Prospectus JPMorgan Access Funds Class A, Class C, Class I* & Class L** Shares JPMorgan Access Balanced Fund Class/Ticker: A/JXBAX; C/JXBCX; Class I/JXBSX; Class L/JXBIX JPMorgan Access Growth Fund Class/Ticker: A/JXGAX; C/JXGCX; Class I/JXGSX; Class L/JXGIX * Formerly, Select Class Shares. ** Formerly, Institutional Class Shares. November 1, 2017, as supplemented January 19, 2018 The Securities and Exchange Commission has not approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Transcript
Prospectus
JPMorgan Access FundsClass A, Class C, Class I* & Class L** Shares
JPMorgan Access Balanced Fund Class/Ticker: A/JXBAX; C/JXBCX; Class I/JXBSX; Class L/JXBIXJPMorgan Access Growth Fund Class/Ticker: A/JXGAX; C/JXGCX; Class I/JXGSX; Class L/JXGIX
* Formerly, Select Class Shares.
** Formerly, Institutional Class Shares.
November 1, 2017, as supplemented January 19, 2018
The Securities and Exchange Commission has not approvedor disapproved of these securities or determined if thisprospectus is truthful or complete. Any representation tothe contrary is a criminal offense.
JPMORGAN TRUST I
JPMorgan Access FundsJPMorgan Access Balanced FundJPMorgan Access Growth Fund
Prospectus dated November 1, 2017,as supplemented
J.P. Morgan Income FundsJPMorgan Corporate Bond Fund
JPMorgan Emerging Markets Corporate Debt FundJPMorgan Emerging Markets Debt Fund
JPMorgan Income FundJPMorgan Inflation Managed Bond Fund
JPMorgan Managed Income FundJPMorgan Strategic Income Opportunities Fund
JPMorgan Total Return FundJPMorgan Unconstrained Debt Fund
Prospectuses dated July 1, 2017,as supplemented
JPMorgan Short Duration Core Plus FundProspectus dated September 29, 2017,
as supplemented
JPMorgan Floating Rate Income FundJPMorgan Global Bond Opportunities Fund
Prospectuses dated December 29, 2017,as supplemented
JPMorgan Emerging Markets Strategic Debt FundProspectus dated March 1, 2018
J.P. Morgan International Equity FundsJPMorgan Emerging Economies Fund
JPMorgan Emerging Markets Equity FundJPMorgan Global Research Enhanced Index FundJPMorgan Global Unconstrained Equity Fund
JPMorgan International Equity FundJPMorgan International Equity Income Fund
JPMorgan International Unconstrained Equity FundJPMorgan International Value FundJPMorgan Intrepid European Fund
JPMorgan Intrepid International FundProspectus dated March 1, 2018,
as supplemented
JPMorgan International Value FundProspectus dated May 17, 2018
J.P. Morgan FundsJPMorgan Commodities Strategy Fund
JPMorgan Global Allocation FundJPMorgan Income Builder Fund
JPMorgan Systematic Alpha FundJPMorgan Opportunistic Equity Long/Short Fund
JPMorgan Research Market Neutral FundProspectuses dated March 1, 2018
J.P. Morgan Tax Aware FundsJPMorgan Tax Aware High Income Fund
Prospectus dated July 1, 2017,as supplemented
JPMorgan Tax Aware Equity FundJPMorgan Tax Aware Real Return Fund
Prospectus dated March 1, 2018
J.P. Morgan Tax Free FundsJPMorgan California Tax Free Bond Fund
JPMorgan Intermediate Tax Free Bond FundJPMorgan New York Tax Free Bond Fund
JPMorgan SmartRetirement Blend 2055 FundJPMorgan SmartRetirement Blend 2060 Fund
Prospectus dated November 1, 2017,as supplemented
J.P. Morgan U.S. Equity FundsJPMorgan Diversified Fund
JPMorgan Dynamic Small Cap Growth FundJPMorgan Equity Focus Fund
JPMorgan Growth and Income FundJPMorgan Hedged Equity Fund
JPMorgan Intrepid America FundJPMorgan Intrepid Growth Fund
JPMorgan Intrepid Sustainable Equity FundJPMorgan Intrepid Value FundJPMorgan Mid Cap Equity FundJPMorgan Small Cap Core Fund
JPMorgan Small Cap Equity FundJPMorgan U.S. Dynamic Plus Fund
JPMorgan U.S. Equity FundJPMorgan U.S. Large Cap Core Plus Fund
JPMorgan U.S. Small Company FundJPMorgan U.S. Research Enhanced Equity Fund
JPMorgan Value Advantage FundProspectuses dated November 1, 2017,
as supplemented
JPMORGAN TRUST II
J.P. Morgan Municipal Bond FundsJPMorgan Short-Intermediate Municipal Bond Fund
JPMorgan Tax Free Bond FundJPMorgan Municipal Income Fund
Prospectus dated July 1, 2017,as supplemented
J.P. Morgan Income FundsJPMorgan Core Bond Fund
JPMorgan Core Plus Bond FundJPMorgan Government Bond Fund
JPMorgan High Yield FundJPMorgan Limited Duration Bond Fund
JPMorgan Mortgage-Backed Securities FundJPMorgan Short Duration Bond Fund
Prospectus dated July 1, 2017,as supplemented
J.P. Morgan International Equity FundsJPMorgan International Research Enhanced
Equity FundProspectus dated March 1, 2018,
as supplemented
J.P. Morgan Investor FundsJPMorgan Investor Balanced Fund
JPMorgan Investor Conservative Growth FundJPMorgan Investor Growth & Income Fund
JPMorgan Investor Growth FundProspectus dated November 1, 2017,
as supplemented
J.P. Morgan U.S. Equity FundsJPMorgan Equity Income FundJPMorgan Equity Index Fund
JPMorgan Intrepid Mid Cap FundJPMorgan Large Cap Growth FundJPMorgan Large Cap Value Fund
JPMorgan Market Expansion Enhanced Index FundJPMorgan Mid Cap Growth Fund
JPMorgan Small Cap Growth FundJPMorgan Small Cap Value Fund
Prospectuses dated November 1, 2017,as supplemented
JPMORGAN TRUST III
J.P. Morgan Alternative FundsJPMorgan Multi-Manager Alternatives Fund
Prospectus dated March 1, 2018
JPMORGAN TRUST IV
J.P. Morgan Municipal Bond FundsJPMorgan Ultra-Short Municipal Fund
Prospectus dated July 1, 2017,as supplemented
JPMorgan SmartSpending FundsJPMorgan SmartSpending 2050 FundProspectus dated November 1, 2017,
as supplemented
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J.P. MORGAN FLEMING MUTUAL FUNDGROUP, INC.
J.P. Morgan U.S. Equity FundsJPMorgan Mid Cap Value Fund
Prospectus dated November 1, 2017,as supplemented
J.P. MORGAN MUTUAL FUND INVESTMENTTRUST
J.P. Morgan U.S Equity FundsJPMorgan Growth Advantage FundProspectus dated November 1, 2017,
as supplemented
UNDISCOVERED MANAGERS FUNDS
Undiscovered Managers Behavioral Value FundJPMorgan Realty Income Fund
Prospectus dated December 29, 2017
(Class A and Class I Shares)
Supplement dated May 22, 2018to the Prospectuses as dated above
Effective July 1, 2018, the disclosure relating to Class I Shares in the “Investing with J.P. Morgan Funds — EXCHANG-ING FUND SHARES — EXCHANGE PRIVILEGES” section of each Prospectus will be deleted and replaced with thefollowing:
Class I Shares of a Fund may be exchanged for:
‰ Class I Shares of another J.P. Morgan Fund,
‰ Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money Market Fund), or
‰ Another share class of the same Fund if you are eligible to purchase that class.
