SALES CHARGES AND BREAKPOINTS for Equity Funds Asset Allocation Funds Income Funds Strategic Preservation Fund Money Market Funds (Effective February 29, 2012)

1

Sales Charges and Breakpoints for JPMorgan Equity Funds and JPMorgan Asset Allocation Funds SALES CHARGES JPMorgan Distribution Services, Inc. (JPMDS), the Distributor may compensate Financial Intermediaries who sell shares of the Funds. Compensation comes from sales charges, Rule 12b-1 fees and payments by the Distributor or affiliates of the Distributor from its or their own resources. The following tables show the sales charges for each class of shares and the percentage of your investment that is paid as a commission to a Financial Intermediary. Payments made by the Distributor and its affiliates from its or their own resources are discussed in more detail in the Prospectus under the heading “The Funds’ Management and Administration,” “Management of the Funds” or “The Funds’ Management.” You may also contact your Financial Intermediary about the reduction, elimination or waiver of sales charges.

CLASS A SHARES SALES CHARGES The public offering price of Class A Shares of the Funds is the net asset value (“NAV”) per share plus the applicable sales charge, unless you qualify for a waiver of the sales charge. The Fund receives the NAV. The sales charge is allocated between your Financial Intermediary and the Distributor as shown in the following tables, except if the Distributor, in its discretion, re-allows the entire amount to your Financial Intermediary. In those instances in which the entire amount is re-allowed, such Financial Intermediaries may be deemed to be underwriters under the Securities Act of 1933. The tables below show the amount of sales charge you would pay at different levels of investment and the commissions paid to Financial Intermediaries at each level of investment. The differences in sales charges shown in the table below are sometimes referred to as “breakpoints.” If you buy Class A Shares of the Funds listed below on or after August 1, 2006, the following tables show the amount of sales charge you pay and the commissions paid to Financial Intermediaries. For purposes of this document, the JPMorgan International Equity Funds, JPMorgan Specialty Funds, the JPMorgan Tax Aware Funds and JPMorgan U.S. Equity Funds designated below are referred to as “Equity Funds”.

2

Class A Shares of:

JPMorgan International Equity Funds

JPMorgan U.S. Equity Funds

JPMorgan Asset Allocation Funds:

• JPMorgan Asia Equity Fund • JPMorgan China Region Fund • JPMorgan Emerging Economies Fund • JPMorgan Emerging Markets Equity Fund • JPMorgan Global Equity Income • JPMorgan Global Opportunities Fund • JPMorgan India Fund • JPMorgan International Equity Fund • JPMorgan International Equity Index Fund • JPMorgan International Opportunities Fund  JPMorgan International Value Fund • JPMorgan Intrepid European Fund • JPMorgan Intrepid International Fund • JPMorgan Latin America Fund • JPMorgan Russia Fund

• JPMorgan Disciplined Equity Fund • JPMorgan Dynamic Small Cap Growth Fund1 • JPMorgan Equity Income Fund • JPMorgan Equity Index Fund • JPMorgan Growth Advantage Fund • JPMorgan Growth and Income Fund • JPMorgan Intrepid America Fund • JPMorgan Intrepid Growth Fund • JPMorgan Intrepid Mid Cap Fund • JPMorgan Intrepid Multi Cap Fund • JPMorgan Intrepid Value Fund • JPMorgan Large Cap Growth Fund • JPMorgan Large Cap Value Fund • JPMorgan Market Expansion Index Fund • JPMorgan Mid Cap Core Fund • JPMorgan Mid Cap Growth Fund • JPMorgan Mid Cap Value Fund • JPMorgan Small Cap Equity Fund1 • JPMorgan Small Cap Growth Fund • JPMorgan Small Cap Value Fund • JPMorgan U.S. Dynamic Plus Fund • JPMorgan U.S. Equity Fund • JPMorgan U.S. Large Cap Core Plus Fund1 • JPMorgan U.S. Large Cap Value Plus Fund • JPMorgan U.S. Research Equity Plus Fund • JPMorgan U.S. Small Company Fund • JPMorgan Value Advantage Fund • JPMorgan Value Opportunities Fund

• JPMorgan Diversified Fund • JPMorgan Diversified Real Return Fund • JPMorgan Investor Balanced Fund • JPMorgan Investor Conservative Growth Fund • JPMorgan Investor Growth & Income Fund • JPMorgan Investor Growth Fund • JPMorgan SmartRetirement Income Fund • JPMorgan SmartRetirement 2010 Fund • JPMorgan SmartRetirement 2015 Fund • JPMorgan SmartRetirement 2020 Fund • JPMorgan SmartRetirement 2025Fund • JPMorgan SmartRetirement 2030 Fund • JPMorgan SmartRetirement 2035 Fund • JPMorgan SmartRetirement 2040 Fund • JPMorgan SmartRetirement 2045 Fund • JPMorgan SmartRetirement 2050 Fund • JPMorgan SmartRetirement 2055 Fund • JPMorgan Income Builder Fund

JPMorgan Specialty Funds • Highbridge Dynamic Commodities Strategy Fund1 • Highbridge Statistical Market Neutral Fund • JPMorgan Global Natural Resources Fund • JPMorgan International Realty Fund • JPMorgan Multi-Cap Market Neutral Fund • JPMorgan Research Equity Long/Short Fund • JPMorgan Research Market Neutral Fund • JPMorgan Realty Income • JPMorgan U.S. Real Estate Fund • Security Capital U.S. Core Real Estate Securities Fund JPMorgan Tax Aware Funds • JPMorgan Tax Aware Equity Fund

1

The Fund is publicly offered on a limited basis. Details of who can buy shares are provided in the “Purchasing Fund Shares” section of the prospectus.

3

Total Sales Charge For JPMorgan Asset Allocation Funds Amount of Purchases Less Than $100,000 $100,000-$249,999 $250,000-$499,999 $500,000 - $999,999 $1,000,000 OR MORE*

Sales Charge As a % of Offering Price 4.50 3.50 2.50 2.00 None

Sales Charge As a % of Your Investment1 4.71 3.63 2.56 2.04 None

Commission As a % of Offering Price 4.05 3.05 2.05 1.60 **

Total Sales Charge For JPMorgan Equity Funds Amount of Purchases LESS THAN $50,000 $50,000 - $99,999 $100,000 - $249,999 $250,000 - $499,999 $500,000 - $999,999 $1,000,000 OR MORE* 1

Sales Charge As a % of Offering Price

Sales Charge As a % of Your Investment1

Commission As a % of Offering Price

5.25 4.50 3.50 2.50 2.00 None

5.54 4.71 3.63 2.56 2.04 None

4.75 4.05 3.05 2.05 1.60 **

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

* There is no front-end sales charge for investments of $1 million or more in a Fund.

** If you purchase $1 million or more of Class A Shares of the Funds (other than the Equity Index Fund or Market Expansion Index Fund) and are not assessed a sales charge at the time of purchase, you will be charged the equivalent of 1% of the purchase price if you redeem any or all of the Class A Shares of a Fund during the first 12 months after purchase and 0.50% if you redeem any or all of the Class A Shares of any Fund between 12 and 18 months after purchase. If you purchase $1 million or more of Class A Shares of the Market Expansion Index Fund and are not assessed a sales charge at the time of purchase, you will be charged the equivalent of 0.25% of the purchase price if you redeem any or all of the Class A Shares of the Fund during the first 12 months after purchase. If you purchase $1 million or more of Class A Shares of the Equity Index Fund and are not assessed a sales charge at the time of purchase, you will not be charged any subsequent amount when you redeem. The charges apply unless the Distributor receives notice before you invest indicating that your Financial Intermediary is waiving its commission. Such charges apply to exchanges into money market funds. If you exchange your Class A Shares for Class A Shares of a non-money market fund, you will not be charged at the time of the exchange but (1) your new Class A Shares will be subject to the charges specified above 4

applicable to any of those Funds from which you exchanged, and (2) the current holding period for your exchanged Class A Shares will carry over to your new shares. The Distributor may make a payment to Financial Intermediaries for your cumulative investments of $1 million or more of Class A Shares. Although Financial Intermediaries will not receive payments for purchases of Class A Shares of the Equity Index Fund, such purchases will count towards the cumulative investment of $1 million or more. These commissions are paid at the rate of up to 1.00% (0.25% for Market Expansion Index Fund) of gross sales of $1 million or more. The Distributor may withhold these payments with respect to shortterm investments. See the Statement of Additional Information for more details. Shareholders may exchange their shares in a Fund for shares of any other JPMorgan Fund as indicated in the Prospectuses that offers such share class. Generally, the shareholder will not pay a sales charge at the time of an exchange, except as specified above in **. However if a shareholder exchanges Class B or Class C Shares of a Fund for Class B or Class C Shares, respectively, of another Fund, the shareholder will not pay a sales charge at the time of the exchange, however: (1) the new Class B or Class C Shares will be subject to the CDSC of the Fund from which the shareholder exchanged except for Class C Shares of the Short Duration Bond Fund, Short-Intermediate Municipal Bond Fund and Limited Duration Bond Fund (collectively, the Short Term Bond Funds); (2) the current holding period for the exchanged Class B or Class C Shares, other than exchanged Class C Shares of the Short Term Bond Funds, is carried over to the new shares; and (3) if a shareholder exchanges Class C Shares of one of the Short Term Bond Funds, a new CDSC period applicable to the Fund into which the shareholder exchanged will begin on the date of the exchange. The Funds reserve the right to limit the number of exchanges or to refuse an exchange. The Funds may discontinue this exchange privilege at any time.

