “round trips” inand out of the JPMorgan Funds by investors. A “roundtrip” includes a purchase or exchange into a Fund fol-lowed or preceded by a redemption or exchange out ofthe same Fund. If the Distributor detects that you havecompleted two round trips within 60 days with the sameFund, the Distributor will reject your purchase andexchange orders for a period of at least 90 days. Forsubsequent violations, the Distributor may, in its sole dis-cretion, reject your purchase and exchange orders tem-porarily or permanently. In identifying market timers, theDistributor may also consider activity of accounts that itbelieves to be under common ownership or control.

Market timers may disrupt portfolio management andharm Fund performance. To the extent that the Fund is

How to Do Business with the Fund


unable to identify market timers effectively, long-terminvestors may be adversely affected. Although theJPMorgan Funds use a variety of methods to detectand deter market timing, there is no assurance that theFund’s own operational systems and procedures willidentify and eliminate all market timing strategies. Forexample, certain accounts, which are known as omnibusaccounts, include multiple investors and such accountstypically provide the Fund with a net purchase orredemption order on any given day where purchasers ofFund shares and redeemers of Fund shares are nettedagainst one another and the identity of individual pur-chasers and redeemers are not known by the Fund.While the Fund seeks to monitor for market timing activi-ties in omnibus accounts, the netting effect limits theFund’s ability to locate and eliminate individual markettimers. As a result, the Fund is often dependent uponFinancial Intermediaries who utilize their own policiesand procedures to identify market timers. These policiesand procedures may be different than those utilized bythe Fund.

The Fund has attempted to put safeguards in place toassure that Financial Intermediaries have implementedprocedures designed to deter market timing and abusivetrading. Despite these safeguards, there is no assurancethat the Fund will be able to effectively identify and elimi-nate market timing and abusive trading in the Fund par-ticularly with respect to omnibus accounts.

The JPMorgan Funds will seek to apply the Fund’s mar-ket timing policies and restrictions as uniformly as practi-cable to accounts with the Fund, except with respect tothe following:

1. Trades that occur through omnibus accounts at Finan-cial Intermediaries as described above,

2. Purchases, redemptions and exchanges made on asystematic basis,

3. Automatic reinvestments of dividends anddistributions,

4. Purchases, redemptions or exchanges that are part ofa rebalancing program, such as a wrap program, or

5. Bona fide asset allocation programs.

Please see the Statement of Additional Information for afurther description of these arrangements.

Certain of the JPMorgan Funds are intended for short-term investment horizons and do not monitor for markettimers or prohibit such short-term trading activity. Those

funds are the JPMorgan Enhanced Income Fund,JPMorgan Short Duration Bond Fund, JPMorgan ShortTerm Bond Fund, JPMorgan Short Term Bond Fund II,JPMorgan Short Term Municipal Bond Fund, JPMorganTax Aware Enhanced Income Fund, JPMorgan Tax AwareShort-Intermediate Income Fund, JPMorgan Treasury &Agency Fund, JPMorgan Ultra Short Duration Bond Fundand the JPMorgan money market funds. Although thesefunds are managed in a manner that is consistent withtheir investment objectives, frequent trading by share-holders may disrupt their management and increasetheir expenses.

In addition to rejecting purchase orders in connectionwith suspected market timing activities, the Distributorcan reject a purchase order (including purchase ordersfor the funds listed above) for any reason, including pur-chase orders that it does not think are in the best inter-ests of a Fund and/or its shareholders or if it determinesthe trading to be abusive. Your Financial Intermediarymay also have additional procedures for identifying mar-ket timers and rejecting or otherwise restricting purchaseorders and/or exchanges.

What kind of shares can I buy?This prospectus offers Class A and Class B Shares, eachof which are available to the general public.

Each share class has different sales charges andexpenses. When deciding what class of shares to buy,you should consider the amount of your investment, thelength of time you intend to hold the shares, the salescharges and expenses applicable to each class of sharesand whether you qualify for any sales charge discounts.Sales charges are discussed in the section of this pro-spectus entitled “Sales Charges.”

Class A SharesYou may pay a sales charge at the time of purchase.

Sales charges are reduced on investments of $50,000or more and the amount of the reduction increasesas your level of investment increases. Please see“Sales Charges.”

You can utilize the Right of Accumulation or a Letter ofIntent to achieve reduced sales charges more quickly.

Generally, there is no contingent deferred sales charge(CDSC) except for purchases of $1 million or more, whichare not subject to an upfront sales charge. Please see“Sales Charges.”

FEBRUARY 29, 2008 11

Class A Shares have lower annual expenses than Class BShares as a result of lower ongoing Rule 12b-1 fees.

There is no maximum investment amount forClass A Shares.

Class B SharesYou will not pay a sales charge at the time of purchase.However, the Distributor pays a commission of 4.00% ofthe original purchase price to Financial Intermediarieswho sell Class B Shares of the Fund.

A CDSC will apply on shares of the Fund sold within sixyears, measured from the first day of the month in whichthe shares were purchased. The CDSC may be waivedfor certain redemptions.

Class B Shares have higher annual expenses thanClass A Shares as a result of higher ongoingRule 12b-1 fees.

Class B Shares automatically convert to Class A Sharesafter eight years, measured from the first day of themonth in which the shares were purchased.

Class B Shares should not be used for investments ofmore than $99,999 individually or in the aggregate.

Individual purchases of $100,000 or more will berejected. Purchases will also be rejected if the Fund hasdetermined that your purchase when aggregated with thevalue of Class B shares of all JPMorgan Funds held byyou in individual accounts with the same tax or otheridentification number would total $100,000 or more.

The Funds may not be able to identify Class B Share pur-chases that exceed $100,000 if you hold yourshares through one or more Financial Intermediaries or inaccounts with different tax or other identification num-bers. If you hold your shares through a Financial Interme-diary, it is the responsibility of the Financial Intermediaryto determine if an initial or additional purchase of Class Bshares is suitable for you. It is your responsibility toinform your Financial Intermediary or the Fund of anyand all accounts that should be linked together forpurposes of determining whether the application ofthe Right of Accumulation or the use of a Letter ofIntent would make Class A Shares a more suitableinvestment than Class B Shares. For a discussion ofthe types of accounts that qualify for the Right of Accu-mulation and the Letter of Intent, please read “SalesCharges — Reducing your Class A Sales Charge.”

Which class of shares is best?Your decision about which class of shares to buydepends on a number of factors, including the number of

shares you are buying and how long you intend to holdyour shares. If you have no plans to sell your shares forat least six years and you would prefer not to pay anupfront sales charge, you may consider buying Class BShares. Class A Shares may be a good choice if youqualify to have the sales charge reduced or eliminated.

You should also consider the Rule 12b-1 fees, which arelower for Class A Shares. These fees appear in the tablecalled Annual Operating Expenses for the Fund.

How much do shares cost?Shares are sold at net asset value (NAV) per share, plus asales charge, if any.

Each class of shares has a different NAV. This is primarilybecause each class has different distribution expenses.

NAV per share is calculated by dividing the total marketvalue of a Fund’s investments and other assets allocableto a class (minus class liabilities) by the number of out-standing shares in that class.

The market value of a Fund’s investments is determinedprimarily on the basis of readily available market quota-tions. Certain short-term securities are valued at amor-tized cost, which approximates market value. If marketquotations are not readily available or if available marketquotations are determined not to be reliable or if a securi-ty’s value has been materially affected by events occur-ring after the close of trading on the exchange or marketon which the security is principally traded (for example, anatural disaster affecting an entire country or region, oran event that affects an individual company), but beforethe Fund’s NAV is calculated, that security may be valuedat its fair value in accordance with policies andprocedures adopted by the Funds’ Board of Trustees. Asecurity’s valuation may differ depending on the methodused for determining value. In addition, the Fund hasimplemented fair value pricing on a daily basis for allequity securities, except for North American, CentralAmerican, South American or Caribbean equity securities,held by the Fund. The fair value pricing utilizes the quota-tions of an independent pricing service unless the adviser,in accordance with valuation procedures adopted by theFund’s Board of Trustees, determines that the marketquotations do not accurately reflect the value of a secu-rity and determines that use of another fair valuationmethodology is appropriate.

The Fund’s NAV may change every day. NAV is calcu-lated each business day following the close of the NYSEat 4:00 p.m. ET. On occasion, the NYSE will close before4:00 p.m. ET. When that happens, NAV will be calculatedas of the time the NYSE closes. The price at which a

How to Do Business with the Fund (continued)


purchase is effected is based on the next calculation ofNAV after the order is accepted in accordance with thisprospectus. To the extent the Fund invests in securitiesthat are primarily listed on foreign exchanges that tradeon weekends or other days when the Fund does notprice its shares, the value of the Fund’s shares maychange on days when you will not be able to purchase orredeem your shares.

How do I open an account?Read the prospectus carefully, and select the share classmost appropriate for you and decide how much you wantto invest.

Class A and Class B Shares are subject to a $1,000minimum investment requirement. You are required tomaintain a minimum account balance equal to the mini-mum initial investment in the Fund. Subsequent invest-ments must be at least $25.