Effective June 1, 2018, the first paragraph of the “Investing with J.P. Morgan Funds — SALES CHARGES AND FINAN-CIAL INTERMEDIARY COMPENSATION — Sales Charge Waivers” will be deleted and replaced with the following:
The availability of certain sales charge waivers and discounts will depend on whether you purchase yourshares directly from the Fund or on a Financial Intermediary platform. Financial Intermediaries may have dif-ferent policies and procedures regarding the availability of front-end sales load waivers or contingentdeferred (back-end) sales load (“CDSC”) waivers, which are discussed in Appendix A. Shareholders will haveto purchase Fund shares directly from the Fund or through another intermediary to receive the waiversor discounts discussed below.
Effective June 1, 2018, the “Appendix A — Financial Intermediary-Specific Sales Charge Waivers” section ofeach prospectus will be amended to include a sub-section titled “WAIVERS APPLICABLE TO PURCHASESTHROUGH AMERIPRISE FINANCIAL” with the following new waivers applicable to purchases of Class A Shares:
Front-end Sales Charge Waivers on Class A Shares Available at Ameriprise Financial:
Effective June 1, 2018, shareholders purchasing Fund shares through an Ameriprise Financial platform oraccount are eligible only for the following Class A waivers, which may differ from those disclosed elsewhere ina Fund’s prospectus or SAI. In all instances, it is the purchaser’s responsibility to notify Ameriprise Financial atthe time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers. Withregard to these waivers, Ameriprise Financial is responsible for the implementation on the Ameriprise Finan-cial platform or accounts.
‰ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans,profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision,employer-sponsored retirement plans do not include SEPs, Simple IRAs, SARSEPs or Keogh plans.
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‰ Shares purchased through an Ameriprise Financial investment advisory program (if an advisory or similarshare class for such investment advisory program is not available).
‰ Shares purchased by third party investment advisors on behalf of their advisory clients through AmeripriseFinancial’s platform (if an advisory or similar share class for such investment advisory program is notavailable).
‰ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment whenpurchasing shares of the same Fund (but not any other fund within the same fund family).
‰ Shares exchanged from Class C Shares of the same fund in the month of or following the 10-year anniver-sary of the purchase date.
‰ Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate fam-ily members.
‰ Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts,401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family mem-ber, defined by Ameriprise Financial as an Ameriprise financial advisor and/or the advisor’s spouse, advi-sor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather),advisor’s lineal descendant (son, daughter, step son, step daughter, grandson, granddaughter, great grand-son, great granddaughter) or any spouse of a covered family member who is a lineal descendant.
‰ Shares purchased from the proceeds of redemptions within the same fund family, provided (1) therepurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in thesame account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. AmeripriseRights of Reinstatement).
Effective July 1, 2018, the “Appendix A — Financial Intermediary-Specific Sales Charge Waivers” section of eachprospectus will be amended to include a sub-section titled “WAIVERS APPLICABLE TO PURCHASES THROUGHTRANSACTIONAL BROKERAGE ACCOUNTS AT MORGAN STANLEY WEALTH MANAGEMENT” with the followingnew waivers applicable to purchases of Class A Shares:
Front-end Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management:
Effective July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Managementtransactional brokerage account will be eligible only for the following front-end sales charge waivers withrespect to Class A Shares, which may differ from and may be more limited than those disclosed elsewhere in aFund’s Prospectus or SAI.
‰ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans,profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision,employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SARSEPs or Keogh plans.
‰ Morgan Stanley employees and employee-related accounts according to Morgan Stanley’s account linkingrules.
‰ Shares purchased through reinvestment of dividends and capital gains distributions when purchasingshares of the same fund.
‰ Shares purchased through a Morgan Stanley self-directed brokerage account.
‰ Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and areexchanged into Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s shareclass conversion program.
‰ Shares purchased from the proceeds of redemptions within the same fund family, provided (i) therepurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in thesame account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.
THIS SUPPLEMENT SHOULD BE RETAINED WITH YOURPROSPECTUSES FOR FUTURE REFERENCE.
How to Reach Us . . . . . . . . . . . . . . . . . . . . . . . . . Back cover
JPMorgan Access Balanced Fund
Class/Ticker: A/JXBAX; C/JXBCX; I*/JXBSX* Formerly, Select Class Shares.
What is the goal of the Fund?
The Fund seeks total return.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that youmay pay if you buy and hold shares of the Fund. You may qual-ify for sales charge discounts on purchases of Class A Shares ifyou and your family invest, or agree to invest in the future, atleast $100,000 in the J.P. Morgan Funds. More informationabout these and other discounts is available from your financialintermediary and in “Investing with J.P. Morgan Funds — SALESCHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” onpage 44 and in “Financial Intermediary-Specific Sales ChargeWaivers” in Appendix A of the prospectus and in “PURCHASES,REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of theStatement of Additional Information. You may be required topay a commission to your Financial Intermediary for purchasesof Class I Shares. Such commissions are not reflected in thetables or the example below.
SHAREHOLDER FEES (Fees paid directly from your investment)
Class A Class C Class I
Maximum Sales Charge (Load)Imposed on Purchases as a % ofthe Offering Price 4.50% NONE NONE
Maximum Deferred Sales Charge(Load) as a % of Original Cost ofthe Shares NONE 1.00% NONE
(under$1 million)
“Acquired Fund (Underlying Fund) Fees and Expenses” areexpenses incurred indirectly by the Fund through its ownershipof shares in other investment companies, including affiliatedmoney market funds, other mutual funds, exchange-tradedfunds and business development companies. The impact ofAcquired Fund (Underlying Fund) Fees and Expenses isincluded in the total returns of the Fund. Acquired Fund(Underlying Fund) Fees and Expenses are not direct costs of theFund, are not used to calculate the Fund’s net asset value pershare and are not included in the calculation of the ratio ofexpenses to average net assets shown in the Financial High-lights section of the Fund’s prospectus.
ANNUAL FUND OPERATING EXPENSES(Expenses that you pay each year as a percentage of the valueof your investment)
Service Fees2 0.25 0.25 0.25Remainder of Other Expenses 0.174 0.174 0.16
Acquired Fund (Underlying Fund)Fees and Expenses5 0.38 0.38 0.38
Total Annual Fund OperatingExpenses3 1.80 2.30 1.54Fee Waivers and ExpenseReimbursements1,2,6 (0.44) (0.44) (0.44)
Total Annual Fund OperatingExpenses After Fee Waivers andExpense Reimbursements1,2,3,6 1.36 1.86 1.10
1 J.P. Morgan Investment Management Inc. and J.P. Morgan Private Invest-ments, Inc. have contractually agreed to waive the investment advisory feefor the Fund by 0.30%. This contract is in effect through 10/31/18.
2 The shares of the affiliated underlying funds in which the Fund invests a por-tion of its assets impose a separate investment advisory fee and a servicefee. To avoid charging an investment advisory fee and a service fee at aneffective rate above 0.45% for investment advisory services and 0.25% forClass A, Class C and Class I Shares for shareholder servicing on affiliatedinvestments, the investment adviser and shareholder servicing agent havecontractually agreed to waive a portion of the investment advisory and serv-ice fees charged by the underlying funds. This contract is in effect through10/31/18.
3 As of 1/1/17, the Fund’s advisory fee was reduced to 0.75%; therefore, theManagement Fees Total Annual Fund Operating Expenses and Total AnnualFund Operating Expenses After Fee Waivers and Expense Reimbursementshave been restated to reflect the current fees.
4 “Remainder of Other Expenses” has been calculated based on actual otherexpenses incurred in the most recent fiscal year, except that these expenseshave been adjusted to reflect the combination of sub-transfer agency andtransfer agency expenses into “Service Fees” effective 4/3/17.
5 Effective 11/1/17, certain Underlying Funds’ Total Annual Operating ExpensesAfter Fee Waivers and Expense Reimbursements were reduced. The“Acquired Fund (Underlying Fund) Fees and Expenses” in the table reflect theexpense reduction for the applicable Underlying Funds.