Finder’s Fees Paid to Financial Intermediaries on Cumulative Investments of $1,000,000 or More in Class A Shares of all JPMorgan Equity Funds and JPMorgan Asset Allocation Funds. Financial Intermediaries who sell $1 million or more of Class A Shares in the aggregate of the JPMorgan Equity Funds, the JPMorgan Specialty Funds, the JPMorgan International Equity Funds, the JPMorgan Asset Allocation Funds, the JPMorgan Fixed Income Funds, and the JPMorgan Strategic Preservation Fund (collectively “Qualifying Funds”) may receive a finder’s fee. With respect to sales of the Equity Funds (other than the Equity Index Fund and the Market Expansion Index Fund), such fees are paid in accordance with the following schedule: JPMorgan Asset Allocation Funds Amount of Purchases

Finder’s Fees

$1,000,000 - $3,999,999* $4,000,000 - $9,999,999 $10,000,000 - $49,999,999 $50,000,000 OR MORE

1.00% 0.75% 0.50% 0.25%

* If the total sale of Class A Shares of Qualifying Funds is $1,000,000 or more but the amount of the sale applicable to a Fund is less than $1,000,000, the Financial Intermediary will receive a Finder’s Fee equal to 1.00% of the sale of

5

the Class A Shares of a Fund. The Finder’s Fee Schedule for other Qualifying Funds can be found in the Statement of Additional Information for such Qualifying Funds.

With respect to sales of the Equity Index Fund, no finder’s fee will be paid, although the Equity Index Fund is still deemed to be a Qualifying Fund for purposes of aggregating total sales. To the extent the Equity Index Fund is included in the total sales, the applicable finder’s fee will only be paid on the non-Equity Index Fund portion of the sales. With respect to sales of the JPMorgan Market Expansion Index Fund, such fees are paid in accordance with the following schedule: JPMorgan Market Expansion Index Fund Amount of Purchases $1,000,000 or more*

Finder’s Fees 0.25%

* If the total sale of Class A Shares of Qualifying Funds is $1,000,000 or more but the amount of the sale applicable to the Market Expansion Index Fund is less than $1,000,000, the Financial Intermediary will receive a Finder’s Fee equal to 0.25% of the sale of the Class A Shares of the Market Expansion Index Fund. The Finder’s Fee Schedule for other Qualifying Funds can be found in the Statement of Additional Information for such Qualifying Funds.

The Distributor may also pay Financial Intermediaries a commission of up to 1.00% of gross sales on sales of Class A Shares to certain defined contribution plans. If such defined contribution plan redeems all of the shares that it owns on behalf of participants within 12 months of the purchase date, then the Financial Intermediaries that have received these commissions will be required to reimburse the Distributor up to 1.00% of the lower of the cost of the shares being redeemed or their NAV at the time of redemption. JPMDS reserves the right to alter or change the finder’s fee policy on these Plans at any time at its own discretion. If a Plan redeems all of the shares for which a finder’s fee has been paid within 12 months of the purchase date, JPMDS will reclaim the finder’s fee paid to the Financial Intermediary rather than charge a CDSC to the Plan. To the extent permitted by the FINRA regulations, JPMIM, JPMDS and their affiliates may also pay non-cash compensation to sales representatives of Financial Intermediaries in the form of: (i) occasional gifts; (ii) occasional meals, tickets or other entertainment; and/or (iii) sponsorship support of regional or national events of Financial Intermediaries or due diligence meetings.

REDUCING YOUR CLASS A SALES CHARGE The Funds permit you to reduce the initial sales charge you pay on Class A Shares by using the Right of Accumulation or a Letter of Intent. Each of these methods for reducing the initial sales charge on Class A Shares is described below. In taking advantage of these methods for reducing the initial sales charge you will pay, you may link purchases of shares of all of the J.P. Morgan Funds in which you invest (as described below) even if such J.P. Morgan Funds are held in accounts with different Financial Intermediaries, as well as purchases of shares of all J.P. Morgan Funds to be held in accounts owned by your spouse or domestic partner and children under the age of 21 who share your residential address. It is your responsibility when investing to inform your Financial Intermediary or the J.P. Morgan Funds that you would like to have one or more of the J.P. Morgan Funds linked together for purposes of reducing the initial sales charge. 6

Right of Accumulation: You may qualify for a reduction in the initial sales charge for future purchases of Class A Shares based on the current market value of your Class A, Class B and Class C Share holdings from prior purchases through the Right of Accumulation. To calculate the sales charge applicable to your net purchase of Class A Shares, you may aggregate your investment with the current market value of any Class A, Class B or Class C Shares of a JPMorgan 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 share your residential address; 4. Trust accounts established by any of the individuals in items (1) through (3) above. If the person(s) who established the trust is deceased, the trust account may be aggregated with the account(s) of the primary beneficiary of the trust; 5. Solely controlled business accounts; and 6. Single-participant retirement plans of any of the individuals in items (1) through (3) above. In order to obtain any breakpoint reduction in the initial sales charge, you must, before purchasing Class A Shares, inform your Financial Intermediary or the J.P. Morgan Funds if you have any of the above types of accounts that can be aggregated with your current investment in Class A Shares to reduce the applicable sales charge. In order to verify your eligibility for a reduced sales charge, you may be required to provide appropriate documentation, such as an account statement or the social security or tax identification number on an account, so that the J.P. Morgan Funds may verify (1) the number of shares of the J.P. Morgan Funds held in your account(s) with the J.P. Morgan Funds, (2) the number of shares of the J.P. Morgan Funds held in your account(s) with a Financial Intermediary, and (3) the number of shares of the J.P. Morgan Funds held in an account with a Financial Intermediary owned by your spouse or domestic partner and by children under the age of 21 who share your residential address. Letter of Intent: In order to immediately reduce your Class A sales charge, you may sign a Letter of Intent stating your intention to buy a specified amount of Class A and Class C Shares of one or more J.P. Morgan Funds. You may then combine purchases of Class A Shares of one or more J.P. Morgan Funds you make over the next 13 months with any combined balances of Class A, Class B and Class C Shares held as of the date of the Letter of Intent and pay the same sales charge on the new Class A Shares that you would have paid if all shares were purchased at once. The 13-month Letter of Intent period commences on the day that the Letter of Intent is received by the Funds or your Financial Intermediary, and you must inform your Financial Intermediary or the Funds that you have a Letter of Intent each time you make an investment. Purchases submitted prior to the date the Letter of Intent is received by the Funds or your Financial Intermediary are considered only in determining the level of sales charge that will be paid pursuant to the Letter of Intent, but the Letter of Intent will not result in any reduction in the amount of any previously paid sales charge. A percentage of your investment will be held in escrow until the full amount covered by the Letter of Intent has been invested. If the terms of the Letter of Intent are not fulfilled by the end of the 13th month, you must pay the Distributor the difference between the sales charges applicable to the purchases at the time they were made and the reduced sales charges previously paid or the Distributor will liquidate sufficient escrowed shares to obtain the difference. Calculations made to determine whether a Letter of Intent commitment has been fulfilled 7

will be made on the basis of the amount invested prior to the deduction of any applicable sales charge. Additional information regarding the reduction of Class A sales charges is available in the Funds’ Statement of Additional Information. To take advantage of the Right of Accumulation and/or a Letter of Intent, complete the appropriate section of your Account Application or contact your Financial Intermediary. To determine if you are eligible for these programs or to request a copy of the Statement of Additional Information, call 1-800-480-4111. These programs may be terminated or amended at any time.

WAIVER OF THE CLASS A SALES CHARGE No sales charge is imposed on Class A Shares of the Funds if the shares were: 1. Bought with the reinvestment of dividends and capital gains distributions. 2. Acquired in exchange for shares of another JPMorgan Fund if a comparable sales charge has been paid for the exchanged shares. 3. Bought by officers, directors or trustees, retirees and employees and their immediate family members (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the person, as defined in Section 152 of the Internal Revenue Code) of: • The J.P. Morgan Funds. • JPMorgan Chase and its subsidiaries and affiliates. Officers, directors or trustees, retirees and employees and their immediate families of J.P. Morgan Funds and JPMorgan Chase and its subsidiaries and affiliates may open new Select Class Share accounts subject to a $1,000 minimum investment requirement, provided such accounts are opened directly from the Funds and not through a Financial Intermediary. Select Class Shares have lower expenses than Class A Shares. Please call 1-800-480-4111 for more information. 4. Bought by employees of: • Boston Financial Data Services, Inc. and its subsidiaries and affiliates. • Financial Intermediaries or financial institutions that have entered into dealer agreements with the Funds or the Distributor and their subsidiaries and affiliates (or otherwise have an arrangement with a Financial Intermediary or financial institution with respect to sales of Fund shares). This waiver includes the employees’ immediate family members (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the employee, as defined in Section 152 of the Internal Revenue Code). • Washington Management Corporation and its subsidiaries and affiliates. 8