Minimums for initial and subsequent investments may bewaived for certain types of retirement accounts (e.g., 401(k),403(b) and SIMPLE IRA) as well as for certain wrap feeaccounts. The Funds reserve the right to waive any initial orsubsequent investment minimum. For further information oninvestment minimum waivers, call 1-800-480-4111.

For accounts sold through Financial Intermediaries, it isthe primary responsibility of the Financial Intermediary toensure compliance with investment minimums.

A lower minimum may be available under the SystematicInvestment Plan. See “Purchasing Fund Shares — Can Iautomatically invest on a systematic basis?”

When you make an initial purchase of Fund shares, youmust complete the Account Application. Be sure to signup for all of the account privileges that you plan to takeadvantage of. Doing so now means that you will not haveto complete additional paperwork later.

Federal law requires all financial institutions to obtain,verify and record information that identifies each personwho opens an account. When you open an account, wewill ask for your name, residential or business streetaddress, date of birth (for an individual), and other infor-mation that will allow us to identify you, including yoursocial security number, tax identification number or otheridentifying number. The Fund cannot waive these require-ments. The Fund is required by law to reject yourAccount Application if the required identifying informationis not provided.

We will attempt to collect any missing informationrequired on the Account Application by contacting eitheryou or your Financial Intermediary. If we cannot obtainthis information within the established time frame, yourAccount Application will be rejected. Amounts receivedprior to receipt of the required information will be helduninvested and will be returned to you without interest ifyour Account Application is rejected. If the required infor-mation is obtained, your investment will be accepted andyou will pay the NAV per share next calculated after all ofthe required information is received, plus any applicablesales charge.

Once we have received all of the required information,federal law requires us to verify your identity. After anaccount is opened, we may restrict your ability to pur-chase additional shares until your identity is verified. If weare unable to verify your identity within a reasonable time,the Fund reserves the right to close your account at thecurrent day’s NAV per share. If your account is closed forthis reason, your shares will be redeemed at the NAV pershare next calculated after the account is closed, less anyapplicable CDSC and/or redemption fee. In addition, youwill not be entitled to recoup any sales charges paid to aFund in connection with your purchase of Fund shares.

Send the completed Account Application and a check to:

JPMorgan Funds ServicesP.O. Box 8528Boston, MA 02266-8528

All checks must be in U.S. dollars. The Fund does notaccept credit cards, cash, starter checks, money ordersor credit card checks. The Fund reserves the right torefuse “third-party” checks and checks drawn on non-U.S. financial institutions even if payment may be effectedthrough a U.S. financial institution. Checks made payableto any individual or company and endorsed to JPMorganFunds or the Fund are considered third-party checks.The redemption of shares purchased through JPMorganFunds Services by check or an ACH transaction is sub-ject to certain limitations. See “Redeeming Fund Shares— When can I redeem shares?”

All checks must be made payable to one ofthe following:

• JPMorgan Funds; or

• The specific Fund in which you are investing.


Your purchase may be canceled if your check does notclear and you will be responsible for any expenses andlosses to the Fund.

If you choose to pay by wire, please call 1-800-480-4111to notify the Fund of your purchase and authorize yourfinancial institution to wire funds to:

JPMorgan Chase Bank, N.A.ATTN: JPMorgan Funds ServicesABA 021 000 021DDA 323 125 832FBO Your JPMorgan Fund

(EX: JPMORGAN ABC FUND-A)Your Fund Number & Account Number

(EX: FUND 123-ACCOUNT 123456789)Your Account Registration

(EX: JOHN SMITH & MARY SMITH, JTWROS)

Orders by wire may be canceled if JPMorgan Funds Ser-vices does not receive payment by 4:00 p.m. ET on thesettlement date. You will be responsible for any expensesand losses to the Fund.

If you have any questions, contact your Financial Interme-diary or call 1-800-480-4111.

Can I purchase shares over the telephone?Yes, for purchases after your account is opened. Simplyselect this option on your Account Application and then:

• Contact your Financial Intermediary, if applicable, or call1-800-480-4111 to relay your purchase instructions.

• Authorize a bank transfer or initiate a wire transfer pay-able to “JPMorgan Funds” to the following wire address:

JPMorgan Chase Bank, N.A.ATTN: JPMorgan Funds ServicesABA 021 000 021DDA 323 125 832FBO Your JPMorgan Fund

(EX: JPMORGAN ABC FUND-A)Your Fund Number & Account Number

(EX: FUND 123-ACCOUNT 123456789)Your Account Registration

(EX: JOHN SMITH & MARY SMITH, JTWROS)

The Fund uses reasonable procedures to confirm thatinstructions given by telephone are genuine. These pro-cedures include recording telephone instructions andasking for personal identification. If these procedures arefollowed, the Fund will not be responsible for any loss,liability, cost or expense of acting upon unauthorized orfraudulent instructions; you bear the risk of loss.

You may revoke your right to make purchases over thetelephone by sending a letter to:


Can I automatically invest on a systematic basis?Yes. You may purchase additional Class A and Class BShares by making automatic periodic investments fromyour bank account through a Systematic InvestmentPlan. You may choose to make an initial investment of anamount less than the required minimum of $1,000 perFund as long as your initial investment is at least $100and you agree to make regular monthly investments of atleast $100. To establish a Systematic Investment Plan:

• Select the “Systematic Investment Plan” option on theAccount Application.

• Provide the necessary information about the bankaccount from which your investments will be made.

The Fund currently does not charge for this service, butmay impose a charge in the future. However, your bankmay impose a charge for debiting your bank account.

You may revoke your election to make systematic invest-ments by calling 1-800-480-4111 or by sending a letter to:


Class B Purchases over $100,000. You should not uti-lize a systematic investment plan for purchases over$100,000 of Class B Shares. We will not debit your bankaccount if the Fund has determined that your purchaseof Class B shares when aggregated with the value ofClass B shares of all JPMorgan Funds held by you inindividual accounts with the same tax or other identifica-tion number would total $100,000 or more. To continuesystematic investments in the Fund after you haveinvested $100,000 in Class B Shares, you will need tocontact the Fund by calling 1-800-480-4111 or yourFinancial Intermediary to designate a different shareclass for systematic investments.

SALES CHARGESThe Distributor compensates Financial Intermediarieswho sell shares of the Fund. Compensation comes fromsales charges, Rule 12b-1 fees and payments by theDistributor or affiliates of the Distributor from its or theirown resources.



The following tables show the sales charges for eachclass of shares and the percentage of your investmentthat is paid as a commission to a Financial Intermediary.Payments made by the Distributor or its affiliates from itsor their own resources are discussed in more detail in“The Funds’ Management and Administration.”

To obtain free information regarding sales charges andthe reduction and elimination or waiver of sales chargeson Class A and Class B Shares of the Fund, visitwww.jpmorganfunds.com and “click” on the hyperlinks orcall 1-800-480-4111. You may also contact your Finan-cial Intermediary about the reduction, elimination orwaiver of sales charges.

Class A SharesThe public offering price of Class A Shares of the Fundsis the NAV per share plus the applicable sales charge,unless you qualify for a waiver of the sales charge. TheFund receives the NAV. The sales charge is allocatedbetween your Financial Intermediary and the Distributoras shown in the table below, except if the Distributor, inits discretion, re-allows the entire amount to your Finan-cial Intermediary. In those instances in which the entireamount is re-allowed, such Financial Intermediaries maybe deemed to be underwriters under the Securities Actof 1933.

The table below shows the amount of sales charge youwould pay at different levels of investment and the com-missions paid to Financial Intermediaries at each level ofinvestment. The differences in sales charges shown in thetable below are sometimes referred to as “breakpoints.”

TOTAL SALES CHARGE FOR FUND1

Amount ofPurchases

SalesChargeas a %of the

OfferingPrice

SalesChargeas a %of Your

Investment

Commissionas a %

of OfferingPrice

LESS THAN $50,000 5.25 5.54 4.75$50,000–$99,999 4.50 4.71 4.05$100,000–$249,999 3.50 3.63 3.05$250,000–$499,999 2.50 2.56 2.05$500,000–$999,999 2.00 2.04 1.60$1,000,000 or more* None None **

1 The actual sales charge you pay may differ slightly from the ratesdisclosed above due to rounding calculations.

* There is no front-end sales charge for investments of $1 million ormore in the Fund.

** If you purchase $1 million or more of Class A Shares of the Fundand are not assessed a sales charge at the time of purchase, youwill be charged the equivalent of 1% of the purchase price if youredeem any or all of the Class A Shares of the Fund during the first12 months after purchase or 0.50% if you redeem any or all of theClass A Shares of the Fund between 12 and 18 months after pur-chase. These charges apply unless the Distributor receives noticebefore you invest indicating that your Financial Intermediary is waiv-ing its commission. Such charges apply to exchanges into moneymarket funds. If you exchange your Class A Shares for Class AShares of a non-money market fund, you will not be charged at thetime of the exchange but (1) your new Class A Shares will be sub-ject to the charges specified above applicable to any of those Fundsfrom which you exchanged, and (2) the current holding period foryour exchanged Class A Shares will carry over to your new shares.The Distributor may make a payment to Financial Intermediariesfor your cumulative investments of $1 million or more of Class AShares. These commissions are paid at the rate of up to 1% of netsales of $1 million or more. The Distributor may withhold these pay-ments with respect to short-term investments. See the Statement ofAdditional Information for more details.