6 The Fund’s adviser has agreed to waive the advisory fee that it receives fromthe Fund in an amount equal to the advisory fee paid by Access BalancedFund CS Ltd., the Fund’s wholly-owned subsidiary, to its adviser. This waiverwill continue in effect so long as the Fund invests in the subsidiary and maynot be terminated without approval by the Fund’s Board of Trustees.
Example
This Example is intended to help you compare the cost of inves-ting in the Fund with the cost of investing in other mutualfunds. The Example assumes that you invest $10,000 in theFund for the time periods indicated. The Example also assumesthat your investment has a 5% return each year and that the
NOVEMBER 1, 2017 1
JPMorgan Access Balanced Fund (continued)
Fund’s operating expenses are equal to the total annual fundoperating expenses after fee waivers and expense reimburse-ments shown in the fee table through 10/31/18 and total annualfund operating expenses thereafter. Your actual costs may behigher or lower.
IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
1 Year 3 Years 5 Years 10 Years
CLASS A SHARES ($) 582 950 1,342 2,436
CLASS C SHARES ($) 289 676 1,190 2,602
CLASS I SHARES ($) 112 443 798 1,797
IF YOU DO NOT SELL YOUR SHARES, YOUR COSTWOULD BE:
1 Year 3 Years 5 Years 10 Years
CLASS A SHARES ($) 582 950 1,342 2,436
CLASS C SHARES ($) 189 676 1,190 2,602
CLASS I SHARES ($) 112 443 798 1,797
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costsand may result in higher taxes when Fund shares are held in ataxable account. These costs, which are not reflected in annualfund operating expenses or in the Example, affect the Fund’sperformance. During the Fund’s most recent fiscal year, theFund’s portfolio turnover rate was 33% of the average value ofits portfolio.
What are the Fund’s main investment strategies?
The Fund invests in a combination of domestic and interna-tional equity, fixed income, and alternative assets, as describedbelow. The Fund invests in mutual funds in the same group ofinvestment companies (i.e. J.P. Morgan Funds), unaffiliatedopen-end and closed-end investment companies (which may ormay not be registered under the Investment Company Act of1940, as amended), exchange-traded funds (ETFs) and directlyin individual securities. In addition, to the extent permitted byapplicable law or the exemptive relief obtained from the Secu-rities and Exchange Commission (SEC), the Fund invests directlyin other financial instruments, including derivatives, such asfutures, swaps and structured investments, to gain exposure toor to overweight or underweight allocations among varioussectors or markets.
The Fund’s adviser is J.P. Morgan Investment Management Inc.(JPMIM or the Adviser) and it sets the Fund’s overall investmentstrategies. The Fund is managed by J.P. Morgan Private
Investments Inc. (JPMPI). JPMPI utilizes an allocation process(Strategic Asset Allocations) to invest the Fund’s assets acrossthe various asset classes and with various sub-advisers. JPMPIand JPMIM use rigorous criteria to select sub-advisers andunderlying fund managers to manage certain portions of theFund’s assets. In choosing whether to buy or sell an investmentand to set their allocations, JPMPI considers the following fac-tors: (1) market trends, (2) JPMPI’s outlook for a marketcapitalization or investment style category, and (3) an under-lying fund manager’s performance in various market con-ditions. JPMPI will also consider the advantages anddisadvantages to the Fund of using actively versus passivelymanaged investment vehicles. By combining the strengths ofdifferent sub-advisers and underlying fund managers, the Fundseeks to benefit from a variety of investment selection proc-esses and methodologies to achieve its investment objective.
The descriptions below include both the range that the Fundmay invest within a particular asset class and the variousinvestments that the Fund may use to gain exposure to suchasset class. JPMPI frequently monitors and may make tacticalchanges to the Strategic Asset Allocations, including shiftsamong the various asset classes and allocations to the othersub-advisers and underlying fund managers.
U.S. and International Equity: The allocation range will typicallybe 30%–75% of the Fund’s total assets. The Fund’s equity-related investments consist of J.P. Morgan Funds, unaffiliatedinvestment companies, ETFs and individual securities. Whetherinvesting through an investment company or directly in secu-rities, the investments in this asset class are: common stock,preferred stock, structured investments, convertible securities,depository receipts and warrants to buy common stocks. TheFund invests in foreign and emerging market securities.
U.S. and International Fixed Income: The allocation range willtypically be 25%–60% of the Fund’s total assets. The Fund’sfixed income investments include J.P. Morgan Funds,unaffiliated investment companies, ETFs and individual secu-rities. Whether investing through an investment company ordirectly in securities, the investments in this asset class include:U.S. government securities (including agencies andinstrumentalities), municipal bonds (including housing author-ity obligations), domestic and foreign corporate bonds, highyield securities (junk bonds), loan participations and assign-ments, debt obligations issued or guaranteed by a foreignsovereign government or its agencies, authorities or politicalsubdivisions, mortgage-backed and asset-backed securities,inflation-indexed bonds and Treasury Inflation ProtectedSecurities (TIPS).
Alternative: The allocation range will typically be 0%–30% ofthe Fund’s total assets. The Fund’s alternative-related invest-ments include J.P. Morgan Funds, unaffiliated investmentcompanies and ETFs. Whether investing through a mutual fund
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or directly in securities, the investments in this asset class givethe Fund exposure to: market neutral strategies, absolutereturn strategies, directional strategies, real estate (includingREITs), private equity, mezzanine debt and commodities.
The Fund will gain exposure to commodity markets primarily byinvesting in the Access Balanced Fund CS Ltd., a wholly-ownedsubsidiary of the Fund organized under the laws of the CaymanIslands (the Subsidiary). The allocation range will typically be0%–10% of the Fund’s total assets. The Subsidiary is advised byJPMIM and sub-advised by JPMPI. The Subsidiary (unlike theFund) may invest without limitation in commodity-linked struc-tured notes and other commodity-linked derivative instru-ments, including derivative instruments linked to the value of aparticular commodity or commodity futures contract, or asubset of commodities or commodity futures contracts. How-ever, the Subsidiary is otherwise subject to the same funda-mental, non-fundamental and certain other investmentrestrictions as the Fund. The Subsidiary may use derivatives toobtain long exposure in an attempt to increase the Subsidiary’sincome or gain, to hedge various investments and for riskmanagement.
The Fund and the Subsidiary may invest in ETFs in order to gainexposure to particular asset classes. An ETF is a registeredinvestment company, depositary receipt or other pooledinvestment vehicle that seeks to track the performance of aparticular market index or security. These indexes include notonly broad-based market indexes but more specific indexes aswell, including those relating to particular sectors, markets,regions or industries.
Ordinarily, the Fund’s investment in a single ETF is limited to5% of its total assets and in all ETFs to 10% of its total assets.The SEC has issued exemptive orders to many ETFs that allowany fund investing in such ETFs to disregard these 5% and 10%limitations. The Fund intends to invest in ETFs that havereceived such exemptive orders and it may invest any amountof its total assets in a single ETF or in multiple ETFs.
Derivatives, which are instruments that have a value based onanother instrument, exchange rate or index, may be used assubstitutes for securities in which the Fund can invest. TheFund uses structured notes as tools in the management ofportfolio assets. In particular, the Fund uses structured notesfor risk management and to increase the Fund’s income orgain. To the extent that the Fund invests in underlying funds,such underlying funds may also use derivatives.
The Fund’s Main Investment Risks
The Fund is subject to management risk and may not achieveits objective if the adviser’s expectations regarding particularinstruments or markets are not met.
An investment in this Fund or any other fund may not pro-vide a complete investment program. The suitability of aninvestment in the Fund should be considered based on theinvestment objective, strategies and risks described in thisprospectus, considered in light of all of the other invest-ments in your portfolio, as well as your risk tolerance, finan-cial goals and time horizons. You may want to consult with afinancial advisor to determine if this Fund is suitable for you.
