Mutual Fund Summary Prospectus (497k)
04 Febrero 2013 - 10:13AM
Edgar (US Regulatory)
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Summary Prospectus November 1, 2012, as supplemented February 4, 2013
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JPMorgan Small Cap Equity Fund
Class/Ticker: R2/JSEZX R5/JSERX
Before you invest, you may want to review the Funds Prospectus, which contains more information about the Fund and its risks. You can find the
Funds Prospectus and other information about the Fund, including the Statement of Additional Information, online at www.jpmorganfunds.com/funddocuments. You can also get this information at no cost by calling 1-800-480-4111 or by sending an
e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. The Funds Prospectus and Statement of Additional Information, both dated November 1, 2012, as supplemented, are
incorporated by reference into this Summary Prospectus.
Currently, the Fund is publicly offered on a limited basis. (See Purchasing Fund Shares What does
it mean that the Small Cap Equity Fund is publicly offered on a limited basis? in the prospectus for more information.)
What is the goal of the Fund?
The Fund seeks capital growth over the long term.
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
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ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value
of your investment)
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Class R2
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Class R5
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Management Fees
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0.65
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%
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0.65
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%
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Distribution (Rule 12b-1) Fees
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0.50
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NONE
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Other Expenses
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0.51
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0.31
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Shareholder Service Fees
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0.25
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0.05
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Remainder of Other Expenses
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0.26
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0.26
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Acquired Fund Fees and Expenses
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0.01
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0.01
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Total Annual Fund Operating Expenses
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1.67
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0.97
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Fee Waivers and Expense Reimbursements
1
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(0.11
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(0.16
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1
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1.56
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0.81
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1
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The Funds adviser administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual
Fund Operating Expenses of Class R2 and Class R5 Shares (excluding Acquired Fund Fees and Expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and
expenses related to the Board of Trustees deferred compensation plan) exceeds 1.55% and 0.80%, respectively, of their average daily net assets. This contract cannot be terminated prior to 11/1/13 at which time the Service Providers will
determine whether or not to renew or revise it.
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Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table
through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
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WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COST WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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CLASS R2 SHARES ($)
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159
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516
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897
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1,967
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CLASS R5 SHARES ($)
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83
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293
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521
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1,175
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses, or in the Example, affect the Funds performance. During the Funds most recent fiscal year,
the Funds portfolio turnover rate was 27% of the average value of its portfolio.
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What are the Funds main investment strategies?
Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of small cap companies. Assets
means net assets, plus the amount of borrowings for investment purposes. Small cap companies are companies with market capitalizations equal to those within the universe of the Russell 2000
®
Index stocks at the time of purchase. As of the last reconstitution of the Russell 2000 Index on June 22, 2012, the market capitalizations of the companies in the
index ranged from $101 million to $2.6 billion. In implementing its main strategies, the Fund invests primarily in common stocks.
Derivatives,
which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures
contracts to more effectively gain targeted equity exposure from its cash positions.
Investment Process: In managing the Fund, the adviser
employs a fundamental bottom-up investment process. The adviser seeks to invest in companies with leading competitive advantages, predictable and durable business models and sustainable free cash flow generation with management committed to
increasing intrinsic value.
The adviser may sell a security for several reasons. A security may be sold due to a change in the companys
fundamentals or if the adviser believes the security is no longer attractively valued. Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.
The Funds Main Investment Risks
The
Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding particular securities or markets are not met.
An investment in this Fund or any other fund may not provide a complete investment program. The suitability
of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this Prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial
goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.
Equity Market
Risk.
The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting
individual companies, sectors or industries selected for the Funds portfolio or the securities market as a whole,
such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in the Fund decreases in value.
General Market Risk.
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood
that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.
Small Cap Company
Risk.
Investments in small cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established companies. As a result, share price changes may be more sudden or
erratic than the prices of other equity securities, especially over the short term.
Derivative Risk.
Derivatives, including futures, may
be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the
Funds original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain
derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty
risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In
addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.
Redemption Risk.
The Fund
could experience a loss when selling securities to meet redemption requests by shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the
securities sold, or when the securities the Fund wishes to or is required to sell are illiquid.
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are
not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.
You could lose money investing in the Fund.
The Funds Past Performance
This section
provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the
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Funds Class R5 Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The
table compares that performance to the Russell 2000
®
Index and the Lipper Small-Cap Core Funds Index, an index
based on the total returns of certain mutual funds within the Funds designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance for the
Class R5 Shares is based on the performance of the Select Class Shares prior to the inception of the Class R5 Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses
than Select Class Shares. The performance in the table for Class R2 Shares is based on the performance of Class A Shares prior to the inception of the Class R2 Shares. The actual returns of Class R2 Shares would have been lower because Class R2
Shares have higher expenses than Class A Shares. Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.
Updated performance information is available by visiting
www.jpmorganfunds.com or by calling 1-800-480-4111.
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Best Quarter
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2nd quarter, 2009
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17.81%
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Worst Quarter
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4th quarter, 2008
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18.76%
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The Funds year-to-date total return through 9/30/12 was 15.89%.
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AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2011)
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Past
1 Year
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Past
5 Years
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Past
10 Years
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CLASS R5 SHARES
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Return Before Taxes
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3.11
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%
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5.64
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%
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9.83
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Return After Taxes on Distributions
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1.82
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4.74
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8.83
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Return After Taxes on Distributions and Sale of Fund Shares
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2.70
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4.43
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8.32
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CLASS R2 SHARES
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Return Before Taxes
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2.32
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4.93
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9.18
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RUSSELL 2000
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INDEX
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(Reflects No Deduction for Fees, Expenses or Taxes)
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(4.18
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0.15
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5.62
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LIPPER SMALL-CAP CORE FUNDS INDEX
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(Reflects No Deduction for Taxes)
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(3.81
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1.32
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5.81
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After-tax returns are shown only for the Class R5 Shares, and after-tax returns for the other class will vary. After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. The
after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Management
J.P. Morgan Investment Management Inc.
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Portfolio
Manager
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Managed the
Fund
Since
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Primary Title with
Investment Adviser
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Don San Jose
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2007
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Managing Director
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Christopher Jones
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2013
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Managing Director
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Purchase and Sale of Fund Shares
Shares of the Fund are no longer generally available to new purchasers. Existing shareholders can still reinvest their dividends and exchange into the Fund from other J.P. Morgan Funds. In addition, certain
group retirement plans can continue to purchase shares as described in Purchasing Fund Shares-What does it mean that the Small Cap Equity Fund is publicly offered on a limited basis? in the prospectus.
There are no minimum or maximum purchase requirements with respect to Class R2 or Class R5 Shares.
In general, you may purchase or redeem shares on any business day
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Through your Financial Intermediary
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By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528
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After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111
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Tax Information
The Fund intends to make distributions that may be taxed as ordinary income or capital gains, except when your investment is in a 401(k) plan or other tax-advantaged investment plan, in which case you may be
subject to federal income tax upon withdrawal from the tax-advantaged investment plan.
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its
related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the
Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
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