Reducing Your Class A Sales ChargeThe Fund permits you to reduce the initial sales chargeyou pay on Class A Shares by using the Right of Accu-mulation or a Letter of Intent. Each of these methods forreducing the initial sales charge on Class A Shares isdescribed below. In taking advantage of these methodsfor reducing the initial sales charge you will pay, you maylink purchases of shares of all of the JPMorgan Funds inwhich you invest (as described below) even if suchJPMorgan Funds are held in accounts with differentFinancial Intermediaries, as well as purchases of sharesof all JPMorgan Funds to be held in accounts owned byyour spouse or domestic partner and children under theage of 21 who share your residential address. It is yourresponsibility when investing to inform your FinancialIntermediary or the JPMorgan Funds that you wouldlike to have one or more JPMorgan Funds linkedtogether for purposes of reducing the initialsales charge.

Right of Accumulation: You may qualify for a reduction inthe initial sales charge for future purchases of Class AShares based on the current market value of your Class A,Class B and Class C Share holdings from prior purchasesthrough the Right of Accumulation. To calculate the salescharge applicable to your net purchase of Class A Shares,you may aggregate your investment with the current marketvalue of any Class A, Class B or Class C Shares of aJPMorgan Fund held in:

1. Your account(s);

2. Account(s) of your spouse or domestic partner;

3. Account(s) of children under the age of 21 who shareyour residential address;

4. Trust accounts established by any of the individuals initems (1) through (3) above. If the person(s) whoestablished the trust is deceased, the trust accountmay be aggregated with the account(s) of the primarybeneficiary of the trust;

5. Solely controlled business accounts; and

6. Single-participant retirement plans of any of the indi-viduals in items (1) through (3) above.

In order to obtain any breakpoint reduction in theinitial sales charge, you must, before purchasingClass A Shares, inform your Financial Intermediary orthe JPMorgan Funds if you have any of the abovetypes of accounts that can be aggregated with yourcurrent investment in Class A Shares to reduce theapplicable sales charge. In order to verify your eligibility

for a reduced sales charge, you may be required to pro-vide appropriate documentation, such as an accountstatement or the social security or tax identification num-ber on an account, so that the JPMorgan Funds mayverify (1) the number of shares of the JPMorgan Fundsheld in your account(s) with the JPMorgan Funds, (2) thenumber of shares of the JPMorgan Funds held in youraccount(s) with a Financial Intermediary, and (3) the num-ber of shares of the JPMorgan Funds held in an accountwith a Financial Intermediary owned by your spouse ordomestic partner and by children under the age of 21who share your residential address.

Letter of Intent: You may qualify for a reduction in theinitial sales charge applicable on a current purchase ofClass A Shares by signing a Letter of Intent committingyou to purchase a certain amount of shares over adefined period of time. Provided you satisfy the minimuminitial investment requirement, you may purchase Class AShares of one or more JPMorgan Funds (other than amoney market fund) over the next 13 months and paythe same sales charge that you would have paid if allshares were purchased at once. At your request, pur-chases made during the previous 90 days may beincluded toward the amount covered by the Letter ofIntent. If you elect to include purchases made during thepast 90 days toward fulfillment of your Letter of Intent,the 13-month period will be deemed to begin as of thedate of the earliest purchase being counted toward fulfill-ment of your Letter of Intent. You should inform yourFinancial Intermediary or the Fund that you have a Letterof Intent each time you make an investment. A percent-age of your investment will be held in escrow until the fullamount covered by the Letter of Intent has beeninvested. If the terms of the Letter of Intent are not ful-filled by the end of the 13th month, you must pay theDistributor the difference between the sales chargesapplicable to the purchases at the time they were madeand the reduced sales charges previously paid or the Dis-tributor will liquidate sufficient escrowed shares to obtainthe difference. Calculations made to determine whether aLetter of Intent commitment has been fulfilled will bemade on the basis of the net amount invested.

Additional information regarding the reduction of Class Asales charges is available in the Fund’s Statement ofAdditional Information. To take advantage of the Right ofAccumulation and/or a Letter of Intent, complete theappropriate section of your Account Application or con-tact your Financial Intermediary. To determine if you areeligible for these programs or to request a copy of theStatement of Additional Information, call 1-800-480-4111.



These programs may be terminated or amended atany time.

Waiver of the Class A Sales ChargeNo sales charge is imposed on Class A Shares of theFund if the shares were:

1. Bought with the reinvestment of dividends andcapital gains distributions.

2. Acquired in exchange for shares of anotherJPMorgan Fund if a comparable sales chargehas been paid for the exchanged shares.

3. Bought by officers, directors or trustees, retirees andemployees and their immediate family members (i.e.,spouses, domestic partners, children, grandchildren,parents, grandparents, and any dependent of theperson, as defined in section 152 of the Internal Rev-enue Code) of:

• JPMorgan Funds.

• JPMorgan Chase and its subsidiaries and affiliates.

Officers, directors or trustees, retirees and employeesand their immediate families of JPMorgan Funds andJPMorgan Chase and its subsidiaries and affiliatesmay open new Select Class Share accounts subjectto a $2,500 minimum investment requirement, pro-vided such accounts are opened directly from theFund and not through a Financial Intermediary. SelectClass Shares have lower expenses than Class AShares. Please call 1-800-480-4111 for moreinformation concerning all of the Funds’ othershare classes.

4. Bought by employees of:

• Boston Financial Data Services, Inc. and its subsid-iaries and affiliates.

• Financial Intermediaries or financial institutionswho have entered into dealer agreements with theFunds or the Distributor and their subsidiaries andaffiliates (or otherwise have an arrangement with aFinancial Intermediary or financial institution withrespect to sales of Fund shares). This waiverincludes the employees’ immediate family members(i.e. spouses, domestic partners, children, grand-children, parents, grandparents and any dependentof the employee, as defined in Section 152 of theInternal Revenue Code).

• Washington Management Corporation and its sub-sidiaries and affiliates.

5. Bought by:

• Affiliates of JPMorgan Chase and certain accounts(other than IRA Accounts) for which a FinancialIntermediary acts in a fiduciary, advisory, agency orcustodial capacity or accounts which participate inselect affinity programs with JPMorgan Chase andits affiliates and subsidiaries.

• Certain retirement and deferred compensationplans, and trusts used to fund those plans, includ-ing, but not limited to, those plans qualified underSections 401(k), 403(b) or 457 of the Internal Rev-enue Code and “rabbi trusts.”

• Financial Intermediaries who have a dealer arrange-ment with the Distributor, who place trades for theirown accounts or for the accounts of their clientsand who charge a management, asset allocation,consulting or other fee for their services, or clientsof such Financial Intermediaries who place tradesfor their own accounts if the accounts are linked tothe master account of such Financial Intermediary.

• Tuition programs that qualify under Section 529 ofthe Internal Revenue Code.

• A Financial Intermediary, provided arrangements arepre-approved and purchases are placed through anomnibus account with the Fund.

• A bank, trust company or thrift institution which isacting as a fiduciary exercising investment discre-tion, provided that appropriate notification of suchfiduciary relationship is reported at the time of theinvestment to the Fund or the Fund’s Distributor.

• Employer-sponsored health savings accountsestablished pursuant to Section 223 of the InternalRevenue Code.

6. Bought with proceeds from the sale of SelectClass Shares of a JPMorgan Fund or acquired in anexchange of Select Class Shares of a JPMorgan Fundfor Class A Shares of the same Fund, but only if thepurchase is made within 90 days of the sale or distri-bution. Appropriate documentation may be required.

7. Bought with proceeds from the sale of Class BShares of a JPMorgan Fund, but only if you paid aCDSC in connection with such sale and only if thepurchase is made within 90 days of such sale.Appropriate documentation may be required.

8. Bought with proceeds from the sale of Class AShares of a JPMorgan Fund, but only if the purchaseis made within 90 days of the sale or distribution.Appropriate documentation may be required.


9. Bought when one Fund invests in anotherJPMorgan Fund.

10. Bought in connection with plans of reorganization ofa JPMorgan Fund, such as mergers, asset acquisi-tions and exchange offers to which a Fund is a party.However, you may pay a CDSC when you redeemthe Fund shares you received in connection with theplan of reorganization.

11. Purchased during a JPMorgan Fund’s special offering.

12. Bought by a “charitable organization” as defined forpurposes of Section 501(c)(3) of the Internal RevenueCode, or by a charitable remainder trust or lifeincome pool established for the benefit of a chari-table organization.

To take advantage of any of these Class A sales chargewaivers, you must qualify for such waiver. To see if youqualify, call 1-800-480-4111 or contact your FinancialIntermediary. These waivers may not continue indefinitelyand may be discontinued at any time without notice.

Class B SharesClass B Shares are offered at NAV per share,without any upfront sales charge. However, if you redeemClass B Shares within six years of the purchase date,measured from the first day of the month in which theshares were purchased, you will be assessed a CDSCaccording to the following schedule:

Years Since PurchaseCDSC as a % of Dollar Amount

Subject to Charge

0–1 5.001–2 4.002–3 3.003–4 3.004–5 2.005–6 1.00More than 6 None

The Distributor pays a commission of 4.00% of the origi-nal purchase price to Financial Intermediaries who sellClass B Shares of the Funds.