The Fund is subject to the main risks noted below, any of whichmay adversely affect the Fund’s performance and ability tomeet its investment objective.
Investments in Mutual Funds Risk. The Fund’s investments areconcentrated in J.P. Morgan Funds and unaffiliated investmentcompanies, so the Fund’s investment performance is directlyrelated to the performance of the underlying funds. Shareholderswill indirectly bear the expenses incurred by the underlying funds.
General Market Risk. Economies and financial markets through-out the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one countryor region will adversely impact markets or issuers in other coun-tries or regions. Securities in the Fund’s portfolio may underper-form in comparison to securities in general financial markets, aparticular financial market or other asset classes, due to anumber of factors, including inflation (or expectations forinflation), interest rates, global demand for particular productsor resources, natural disasters or events, terrorism, regulatoryevents and government controls.
ETF and Investment Company Risk. The Fund and underlyingfunds may invest in shares of other investment companies,including ETFs. The Fund indirectly pays a portion of theexpenses incurred by the underlying funds. The price move-ment of an index-based ETF may not track the underlying indexand may result in a loss. ETFs and closed-end investmentcompanies may trade at a price below their net asset value(also known as a discount).
Foreign Securities and Emerging Markets Risk. The Fund andcertain of the underlying funds that invest in foreign issuersand foreign securities (including depositary receipts) are sub-ject to additional risks, including political and economic risks,civil conflicts and war, greater volatility, expropriation andnationalization risks, sanctions or other measures by the UnitedStates or other governments, currency fluctuations, highertransaction costs, delayed settlement, possible foreign controlson investment, and less stringent investor protection and dis-closure standards of foreign markets. In certain markets wheresecurities and other instruments are not traded “delivery ver-sus payment,” the Fund may not receive timely payment forsecurities or other instruments it has delivered or receivedelivery of securities paid for and may be subject to increasedrisk that the counterparty will fail to make payments or delivery
NOVEMBER 1, 2017 3
JPMorgan Access Balanced Fund (continued)
when due or default completely. Events and evolving conditionsin certain economies or markets may alter the risks associatedwith investments tied to countries or regions that historicallywere perceived as comparatively stable becoming riskier andmore volatile. These risks are magnified in “emergingmarkets”. Emerging market countries typically have less-established market economies than developed countries andmay face greater social, economic, regulatory and politicaluncertainties. In addition, emerging markets typically presentgreater illiquidity and price volatility concerns due to smaller orlimited local capital markets and greater difficulty in determin-ing market valuations of securities due to limited publicinformation on issuers.
Country and Region Risk. Some of the underlying funds concen-trate their investments in securities of a single country orregion (e.g., China Region or Latin America). Because theseunderlying funds concentrate their investments in a singlecountry or region, their performance may be more volatile thanthat of a fund that can invest globally.
Industry and Sector Focus Risk. At times the Fund may increasethe relative emphasis of its investments in a particular industryor sector. The prices of securities of issuers in a particularindustry or sector may be more susceptible to fluctuations dueto changes in economic or business conditions, governmentregulations, availability of basic resources or supplies, or otherevents that affect that industry or sector more than securitiesof issuers in other industries and sectors. To the extent that theFund increases the relative emphasis of its investments in aparticular industry or sector, its shares’ values may fluctuate inresponse to events affecting that industry or sector.
Currency Risk. The Fund and certain of the underlying funds aresubject to risks associated with foreign currency. Certain under-lying funds are not required to hedge their non-dollarinvestments back to the U.S. dollar for defensive purposes. As aresult, changes in foreign currency exchange rates will affectthe value of certain underlying funds’ securities and the priceof the underlying funds’ shares. Generally, when the value ofthe U.S. dollar rises in value relative to a foreign currency, aninvestment in that country loses value because that currency isworth fewer U.S. dollars. Devaluation of a currency by a coun-try’s government or banking authority also will have a sig-nificant impact on the value of any investments denominated inthat currency. Currency markets generally are not as regulatedas securities markets, may be riskier than other types ofinvestments and may increase the volatility of the Fund.
Equity Securities Risk. The Fund and certain of the underlyingfunds invest in equity securities (such as stocks) that are morevolatile and carry more risks than some other forms of invest-ment. The price of equity securities may rise or fall because ofeconomic or political changes or changes in a company’s finan-cial condition, sometimes rapidly or unpredictably. When the
value of the stocks held by an underlying fund goes down, thevalue of your investment in the Fund decreases in value.
Fixed Income Securities Risk. Some of the underlying fundsinvest in fixed income securities. These securities will increaseor decrease in value based on changes in interest rates andare subject to the risk that an issuer or a counterparty will failto make payments when due or default. If an issuer’s or acounterparty’s financial condition worsens, the credit quality ofthe issuer or counterparty may deteriorate making it difficultfor the underlying fund to sell such investments. If ratesincrease, the value of these investments generally declines.Securities with greater interest rate sensitivity and longermaturities generally are subject to greater fluctuations in value.When the value of investments in the Fund or underlying fixedincome funds goes down, the value of your investment in theFund will be affected. Given that the Federal Reserve has begunto raise interest rates, the Fund may face a heightened level ofinterest rate risk.
Credit Risk. The Fund’s investments are subject to the risk thatissuers and/or counterparties will fail to make payments whendue or default completely. Prices of the Fund’s investmentsmay be adversely affected if any of the issuers or counter-parties it is invested in are subject to an actual or perceiveddeterioration in their credit quality. Credit spreads mayincrease, which may reduce the market values of the Fund’ssecurities. Credit spread risk is the risk that economic andmarket conditions or any actual or perceived credit deterio-ration may lead to an increase in the credit spreads (i.e., thedifference in yield between two securities of similar maturitybut different credit quality) and a decline in price of the issuer’ssecurities.
High Yield Securities Risk. Certain of the underlying funds mayinvest in instruments that are issued by companies which arehighly leveraged, less creditworthy or financially distressed.These investments (known as junk bonds) are considered to bespeculative and are subject to greater risk of loss, greatersensitivity to economic changes, valuation difficulties, andpotential illiquidity. Such investments are subject to additionalrisks including subordination to other creditors, no collateral orlimited rights in collateral, lack of a regular trading market,extended settlement periods, liquidity risks, prepayment risks,potentially less protections under the federal securities lawsand lack of publicly available information.
Real Estate Securities Risk. Certain of the underlying funds mayinvest in real estate securities, including real estate investmenttrusts (REITs), which are subject to the same risks as directinvestments in real estate and mortgages, and their value willdepend on the value of the underlying real estate interests.These risks include default, prepayments, changes in valueresulting from changes in interest rates and demand for realand rental property, and the management skill and
4 JPMORGAN ACCESS FUNDS
creditworthiness of REIT issuers. The underlying funds willindirectly bear their proportionate share of expenses, includingmanagement fees, paid by each REIT in which it invests in addi-tion to the expenses of the underlying fund.
Commodity Risk. Certain underlying funds have exposure tocommodities. Exposure to commodity-related securities andderivatives may subject the Fund to greater volatility thaninvestments in traditional securities, particularly if the instru-ments involve leverage. The value of commodity-linked invest-ments may be affected by changes in overall marketmovements, commodity index volatility, changes in interestrates, or factors affecting a particular industry or commodity. Inaddition, to the extent that an underlying fund gains exposureto an asset through synthetic replication by investing incommodity-linked investments rather than directly in the asset,it may not have a claim on the applicable underlying asset andwill be subject to enhanced counterparty risk.
