JPMORGAN DIVERSIFIED REAL RETURN FUND CLASS C (JRNCX) Exchange: NMFQS

DELISTED - The Fund seeks real return by allocating to a diversified combination of inflation-sensitive and other asset classes that have exposure to broad equity, fixed income and alternative markets. “Real return” means the return in excess of the actual rate of inflation. The actual rate of inflation is measured by the seasonally adjusted Consumer Price Index for All Urban Consumers (CPI-U) over time.J.P. Morgan Investment Management Inc. (JPMIM or the adviser) uses a flexible asset allocation approach in constructing the Fund’s portfolio. Ranges for the broad asset classes are: Global Equity     10–60 %  Commodities & Alternatives     0–50 %  Fixed Income & Cash Equivalents     10–80 %  The Fund’s equity investments may include common stock, real estate investment trusts (REITs), depositary receipts, warrants and rights to buy common stocks, and master limited partnerships (MLPs). Such investments may include securities throughout the world, in both developed and emerging markets. Equity investments include investments with exposure to natural resources or infrastructure, including companies that provide services such as transportation systems, water supply and power. The Fund may invest in companies of any market capitalizations including small, mid, and large capitalization companies.The Fund’s fixed income investments may include inflation-indexed bonds, inflation-linked securities such as Treasury Inflation Protected Securities (TIPS), floating rate securities, loan assignments and participations (Loans), commitments to purchase Loans (Unfunded Commitments), bank obligations, U.S. government securities (including agencies and instrumentalities), domestic and foreign corporate bonds and debt securities, high yield securities (junk bonds), debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, asset-backed securities, mortgage-backed and mortgage-related securities, private placements and cash equivalents. Such securities may be structured as collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund also may invest in inverse floaters and inverse IOs, which are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. Cash equivalents are highly liquid, high-quality instruments with maturities of three months or less on the date they are issued. The Fund uses cash equivalents as part of its principal investment strategy including securities issued by the U.S. government, its agencies and instrumentalities, certificates of deposit, bankers’ acceptances, commercial paper, variable rate master demand notes, money market mutual funds and bank deposit accounts. The Fund may invest in securities of any duration, maturity, or quality. Income securities may include sub-prime mortgage-related securities.The Fund’s alternative investments may include individual securities including convertible securities and preferred stock and exchange traded commodities (ETCs). The investments in this asset class may give the Fund exposure to: market neutral strategies, long/short strategies, merger arbitrage strategies, currencies and commodities. Market neutral strategies involve buying equities that the adviser considers to be attractive and short selling equities that the adviser considers to be unattractive to neutralize exposure to market risk and to exploit potential price inefficiencies between related equity securities. Long/short strategies involve purchasing securities that the adviser believes are undervalued and selling securities short or taking short positions in such securities through the use of derivatives that the adviser believes are overvalued. Merger arbitrage strategies involve buying the stock of one merging company and selling short the other merging company to capitalize on potential price discrepancies and returns generated by a corporate transaction.The Fund may gain exposure to the commodities and certain other alternative markets by investing up to 25% of its total assets in the Diversified Real Return Fund CS Ltd., a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands (the Subsidiary). The Subsidiary is also advised by the adviser and has the same investment objective as the Fund. The Subsidiary (unlike the Fund) may invest without limitation in commodity futures contracts, commodity-linked swap agreements and other commodity-linked derivative instruments, including derivative instruments linked to the value of a particular commodity, commodity index or commodity futures contract, or a subset of commodities or commodity futures contracts. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Fund.The Subsidiary may use derivatives to obtain long or short exposure in an attempt to increase the Subsidiary’s income or gain, to hedge various investments and for risk management. The Subsidiary may also use swaps that are based on the Non-Seasonally Adjusted Consumer Price Index for all Urban Consumers (CPI-U) as part of the inflation-managed strategy of the Fund. In rising markets, the Fund expects that the value of the long positions will appreciate more rapidly than the short positions, and in declining markets, that the value of the short positions will appreciate more rapidly than the long positions. The Fund’s or the Subsidiary’s investments in commodity-linked derivative instruments may deviate from the returns of any particular commodity index. The Fund or the Subsidiary may also overweight or underweight its exposure to a subset of commodities, such that the Fund has greater or lesser exposure to a subset of commodities than is represented by a particular commodity index.The Fund may invest in other J.P. Morgan Funds and exchange traded funds (ETFs) including ETFs advised by JPMIM or its affiliates (Underlying Funds) and exchange traded notes (ETNs) in order to gain exposure to an inflation-sensitive asset class, a broad asset class or sector.In addition, the Fund may utilize derivatives. Derivatives are instruments that have a value based on another instrument, exchange rate or index. The Fund may utilize forward currency transactions to hedge exposure to non-dollar denominated investments back to the U.S. dollar. The Fund may use futures contracts, options, forwards, and swaps to more effectively gain targeted equity and fixed income exposure from its cash positions, to hedge investments, for risk management and to attempt to increase the Fund’s gain. The Fund may also utilize exchange traded futures for cash management, to gain exposure to asset classes, or as part of the Fund’s asset allocation strategy. As part of its real return strategy, the Fund may also hedge inflation risk by using CPI-U swaps in combination with its securities. The Fund also may utilize commodity-linked derivatives or commodity swaps in order to gain exposure to the commodities market.The Fund may enter into short sales either directly or through investments in Underlying Funds or the Subsidiary. In short selling transactions, the Fund sells a security it does not own in anticipation of a decline in the market value of the security. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is obligated to replace the security borrowed by purchasing it subsequently at the market price at the time of replacement.The portfolio managers use a flexible asset allocation approach in managing the Fund and allocate the Fund's investments among individual investment strategies that are managed by JPMIM portfolio management teams or underlying funds. Asset allocation decisions are primarily inflation focused based on the adviser's evaluations of U.S. price trends as measured by the CPI-U and the relative attractiveness of the broad asset classes in which the Fund invests. The adviser employs a four-step process that combines 1) long-term asset allocation research, 2) making asset allocation decisions based on the portfolio managers' intermediate market term outlook, 3) constructing the portfolio and analyzing the investment capabilities of any underlying funds and/or portfolio managers responsible for individual investment strategies, and 4) monitoring portfolio exposures and weightings and rebalancing in response to market price action and changes in JPMIM's market outlook. Throughout this process, the adviser conducts extensive research on inflationary markets and the inflation hedging capabilities of various asset classes. Buy and sell decisions for a particular strategy are made by the portfolio management teams responsible for individual investment strategies based on such portfolio management team's investment processes, which may include bottom-up or top-down security selection processes, quantitative research, value or growth investing, passive or index investing and other investment processes applicable to such portfolio management teams.