Conversion FeatureYour Class B Shares automatically convert to Class AShares after eight years, measured from the first day ofthe month in which the shares were purchased.

After conversion, your shares will be subject to the lowerRule 12b–1 fees charged on Class A Shares.

You will not be assessed any sales charges or fees forconversion of shares, nor will you be subject to any fed-eral income tax as a result of the conversion. Class AShares of the Fund received as a result of the conversionwill not be subject to a redemption fee even if they areredeemed within 60 days of conversion.

Because the share price of the Class A Shares may behigher than that of the Class B Shares at the time of con-version, you may receive fewer Class A Shares; however,the dollar value will be the same.

If you have exchanged Class B Shares of one JPMorganFund for Class B Shares of another, the time you held theshares in each Fund will be added together.

How the Class B CDSC is CalculatedThe Fund assumes that all purchases made in a givenmonth were made on the first day of the month.

For Class B Shares purchased prior to February 19,2005, the CDSC is based on the current market valueor the original cost of the shares, whichever is less. Youshould retain any records necessary to substantiatehistorical costs because the Distributor, the Funds, thetransfer agent and your Financial Intermediary may notmaintain such information. For Class B Shares purchasedon or after February 19, 2005, the CDSC is based on theoriginal cost of the shares.

No CDSC is imposed on share appreciation, nor is aCDSC imposed on shares acquired through reinvestmentof dividends or capital gains distributions.

To keep your CDSC as low as possible, the Fund first willredeem shares acquired through dividend reinvestmentfollowed by the shares you have held for the longest timeand thus have the lowest CDSC.

If you received your Class B Shares in connection witha fund reorganization, the CDSC applicable to your origi-nal shares (including the period of time you have heldthose shares) will be applied to the shares received inthe reorganization.

Waiver of the Class B CDSCNo sales charge is imposed on redemptions of Class BShares of the Fund:

1. If you withdraw no more than a specified percentage(as indicated in “Redeeming Fund Shares — Can Iredeem on a systematic basis?”) of the current bal-ance of a Fund each month or quarter. Withdrawalsmade as part of a required minimum distribution also



are included in calculating amounts eligible for thiswaiver. You need to participate in a monthly orquarterly Systematic Withdrawal Plan to takeadvantage of this waiver. For information on theSystematic Withdrawal Plan, please see “RedeemingFund Shares — Can I redeem on a systematic basis?”

2. Made within one year of a shareholder’s death or initialqualification for Social Security disability paymentsafter the account is opened. In order to qualify for thiswaiver, the Distributor must be notified of such deathor disability at the time of the redemption order andbe provided with satisfactory evidence of such deathor disability.

3. If you are a participant in or beneficiary of certainretirement plans and you die or become disabled (asdefined in Section 72(m)(7) of the Internal RevenueCode) after the account is opened. The redemptionmust be made within one year of such death or dis-ability. In order to qualify for this waiver, the Distributormust be notified of such death or disability at the timeof the redemption order and be provided with satisfac-tory evidence of such death or disability.

4. That represent a required minimum distribution fromyour IRA Account or other qualifying retirement planbut only if you are at least age 701⁄2. If the shareholdermaintains more than one IRA, only the assets creditedto the IRA that is invested in one or more of theJPMorgan Funds are considered when calculating thatportion of your minimum required distribution thatqualifies for the waiver.

5. That represent a distribution from a qualified retirementplan by reason of the participant’s retirement.

6. That are involuntary and result from a failure to main-tain the required minimum balance in an account.

7. Exchanged in connection with plans of reorganizationof a JPMorgan Fund, such as mergers, asset acquisi-tions and exchange offers to which the Fund is aparty. However, you may pay a sales charge when youredeem the Fund shares you received in connectionwith the plan of reorganization.

8. Exchanged for Class B Shares of other JPMorganFunds. However, you may pay a sales charge whenyou redeem the Fund shares you received in theexchange. Please read “Exchanging Fund Shares —Do I pay a sales charge on an exchange?”

9. If the Distributor receives notice before you invest indi-cating that your Financial Intermediary, due to the typeof account that you have, is waiving its commission.

To take advantage of any of these waivers of the CDSCapplicable to Class B Shares, you must qualify for suchwaiver. To see if you qualify, call 1-800-480-4111 or con-tact your Financial Intermediary. These waivers may notcontinue indefinitely and may be discontinued at any timewithout notice.

RULE 12b-1 FEESEach Fund described in this prospectus has adopted aDistribution Plan under Rule 12b-1 that allows it to paydistribution fees for the sale and distribution of sharesof the Fund. These fees are called “Rule 12b-1 fees.”Rule 12b-1 fees are paid by the Fund to the Distributoras compensation for its services and expenses in con-nection with the sale and distribution of Fund shares. TheDistributor in turn pays all or part of these Rule 12b-1fees to Financial Intermediaries that have agreementswith the Distributor to sell shares of the Fund. The Dis-tributor may pay Rule 12b-1 fees to its affiliates.

The Rule 12b-1 fees vary by share class as follows:

1. Class A Shares pay an annual Rule 12b-1 fee of0.25% of the average daily net assets of the Fundattributable to Class A Shares.

2. Class B Shares pay an annual Rule 12b-1 fee of0.75% of the average daily net assets of the Fundattributable to such class. This will cause expenses forClass B Shares to be higher and dividends to belower than for Class A Shares.

Rule 12b-1 fees, together with the CDSC, help the Distribu-tor sell Class B Shares without an upfront sales charge bydefraying the costs of advancing brokerage commissionsand other expenses paid to Financial Intermediaries.

Because Rule 12b-1 fees are paid out of Fund assets onan ongoing basis, over time these fees will increase thecost of your investment and may cost you more thanpaying other types of sales charges.

NETWORKING AND SUB-TRANSFERAGENCY FEESThe Fund may also directly enter into agreements withFinancial Intermediaries pursuant to which the Fund willpay the Financial Intermediary for services such as net-working or sub-transfer agency. Payments made pursu-ant to such agreements are generally based on either(1) a percentage of the average daily net assets of clientsserviced by such Financial Intermediary up to a set maxi-mum dollar amount per shareholder account serviced, or(2) the number of accounts serviced by such Financial


Intermediary. Any payments made pursuant to suchagreements are in addition to, rather than in lieu of,Rule 12b-1 fees the Financial Intermediary may alsobe receiving pursuant to agreements with the Distributor.From time to time, JPMIM or its affiliates may pay a por-tion of the fees for networking or sub-transfer agencyat its or their own expense and out of its or their legiti-mate profits.

EXCHANGING FUND SHARES

What are my exchange privileges?Class A Shares of the Fund may be exchanged forClass A Shares of another JPMorgan Fund or for anotherclass of the same Fund. Class A Shares of the Fund maybe exchanged for Morgan Shares of a JPMorgan moneymarket fund.

Class B Shares of the Fund may be exchanged forClass B Shares of another JPMorgan Fund.

All exchanges are subject to meeting any investmentminimum or eligibility requirements. The JPMorgan Fundsdo not charge a fee for this privilege. In addition, theJPMorgan Funds may change the terms and conditionsof your exchange privileges upon 60 days’ written notice.

You can set up a systematic exchange program to auto-matically exchange shares on a regular basis. This is afree service. However, you cannot have simultaneousplans for the systematic investment or exchange and thesystematic withdrawal or exchange for the same Fund.Call 1-800-480-4111 for complete instructions.

Before making an exchange request, you should read theprospectus of the JPMorgan Fund whose shares you wouldlike to purchase by exchange. You can obtain a prospectusfor any JPMorgan Fund by contacting your Financial Inter-mediary, by visiting www.jpmorganfunds.com, or by calling1-800-480-4111.

When are exchanges processed?Exchange requests are processed the same businessday they are received, provided:

• The Fund or Financial Intermediary receives the requestby 4:00 p.m. ET (or before the NYSE closes if theNYSE closes before 4:00 p.m. ET).

• You have contacted your Financial Intermediary,if necessary.

• All required documentation in proper form accompaniesyour exchange request.

Do I pay a sales charge on an exchange?Generally, you will not pay a sales charge on anexchange except as specified in “Sales Charges —Class A Shares” or below.

If you exchange Class B Shares of the Fund for Class BShares of another Fund, you will not pay a sales chargeat the time of the exchange, however:

1. Your new Class B Shares will be subject to the CDSCof the Fund from which you exchanged.

2. The current holding period for your exchangedClass B Shares is carried over to your new shares.

Are exchanges taxable?Generally, an exchange between JPMorgan Funds isconsidered a sale and generally results in a capital gainor loss for federal income tax purposes.

An exchange between classes of shares of the sameFund is not taxable for federal income tax purposes.

You should talk to your tax advisor before makingan exchange.

Are there limits on exchanges?No. However, the exchange privilege is not intended as away for you to speculate on short-term movements in themarket. Therefore, to prevent disruptions in the manage-ment of the JPMorgan Funds, certain JPMorgan Fundslimit excessive exchange activity as described in “Pur-chasing Fund Shares.”