Derivatives Risk. The Fund and certain of the underlying fundsmay use derivatives in connection with their investment strat-egies. Derivatives, including futures, swaps and structuredinvestments, may be riskier than other types of investmentsbecause they may be more sensitive to changes in economic ormarket conditions and could result in losses that significantlyexceed the Fund’s original investment. Many derivatives createleverage thereby causing the Fund to be more volatile than itwould have been if it had not used derivatives. Derivatives alsoexpose the Fund and the underlying funds to counterparty risk(the risk that the derivative counterparty will not fulfill itscontractual obligations), including credit risk of the derivativecounterparty. Certain derivatives are synthetic instruments thatattempt to replicate the performance of certain reference assets.With regard to such derivatives, the Fund or underlying funds donot have a claim on the reference assets and are subject toenhanced counterparty risk. Certain of the Fund’s transactions inforeign currency derivatives and other derivatives could alsoaffect the amount, timing and character of distributions toshareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinaryincome tax rates than it would if it did not engage in such trans-actions, which may adversely impact the Fund’s after-tax returns.In addition, the Fund and certain of the underlying funds mayuse derivatives for non-hedging purposes, which increases theFund’s or the underlying funds’ potential for loss.
Structured Note Risk. The Fund, or certain of the underlyingfunds, invest in commodity, currency, equity and fixed incomelinked structured notes. Structured notes are typically privatelynegotiated transactions between two or more parties. The feesassociated with a structured note may lead to increased track-ing error. The Fund also bears the risk that the issuer of thestructured note will default. The Fund bears the risk of loss ofits principal investment and periodic payments expected to be
received for the duration of its investment. In addition, a liquidmarket may not exist for the structured notes. The lack of aliquid market may make it difficult to sell the structured notesat an acceptable price or to accurately value them.
Index Investing Risk. Certain of the underlying funds, includingETFs, in which the Fund may invest are index funds. Index fundsare not actively managed and are designed to track the per-formance and holdings of a specified index. Securities may bepurchased, held and sold by an index fund at times when anactively managed fund would not do so. There is also the riskthat the underlying fund’s performance may not correlate withthe performance of the index.
Preferred Stock Risk. The Fund and certain underlying fundsmay invest in preferred stock. Preferred stock generally has apreference as to dividends and liquidation over an issuer’scommon stock but ranks junior to debt securities in an issuer’scapital structure. Unlike interest payments on debt securities,preferred stock dividends are payable only if declared by theissuer’s board of directors. Preferred stock also may be subjectto optional or mandatory redemption provisions.
Government Securities Risk. The Fund and certain of the under-lying funds invest in securities issued or guaranteed by the U.S.government or its agencies and instrumentalities (such assecurities issued by the Government National MortgageAssociation (Ginnie Mae), the Federal National MortgageAssociation (Fannie Mae), or the Federal Home Loan MortgageCorporation (Freddie Mac)). U.S. government securities aresubject to market risk, interest rate risk and credit risk.Securities, such as those issued or guaranteed by Ginnie Mae orthe U.S. Treasury, that are backed by the full faith and credit ofthe United States are guaranteed only as to the timely paymentof interest and principal when held to maturity and the marketprices for such securities will fluctuate. Notwithstanding thatthese securities are backed by the full faith and credit of theUnited States, circumstances could arise that would prevent thepayment of interest or principal. This would result in losses tothe Fund. Securities issued or guaranteed by U.S. governmentrelated organizations, such as Fannie Mae and Freddie Mac, arenot backed by the full faith and credit of the U.S. governmentand no assurance can be given that the U.S. government willprovide financial support. Therefore, U.S. government relatedorganizations may not have the funds to meet their paymentobligations in the future. U.S. government securities includezero coupon securities, which tend to be subject to greatermarket risk than interest-paying securities of similar maturities.
High Portfolio Turnover Risk. The Fund may engage in activeand frequent trading leading to increased portfolio turnover,higher transaction costs, and the possibility of increased capitalgains, including short-term capital gains that will generally betaxable to shareholders as ordinary income.
NOVEMBER 1, 2017 5
JPMorgan Access Balanced Fund (continued)
Subsidiary Risk. By investing in the Subsidiary, the Fund isindirectly exposed to the risks associated with the Subsidiary’sinvestments. The derivatives and other investments held by theSubsidiary are generally similar to those that are permitted to beheld by the Fund and are subject to the same risks that apply tosimilar investments if held directly by the Fund. These risks aredescribed elsewhere in this prospectus. There can be no assur-ance that the investment objective of the Subsidiary will be ach-ieved. The Subsidiary is not registered under the InvestmentCompany Act of 1940 (1940 Act), and, unless otherwise noted inthis prospectus, is not subject to all the investor protections ofthe 1940 Act. Changes in the laws of the United States and/or theCayman Islands could result in the inability of the Fund and/orthe Subsidiary to operate as described in this prospectus andcould adversely affect the Fund.
Transactions Risk. The Fund could experience a loss and its liq-uidity may be negatively impacted when selling securities tomeet redemption requests by shareholders. The risk of lossincreases if the redemption requests are unusually large orfrequent or occur in times of overall market turmoil or declin-ing prices. Similarly, large purchases of Fund shares mayadversely affect the Fund’s performance to the extent that theFund is delayed in investing new cash and is required to main-tain a larger cash position than it ordinarily would.
Investments in the Fund are not deposits or obligations of, orguaranteed or endorsed by, any bank and are not insured orguaranteed by the FDIC, the Federal Reserve Board or anyother government agency.
You could lose money investing in the Fund.
The Fund’s Past Performance
This section provides some indication of the risks of investingin the Fund. The bar chart shows how the performance of theFund’s Class A Shares has varied from year to year for the pastseven calendar years. The table shows the average annual totalreturns over the past one year, five years and the life of theFund. The table compares that performance to the AccessBalanced Composite Benchmark, a customized benchmark, theBloomberg Barclays Global Aggregate Bond Index Hedged, abroad-based securities market index, the MSCI World Index (netof foreign withholding taxes), a broad-based securities marketindex and the S&P 500 Index, also a broad-based securitiesmarket index. Since January 1, 2018, the Access BalancedComposite Benchmark is a composite benchmark comprised ofunmanaged indexes that corresponds to the Fund’s model allo-cation and that consists of the MSCI World Index (net of foreignwithholding taxes) (55%), Bloomberg Barclays GlobalAggregate Index Hedged (40%), and HFRX Global Hedge FundIndex (5%). From July 1, 2016 until December 31, 2017, theAccess Balanced Composite Benchmark was a composite
benchmark comprised of the MSCI World Index (net of foreignwithholding taxes) (55%), Bloomberg Barclays GlobalAggregate Index (35%), Bloomberg Barclays T-Bill 1-3 MonthIndex (5%), and HFRX Global Hedge Fund Index (5%). FromApril 1, 2013 until June 30, 2016, the Access Balanced Compo-site Benchmark was a composite benchmark comprised of theMSCI World Index (net of foreign withholding taxes) (50%),Bloomberg Barclays U.S. Aggregate Index (35%), Citigroup3-Month Treasury Bill Index (5%), Bloomberg Commodity Index(5%) and HFRX Global Hedge Fund Index (5%). From July 1,2011 until March 31, 2013, the Access Balanced CompositeBenchmark was a composite benchmark comprised of the MSCIWorld Index (net of foreign withholding taxes) (50%),Bloomberg Barclays U.S. Aggregate Index (35%) and Citigroup3-Month Treasury Bill Index (15%). From the inception date ofSeptember 30, 2009 to June 30, 2011, the Access BalancedComposite Benchmark was a composite benchmark comprisedof the MSCI World Index (net of foreign withholding taxes)(55%), Bloomberg Barclays Capital U.S. Aggregate Index (35%)and Citigroup 3-Month Treasury Bill Index (10%). The perform-ance of Class C Shares is based on the performance of Class AShares prior to their inception. The actual return of the Class CShares would have been lower than shown because the Class CShares have higher expenses than Class A Shares. Pastperformance (before and after taxes) is not necessarily anindication of how any class of the Fund will perform in thefuture. Updated performance information is available by visitingwww.jpmorganaccessfunds.com or by calling 1-800-480-4111.