5. Bought by: • Affiliates of JPMorgan Chase and certain accounts (other than IRA Accounts) for which a Financial Intermediary acts in a fiduciary, advisory, agency or custodial capacity or accounts which participate in select affinity programs with JPMorgan Chase and its affiliates and subsidiaries. • Certain group retirement and deferred compensation plans, and trusts used to fund those plans, including, but not limited to, those plans qualified under Sections 401(k), 403(b) or 457 of the Internal Revenue Code and “rabbi trusts.” • Financial Intermediaries who have a dealer arrangement with the Distributor, who place trades for their own accounts or for the accounts of their clients and who charge a management, asset allocation, consulting or other fee for their services, or clients of such Financial Intermediaries who place trades for their own accounts if the accounts are linked to the master account of such Financial Intermediary. • Tuition programs that qualify under Section 529 of the Internal Revenue Code. • Shareholders of record, as of February 18, 2005, of Class S Shares of Security Capital U.S. Real Estate Shares, so long as they continue to own Class A Shares of the U.S. Real Estate Fund, provided there is no change in account registration. The sales charge waiver is limited to the purchases of additional Class A Shares of the U.S. Real Estate Fund only. • A Financial Intermediary, provided arrangements are pre-approved and purchases are placed through an omnibus account with the Fund. • A bank, trust company or thrift institution which is acting as a fiduciary exercising investment discretion, provided that appropriate notification of such fiduciary relationship is reported at the time of the investment to the Fund or the Fund’s Distributor. • Employer-sponsored health savings accounts established pursuant to Section 223 of the Internal Revenue Code. 6. Bought with proceeds from the sale of Select Class Shares of a JPMorgan Fund or acquired in an exchange of Select Class Shares of a JPMorgan Fund for Class A Shares of the same Fund, but only if the purchase is made within 90 days of the sale or distribution. Appropriate documentation may be required. 7. Bought with proceeds from the sale of Class B Shares of a JPMorgan Fund, but only if you paid a CDSC in connection with such sale and only if the purchase is made within 90 days of such sale. Appropriate documentation may be required. 9

8. Bought with proceeds from the sale of Class A Shares of a JPMorgan Fund (except Class A Shares of a money market fund), but only if the purchase is made within 90 days of the sale or distribution. Appropriate documentation may be required. 9. Bought when one Fund invests in another JPMorgan Fund. 10. Bought in connection with plans of reorganization of a JPMorgan Fund, such as mergers, asset acquisitions and exchange offers to which a Fund is a party. However, you may pay a CDSC when you redeem the Fund shares you received in connection with the plan of reorganization. 11. Purchased during a JPMorgan Fund’s special offering. 12. Purchased in certain Individual Retirement Accounts (IRAs), including, but not limited to, traditional IRAs, rollover IRAs, Roth IRAs or Educational IRAs. To qualify for the waiver, you or your spouse or domestic partner must have an IRA that was rolled over from a qualified retirement plan for which J.P. Morgan Retirement Plan Services LLC had a contractual relationship to provide recordkeeping for the plan (a “RPS Rollover IRA”). J.P. Morgan Institutional Investments Inc. must be the broker of record for the IRA and you must not utilize the services of another Financial Intermediary with respect to the IRA. In addition, the IRA assets must be invested in the Funds’ IRA option with State Street Bank & Trust Company serving as custodian. In order to obtain the waiver, you (or your spouse or domestic partner) must, before purchasing Class A Shares in your RPS Rollover IRA, inform J.P. Morgan Funds that the account qualifies for the waiver. Once you have established the RPS Rollover IRA, you or your spouse or domestic partner can establish additional IRAs with J.P. Morgan Funds and convert existing J.P. Morgan Funds IRA accounts so that they also qualify for the waiver. These additional IRA accounts must meet the broker of record and custodial requirements described above before they qualify for the waiver. To take advantage of any of these Class A sales charge waivers, you must qualify for such waiver. To see if you qualify call 1-800480-4111 or contact your Financial Intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice.

10

CLASS B SHARES SALES CHARGES 2 Class B Shares are offered at NAV per share, without any upfront sales charge. However, if you redeem Class B Shares within six years of the purchase date, measured from the first day of the month in which the shares were purchased, you will be assessed a CDSC according to the following schedule: Years Since Purchase

CDSC as a % of Dollar Amount Subject to Charge

0-1 1-2 2-3 3-4 4-5 5-6 More than 6

5.00 4.00 3.00 3.00 2.00 1.00 NONE

The Distributor pays a commission of 4.00% of the original purchase price to Financial Intermediaries who sell Class B Shares. JPMorgan Growth Advantage Fund. Holders of Class B Shares in the former JPMorgan H&Q IPO & Emerging Company Fund, the predecessor of the Growth Advantage Fund, who received Class B Shares in the Growth Advantage Fund as part of the reorganization of the Growth Advantage Fund and the predecessor fund on March 23, 2001 will generally pay a lower deferred sales charge on the shares received in the reorganization than on shares subsequently purchased. Class B Shares received in the reorganization will have the CDSC set forth in Column 3 below, while shares purchased after the reorganization or acquired in a subsequent purchase will have the CSDC set forth in Column 2 below. The Class B Shares purchased after the reorganization will cease to have a CSDC six years after a purchase (as opposed to five years for Class B Shares acquired in the reorganization). Those shares will convert to Class A Shares nine years after a purchase (as opposed to six years for Class B Shares acquired in the reorganization). In determining the sales charge on Class B Shares received as part of the reorganization, the holding period will refer back to when the Class B Shares of the predecessor fund were purchased, not when the Class B Shares of Growth Advantage Fund were received in the reorganization.

2

Effective November 1, 2009, Class B Shares of each Fund may not be purchased or acquired by new or existing shareholders, except through exchanges and dividend reinvestments. For further information, please refer to the prospectus supplement dated September 4, 2009.

11

JPMorgan Growth Advantage Fund

Years Held 1 2 3 4 5 6 7 8 9

Contingent Deferred Sales Charge* Shares Purchased After Shares Received in March 23, 2001 Reorganization March 23, 2001 Reorganization 5% 4% 3% 3% 2% 1% None None Convert to Class A Shares

5% 4% 3% 3% 1% Convert to Class A Shares ----

* Purchasers acquiring Class B Shares of the Growth Advantage Fund after the reorganization between the Fund and the predecessor fund will pay a CDSC as described in Column 2.

Conversion Feature Your Class B Shares automatically convert to Class A Shares after eight years, measured from the first day of the month in which the shares were purchased, together with the pro rata portion of all Class B Shares representing dividends and other distributions paid in additional Class B Shares attributable to the Class B Shares then converting. The conversion of Class B Shares will be effected at the relative NAV per share of the two classes on the first business day of the month following the eighth anniversary of the original purchase. After conversion, your shares will be subject to the lower Rule 12b-1 fees charged on Class A Shares. You will not be assessed any sales charges or fees for conversion of shares, nor will you be subject to any federal income tax as a result of the conversion. Because the share price of the Class A Shares may be higher than that of the Class B Shares at the time of conversion, you may receive fewer Class A Shares; however, the dollar value will be the same.

12

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

CLASS C SHARES SALES CHARGES Class C Shares are offered at NAV per share, without any upfront sales charge. However, if you redeem Class C Shares within one year of the purchase date, measured from the first day of the month in which the shares were purchased, you will be assessed a CDSC according to the following schedule: Years Since Purchase

CDSC As a % of Dollar Amount Subject to Charge

0-1 After First Year

1.00 NONE

The Distributor pays a commission of 1.00% of the original purchase price to Financial Intermediaries who sell Class C Shares.

HOW THE CLASS B AND CLASS C CDSC IS CALCULATED The Fund assumes that all purchases made in a given month were made on the first day of the month. For Class B Shares of the Funds (other than JPMT II Funds) purchased prior to February 19, 2005, the CDSC is based on the current market value or the original cost of the shares, whichever is less. For Class B Shares of these Funds purchased on or after February 19, 2005 and for Class C Shares, the CDSC is based on the original cost of shares. For Class B Shares and Class C Shares of the JPMT II Funds, the CDSC is based on the original costs of shares. You should retain any records necessary to substantiate historical costs because the Distributor, the Funds, the transfer agent and your Financial Intermediary may not maintain such information. No CDSC is imposed on share appreciation, nor is a CDSC imposed on shares acquired through reinvestment of dividends or capital gains distributions. If you participate in a Systematic Withdrawal Plan, the applicable Class B or Class C CDSC will be deducted from those payments unless such payments are made: (i) monthly and constitute no more than 1/⁄12 of 10% of your then-current balance in a Fund each month; or (ii) quarterly and constitute no more than 1/⁄4 of 10% of your then-current balance in a Fund each quarter. 13

If you withdraw more than the limits stated above in any given systematic withdrawal payment, you will be charged a CDSC for the amount of the withdrawal over the limit for that month or quarter. For accounts that allow systematic withdrawals only as a fixed dollar amount per month or quarter, the applicable Class B or Class C CDSC is waived provided that, on the date of the systematic withdrawal, the fixed dollar amount to be withdrawn, when multiplied by 12 in the case of monthly payments or by four in the case of quarterly payments, does not exceed 10% of your then-current balance in the Fund. If on any given systematic withdrawal date that amount would exceed 10%, you will be charged a CDSC on the entire amount of that systematic withdrawal payment. This calculation is repeated on each systematic withdrawal date. For accounts that allow systematic withdrawals on a percentage basis, a Class B or Class C CDSC will be charged only on that amount of a systematic payment that exceeds the limits set forth above for that month or quarter. Your current balance in a Fund for purposes of these calculations will be determined by multiplying the number of shares held by the then-current net asset value for shares of the applicable class. To keep your CDSC as low as possible, the Fund first will redeem shares acquired through dividend reinvestment followed by the shares you have held for the longest time and thus have the lowest CDSC. If you received your Class B or Class C Shares in connection with a fund reorganization, the CDSC applicable to your original shares (including the period of time you have held those shares) will be applied to the shares received in the reorganization.