Your exchange privilege will be revoked if the exchangeactivity is considered excessive. In addition, anyJPMorgan Fund may reject any exchange request for anyreason, including if it does not think that it is in the bestinterests of the Fund and/or its shareholders to acceptthe exchange.

REDEEMING FUND SHARES

When can I redeem shares?You may redeem all or some of your shares on any daythat the Fund is open for business. You will not be per-mitted, however, to enter a redemption order for sharespurchased directly through JPMorgan Funds Services bycheck or through an ACH transaction for five businessdays following the acceptance of a purchase order unlessyou provide satisfactory proof that your purchase check



or ACH transaction has cleared. Thereafter, a redemptionorder can be processed as otherwise described.

Redemption orders accepted by the Fund or a FinancialIntermediary before 4:00 p.m. ET (or before the NYSEcloses, if the NYSE closes before 4:00 p.m. ET) will beeffective at that day’s price. Your Financial Intermediarymay have an earlier cut-off time for redemption orders.

A redemption order is accepted when accompanied byall required documentation in the proper form. The Fundmay refuse to honor incomplete redemption orders.

How do I redeem shares?You may use any of the following methods to redeemyour shares:

You may send a written redemption request to yourFinancial Intermediary, if applicable, or to the Fund atthe following address:


You may redeem over the telephone. Please see “Can Iredeem by telephone?” for more information.

We will need the names of the registered shareholdersand your account number and other information beforewe can sell your shares.

You may also need to have medallion signature guaranteesfor all registered owners or their legal representatives if:

• You want to redeem shares with a value of $50,000 ormore and you want to receive your proceeds in theform of a check; or

• You want your payment sent to an address, bankaccount or payee other than the one currently desig-nated on your Fund account.

On the Account Application you may elect to have theredemption proceeds mailed or wired to:

1. A financial institution; or

2. Your Financial Intermediary.

Normally, your redemption proceeds will be paid withinone to seven days after receipt of the redemption order. Ifyou have changed your address of record within the pre-vious 30 days, the Fund will not mail your proceeds, butrather will wire them or send them by ACH to a pre-existing bank account on record with the Fund.

The Fund may hold proceeds for shares purchased byACH or check until the purchase amount has been col-lected, which may be as long as five business days.

What will my shares be worth?If you own Class A or Class B Shares and the Fund ora Financial Intermediary accepts your redemption orderbefore 4:00 p.m. ET (or before the NYSE closes if theNYSE closes before 4:00 p.m. ET), you will receive theNAV per share calculated after your redemption order isaccepted, minus the amount of any applicable CDSC.

Can I redeem by telephone?Yes, if you selected this option on your Account Application.

Contact your Financial Intermediary, if applicable, or call1-800-480-4111 to relay your redemption request.

Your redemption proceeds will be mailed to you at youraddress of record or wired. If you have changed youraddress of record within the previous 30 days, the Fundwill not mail your proceeds, but rather will wire them orsend them by ACH to a pre-existing bank account onrecord with the Fund.

The Fund uses reasonable procedures to confirm thatinstructions given by telephone are genuine. These pro-cedures include recording telephone instructions andasking for personal identification. If these procedures arefollowed, the Fund will not be responsible for any loss,liability, cost or expense of acting upon unauthorized orfraudulent instructions; you bear the risk of loss.

You may not always reach JPMorgan Funds Services bytelephone. This may be true at times of unusual marketchanges and shareholder activity. You can mail us yourinstructions or contact your Financial Intermediary. Wemay modify or cancel the ability to purchase or redeemshares by phone without notice.

You may write to:


Can I redeem on a systematic basis?1. Yes

• Select the “Systematic Withdrawal Plan” option onthe Account Application.

• Specify the amount you wish to receive and thefrequency of the payments.

• You may designate a person other than yourself asthe payee.

• There is no fee for this service.


2. If you select this option, please keep in mind that:

• It may not be in your best interest to buy additionalClass A Shares while participating in a SystematicWithdrawal Plan. This is because Class A Shareshave an up-front sales charge. If you own Class BShares, you or your designated payee may receivemonthly, quarterly or annual systematic payments.The applicable Class B CDSC will be deductedfrom those payments unless such paymentsare made:

• Monthly and constitute no more than 1⁄12 of10% of your then-current balance in the Fundeach month; or

• Quarterly and constitute no more than 1⁄4 of10% of your then-current balance in the Fundeach quarter.

3. The amount of the CDSC charged will dependon whether your systematic payments are a fixeddollar amount per month or quarter or are calculatedmonthly or quarterly as a stated percentage ofyour then-current balance in the Fund. For moreinformation about the calculation of the CDSC forsystematic withdrawals exceeding the specified limitsabove, please see the Fund’s Statement of AdditionalInformation. New annual systematic withdrawals arenot eligible for a waiver of the Class B CDSC. Yourcurrent balance in a Fund for purposes of these cal-culations will be determined by multiplying the num-ber of shares held by the then-current NAV per shareof the applicable class.

4. If the amount of the systematic payment exceedsthe income earned by your account since theprevious payment under the Systematic WithdrawalPlan, payments will be made by redeeming someof your shares. This will reduce the amount ofyour investment.

5. You cannot have both a Systematic InvestmentPlan and a Systematic Withdrawal Plan for thesame Fund.

Additional Information Regarding RedemptionsGenerally, all redemptions will be for cash. However, ifyou redeem shares worth $250,000 or more, the Fundreserves the right to pay part or all of your redemptionproceeds in readily marketable securities instead of cash.If payment is made in securities, the Fund will value the

securities selected in the same manner in which it com-putes its NAV. This process minimizes the effect of largeredemptions on the Fund and its remaining shareholders.

Due to the relatively high cost of maintaining smallaccounts, if your account value falls below the requiredminimum balance, the Fund reserves the right to redeemall of the remaining shares in your account and closeyour account or charge an annual sub-minimum accountfee of $10. Before either of these actions is taken, youwill be given 60 days’ advance written notice in order toprovide you with time to increase your account balanceto the required minimum, by purchasing sufficient shares,in accordance with the terms of this prospectus.

Accounts participating in a qualifying Systematic Invest-ment Plan will not be subject to redemption or the impo-sition of the $10 fee as long as the systematic paymentsto be made will increase the account value above therequired minimum balance within one year of the estab-lishment of the account.

1. To collect the $10 sub-minimum account fee, theFund will redeem $10 worth of shares from youraccount. Shares redeemed for this reason will not becharged a CDSC.

2. If your account falls below the minimum required bal-ance and is closed as a result, you will not becharged a CDSC.

For information on minimum required balances, pleaseread “Purchasing Fund Shares — How do I open anaccount?”

The Fund may suspend your ability to redeem when:

1. Trading on the NYSE is restricted;

2. The NYSE is closed (other than weekend and holidayclosings);

3. Federal securities laws permit;

4. The SEC has permitted a suspension; or

5. An emergency exists, as determined by the SEC.

See “Purchases, Redemptions and Exchanges” in theStatement of Additional Information for more detailsabout this process.

You generally will recognize a gain or loss on a redemp-tion for federal income tax purposes. You should talk toyour tax advisor before making a redemption.



DISTRIBUTIONS AND TAXESThe Fund can earn income and can realize capital gain.The Fund deducts any expenses and then pays out theearnings to shareholders as distributions.

The Fund generally declares and distributes net invest-ment income, if any, at least quarterly. The Fund distrib-utes net capital gain (that is, the excess of net long-termcapital gain over net short-term capital loss), if any, atleast annually. For each taxable year, the Fund will distrib-ute substantially all of its net investment income and netcapital gain.

You have three options for your distributions. You may:

• reinvest all distributions in additional Fund shares with-out a sales charge;

• take distributions of net investment income in cash oras a deposit in a pre-assigned bank account and rein-vest distributions of net capital gain in additionalshares; or

• take all distributions in cash or as a deposit in a pre-assigned bank account.

If you do not select an option when you open youraccount, we will reinvest all distributions. If your distribu-tions are reinvested, they will be in the form of shares ofthe same class. The taxation of the dividends will not beaffected by the form in which you receive them.

For federal income tax purposes, distributions of netinvestment income (and any net short-term capital gain)generally are taxable as ordinary income. Dividends of netinvestment income paid to a non-corporate U.S. share-holder during a taxable year beginning before January 1,2011 that are properly designated as qualified dividendincome generally will be taxable to such shareholder at amaximum rate of 15%. The amount of dividend incomethat may be so designated by the Fund generally will belimited to the aggregate of the eligible dividends receivedby the Fund. In addition, the Fund must meet certainholding period and other requirements with respect to theshares on which the Fund received the eligible dividends,and the non-corporate U.S. shareholder must meet cer-tain holding period and other requirements with respectto the Fund shares. Dividends of net investment incomethat are not designated as qualified dividend income anddividends of net short-term capital gain will be taxable toshareholders as ordinary income.