The performance figures in the bar chart do not reflect anydeduction for the front-end sales charge which is assessed onClass A Shares. If the sales charge were reflected, the perform-ance figures would have been lower.
YEAR-BY-YEAR RETURNS — CLASS A SHARES
2010 2011
7.05%
9.75%
-5.02%2012 2013 2014 2015 2016
-2.35%
11.10%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
1.47%
4.75%
Best Quarter 3rd quarter, 2010 7.71%
Worst Quarter 3rd quarter, 2011 –11.01%
The Fund’s year-to-date total return through 9/30/17 was 9.75%.
6 JPMORGAN ACCESS FUNDS
AVERAGE ANNUAL TOTAL RETURNS(For periods ended December 31, 2016)
Past1 Year
Past5 Years
Life ofFund
(Since9/30/09)
CLASS A SHARESReturn Before Taxes 0.03% 3.87% 3.27%Return After Taxes on Distributions (0.44) 2.77 2.27Return After Taxes on Distributionsand Sale of Fund Shares 0.08 2.74 2.30
CLASS C SHARESReturn Before Taxes 3.20 4.30 3.43
CLASS I SHARESReturn Before Taxes 5.03 5.11 4.20
ACCESS BALANCED COMPOSITEBENCHMARK(Reflects No Deduction for Fees,Expenses or Taxes) 6.23 5.83 5.58
BLOOMBERG BARCLAYS GLOBALAGGREGATE BOND INDEX HEDGED(Reflects No Deduction for Fees,Expenses or Taxes) 3.95 3.59 3.89
MSCI WORLD INDEX(Net of Foreign Withholding Taxes)(Reflects No Deduction for Fees,Expenses or Taxes, Except ForeignWithholding Taxes) 7.51 10.41 8.47
S&P 500 INDEX(Reflects No Deduction for Fees,Expenses or Taxes) 11.96 14.66 13.28
After-tax returns are shown only for the Class A Shares andafter-tax returns for the other classes will vary. After-taxreturns are calculated using the historical highest individualfederal marginal income tax rates and do not reflect the impactof state and local taxes. Actual after-tax returns depend onyour tax situation and may differ from those shown. Theafter-tax returns shown are not relevant to investors who holdtheir shares through tax-deferred arrangements such as 401(k)plans or individual retirement accounts. In some cases, the“Return After Taxes on Distributions and Sale of Fund Shares”may exceed the “Return Before Taxes” due to an assumedbenefit from any losses on a sale of shares at the end of themeasurement period.
Management
Investment Adviser
J.P. Morgan Investment Management Inc.
Investment Sub-adviser
Portfolio ManagerManaged
Fund SincePrimary Title with
Investment Sub-adviser
J.P. Morgan Private Investments Inc.Jeffrey Gaffney 2015 Executive DirectorStephanie Sigler Gdula 2016 Vice President
Purchase and Sale of Fund Shares
Purchase minimums
For Class A and Class C SharesTo establish an account $1,000To add to an account $50
For Class I SharesTo establish an account $1,000,000To add to an account No minimum levels
In general, you may purchase or redeem shares on any businessday:
‰ Through your Financial Intermediary‰ By writing to J.P. Morgan Funds Services, P.O. Box 8528,
Boston, MA 02266-8528‰ After you open an account, by calling J.P. Morgan Funds
Services at 1-800-480-4111
Tax Information
The Fund intends to make distributions that may be taxed asordinary income or capital gains, except when your investmentis in an IRA, 401(k) plan or other tax-advantaged investmentplan, in which case you may be subject to federal income taxupon withdrawal from the tax-advantaged investment plan.
Payments to Broker-Dealers and Other FinancialIntermediaries
If you purchase shares of the Fund through a broker-dealer orother financial intermediary (such as a bank), the Fund and itsrelated companies may pay the financial intermediary for thesale of Fund shares and related services. These payments maycreate a conflict of interest by influencing the broker-dealer orfinancial intermediary and your salesperson to recommend theFund over another investment. Ask your salesperson or visityour financial intermediary’s website for more information.
NOVEMBER 1, 2017 7
JPMorgan Access Balanced Fund
Class/Ticker: L*/JXBIX* Formerly, Institutional Class Shares.
What is the goal of the Fund?
The Fund seeks total return.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you maypay if you buy and hold shares of the Fund. “Acquired Fund(Underlying Fund) Fees and Expenses” are expenses incurredindirectly by the Fund through its ownership of shares in otherinvestment companies, including affiliated money market funds,other mutual funds, exchange-traded funds and businessdevelopment companies. The impact of Acquired Fund (UnderlyingFund) Fees and Expenses is included in the total returns of theFund. Acquired Fund (Underlying Fund) Fees and Expenses are notdirect costs of the Fund, are not used to calculate the Fund’s netasset value per share and are not included in the calculation of theratio of expenses to average net assets shown in the FinancialHighlights section of the Fund’s prospectus.
ANNUAL FUND OPERATING EXPENSES(Expenses that you pay each year as a percentage of the valueof your investment)
Service Fees2 0.10Remainder of Other Expenses 0.16
Acquired Fund (Underlying Fund) Fees and Expenses4 0.38
Total Annual Fund Operating Expenses3 1.39Fee Waivers and Expense Reimbursements1,2,5 (0.44)
Total Annual Fund Operating Expenses After FeeWaivers and Expense Reimbursements1,2,3,5 0.95
1 J.P. Morgan Investment Management Inc. and J.P. Morgan Private Invest-ments, Inc. have contractually agreed to waive the investment advisory feefor the Fund by 0.30%. This contract is in effect through 10/31/18.
2 The shares of the affiliated underlying funds in which the Fund invests a por-tion of its assets impose a separate investment advisory fee and a servicefee. To avoid charging an investment advisory fee and a service fee at aneffective rate above 0.45% for investment advisory services and 0.10% forClass L Shares for shareholder servicing on affiliated investments, theinvestment adviser and shareholder servicing agent have contractuallyagreed to waive a portion of the investment advisory and service feescharged by the underlying funds. This contract is in effect through 10/31/18.
3 As of 1/1/17, the Fund’s advisory fee was reduced to 0.75%; therefore, theManagement Fees Total Annual Fund Operating Expenses and Total AnnualFund Operating Expenses After Fee Waivers and Expense Reimbursementshave been restated to reflect the current fees.
4 Effective 11/1/17, certain Underlying Funds’ Total Annual Operating ExpensesAfter Fee Waivers and Expense Reimbursements were reduced. The
“Acquired Fund (Underlying Fund) Fees and Expenses” in the table reflect theexpense reduction for the applicable Underlying Funds.
5 The Fund’s adviser has agreed to waive the advisory fee that it receives fromthe Fund in an amount equal to the advisory fee paid by Access BalancedFund CS Ltd., the Fund’s wholly-owned subsidiary, to its adviser. This waiverwill continue in effect so long as the Fund invests in the subsidiary and maynot be terminated without approval by the Fund’s Board of Trustees.
Example
This Example is intended to help you compare the cost of inves-ting in the Fund with the cost of investing in other mutualfunds. The Example assumes that you invest $10,000 in theFund for the time periods indicated. The Example also assumesthat your investment has a 5% return each year and that theFund’s operating expenses are equal to the total annual fundoperating expenses after fee waivers and expense reimburse-ments shown in the fee table through 10/31/18 and total annualfund operating expenses thereafter. Your actual costs may behigher or lower.