WAIVER OF THE CLASS B AND CLASS C CDSC No sales charge is imposed on redemptions of Class B or Class C Shares of the Funds: 1. If you withdraw no more than a specified percentage (as indicated in “Redeeming Fund Shares — Can I redeem on a systematic basis?” section of the Prospectus) of the current balance of a Fund each month or quarter. Withdrawals made as part of a required minimum distribution also are included in calculating amounts eligible for this waiver. You need to participate in a monthly or quarterly Systematic Withdrawal Plan to take advantage of this waiver. For information on the Systematic Withdrawal Plan, please see “Redeeming Fund Shares — Can I redeem on a systematic basis?” section of the Prospectus. 2. Made due to the death of a shareholder or made within one year of initial qualification for Social Security disability payments. This waiver is only available for accounts open prior to the shareholder’s death or disability. In order to qualify for the waiver, the Distributor must be notified of the death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability. 3. If you are a participant in or beneficiary of certain retirement plans and you die or become disabled (as defined in Section 72(m)(7) of the Internal Revenue Code). With respect to a shareholder’s disability, the redemption must be made within one year of such disability. This waiver is only available for accounts open prior to the shareholder’s death or disability. In order to qualify for this waiver, the Distributor must be notified of such death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability. 14

4. That represent a required minimum distribution from your IRA Account or other qualifying retirement plan but only if you are at least age 70 1/2. If the shareholder maintains more than one IRA, only the assets credited to the IRA that is invested in one or more of the J.P. Morgan Funds are considered when calculating that portion of your minimum required distribution that qualifies for the waiver. 5. That represents a distribution from a qualified retirement plan by reason of the participant’s retirement. 6. That are involuntary and result from a failure to maintain the required minimum balance in an account. 7. Exchanged in connection with plans of reorganization of a JPMorgan Fund, such as mergers, asset acquisitions and exchange offers to which a Fund is a party. However, you may pay a sales charge when you redeem the Fund shares you received in connection with the plan of reorganization. 8. Exchanged for Class B or Class C Shares of other J.P. Morgan Funds. However, you may pay a sales charge when you redeem the Fund shares you received in the exchange. Please read “Exchanging Fund Shares — Do I pay a sales charge on an exchange?” section of the Prospectus. 9. If the Distributor receives notice before you invest indicating that your Financial Intermediary, due to the type of account that you have, is waiving its commission. The CDSC, however, will not be waived if a contribution plan redeems all of the shares that it owns on behalf of participants prior to the CDSC Period, as defined above. Waiver Applicable Only to Class C Shares No sales charge is imposed on Class C Shares of the Fund if the shares were bought with proceeds from the sale of Class C Shares of a J.P. Morgan Fund. The purchase must be made within 90 days of the first sale or distribution. Appropriate documentation may be required. To take advantage of these waivers of the CDSC applicable to Class B or Class C Shares, you must qualify for such waiver. To see if you qualify, call 1-800-480-4111 or contact your Financial Intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice.

15

Sales Charges and Breakpoints for JPMorgan Income Funds and the JPMorgan Strategic Preservation Fund SALES CHARGES The Distributor compensates Financial Intermediaries who sell shares of the Funds. Compensation comes from sales charges, Rule 12b-1 fees and payments by the Distributor or affiliates of the Distributor from its or their own resources. The following tables show the sales charges for each class of shares and the percentage of your investment that is paid as a commission to a Financial Intermediary. Payments made by the Distributor and its affiliates from its or their own resources are discussed in more detail in the Prospectus under the heading “The Funds’ Management and Administration” or “Management of the Funds.” You may also contact your Financial Intermediary about the reduction, elimination or waiver of sales charges.

CLASS A SHARES SALES CHARGES The public offering price of Class A Shares of the Funds is the NAV per share plus the applicable sales charge, unless you qualify for a waiver of the sales charge. The Fund receives the NAV. The sales charge is allocated between your Financial Intermediary and the Distributor as shown in the following tables, except if the Distributor, in its discretion, re-allows the entire amount to your Financial Intermediary. In those instances in which the entire amount is re-allowed, such Financial Intermediaries may be deemed to be underwriters under the Securities Act of 1933. The tables below show the amount of sales charge you would pay at different levels of investment and the commissions paid to Financial Intermediaries at each level of investment. The differences in sales charges shown in the table below are sometimes referred to as “breakpoints.” If you buy Class A Shares of the short-term income funds listed below on or after July 1, 2010, the following table shows the amount of sales charge you pay and the commissions paid to Financial Intermediaries. Class A Shares of:

• JPMorgan Short Duration Bond Fund • JPMorgan Short Term Bond Fund II • JPMorgan Short–Intermediate Municipal Bond Fund • JPMorgan Treasury & Agency Fund • JPMorgan Limited Duration Bond Fund

16

Total Sales Charge For Short Term Income Funds Amount of Purchases

Sales Charge As a % of Offering Price

Sales Charge As a % of Your Investment1

Commission As a % of Offering Price

LESS THAN $100,000 $100,000 - $249,999 $250,000 - $499,999 $500,000 OR MORE*

2.25 1.75 1.25 None

2.30 1.78 1.27 None

2.00 1.50 1.00 **

1

The actual sales charge you pay may differ slightly from the rates disclosed above due to rounding calculations. * There is no front-end sales charge for investments of $500,000 million or more in any Fund. ** If you purchase $500,000 or more of Class A Shares of the JPMorgan Short Duration Bond Fund, JPMorgan Limited Duration Bond Fund, JPMorgan Treasury & Agency Fund, JPMorgan Short Term Bond Fund II or JPMorgan Short-Intermediate Municipal Bond Fund and are not assessed a sales charge at the time of purchase, you will be charged the equivalent of 0.50% of the purchase price if you redeem any or all of the Class A Shares of any of those Funds during the first 12 months after purchase. These charges apply to all your purchases. Such charges apply to exchanges into money market funds. If you exchange your Class A Shares for Class A Shares of a non-money market fund, you will not be charged at the time of the exchange but (1) your new Class A Shares will be subject to the charges specified above applicable to any of those Funds from which you exchanged, and (2) the current holding period for your exchanged Class A Shares will carry over to your new shares. The Distributor may make a payment to Financial Intermediaries for your cumulative investments of $500,000 or more of Class A Shares. These commissions are paid at the rate of up to 0.50% of gross sales of $500,000 or more. The Distributor may withhold these payments with respect to short-term investments.

If you buy Class A Shares of the Funds listed below, the following table shows the amount of sales charge you pay and the commissions paid to financial Intermediaries. Class A Shares of:

• JPMorgan Arizona Municipal Bond Fund • JPMorgan California Tax Free Bond Fund • JPMorgan Core Bond Fund • JPMorgan Core Plus Bond Fund ▪ JPMorgan Credit Opportunities Fund ▪ JPMorgan Emerging Markets Debt Fund ▪ JPMorgan Ex-G4 Currency Strategies Fund ▪ JPMorgan Floating Rate Income Fund • JPMorgan Government Bond Fund • JPMorgan High Yield Fund • JPMorgan Inflation Managed Bond Fund • JPMorgan Intermediate Tax Free Bond Fund • JPMorgan International Currency Income Fund • JPMorgan Michigan Municipal Bond Fund 17

• JPMorgan Mortgage-Backed Securities Fund • JPMorgan Multi-Sector Income Fund • JPMorgan Municipal Income Fund • JPMorgan New York Tax Free Bond Fund • JPMorgan Ohio Municipal Bond Fund • JPMorgan Real Return Fund • JPMorgan Strategic Income Opportunities Fund • JPMorgan Strategic Preservation Fund • JPMorgan Tax Aware High Income Fund • JPMorgan Tax Aware Income Opportunities Fund • JPMorgan Tax Aware Real Return Fund • JPMorgan Tax Free Bond Fund • JPMorgan Total Return Fund

Total Sales Charge For Income Funds and the JPMorgan Strategic Preservation Fund Amount of Purchases LESS THAN $100,000 $100,000 - $249,999 $250,000 - $499,999 $500,000 - $999,999 $1,000,000 OR MORE*

Sales Charge As a % of Offering Price

Sales Charge As a % of Your Investment1

Commission As a % of Offering Price

3.75 3.25 2.25 1.75 None

3.90 3.36 2.30 1.78 None

3.25 2.75 2.00 1.50 **

1

The actual sales charge you pay may differ slightly from the rates disclosed above due to rounding calculations. * There is no front-end sales charge for investments of $1 million or more in a Fund. ** If you purchase $1 million or more of Class A Shares of the Funds (other than the JPMorgan Short Duration Bond Fund, JPMorgan Limited Duration Bond Fund, JPMorgan Treasury & Agency Fund, JPMorgan Mortgage-Backed Securities Fund, JPMorgan Short Term Bond Fund II, or Short-Intermediate Municipal Bond Fund) prior to 7/1/10 and are not assessed a sales charge at the time of purchase, you will be charged the equivalent of 0.75% of the purchase price if you redeem any or all of the Class A Shares of any of those Funds during the first 12 months after purchase or 0.35% if you redeem any or all of the Class A Shares of any of those Funds between 12 and 24 months after purchase. If you purchase $1 million or more of Class A Shares of the Funds (other than the JPMorgan Short Duration Bond Fund, JPMorgan Limited Duration Bond Fund, JPMorgan Treasury & Agency Fund, JPMorgan Mortgage-Backed Securities Fund, or JPMorgan Short Term Bond Fund II) on or after 7/1/10 and are not assessed a sales charge at the time of purchase, you will be charged the equivalent of 0.75% of the purchase price if you redeem any or all of the Class A Shares of any of those Funds during the first 18 months after purchase. If you purchased $1 million or more of Class A Shares of JPMorgan Mortgage-Backed Securities Fund, you will be charged the equivalent of 0.50% if you redeem any or all of Class A Shares of the JPMorgan Mortgage-Backed Securities Fund during the first 12 months after purchase. These charges apply to all your purchases, except for those purchases prior to 11/1/09 when the Distributor received notice before you invested that your Financial Intermediary was waiving its commission. Such charges apply to exchanges into money market funds. If you exchange your Class A Shares for Class A Shares of a non-money market fund, you will not be charged at the time of the exchange but (1) your new Class A Shares will be subject to the charges specified above applicable to any of those Funds from which you exchanged, and (2) the current holding period for your exchanged Class A Shares will carry over to your new shares. The Distributor may make a payment to Financial Intermediaries for your cumulative investments of $1 million or more of Class A Shares. These commissions are paid at the rate of up to 0.75% of gross sales of $1 million or more. The Distributor may withhold these payments with respect to short-term investments.