If you receive distributions that are properly designated ascapital gain dividends, the tax rate will be based on howlong the Fund held a particular asset, not on how longyou have owned your shares. Distributions of net capital

gain from the sale of investments that the Fund ownedfor more than one year and that are properly designatedby the Fund as capital gain dividends will be taxable aslong-term capital gain. Capital gain dividends of a non-corporate U.S. shareholder recognized during a taxableyear beginning before January 1, 2011, generally will betaxed at a maximum rate of 15%. Distributions of netshort-term capital gain in excess of net long-term capitalloss, if any, will be taxable to shareholders as ordi-nary income. Capital gain of a corporate shareholder istaxed at the same rate as ordinary income. If you buyshares of a Fund just before a distribution, you will paytax on the entire amount of the taxable distribution youreceive. Distributions are taxable to you even if they arepaid from income or gain earned by the Fund before yourinvestment (and thus were included in the price you paid).Any gain resulting from the sale or exchange of Fundshares will be taxable as long-term or short-term gain,depending upon how long you have held your shares.

The Fund’s investments in certain REIT securities mayrequire the Fund to accrue and distribute income not yetreceived. In order to generate sufficient cash to make therequisite distributions, the Fund may be required to sellother investments in its portfolio that it otherwise wouldhave continued to hold (including when it is not advanta-geous to do so). The Fund’s investments in REIT securi-ties also may result in the Fund’s receipt of cash inexcess of the REIT’s earnings; if the Fund distributessuch amounts, such distribution could constitute a returnof capital to Fund shareholders for federal income taxpurposes. Please see the Statement of Additional Infor-mation for additional discussion of the tax consequencesof these investments to the Fund.

The Fund’s investments in other investment companiesand repurchase agreements could affect the amount, tim-ing, and character of distributions from the Fund, and,therefore, may increase the amount of taxes payable byshareholders.

The Fund’s transactions in futures contracts, short sales,swaps and other derivatives will be subject to special taxrules, the effect of which may be to accelerate income tothe Fund, defer losses to the Fund, cause adjustments inthe holding periods of the Fund’s securities, and convertshort-term capital losses into long-term capital losses.These rules could therefore affect the amount, timing andcharacter of distributions to shareholders. The Fund’s useof these types of transactions may result in the Fundrealizing more short-term capital gains and ordinaryincome subject to tax at ordinary income tax rates than itwould if it did not engage in such transactions.

Shareholder Information


The dates on which dividends and capital gain will be dis-tributed are available online at www.jpmorganfunds.com.

Early in each calendar year, the Fund will send youa notice showing the amount of distributions youreceived in the preceding year and the tax status ofthose distributions.

Any investor for whom the Fund does not have avalid Taxpayer Identification Number may be subjectto backup withholding.

The tax considerations described in this section do notapply to tax-deferred accounts or other non-taxable entities.

The above is a general summary of tax implications ofinvesting in the Fund. Because each investor’s tax conse-quences are unique, please consult your tax advisorto see how investing in the Fund will affect your owntax situation.

SHAREHOLDER STATEMENTS AND REPORTSThe Fund or your Financial Intermediary will send youtransaction confirmation statements and quarterlyaccount statements. Please review these statementscarefully. The Fund will correct errors if notified within oneyear of the date printed on the transaction confirmationor account statement. Your Financial Intermediary mayhave a different cut-off time. JPMorgan Funds will chargea fee for requests for statements that are older than twoyears. Please retain all of your statements, as they couldbe needed for tax purposes.

To reduce expenses and conserve natural resources, theFund will deliver a single copy of prospectuses and financialreports to individual investors who share a residentialaddress, provided they have the same last name or theFund reasonably believes they are members of the samefamily. If you would like to receive separate mailings, pleasecall 1-800-480-4111 and the Fund will begin individualdelivery within 30 days. If you would like to receive thesedocuments by e-mail, please visit www.jpmorganfunds.comand sign up for electronic delivery.

If you are the record owner of your Fund shares (that is,you did not use a Financial Intermediary to buy yourshares), you may access your account statements atwww.jpmorganfunds.com.

After each fiscal half-year, you will receive a financialreport from the Fund. In addition, the Fund will periodi-cally send you proxy statements and other reports.

If you have any questions or need additional information,please write to JPMorgan Funds Services at P.O. Box8528, Boston, MA 02266-8528, call 1-800-480-4111 orvisit www.jpmorganfunds.com.

AVAILABILITY OF PROXY VOTING RECORDThe Trustees have delegated the authority to vote proxiesfor securities owned by the Fund to JPMIM. A copy ofthe Fund’s voting record for the most recent 12-monthperiod ended June 30 is available on the SEC’s websiteat www.sec.gov or on the JPMorgan Funds’ website atwww.jpmorganfunds.com no later than August 31 ofeach year. The Fund’s proxy voting record will include,among other things, a brief description of the mattervoted on for each portfolio security, and will statehow each vote was cast, for example, for or againstthe proposal.

PORTFOLIO HOLDINGS DISCLOSURENo sooner than 30 days after the end of each month, theFund will make available upon request an uncertified,complete schedule of its portfolio holdings as of the lastday of that month. Not later than 60 days after the end ofeach fiscal quarter, the Fund will make available a certi-fied, complete schedule of its portfolio holdings as of thelast day of that quarter.

In addition to providing hard copies upon request, theFund will post these quarterly schedules on theJPMorgan Funds’ website at www.jpmorganfunds.comand on the SEC’s website at www.sec.gov.

The Fund will disclose the Fund’s 10 largest stock port-folio holdings and the percentage that each of these 10largest stock portfolio holdings represents of the Fund’stotal assets as of the most recent month end online atwww.jpmorganfunds.com no sooner than 10 calendardays after month end.

Shareholders may request portfolio holdings schedules atno charge by calling 1-800-480-4111. A description ofthe Fund’s policies and procedures with respect to thedisclosure of the Fund’s portfolio holdings is available inthe Statement of Additional Information.

Shareholder Information (continued)


This table discusses the main elements that may make up the Fund’s overall risk and reward characteristics. It also out-lines the Fund’s policies toward various investments, including those that are designed to help the Fund manage risk.

POTENTIAL RISKS POTENTIAL REWARDS POLICIES TO BALANCE RISK AND REWARD

Market conditions• The Fund’s share price and performance

will fluctuate in response to stockmarket movements

• The market value of convertiblesecurities tends to fall when prevailinginterest rates rise. The value ofconvertible securities also tends tochange whenever the market value ofthe underlying common or preferredstock fluctuates

• Adverse market, economic, political andother conditions may from time to timecause the Fund to take temporarydefensive positions that are inconsistentwith its principal investment strategiesand may hinder the Fund from achievingits investment objective

• Stocks have generally outperformedmore stable investments (such asbonds and cash equivalents) over thelong-term

• Under normal circumstances the Fundplans to remain fully invested inaccordance with its policies. The Fundmay invest uninvested cash in affiliatedmoney market funds

• In addition to the securities describedin the “What are the Fund’s maininvestment strategies?” section, equitysecurities may include U.S. and foreigncommon stocks, convertiblesecurities1, preferred stocks2,depositary receipts, (such as AmericanDepositary Receipts and EuropeanDepositary Receipts), trust orpartnership interests, warrants andrights3 and investment companysecurities

• The Fund seeks to limit risk andenhance performance through activemanagement and/or diversification

• During severe market downturns, eachFund has the option of investing up to100% of its assets in high qualityshort-term instruments

Foreign investments• Currency exchange rate movements

could reduce gains or create losses• The Fund could lose money because

of foreign government actions, politicalinstability or lack of adequate and/oraccurate information

• Currency and investment risks tend tobe higher in emerging markets; thesemarkets also present higher liquidityand valuation risks

• Favorable exchange rate movementscould generate gains or reduce losses

• Foreign investments, which represent amajor portion of the world’s securities,offer attractive potential performanceand opportunities for diversification

• Emerging markets can offer higherreturns

• The Fund actively manages thecurrency exposure of its foreigninvestments relative to its benchmarkand may hedge back into the U.S.dollar from time to time (see also“Derivatives”); these currencymanagement techniques may not beavailable for certain emerging marketsinvestments

• The Fund anticipates that its totalforeign investments will not exceed20% of its total assets

1 Convertible securities are bonds or preferred stock that can convert to common stock.

2 Preferred stock is a class of stock that generally pays a dividend at a specified rate and has preference over common stock in the payment of divi-dends and in liquidation.

3 Warrants and rights are securities, typically issued with preferred stock or bonds, that give the holder the right to buy a proportionate amount ofcommon stock at a specified price.