WHETHER OR NOT YOU SELL YOUR SHARES, YOURCOST WOULD BE:
1 Year 3 Years 5 Years 10 Years
CLASS L SHARES ($) 97 397 719 1,630
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costsand may result in higher taxes when Fund shares are held in ataxable account. These costs, which are not reflected in annualfund operating expenses or in the Example, affect the Fund’sperformance. During the Fund’s most recent fiscal year, theFund’s portfolio turnover rate was 33% of the average value ofits portfolio.
What are the Fund’s main investment strategies?
The Fund invests in a combination of domestic and interna-tional equity, fixed income, and alternative assets, as describedbelow. The Fund invests in mutual funds in the same group ofinvestment companies (i.e. J.P. Morgan Funds), unaffiliatedopen-end and closed-end investment companies (which may ormay not be registered under the Investment Company Act of1940, as amended), exchange-traded funds (ETFs) and directlyin individual securities. In addition, to the extent permitted byapplicable law or the exemptive relief obtained from the Secu-rities and Exchange Commission (SEC), the Fund invests directlyin other financial instruments, including derivatives, such asfutures, swaps and structured investments, to gain exposure toor to overweight or underweight allocations among varioussectors or markets.
8 JPMORGAN ACCESS FUNDS
The Fund’s adviser is J.P. Morgan Investment Management Inc.(JPMIM or the Adviser) and it sets the Fund’s overall investmentstrategies. The Fund is managed by J.P. Morgan PrivateInvestments Inc. (JPMPI). JPMPI utilizes an allocation process(Strategic Asset Allocations) to invest the Fund’s assets acrossthe various asset classes and with various sub-advisers. JPMPIand JPMIM use rigorous criteria to select sub-advisers andunderlying fund managers to manage certain portions of theFund’s assets. In choosing whether to buy or sell an investmentand to set their allocations, JPMPI considers the following fac-tors: (1) market trends, (2) JPMPI’s outlook for a marketcapitalization or investment style category, and (3) an under-lying fund manager’s performance in various market con-ditions. JPMPI will also consider the advantages anddisadvantages to the Fund of using actively versus passivelymanaged investment vehicles. By combining the strengths ofdifferent sub-advisers and underlying fund managers, the Fundseeks to benefit from a variety of investment selection proc-esses and methodologies to achieve its investment objective.
The descriptions below include both the range that the Fundmay invest within a particular asset class and the variousinvestments that the Fund may use to gain exposure to suchasset class. JPMPI frequently monitors and may make tacticalchanges to the Strategic Asset Allocations, including shiftsamong the various asset classes and allocations to the othersub-advisers and underlying fund managers.
U.S. and International Equity: The allocation range will typicallybe 30%–75% of the Fund’s total assets. The Fund’s equity-related investments consist of J.P. Morgan Funds, unaffiliatedinvestment companies, ETFs and individual securities. Whetherinvesting through an investment company or directly in secu-rities, the investments in this asset class are: common stock,preferred stock, structured investments, convertible securities,depository receipts and warrants to buy common stocks. TheFund invests in foreign and emerging market securities.
U.S. and International Fixed Income: The allocation range willtypically be 25%–60% of the Fund’s total assets. The Fund’sfixed income investments include J.P. Morgan Funds,unaffiliated investment companies, ETFs and individual secu-rities. Whether investing through an investment company ordirectly in securities, the investments in this asset class include:U.S. government securities (including agencies andinstrumentalities), municipal bonds (including housing author-ity obligations), domestic and foreign corporate bonds, highyield securities (junk bonds), loan participations and assign-ments, debt obligations issued or guaranteed by a foreignsovereign government or its agencies, authorities or politicalsubdivisions, mortgage-backed and asset-backed securities,inflation-indexed bonds and Treasury Inflation ProtectedSecurities (TIPS).
Alternative: The allocation range will typically be 0%–30% ofthe Fund’s total assets. The Fund’s alternative-related invest-ments include J.P. Morgan Funds, unaffiliated investmentcompanies and ETFs. Whether investing through a mutual fundor directly in securities, the investments in this asset class givethe Fund exposure to: market neutral strategies, absolutereturn strategies, directional strategies, real estate (includingREITs), private equity, mezzanine debt and commodities.
The Fund will gain exposure to commodity markets primarily byinvesting in the Access Balanced Fund CS Ltd., a wholly-ownedsubsidiary of the Fund organized under the laws of the CaymanIslands (the Subsidiary). The allocation range will typically be0%–10% of the Fund’s total assets. The Subsidiary is advised byJPMIM and sub-advised by JPMPI. The Subsidiary (unlike theFund) may invest without limitation in commodity-linked struc-tured notes and other commodity-linked derivative instru-ments, including derivative instruments linked to the value of aparticular commodity or commodity futures contract, or asubset of commodities or commodity futures contracts. How-ever, the Subsidiary is otherwise subject to the same funda-mental, non-fundamental and certain other investmentrestrictions as the Fund. The Subsidiary may use derivatives toobtain long exposure in an attempt to increase the Subsidiary’sincome or gain, to hedge various investments and for riskmanagement.
The Fund and the Subsidiary may invest in ETFs in order to gainexposure to particular asset classes. An ETF is a registeredinvestment company, depositary receipt or other pooledinvestment vehicle that seeks to track the performance of aparticular market index or security. These indexes include notonly broad-based market indexes but more specific indexes aswell, including those relating to particular sectors, markets,regions or industries.
Ordinarily, the Fund’s investment in a single ETF is limited to5% of its total assets and in all ETFs to 10% of its total assets.The SEC has issued exemptive orders to many ETFs that allowany fund investing in such ETFs to disregard these 5% and 10%limitations. The Fund intends to invest in ETFs that havereceived such exemptive orders and it may invest any amountof its total assets in a single ETF or in multiple ETFs.
Derivatives, which are instruments that have a value based onanother instrument, exchange rate or index, may be used assubstitutes for securities in which the Fund can invest. TheFund uses structured notes as tools in the management ofportfolio assets. In particular, the Fund uses structured notesfor risk management and to increase the Fund’s income orgain. To the extent that the Fund invests in underlying funds,such underlying funds may also use derivatives.
NOVEMBER 1, 2017 9
JPMorgan Access Balanced Fund (continued)
The Fund’s Main Investment Risks
The Fund is subject to management risk and may not achieveits objective if the adviser’s expectations regarding particularinstruments or markets are not met.
An investment in this Fund or any other fund may not pro-vide a complete investment program. The suitability of aninvestment in the Fund should be considered based on theinvestment objective, strategies and risks described in thisprospectus, considered in light of all of the other invest-ments in your portfolio, as well as your risk tolerance, finan-cial goals and time horizons. You may want to consult with afinancial advisor to determine if this Fund is suitable for you.
The Fund is subject to the main risks noted below, any of whichmay adversely affect the Fund’s performance and ability tomeet its investment objective.
Investments in Mutual Funds Risk. The Fund’s investments areconcentrated in J.P. Morgan Funds and unaffiliated investmentcompanies, so the Fund’s investment performance is directlyrelated to the performance of the underlying funds. Share-holders will indirectly bear the expenses incurred by the under-lying funds.
General Market Risk. Economies and financial markets through-out the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one coun-try or region will adversely impact markets or issuers in othercountries or regions. Securities in the Fund’s portfolio mayunderperform in comparison to securities in general financialmarkets, a particular financial market or other asset classes,due to a number of factors, including inflation (or expectationsfor inflation), interest rates, global demand for particular prod-ucts or resources, natural disasters or events, terrorism, regu-latory events and government controls.
ETF and Investment Company Risk. The Fund and underlyingfunds may invest in shares of other investment companies,including ETFs. The Fund indirectly pays a portion of theexpenses incurred by the underlying funds. The price move-ment of an index-based ETF may not track the underlying indexand may result in a loss. ETFs and closed-end investmentcompanies may trade at a price below their net asset value(also known as a discount).