Shareholders may exchange their shares in a Fund for shares of any other JPMorgan Fund as indicated in the Prospectuses that offers such share class. Generally, the shareholder will not pay a sales charge at the time of the exchange except as specified in ** or as follows: If a shareholder exchanges Class B or Class C Shares of a Fund for Class B or Class C shares, respectively, of another Fund, the shareholder will not pay a sales charge at the time of the exchange, however: (1) the new Class B or Class C Shares will be subject to the CDSC of the Fund from which the shareholder exchange; (2) the current holding period for the exchanged Class B or Class C Shares, other than exchanged Class C Shares of the JPMorgan Limited Duration Bond Fund, the JPMorgan Short Duration 18

Bond Fund and the JPMorgan Short-Intermediate Municipal Bond Fund (the “Short Term Bond Funds”) is carried over to the new shares; and (3) if a shareholder exchange Class C Shares of one of the Short Term Bond Funds, a new CDSC period applicable to the Fund into which the shareholder exchanged will begin on the date of the exchange. The Funds reserve the right to limit the number of exchanges or to refuse an exchange. The Funds may discontinue this exchange privilege at any time.

Finder’s Fees Paid to Financial Intermediaries on Cumulative Investments of $1,000,000 or More in Class A Shares of JPMorgan Income Funds and the JPMorgan Strategic Preservation Fund Financial Intermediaries who sell $1 million or more of Class A Shares in the aggregate of the JPMorgan Equity Funds, the JPMorgan Specialty Funds, the JPMorgan International Equity Funds, the JPMorgan Asset Allocation Funds, the JPMorgan Fixed Income Funds and the JPMorgan Strategic Preservation Fund (collectively “Qualifying Funds”) may receive a finder’s fee. With respect to the Fixed Income Funds (other than the JPMorgan Short Duration Bond Fund, the JPMorgan Short Term Bond Fund II, the JPMorgan Short-Intermediate Municipal Bond Fund, the JPMorgan Treasury & Agency Fund, JPMorgan Mortgage-Backed Securities Fund, and the JPMorgan Limited Duration Bond Fund) and the JPMorgan Strategic Preservation Fund, such fees are paid in accordance with the following schedule:

Amount of Purchases

Long Term Fixed Income Funds (except the JPMorgan Mortgage-Backed Securities Fund) and the JPMorgan Strategic Preservation Fund Finder’s Fees

$1,000,000 - $3,999,999* $4,000,000 - $49,999,999 $50,000,000 OR MORE

0.75% 0.50% 0.25%

* If the total sale of Class A Shares of Qualifying Funds is $1,000,000 or more but the amount of the sale applicable to a Fund (other than the Limited Duration Bond Fund, Short Duration Bond Fund, Treasury & Agency Fund, Short-Intermediate Municipal Bond Fund, Mortgage-Backed Securities Fund, and Short Term Bond Fund II) is less than $1,000,000, the Financial Intermediary will receive a finder’s fee equal to 0.75% of the sale of the Class A Shares of the Fund (other than the Limited Duration Bond Fund, Short Duration Bond Fund, Treasury & Agency Fund, Short-Intermediate Municipal Bond Fund, Mortgage-Backed Securities Fund, and Short Term Bond Fund II). The Finders’ Fee Schedule for other Qualifying Funds can be found in the Statement of Additional Information for such Qualifying Funds.

With respect to the JPMorgan Limited Duration Bond Fund, JPMorgan Short Duration Bond Fund, JPMorgan Treasury & Agency Fund, JPMorgan Short Term Bond Fund II, and JPMorgan Short-Intermediate Municipal Bond Fund, made prior to July 1, 2010 and sales of the Mortgage-Backed Securities Fund such fees are paid in accordance with the following schedule:

19

Amount of Purchases $1,000,000 - $9,999,999* $10,000,000 or more

Short-Term Fixed Income Funds Finder’s Fees 0.50% 0.25%

*If the total sale of Class A Shares of Qualifying Funds is $1,000,000 or more but the amount of the sale applicable to the Mortgage-Backed Securities Fund is less than $1,000,000, the Financial Intermediary will receive a finder’s fee equal to 0.50% of the sale of the Class A Shares of the Mortgage-Backed Securities Fund. The Finders’ Fee Schedule for other Qualifying Funds can be found in the Statement of Additional Information for such Qualifying Funds.

With respect to the JPMorgan Short Duration Bond Fund, the JPMorgan Short Term Bond Fund II, the JPMorgan Short-Intermediate Municipal Bond Fund, the JPMorgan Treasury & Agency Fund, and the JPMorgan Limited Duration Bond Fund, such fees are paid in accordance with the following schedule:

Amount of Purchases $500,000 - $9,999,999* $10,000,000 or more

Short-Term Fixed Income Funds Finder’s Fees 0.50% 0.25%

*If the total sale of Class A Shares of Qualifying Funds is $500,000 or more but the amount of the sale applicable to the Limited Duration Bond Fund, Short Duration Bond Fund, Treasury & Agency Fund, Short Term Bond Fund II or Short-Intermediate Municipal Bond Fund is less than $500,000, the Financial Intermediary will receive a finder’s fee equal to 0.50% of the sale of the Class A Shares of the Limited Duration Bond Fund, Short Duration Bond Fund, Treasury & Agency Fund, Short Term Bond Fund II or Short-Intermediate Municipal Bond Fund. The Finders’ Fee Schedule for other Qualifying Funds can be found in the Statement of Additional Information for such Qualifying Funds.

The Distributor may also pay Financial Intermediaries a commission of up to 0.75% of gross sales on sales of Class A Shares to certain defined contribution plans. If such defined contribution plan redeems all of the shares that it owns on behalf of participants within 12 months of the purchase date, then the Financial Intermediaries that have received these commissions will be required to reimburse the Distributor up to 0.75% of the lower of the cost of the shares being redeemed or their NAV at the time of redemption. JPMDS reserves the right to alter or change the finder’s fee policy on these plans at any time at its own discretion. If a plan redeems all of the shares for which a finder’s fee has been paid within 12 months of the purchase date, JPMDS will reclaim the finder’s fee paid to the Financial Intermediary rather than charge a CDSC to the plan. JPMDS reserves the right to alter or change the finders’ fee policy at any time at its own discretion. To the extent permitted by the FINRA regulations, JPMIM, JPMDS and their affiliates may also pay non-cash compensation to sales representatives of Financial Intermediaries in the form of: (i) occasional gifts; (ii) occasional meals, tickets or other entertainment; and/or (iii) sponsorship support of regional or national events of Financial Intermediaries or due diligence meetings. 20

REDUCING YOUR CLASS A SALES CHARGE The Funds permit you to reduce the initial sales charge you pay on Class A Shares by using the Right of Accumulation or a Letter of Intent. Each of these methods for reducing the initial sales charge on Class A Shares is described below. In taking advantage of these methods for reducing the initial sales charge you will pay, you may link purchases of shares of all of the J.P. Morgan Funds in which you invest (as described below) even if such J.P. Morgan Funds are held in accounts with different Financial Intermediaries, as well as purchases of shares of all J.P. Morgan Funds to be held in accounts owned by your spouse or domestic partner and children under the age of 21 who share your residential address. It is your responsibility when investing to inform your Financial Intermediary or the J.P. Morgan Funds that you would like to have one or more J.P. Morgan Funds linked together for purposes of reducing the initial sales charge. Right of Accumulation: You may qualify for a reduction in the initial sales charge for future purchases of Class A Shares based on the current market value of your Class A, Class B and Class C Share holdings from prior purchases through the Right of Accumulation. To calculate the sales charge applicable to your net purchase of Class A Shares, you may aggregate your investment with the current market value of any Class A, Class B or Class C Shares of a JPMorgan 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 share your residential address; 4. Trust accounts established by any of the individuals in items (1) through (3) above. If the person(s) who established the trust is deceased, the trust account may be aggregated with the account(s) of the primary beneficiary of the trust; 5. Solely controlled business accounts; and 6. Single-participant retirement plans of any of the individuals in items (1) through (3) above. In order to obtain any breakpoint reduction in the initial sales charge, you must, before purchasing Class A Shares, inform your Financial Intermediary or the Funds if you have any of the above types of accounts that can be aggregated with your current investment in Class A Shares to reduce the applicable sales charge. In order to verify your eligibility for a reduced sales charge, you may be required to provide appropriate documentation, such as an account statement or the social security or tax identification number on an account, so that the J.P. Morgan Funds may verify (1) the number of shares of the J.P. Morgan Funds held in your account(s) with the J.P. Morgan Funds, (2) the number of shares of the J.P. Morgan Funds held in your account(s) with a Financial Intermediary, and (3) the number of shares of the J.P. Morgan Funds held in an account with a Financial Intermediary owned by your spouse or domestic partner and by children under the age of 21 who share your residential address. Letter of Intent: In order to immediately reduce your Class A sales charge, you may sign a Letter of Intent stating your intention to buy a specified amount of Class A Shares of one or more J.P. Morgan Funds. You may then combine purchases of Class A Shares of 21