Risk and Reward Elements for the Fund



Management choices• The Fund could underperform its

benchmark due to its securities andasset allocation choices

• The Fund could outperform itsbenchmark due to these same choices

• The adviser focuses its activemanagement on securities selection,the area where it believes itscommitment to research can mostenhance returns and manage risks in aconsistent way

Securities lending• When the Fund lends a security, there

is a risk that the loaned securities maynot be returned if the borrower or thelending agent defaults

• The collateral will be subject to therisks of the securities in which it isinvested

• The Fund may enhance incomethrough the investment of the collateralreceived from the borrower

• The adviser maintains a list ofapproved borrowers

• The Fund receives collateral equal toat least 100% of the current value ofthe securities loaned plus accruedinterest

• The lending agents indemnify the Fundagainst borrower default

• The adviser’s collateral investmentguidelines limit the quality and durationof collateral investment to minimizelosses

• Upon recall, the borrower must returnthe securities loaned within the normalsettlement period

Exchange Traded Funds (ETFs) andother investment companies• If the Fund invests in shares of another

investment company, shareholderswould bear not only their proportionateshare of the Fund’s expenses, but alsosimilar expenses of the investmentcompany

• The price movement of an ETF maynot track the underlying index, market,sector, regions or industries and mayresult in a loss

• Helps to manage smaller cash flows• Investing in ETFs offers instant

exposure to an index or a broad rangeof markets, sectors, geographicregions and industries

• Generally, the Fund’s investments inother investment companies, includingETFs, are subject to the percentagelimitations of the Investment CompanyAct of 1940 (1940 Act)

• Exemptive orders granted to variousiShares funds (which are ETFs), otherETFs, and their investment advisers bythe Securities and ExchangeCommission (SEC) permit the Fund toinvest beyond the 1940 Act limits,subject to certain terms andconditions, including a finding of theFund’s Board of Trustees that theadvisory fees charged by the adviserare for services that are in addition to,and not duplicative of, the advisoryservices provided to those ETFs

• Under SEC Rule 12d1-1, the Fundmay invest in both affiliated andunaffiliated money market fundswithout limit subject to the Fund’sinvestment policies and restrictionsand the conditions of the rule

Risk and Reward Elements for the Fund (continued)



Derivatives*• Derivatives such as futures, options,

swaps and forward foreign currencycontracts1 that are used for hedgingthe portfolio or specific securities maynot fully offset the underlying positionsand this could result in losses to theFund that would not have otherwiseoccurred

• The Fund may have difficulty exiting aderivatives position

• Derivatives used for risk managementmay not have the intended effects andmay result in losses or missedopportunities

• Segregated or earmarked assets orcollateral accounts established withderivatives may limit the Fund’sinvestment flexibility

• The counterparty to a derivativescontract could default

• Derivatives that involve leverage couldmagnify losses

• Derivatives used for non-hedgingpurposes could cause losses thatexceed the original investment

• Certain types of derivatives involvecosts to the Fund which can reducereturns

• Derivatives may, for tax purposes,affect the character of gain and lossrealized by the Fund, acceleraterecognition of income to the Fund,affect the holding period of the Fund’sassets and defer recognition of certainof the Fund’s losses

• Hedges that correlate well withunderlying positions can reduce oreliminate losses at low cost

• The Fund could make money andprotect against losses if management’sanalysis proves correct

• Derivatives that involve leverage couldgenerate substantial gains at low cost

• The Fund uses derivatives for hedgingand for risk management (i.e., toestablish or adjust exposure toparticular securities, markets orcurrencies); risk management mayinclude management of the Fund’sexposure relative to its benchmark

• The Fund only establishes hedges thatit expects will be highly correlated withunderlying positions

• While the Fund may use derivativesthat incidentally involve leverage, itdoes not use them for the specificpurpose of leveraging its portfolios

• The Fund segregates or earmarksliquid assets to cover its derivativesand offset a portion of the leveragerisk

Illiquid holdings• The Fund could have difficulty valuing

these holdings precisely• The Fund could be unable to sell these

holdings at the time or price desired

• These holdings may offer moreattractive yields or potential growththan comparable widely tradedsecurities

• The Fund may not invest more than15% of its net assets in illiquidholdings

• To maintain adequate liquidity to meetredemptions, the Fund may hold highquality short-term instruments (includingrepurchase agreements) and mayborrow from banks as permitted by law

* The Fund is not subject to registration or regulation as a “commodity pool operator” as defined in the Commodity Exchange Act because the Fundshave claimed an exclusion from that definition.

1 A futures contract is an agreement to buy or sell a set quantity of an underlying instrument at a future date, or to make or receive a cash paymentbased on changes in the value of a securities index. An option is the right to buy or sell a set quantity of an underlying instrument at a predeter-mined price. A swap is a privately negotiated agreement to exchange one stream of payments for another. A forward foreign currency contract is anobligation to buy or sell a given currency on a future date and at a set price.



When-issued and delayeddelivery securities• When the Fund buys securities before

issue or for delayed delivery, it couldbe exposed to leverage risk if it doesnot segregate or earmark liquid assets

• The Fund can take advantage ofattractive transaction opportunities

• The Fund segregates or earmarksliquid assets to offset leverage risks

Short-term trading• Increased trading could raise the

Fund’s brokerage and related costs• Increased short-term capital gains

distributions could raise shareholders’income tax liability; such an increase intransaction costs and/or tax liability, ifnot offset by gains from short-termtrading, would reduce the Fund’sreturns

• The Fund could realize gains in a shortperiod of time

• The Fund could protect against lossesif a stock is overvalued and its valuelater falls

• The Fund generally avoids short-termtrading, except to take advantage ofattractive or unexpected opportunitiesor to meet demands generated byshareholder activity

Short selling• Short sales may not have the intended

effects and may result in losses• The Fund may not be able to close

out a short position at a particular timeor at an acceptable price

• The Fund may not be able to borrowcertain securities to sell short, resultingin missed opportunities

• Segregated or earmarked assets andposting collateral with respect to shortsales may limit the Fund’s investmentflexibility

• Short sales involve leverage risk, creditexposure to the brokers that executethe short sale and retain the proceeds,have no cap on maximum losses andgains are limited to the price of thestock at the time of the short sale

• The Fund could make money andprotect against losses if management’sanalysis proves correct

• Short selling may allow the Fund togenerate positive returns in decliningmarkets

• The Fund will not engage in shortselling if the total market value of allsecurities sold short would exceed100% of the Fund’s net assets

• The Fund segregates or earmarksliquid assets to cover short positionsand offset a portion of the leveragerisk

• The Fund makes short sales throughbrokers that the adviser hasdetermined to be highly creditworthy

Risk and Reward Elements for the Fund (continued)



Real Estate Investment Trusts (REITs)1

• The value of real estate securities ingeneral, and REITs in particular, aresubject to the same risks as directinvestments in real estate and willdepend on the value of the underlyingproperties or the underlying loans orinterests.

• The value of these securities will riseand fall in response to many factors,including economic conditions, thedemand for rental property andinterest rates. In particular, the value ofthese securities may decline wheninterest rates rise and will also beaffected by the real estate market andby the management of the underlyingproperties.

• REITs may be more volatile and/ormore illiquid than other types of equitysecurities.

• If a REIT fails to distribute its requiredtaxable income or to satisfy the otherrequirements of REIT status, it wouldbe taxed as a corporation, andamounts available for distribution toshareholders (including the Fund)would be reduced by any corporatetaxes payable by the REIT.

• The Fund can gain exposure to anadditional asset class in order tofurther diversify its assets.

• The Fund may receive current incomefrom its REIT investments.

• If a REIT meets the requirements ofthe Internal Revenue Code, asamended, it will not be taxed onincome it distributes to itsshareholders; as a result, more incomecan be distributed by the REIT.

• The Fund’s adviser will carefullyevaluate particular REITs before andafter investment based on itsinvestment process and will alsomonitor economic and real estatetrends affecting the value of REITs.

1 REITs are pooled investment vehicles which invest primarily in income-producing real estate or loans related to real estate.


The financial highlights table is intended to help you understand the Fund’s financial performance for each of the pastone through five fiscal years. Certain information reflects financial results for a single Fund share. The total returns in thetable represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvest-ment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whosereports, along with the Fund’s financial statements, are included in the Fund’s annual report, which is availableupon request.

Per share operating performance

Investment operations Distributions

Net assetvalue,

beginningof period

Netinvestment

income(loss)

Net realizedand unrealized

gains(losses) oninvestments

Total frominvestmentoperations

Netinvestment

income

Netrealizedgains

Totaldistributions

Net assetvalue, endof period

Class AYear Ended October 31, 2007 $14.01 $ 0.40(b) $ 0.70 $ 1.10 $(0.62) $ — $(0.62) $14.49Year Ended October 31, 2006 13.63 0.36(b) 0.70 1.06 (0.68) — (0.68) 14.01Year Ended October 31, 2005 14.18 0.09 (0.40) (0.31) (0.09) (0.15) (0.24) 13.63Year Ended October 31, 2004 14.01 (0.03)(b) 0.20 0.17 — — — 14.18Year Ended October 31, 2003 13.99 (0.09)(b) 0.23 0.14 (0.03) (0.09) (0.12) 14.01

Class BYear Ended October 31, 2007 13.81 0.34(b) 0.67 1.01 (0.55) — (0.55) 14.27Year Ended October 31, 2006 13.45 0.28(b) 0.70 0.98 (0.62) — (0.62) 13.81Year Ended October 31, 2005 14.00 0.04 (0.41) (0.37) (0.03) (0.15) (0.18) 13.45Year Ended October 31, 2004 13.91 (0.16)(b) 0.25 0.09 — — — 14.00Year Ended October 31, 2003 13.95 (0.16)(b) 0.23 0.07 (0.02) (0.09) (0.11) 13.91

(a) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net assetvalue for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns forshareholder transactions.

(b) Calculated based upon average shares outstanding.(c) Includes interest expense for custody overdraft of 0.01%.