one or more J.P. Morgan Funds you make over the next 13 months with any combined balances of Class A, Class B and Class C Shares held as of the date of the Letter of Intent and pay the same sales charge on the new Class A Shares that you would have paid if all shares were purchased at once. The 13-month Letter of Intent period commences on the day that the Letter of Intent is received by the Funds or your Financial Intermediary, and you must inform your Financial Intermediary or the Funds that you have a Letter of Intent each time you make an investment. Purchases submitted prior to the date the Letter of Intent is received by the Funds or your Financial Intermediary are considered only in determining the level of sales charge that will be paid pursuant to the Letter of Intent, but the Letter of Intent will not result in any reduction in the amount of any previously paid sales charge. A percentage of your investment will be held in escrow until the full amount covered by the Letter of Intent has been invested. If the terms of the Letter of Intent are not fulfilled by the end of the 13th month, you must pay the Distributor the difference between the sales charges applicable to the purchases at the time they were made and the reduced sales charges previously paid, except, beginning 7/1/10, the sales charge table for purchases of the Limited Duration Bond Fund, short Duration Bond Fund, Treasury & Agency Fund, Short Term Bond Fund II and Short-Intermediate Municipal Bond Fund on or after 7/1/10 will apply in calculating the amount to be paid to the Distributor for purchases of such Funds made prior to 7/1/10 pursuant to a Letter of Intent. If you don’t pay the difference, the Distributor will liquidate sufficient escrowed shares to obtain the difference. Calculations made to determine whether a Letter of Intent commitment has been fulfilled will be made on the basis of the amount invested prior to the deduction of any applicable sales charge. To take advantage of the Right of Accumulation and/or a Letter of Intent, complete the appropriate section of your Account Application or contact your Financial Intermediary. To determine if you are eligible for these programs call 1-800-480-4111. These programs may be terminated or amended at any time.

WAIVER OF THE CLASS A SALES CHARGE No sales charge is imposed on Class A Shares of the Funds if the shares were: 1. Bought with the reinvestment of dividends and capital gains distributions. 2. Acquired in exchange for shares of another JPMorgan Fund if a comparable sales charge has been paid for the exchanged shares. 3. Bought by officers, directors or trustees, retirees and employees and their immediate family members (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the person, as defined in Section 152 of the Internal Revenue Code) of: • J.P. Morgan Funds. • JPMorgan Chase and its subsidiaries and affiliates.

22

Employees of JPMorgan Chase and its subsidiaries and affiliates may purchase additional Select Class Shares for Select Class Shares accounts opened on or before February 18, 2005. Officers, directors or trustees, retirees and employees and their immediate families of J.P. Morgan Funds and JPMorgan Chase and its subsidiaries and affiliates may also open new Select Class Shares accounts subject to a $1,000 minimum investment requirement, provided such accounts are opened directly from the Funds and not through a Financial Intermediary. Please call 1-800-480-4111 for more information. All other new accounts for officers, directors or trustees, retirees and employees and their immediate families of J.P. Morgan Funds or JPMorgan Chase or its subsidiaries and affiliates will be opened as Class A Shares accounts, which have higher expenses than Select Class Shares.

4. Bought by employees of: • Boston Financial Data Services, Inc. and its subsidiaries and affiliates. • Financial Intermediaries or financial institutions that have entered into dealer agreements with the Funds or the Distributor and their subsidiaries and affiliates (or otherwise have an arrangement with a Financial Intermediary or financial institution with respect to sales of Fund shares). This waiver includes the employees’ immediate family members (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the employee, as defined in Section 152 of the Internal Revenue Code). • Washington Management Corporation and its subsidiaries and affiliates. 5. Bought by: • Affiliates of JPMorgan Chase and certain accounts (other than IRA Accounts) for which a Financial Intermediary acts in a fiduciary, advisory, agency or custodial capacity or accounts which participate in select affinity programs with JPMorgan Chase and its affiliates and subsidiaries. • Certain group retirement and deferred compensation plans, and trusts used to fund those plans, including, but not limited to, those plans qualified under Sections 401(k), 403(b) or 457 of the Internal Revenue Code and “rabbi trusts.” • Financial Intermediaries who have a dealer arrangement with the Distributor, who place trades for their own accounts or for the accounts of their clients and who charge a management, asset allocation, consulting or other fee for their services, or clients of such Financial Intermediaries who place trades for their own accounts if the accounts are linked to the master account of such Financial Intermediary. • Tuition programs that qualify under Section 529 of the Internal Revenue Code. • A Financial Intermediary, provided arrangements are pre-approved and purchases are placed through an omnibus account with the Fund. 23

• A bank, trust company or thrift institution which is acting as a fiduciary exercising investment discretion, provided that appropriate notification of such fiduciary relationship is reported at the time of the investment to the Fund or the Fund’s Distributor. • Employer-sponsored health savings accounts established pursuant to Section 223 of the Internal Revenue Code. 6. Bought with proceeds from the sale of Select Class Shares of a JPMorgan Fund or acquired in an exchange of Select Class Shares of a JPMorgan Fund for Class A Shares of the same Fund, but only if the purchase is made within 90 days of the sale or distribution. Appropriate documentation may be required. 7.

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

8. Bought with proceeds from the sale of Class A Shares of a JPMorgan Fund (except Class A Shares of a money market fund), but only if the purchase is made within 90 days of the sale or distribution. You must furnish appropriate documentation to the JPMorgan Service Center or your Financial Intermediary. 9. Bought when one Fund invests in another JPMorgan Fund. 10. Bought in connection with plans of reorganization of a Fund, such as mergers, asset acquisitions and exchange offers to which a Fund is a party. However, you may pay a CDSC when you redeem the Fund shares you received in connection with the plan of reorganization. 11. Purchased during a JPMorgan Fund’s special offering. 12. Purchased in certain Individual Retirement Accounts (IRAs), including, but not limited to, traditional IRAs, rollover IRAs, Roth IRAs or Educational IRAs. To qualify for the waiver, you or your spouse or domestic partner must have an IRA that was rolled over from a qualified retirement plan for which J.P. Morgan Retirement Plan Services LLC had a contractual relationship to provide recordkeeping for the plan (a “RPS Rollover IRA”). J.P. Morgan Institutional Investments Inc. must be the broker of record for the IRA and you must not utilize the services of another Financial Intermediary with respect to the IRA. In addition, the IRA assets must be invested in the Funds’ IRA option with State Street Bank & Trust Company serving as custodian. In order to obtain the waiver, you (or your spouse or domestic partner) must, before purchasing Class A Shares in your RPS Rollover IRA, inform J.P. Morgan Funds that the account qualifies for the waiver. Once you have established the RPS Rollover IRA, you or your spouse or domestic partner can establish additional IRAs with J.P. Morgan Funds and convert existing J.P. Morgan Funds IRA accounts so that they also qualify for the waiver. These additional IRA accounts must meet the broker of record and custodial requirements described above before they qualify for the waiver. 24

To take advantage of any of these Class A sales charge waivers, you must qualify for such waiver. To see if you qualify call 1-800480-4111 or contact your Financial Intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice.

CLASS B SHARES SALES CHARGES (Long-Term Fixed Income Funds)3 Class B Shares are offered at NAV per share, without any upfront sales charge. However, if you redeem Class B Shares (excluding Class B Shares of the JPMorgan Short Duration Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Limited Duration Bond Fund and JPMorgan Treasury & Agency Fund) within six years of the purchase date (measured from the first day of the month in which the shares were purchased), you will be assessed a CDSC according to the following schedule:

Years Since Purchase

CDSC as a % of Dollar Amount Subject to Charge

0-1 1-2 2-3 3-4 4-5 5-6 More than 6

5.00 4.00 3.00 3.00 2.00 1.00 NONE

The Distributor pays a commission of 4.00% of the original purchase price to Financial Intermediaries who sell Class B Shares (excluding Class B Shares of the JPMorgan Short Duration Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Limited Duration Bond Fund and JPMorgan Treasury & Agency Fund).

CLASS B SHARES SALES CHARGES (Short-Term Fixed Income Funds) 4 Class B Shares are offered at NAV per share, without any upfront sales charges. However, if you redeem Class B Shares of the JPMorgan Short Duration Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Limited Duration Bond Fund 3

Effective November 1, 2009, Class B Shares of each Fund may not be purchased or acquired by new or existing shareholders, except through exchanges and dividend reinvestments. For further information, please refer to the prospectus supplement dated September 4, 2009. 4 Effective November 1, 2009, Class B Shares of each Fund may not be purchased or acquired by new or existing shareholders, except through exchanges and dividend reinvestments. For further information, please refer to the prospectus supplement dated September 4, 2009.

25

and JPMorgan Treasury & Agency Fund prior to the fourth anniversary of the purchase date (measured from the first day of the month in which the shares were purchased), you will be assessed a CDSC according to the following schedule:

Years Since Purchase 0-1 1-2 2-3 3-4 More than 4

CDSC as a % of Dollar Amount Subject to Charge 3.00 3.00 2.00 1.00 NONE

The Distributor pays a commission of 2.75% of the original purchase price to Financial Intermediaries who sell Class B Shares of the JPMorgan Short Duration Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Limited Duration Bond Fund and JPMorgan Treasury & Agency Fund.

Conversion Feature Your Class B Shares automatically convert to Class A Shares after eight years, measured from the first day of the month in which the shares were purchased, (except for Class B Shares of the JPMorgan Short-Intermediate Municipal Bond Fund, the JPMorgan Limited Duration Bond Fund, the JPMorgan Short Duration Bond Fund and the JPMorgan Treasury & Agency Fund which convert to Class A Shares after six years), together with the pro rata portion of all Class B Shares representing dividends and other distributions paid in additional Class B Shares attributable to the Class B Shares then converting. The conversion of Class B Shares will be effected at the relative NAVs per share of the two classes on the first business day of the month following the eighth anniversary of the original purchase (or the first business day of the month following the sixth anniversary of the original purchase in the case of Class B Shares of the JPMorgan Short-Intermediate Municipal Bond Fund, the JPMorgan Limited Duration Bond Fund, the JPMorgan Short Duration Bond Fund and the JPMorgan Treasury & Agency Fund). After conversion, your shares will be subject to the lower distribution fees charged on Class A Shares. You will not be assessed any sales charges or fees for conversion of shares, nor will you be subject to any federal income tax as a result of the conversion. Because the share price of the Class A Shares may be higher than that of the Class B Shares at the time of conversion, you may receive fewer Class A Shares; however, the dollar value will be the same. 26

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

CLASS C SHARES SALES CHARGES Class C Shares are offered at NAV per share, without any upfront sales charge. However, except with respect to the JPMorgan Limited Duration Bond Fund, the JPMorgan Short Duration Bond Fund, and the JPMorgan Short-Intermediate Municipal Bond Fund, if you redeem Class C Shares within one year of the purchase date, measured from the first day of the month in which the shares were purchased, you will be assessed a CDSC according to the following schedule: Years Since Purchase

CDSC as a % of Dollar Amount Subject to Charge

0-1 After First Year

1.00 NONE

The Distributor pays a commission of 1.00% of the original purchase price to Financial Intermediaries who sell Class C Shares There is no CDSC assessed on Class C Shares of the JPMorgan Limited Duration Bond Fund, the JPMorgan Short Duration Bond Fund and the JPMorgan Short-Intermediate Municipal Bond Fund.

HOW THE CLASS B AND CLASS C CDSC IS CALCULATED The Fund assumes that all purchases made in a given month were made on the first day of the month. For Class B Shares of the Funds (other than JPMT II Funds) purchased prior to February 19, 2005, the CDSC is based on the current market value or the original cost of the shares, whichever is less. For Class B Shares of these Funds purchased on or after February 19, 2005 and for Class C Shares, the CDSC is based on the original cost of the shares. For Class B Shares and Class C Shares, of the JPMT II Funds, the CDSC is based on the original cost. You should retain any records necessary to substantiate historical costs because the Distributor, the Funds, the transfer agent and your Financial Intermediary may not maintain such information. No CDSC is imposed on share appreciation, nor is a CDSC imposed on shares acquired through reinvestment of dividends or capital gain distributions. To keep your CDSC as low as possible, the Fund first will redeem shares acquired through dividend reinvestment followed by the shares you have held for the longest time and thus have the lowest CDSC. 27

If you received your Class B or Class C Shares in connection with a fund reorganization, the CDSC applicable to your original shares (including the period of time you have held those shares will be applied to the shares received in the reorganization. If you participate in a Systematic Withdrawal Plan, the applicable Class B or Class C CDSC will be deducted from those payments unless such payments are made: (i) monthly and constitute no more than 1/12 of 10% of your then-current balance in a Fund each month; or (ii) quarterly and constitute no more than 1/4 of 10% of your then-current balance in a Fund each quarter. If you withdraw more than the limits stated above in any given systematic withdrawal payment, you will be charged a CDSC for the amount of the withdrawal over the limit for that month or quarter. For accounts that allow systematic withdrawals only as a fixed dollar amount per month or quarter, the applicable Class B or Class C CDSC is waived provided that, on the date of the systematic withdrawal, the fixed dollar amount to be withdrawn, when multiplied by 12 in the case of monthly payments or by four in the case of quarterly payments, does not exceed 10% of your then-current balance in the Fund. If on any given systematic withdrawal date that amount would exceed 10%, you will be charged a CDSC on the entire amount of that systematic withdrawal payment. This calculation is repeated on each systematic withdrawal date. For accounts that allow systematic withdrawals on a percentage basis, a Class B or Class C CDSC will be charged only on that amount of a systematic payment that exceeds the limits set forth above for that month or quarter. This calculation is repeated on each systematic withdrawal date. Your current balance in a Fund for purposes of these calculations will be determined by multiplying the number of shares held by the then-current net asset value for shares of the applicable class. To keep your CDSC as low as possible, the Fund first will redeem shares acquired through dividend reinvestment followed by the shares you have held for the longest time and thus have the lowest CDSC. If you received your Class B or Class C Shares in connection with a fund reorganization, the CDSC applicable to your original shares (including the period of time you have held those shares) will be applied to the shares received in the reorganization.

WAIVER OF THE CLASS B AND CLASS C CDSC No CDSC is imposed on redemptions of Class B or Class C Shares of the Funds: 1. If you withdraw no more than a specified percentage (as indicated in “Redeeming Fund Shares — Can I redeem on a systematic basis?” section of the Prospectus) of the current balance of a Fund each month or quarter. Withdrawals made as part of a required minimum distribution also are included in calculating amounts eligible for this waiver. You need to participate in a monthly or quarterly Systematic Withdrawal Plan to take advantage of this waiver. For information on the Systematic Withdrawal Plan, please see “Redeeming Fund Shares — Can I redeem on a systematic basis?” section of the Prospectus.

28

2.

Made due to the death of a shareholder or made within one year of initial qualification for Social Security disability payments. This waiver is only available for accounts open prior to the shareholder’s death or disability. In order to qualify for the waiver, the Distributor must be notified of the death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability.

3. If you are a participant in or beneficiary of certain retirement plans and you die or become disabled (as defined in Section 72(m)(7) of the Internal Revenue Code) after the account is opened. The redemption must be made within one year of such death or disability. In order to qualify for this waiver, the Distributor must be notified of such death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability. 4. That represent a required minimum distribution from your IRA Account or other qualifying retirement plan but only if you are at least age 70 1/2. If the shareholder maintains more than one IRA, only the assets credited to the IRA that is invested in one or more of the J.P. Morgan Funds are considered when calculating that portion of your minimum required distribution that qualifies for the waiver. 5. That represent a distribution from a qualified retirement plan by reason of the participant’s retirement. 6. That are involuntary and result from a failure to maintain the required minimum balance in an account. 7. Exchanged in connection with plans of reorganization of a JPMorgan Fund, such as mergers, asset acquisitions and exchange offers to which a Fund is a party. However, you may pay a CDSC when you redeem the Fund shares you received in connection with the plan of reorganization. 8. Exchanged for Class B or Class C Shares of other J.P. Morgan Funds. However, you may pay a sales charge when you redeem the Fund shares you received in the exchange. Please read “Exchanging Fund Shares — Do I pay a sales charge on an exchange?” section of the Prospectus. 9. If the Distributor receives notice before you invest indicating that your Financial Intermediary, due to the type of account that you have, is waiving its commission. The CDSC, however, will not be waived if a deferred contribution plan redeems all of the shares that it owns on behalf of participants prior to the CDSC Period, as defined above.

Waiver Applicable Only to Class C Shares No sales charge is imposed on Class C Shares of the Fund if the shares were bought with proceeds from the sale of Class C Shares of a JPMorgan Fund. The purchase must be made within 90 days of the first sale or distribution. Appropriate documentation may be required. 29

To take advantage of these waivers of the CDSC applicable to Class B or Class C Shares, you must qualify for such waiver. To see if you qualify, call 1-800-480-4111 or contact your Financial Intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice.

30

Sales Charges and Breakpoints for JPMorgan Money Market Funds SALES CHARGES You do not pay any sales charge (sometimes called a load) when you buy Morgan Shares of the JPMorgan Money Market Funds. The JPMorgan Prime Money Market Fund, the JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund also offer Class B and Class C Shares. You do not pay any front-end sales charge when you buy Class B or Class C Shares of these Funds. You may have to pay a CDSC when you sell Class B or Class C Shares of the JPMorgan Prime Money Market Fund, the JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund, depending on how long you have held them. Different sales charges are associated with the Class B and Class C Shares of the JPMorgan Prime Money Market Fund, the JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund: • If you hold Class B Shares, you may be required to pay a CDSC when you sell your shares, depending on the length of your investment in the particular shares. • If you hold Class C Shares, you may be required to pay a CDSC if you hold the shares for less than one year.

CLASS B SHARES Class B Shares are offered at NAV per share, without any up front sales charge. However, if you redeem these shares within six years of the purchase date, measured from the first day of the month in which the shares were purchased, you will be assessed a CDSC according to the following schedule: Years Since Purchase CDSC as a % of Dollar Amount Subject to Charge 0-1 1-2 2-3 3-4 4-5 5-6 More than 6

5.00 4.00 3.00 3.00 2.00 1.00 NONE

The Distributor pays a commission of 4.00% of the original purchase price to Financial Intermediaries who sell Class B Shares of the 31

JPMorgan Prime Money Market Fund, the JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund. Class B Shares automatically convert to Morgan Shares after eight years measured from the first day of the month in which the shares were purchased. After conversion, your shares will be subject to the lower distribution fees charged on Morgan Shares. You will not be assessed any sales charges or fees for conversion of shares, nor will you be subject to any federal income tax as a result of the conversion. If you have exchanged Class B Shares of one JPMorgan Fund for Class B Shares of another, the time you held the shares in each Fund will be added together. Under certain circumstances, the CDSC on Class B Shares may be waived. Please see “Waivers of CDSC” below regarding waivers of the Class B CDSC.

Conversion Feature Class B Shares of the JPMorgan Prime Money Market Fund, the JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund automatically convert to Morgan Shares (and thus are then subject to the lower expenses borne by Morgan Shares) after eight years measured from the 1st day of the month in which shares are purchased (the “CDSC Period”), together with the pro rata portion of all Class B Shares representing dividends and other distributions paid in additional Class B Shares attributable to the Class B Shares then converting. The conversion of Class B Shares will be effected at the relative net asset value per share of the two classes. If any exchanges of Class B Shares during the CDSC Period occurred, the holding period for the shares exchanged will be counted towards the CDSC period. At the time of the conversion, the net asset value per share of the Morgan Shares may be higher or lower than the net asset value per share of the Class B Shares; as a result, depending on the relative net asset value per share, a shareholder may receive fewer or more Morgan Shares than the number of Class B Shares converted.