Financial Highlights


Ratios/Supplemental data

Ratios to average net assets

Total return(excludes sales

charge) (a)

Net assetsend ofperiod(000’s)

Net expenses(including

dividend expensefor securitiessold short)

Net expenses(excluding

dividend expensefor securitiessold short)

Netinvestment

income(loss)

Expenseswithout waivers,reimbursements

and earnings credits(including dividend

expense forsecuritiessold short)

Expenseswithout waivers,reimbursements

and earnings credits(excluding dividend

expense forsecuritiessold short)

Portfolioturnover

rate

8.02% $12,603 3.67% 1.51%(c) 2.81% 4.68% 2.52% 387%8.02 3,630 3.70 1.50 2.62 4.85 2.65 476

(2.25) 2,968 3.46 1.50 0.99 4.31 2.35 3131.21 1,222 3.14 1.50 (0.58) 7.44 5.80 2000.97 220 3.34 1.50 (0.67) 11.93 10.09 114

7.46 572 4.17 2.01(c) 2.41 5.23 3.07 3877.49 368 4.20 2.00 2.04 5.35 3.15 476

(2.68) 251 3.96 2.00 0.35 5.16 3.20 3130.65 243 3.64 2.00 (1.20) 9.37 7.73 2000.48 200 3.84 2.00 (1.19) 12.46 10.62 114


None of the actions described below allege that any unlawful activity took place with respect to the Fund whose sharesare offered in this prospectus.

Prior to becoming an affiliate of JPMorgan Chase, on June 29, 2004, Banc One Investment Advisors Corporation (BOIA),now known as JPMorgan Investment Advisors Inc., entered into agreements with the Securities and Exchange Commis-sion (the SEC) and the New York Attorney General (NYAG) in resolution of investigations conducted by the SEC and theNYAG into market timing of certain funds advised by BOIA which were series of One Group Mutual Funds, possible latetrading of certain funds and related matters. In its settlement with the SEC, BOIA consented to the entry of an order bythe SEC (the SEC Order) instituting and settling administrative and cease-and-desist proceedings against it. Under theterms of the SEC Order and the NYAG settlement agreement, BOIA agreed to pay disgorgement of $10 million and acivil money penalty of $40 million for a total payment of $50 million, which is being distributed to certain current andformer shareholders of certain funds. Pursuant to the settlement agreement with the NYAG, BOIA reduced its manage-ment fee for certain funds which were series of One Group Mutual Funds (now known as JPMorgan Trust II) in theaggregate amount of approximately $8 million annually over a five-year period commencing September, 2004.

In addition to the matters involving the SEC and NYAG, various lawsuits were filed by private plaintiffs in connection withthese circumstances in various state and federal courts. These actions were transferred to the United States DistrictCourt for the District of Maryland for coordinated or consolidated pretrial proceedings by the orders of the Judicial Panelon Multidistrict Litigation, a federal judicial body that assists in the administration of such actions. The plaintiffs filed con-solidated amended complaints, naming as defendants, among others, BOIA, Bank One Corporation and JPMorganChase (the former and current corporate parent of BOIA), the Distributor, One Group Services Company (the former dis-tributor of One Group Mutual Funds), certain officers of One Group Mutual Funds and BOIA, and certain current andformer Trustees of One Group Mutual Funds. These complaints alleged, among other things, that various defendants(i) violated various antifraud and other provisions of federal securities laws, (ii) breached their fiduciary duties, (iii) unjustlyenriched themselves, (iv) breached Fund-related contracts, and (v) conspired to commit unlawful acts.

As of June 14, 2006, all claims against One Group Mutual Funds and current and former Trustees were dismissed bythe United States District Court in Maryland. Certain claims against BOIA and its affiliates have also been dismissed, anda settlement in principle has been reached for the purpose of resolving all remaining claims in the litigation in Maryland.The settlement is subject to court approval.

The foregoing speaks only as of the date of this prospectus. Additional lawsuits presenting allegations and requests forrelief arising out of or in connection with any of the foregoing matters may be filed against these and related parties inthe future.

Legal Proceedings Relating to Banc One Investment AdvisorsCorporation and Certain of its Affiliates


Respecting and protecting customer privacy is vital toJPMorgan Funds and JPMorgan Distribution Services,Inc. (JPMDS). This Policy explains what JPMorgan Fundsdoes to keep our customer information private andsecure.

Q. Who is covered by the Privacy Policy?A. This Privacy Policy applies to consumers who are cus-tomers or former customers of JPMorgan Funds throughrecord ownership of Fund shares. Our Privacy Policy isprovided to customers when they open a new account.We also send it to current customers yearly. We maychange our Policy. We will send you a new privacy policyif we broaden our information sharing practices about you.

Q. What information do you have about me?A. To provide services and to help meet your needs, wecollect information about you from various sources.

• We get information from you on applications or otherforms, on our website, or through other means.

• We get information from transactions, correspondence,or other communications with us.

Q. How do you safeguard information about me?A. We take a number of steps to protect the privacy ofinformation about you. Here are some examples:

• We keep information under physical, electronic andprocedural controls that comply with or exceed gov-ernmental standards.

• We authorize our employees, agents and contractorsto get information about you only when they need it todo their work for us.

• We require companies working for us to protect infor-mation. They agree to use it only to provide the ser-vices we ask them to perform for us.

Q. Is information about me shared with others?A. No, we do not share personally identifiable informationabout you except as noted below.

Q. Is information about me shared with serviceproviders and other financial companies?A. Yes, as permitted by law. We may share informationabout you with outside companies that work for us.These may include firms that help us maintain and ser-vice accounts. For instance, we will share informationwith the transfer agent for JPMorgan Funds. The transferagent needs this information to process your purchase,redemption and exchange transactions and to updateyour account. We may also share information about youwith outside financial companies that have joint marketing

agreements with us. However, we only provide informa-tion about you to that broker-dealer or financial intermedi-ary from whom you purchased your Fund shares or whocurrently services your Fund account.

Q. Is information about me shared in any other ways?A. Yes. We may also share information about you in otherways, as required or permitted by law. Here are someexamples of ways that we share information.

• To protect against fraud.

• To respond to a subpoena.

• To service your account.

• With your consent.

JPMORGAN DISTRIBUTION SERVICES, INC. —(JPMDS)In general, JPMDS, as distributor for the JPMorganFunds, does not independently collect or retain nonpublicpersonal financial information relating to any past, presentor prospective shareholders of the Funds. From time totime, the Funds or companies that provide services tothe Funds may provide to JPMDS nonpublic personalfinancial information relating to shareholders or prospec-tive shareholders as necessary for JPMDS to performservices for the Funds. In such circumstances, JPMDSadheres to the regulatory limitations on the use or disclo-sure of that information and its own obligations to theFunds to protect the security and confidentiality of theinformation.

SPECIAL NOTICE FOR CALIFORNIA RESIDENTS.In order to comply with California law, if your account hasa California mailing address, we will not share informationabout you with third parties unless we first provide youwith further privacy choices or unless otherwise permittedby law such as servicing your account.

SPECIAL NOTICE FOR VERMONT RESIDENTS.In order to comply with Vermont law, if we disclose infor-mation about you to other financial institutions with whichwe have joint marketing agreements, we will only discloseyour name, contact information and information aboutyour transactions.

THE JPMORGAN FUNDS’ PRIVACY COMMITMENT.The JPMorgan Funds are committed to protecting theprivacy of our customers, but we understand that thebest protection requires a partnership with you. Weencourage you to find out how you can take steps tofurther protect your own privacy by visiting us online atwww.jpmorganfunds.com.

Privacy Policy

This description of the JPMorgan Funds’ Privacy Policy is not part of the prospectus.

This Page Intentionally Left Blank.

MORE INFORMATIONFor investors who want more information on the Fund thefollowing documents are available free upon request:

ANNUAL AND SEMI-ANNUAL REPORTSOur annual and semi-annual reports contain moreinformation about the Fund’s investments andperformance. The annual report also includes details aboutthe market conditions and investment strategies that had asignificant effect on the Fund’s performance during the lastfiscal year.

STATEMENT OF ADDITIONAL INFORMATION (SAI)The SAI contains more detailed information about theFund and its policies. It is incorporated by reference intothis prospectus. This means, by law, it is considered to bepart of this prospectus.

You can get a free copy of these documents and otherinformation, or ask us any questions, by calling us at1-800-480-4111 or writing to:


If you buy your shares through a Financial Intermediary,you should contact that Financial Intermediary directly formore information. You can also find information online atwww.jpmorganfunds.com.

You can write or e-mail the SEC’s Public Reference Roomand ask them to mail you information about the Fund,including the SAI. They will charge you a copying fee forthis service. You can also visit the Public Reference Roomand copy the documents while you are there.

Public Reference Room of the SECWashington, DC 20549-01021-202-942-8090E-mail: [email protected]

Reports, a copy of the SAI and other information aboutthe Fund are also available on the SEC’s websiteat http://www.sec.gov.

Investment Company Act File No. 811-21295.

HOW TO REACH US

©JPMorgan Chase & Co. 2008 All rights reserved. February 2008.

PR-SPECAB-208

jpmorgan specialty funds

Documents