CLASS C SHARES Class C Shares are offered at NAV per share, without any up-front sales charge. However, if you redeem your shares within one year of the purchase date, measured from the first day of the month in which the shares were purchased, you will be assessed a CDSC as follows:

32

Years Since Purchase

CDSC as a % of Dollar Amount Subject to Charge

0-1 After First Year

1.00 NONE

The Distributor Pays a commission of 1.00%of the original purchase price to Financial Intermediaries who sell Class C Shares of the JPMorgan Prime Money Market Fund, the JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund. Like Class B Shares, Class C Shares have higher combined distribution and service fees than Morgan Shares. Unlike Class B Shares, Class C Shares do not convert to Morgan Shares. That means you keep paying the higher combined distribution and service fees as long as you hold Class C Shares. Over the long term, these fees can add up to higher total fees than the fees of Class B Shares. Under certain circumstances, the CDSC on Class C Shares may be waived. Please see “Waivers of CDSC” below regarding waivers of the Class C CDSC.

CALCULATION OF THE CLASS B AND CLASS C CDSC The Fund assumes that all purchases made in a given month were made on the first day of the month. For Class B and Class C Shares of the JPMorgan Prime Money Market Fund purchased prior to February 19, 2005, the CDSC is based on the current market value or the original cost of the shares, whichever is less. For Class B Shares of the JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund purchased prior to November 1, 2002, the CDSC is based on the current market value or the original cost of the shares, whichever is less. For Class B and Class C Shares of the JPMorgan Prime Money Market Fund purchased on or after February 19, 2005, the CDSC is based on the original cost of the shares. For Class B and Class C Shares of the JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund purchased on or after November 1, 2002, the CDSC is based on the original cost of the shares. You should retain any records necessary to substantiate historical costs because the Distributor, the Funds, the transfer agent and your Financial Intermediary may not maintain such information. No CDSC is imposed on shares acquired through reinvestment of dividends or capital gains distributions. If you participate in a Systematic Withdrawal Plan, the withdrawals may be made on a monthly, quarterly or annual basis. The applicable Class B or Class C CDSC will be deducted from those payments unless such payments are made: (i) monthly and constitute no more than 1/⁄12 of 10% of your then-current balance in a Fund each month; or (ii) quarterly and constitute no more than 1/⁄4 of 10% of your then-current balance in a Fund each quarter. 33

If you withdraw more than the limits stated above in any given systematic withdrawal payment, you will be charged a CDSC for the amount of the withdrawal over the limit for that month or quarter. For accounts that allow systematic withdrawals only as a fixed dollar amount per month or quarter, the applicable Class B or Class C CDSC is waived provided that, on the date of the systematic withdrawal, the fixed dollar amount to be withdrawn, when multiplied by 12 in the case of monthly payments or by four in the case of quarterly payments, does not exceed 10% of your then-current balance in the Fund. If on any given systematic withdrawal date that amount would exceed 10%, you will be charged a CDSC on the entire amount of that systematic withdrawal payment. This calculation is repeated on each systematic withdrawal date. For accounts that allow systematic withdrawals on a percentage basis, a Class B or Class C CDSC will be charged only on that amount of a systematic payment that exceeds the limits set forth above for that month or quarter. Your current balance in a Fund for purposes of these calculations will be determined by multiplying the number of shares held by the then-current net asset value for shares of the applicable class. To keep your CDSC as low as possible, the Fund first will redeem shares acquired through dividend reinvestment followed by the shares you have held for the longest time and thus have the lowest CDSC. If you received your Class B or Class C Shares in connection with a fund reorganization, the CDSC applicable to your original shares (including the period of time you have held those shares) will be applied to the shares you received in the reorganization.

WAIVERS OF THE CLASS B AND CLASS C CDSC No CDSC is imposed on redemptions of Class B or Class C Shares of the JPMorgan Prime Money Market Fund, JPMorgan Liquid Assets Money Market Fund and the JPMorgan U.S. Treasury Plus Money Market Fund: 1. If you withdraw no more than a specified percentage (as indicated in the “Selling Fund Shares — Through a Systematic Withdrawal Plan” section of the Prospectus) of the current balance of these Funds each month or quarter. Withdrawals made as part of a required minimum distribution also are included in calculating amounts eligible for this waiver. You need to participate in a monthly or quarterly Systematic Withdrawal Plan to take advantage of this waiver. For information on the Systematic Withdrawal Plan, please see “Selling Fund Shares — Through a Systematic Withdrawal Plan” in the Prospectus. 2.

Redemptions made due to the death of a shareholder or made within one year of initial qualification for Social Security disability payments. This waiver is only available for accounts open prior to the shareholder’s death or disability. In order to qualify for the waiver, the Distributor must be notified of the death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability.

3. If you are a participant in or beneficiary of certain retirement plans and you die or become disabled (as defined in Section 72(m)(7) of the Internal Revenue Code) after the account is opened. The redemption must be made within one year of such death or disability. In order to qualify for this waiver, the Distributor must be notified of such death or disability at the time of the redemption order and be provided with satisfactory evidence of such death or disability. 34

4. That represent a required minimum distribution from your IRA account or other qualifying retirement plan, but only if you are at least age 70 1/2. If the shareholder maintains more than one IRA, only the assets credited to the IRA that is invested in one or more of the J.P. Morgan Funds are considered when calculating that portion of your minimum required distribution that qualifies for the waiver. 5. That represent a distribution from a qualified retirement plan by reason of the participant’s retirement. 6. That are involuntary and result from a failure to maintain the required minimum balance in an account. 7. Exchanged in connection with plans of reorganization of a JPMorgan Fund, such as mergers, asset acquisitions and exchange offers to which a Fund is a party. However, you may pay a CDSC when you redeem the Fund shares you received in connection with the plan of reorganization. 8. Exchanged for Class B or Class C Shares of other J.P. Morgan Funds. However, you may pay a CDSC when you redeem the Fund shares you received in the exchange. Please read Exchanging Fund Shares in the Prospectus. 9. If the Distributor receives notice before you invest indicating that your Financial Intermediary, due to the type of account that you have, is waiving its commission. The CDSC, however, will not be waived if a defined contribution plan redeems all of the shares that it owns on behalf of participants prior to the CDSC Period, as defined above. Waiver Applicable Only to Class C Shares No sales charge is imposed on Class C Shares of the Fund if the shares were bought with proceeds from the sale of Class C Shares of a JPMorgan Fund, but only if the purchase is made within 90 days of the sale or distribution. Appropriate documentation may be required. To take advantage of any of these waivers of the CDSC applicable to Class B or Class C Shares, you must qualify for such waiver. To see if you qualify, call 1-800-480-4111 or contact your Financial Intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice. The Funds reserve the right to change any of these policies at any time and may reject any request to purchase shares at a reduced sales charge.

35

Sales Charges and Breakpoints for JPMorgan Short Term Bond Fund II (CLASS M SHARES ARE SOLD IN JAPAN ONLY) SALES CHARGES The Distributor compensates Financial Intermediaries who sell Class M Shares of the JPMorgan Short Term Bond Fund II. Compensation may come from sales charges, Rule 12b-1 fees and payments by the Distributor or affiliates of the Distributor from its or their own resources. The following table shows the sales charge for the Class M Shares of the JPMorgan Short Term Bond Fund II and the percentage of your investment that is paid as a commission to a Financial Intermediary. Payments made by the Distributor and its affiliates from its or their own resources are discussed in more detail in the Prospectus under the heading “The Fund’s Management and Administration.” You may also contact your Financial Intermediary about the reduction, elimination or waiver of sales charges. Class M Shares The public offering price of Class M Shares of the JPMorgan Short Term Bond Fund II is the NAV per share plus the applicable sales charge, unless you qualify for a waiver of the sales charge. The Funds receive the NAV. The sales charge is allocated between your Financial Intermediary and the Distributor as shown in the table below, except if the Distributor, in its discretion, re-allows the entire amount to your Financial Intermediary. In those instances in which the entire amount is re-allowed, such Financial Intermediaries may be deemed to be underwriters under the Securities Act of 1933. The table below shows the amount of sales charge you would pay at different levels of investment and the commissions paid to Financial Intermediaries at each level of investment. The differences in sales charges shown in the table below are sometimes referred to as “breakpoints.”

36

Total Sales Charge For Class M Shares of JPMorgan Short Term Bond Fund II Amount of Purchases at Offering Price LESS THAN $1,000,000 $1,000,000 OR MORE*

Sales Charge As a % of Offering Price

Sales Charge As a % of Your Investment1

Commission As a % of Offering Price

1.50 None

1.52 None

1.20 None

1

The actual sales charge you pay may differ slightly from the rates disclosed above due to rounding calculations. * There is no front-end sales charge for investments of $1 million or more in any Fund.

Waiver of the Class M Sales Charge No sales charge is imposed on Class M Shares of the JPMorgan Short Term Bond Fund II if the shares were: 1. Bought with the reinvestment of dividends and capital gains distributions. 2. Acquired in exchange for shares of another JPMorgan Fund if a comparable sales charge had been paid for the exchanged shares. To take advantage of any of these Class M sales charge waivers, you must qualify for such waiver. To see if you qualify, call 1-800480-4111 or contact your Financial Intermediary. These waivers may not continue indefinitely and may be discontinued at any time without notice.

 

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

37