Foreign Securities and Emerging Markets Risk. The Fund andcertain of the underlying funds that invest in foreign issuersand foreign securities (including depositary receipts) are sub-ject to additional risks, including political and economic risks,civil conflicts and war, greater volatility, expropriation andnationalization risks, sanctions or other measures by the UnitedStates or other governments, currency fluctuations, highertransaction costs, delayed settlement, possible foreign controls
on investment, and less stringent investor protection and dis-closure standards of foreign markets. In certain markets wheresecurities and other instruments are not traded “delivery ver-sus payment,” the Fund may not receive timely payment forsecurities or other instruments it has delivered or receivedelivery of securities paid for and may be subject to increasedrisk that the counterparty will fail to make payments or deliverywhen due or default completely. Events and evolving conditionsin certain economies or markets may alter the risks associatedwith investments tied to countries or regions that historicallywere perceived as comparatively stable becoming riskier andmore volatile. These risks are magnified in “emergingmarkets”. Emerging market countries typically have less-established market economies than developed countries andmay face greater social, economic, regulatory and politicaluncertainties. In addition, emerging markets typically presentgreater illiquidity and price volatility concerns due to smaller orlimited local capital markets and greater difficulty in determin-ing market valuations of securities due to limited publicinformation on issuers.
Country and Region Risk. Some of the underlying funds concen-trate their investments in securities of a single country orregion (e.g., China Region or Latin America). Because theseunderlying funds concentrate their investments in a singlecountry or region, their performance may be more volatile thanthat of a fund that can invest globally.
Industry and Sector Focus Risk. At times the Fund may increasethe relative emphasis of its investments in a particular industryor sector. The prices of securities of issuers in a particularindustry or sector may be more susceptible to fluctuations dueto changes in economic or business conditions, governmentregulations, availability of basic resources or supplies, or otherevents that affect that industry or sector more than securitiesof issuers in other industries and sectors. To the extent that theFund increases the relative emphasis of its investments in aparticular industry or sector, its shares’ values may fluctuate inresponse to events affecting that industry or sector.
Currency Risk. The Fund and certain of the underlying funds aresubject to risks associated with foreign currency. Certain under-lying funds are not required to hedge their non-dollarinvestments back to the U.S. dollar for defensive purposes. As aresult, changes in foreign currency exchange rates will affectthe value of certain underlying funds’ securities and the priceof the underlying funds’ shares. Generally, when the value ofthe U.S. dollar rises in value relative to a foreign currency, aninvestment in that country loses value because that currency isworth fewer U.S. dollars. Devaluation of a currency by a coun-try’s government or banking authority also will have a sig-nificant impact on the value of any investments denominated inthat currency. Currency markets generally are not as regulatedas securities markets, may be riskier than other types ofinvestments and may increase the volatility of the Fund.
10 JPMORGAN ACCESS FUNDS
Equity Securities Risk. The Fund and certain of the underlyingfunds invest in equity securities (such as stocks) that are morevolatile and carry more risks than some other forms of invest-ment. The price of equity securities may rise or fall because ofeconomic or political changes or changes in a company’s finan-cial condition, sometimes rapidly or unpredictably. When thevalue of the stocks held by an underlying fund goes down, thevalue of your investment in the Fund decreases in value.
Fixed Income Securities Risk. Some of the underlying fundsinvest in fixed income securities. These securities will increaseor decrease in value based on changes in interest rates andare subject to the risk that an issuer or a counterparty will failto make payments when due or default. If an issuer’s or acounterparty’s financial condition worsens, the credit quality ofthe issuer or counterparty may deteriorate making it difficultfor the underlying fund to sell such investments. If ratesincrease, the value of these investments generally declines.Securities with greater interest rate sensitivity and longermaturities generally are subject to greater fluctuations in value.When the value of investments in the Fund or underlying fixedincome funds goes down, the value of your investment in theFund will be affected. Given that the Federal Reserve has begunto raise interest rates, the Fund may face a heightened level ofinterest rate risk.
Credit Risk. The Fund’s investments are subject to the risk thatissuers and/or counterparties will fail to make payments whendue or default completely. Prices of the Fund’s investmentsmay be adversely affected if any of the issuers or counter-parties it is invested in are subject to an actual or perceiveddeterioration in their credit quality. Credit spreads mayincrease, which may reduce the market values of the Fund’ssecurities. Credit spread risk is the risk that economic andmarket conditions or any actual or perceived credit deterio-ration may lead to an increase in the credit spreads (i.e., thedifference in yield between two securities of similar maturitybut different credit quality) and a decline in price of the issuer’ssecurities.
High Yield Securities Risk. Certain of the underlying funds mayinvest in instruments that are issued by companies which arehighly leveraged, less creditworthy or financially distressed.These investments (known as junk bonds) are considered to bespeculative and are subject to greater risk of loss, greatersensitivity to economic changes, valuation difficulties, andpotential illiquidity. Such investments are subject to additionalrisks including subordination to other creditors, no collateral orlimited rights in collateral, lack of a regular trading market,extended settlement periods, liquidity risks, prepayment risks,potentially less protections under the federal securities lawsand lack of publicly available information.
Real Estate Securities Risk. Certain of the underlying funds mayinvest in real estate securities, including real estate investment
trusts (REITs), which are subject to the same risks as directinvestments in real estate and mortgages, and their value willdepend on the value of the underlying real estate interests.These risks include default, prepayments, changes in valueresulting from changes in interest rates and demand for realand rental property, and the management skill andcreditworthiness of REIT issuers. The underlying funds willindirectly bear their proportionate share of expenses, includingmanagement fees, paid by each REIT in which it invests in addi-tion to the expenses of the underlying fund.
Commodity Risk. Certain underlying funds have exposure tocommodities. Exposure to commodity-related securities andderivatives may subject the Fund to greater volatility thaninvestments in traditional securities, particularly if the instru-ments involve leverage. The value of commodity-linked invest-ments may be affected by changes in overall marketmovements, commodity index volatility, changes in interestrates, or factors affecting a particular industry or commodity. Inaddition, to the extent that an underlying fund gains exposureto an asset through synthetic replication by investing incommodity-linked investments rather than directly in the asset,it may not have a claim on the applicable underlying asset andwill be subject to enhanced counterparty risk.
Derivatives Risk. The Fund and certain of the underlying fundsmay use derivatives in connection with their investment strat-egies. Derivatives, including futures, swaps and structuredinvestments, may be riskier than other types of investmentsbecause they may be more sensitive to changes in economic ormarket conditions and could result in losses that significantlyexceed the Fund’s original investment. Many derivatives createleverage thereby causing the Fund to be more volatile than itwould have been if it had not used derivatives. Derivatives alsoexpose the Fund and the underlying funds to counterparty risk(the risk that the derivative counterparty will not fulfill itscontractual obligations), including credit risk of the derivativecounterparty. Certain derivatives are synthetic instruments thatattempt to replicate the performance of certain referenceassets. With regard to such derivatives, the Fund or underlyingfunds do not have a claim on the reference assets and aresubject to enhanced counterparty risk. Certain of the Fund’stransactions in foreign currency derivatives and otherderivatives could also affect the amount, timing and characterof distributions to shareholders which may result in the Fundrealizing more short-term capital gain and ordinary incomesubject to tax at ordinary income tax rates than it would if it didnot engage in such transactions, which may adversely impactthe Fund’s after-tax returns. In addition, the Fund and certainof the underlying funds may use derivatives for non-hedgingpurposes, which increases the Fund’s or the underlying funds’potential for loss.
Structured Note Risk. The Fund, or certain of the underlyingfunds, invest in commodity, currency, equity and fixed income
NOVEMBER 1, 2017 11
JPMorgan Access Balanced Fund (continued)
linked structured notes. Structured notes are typically privatelynegotiated transactions between two or more parties. The feesassociated with a structured note may lead to increased track-ing error. The Fund also bears the risk that the issuer of thestructured note will default. The Fund bears the risk of loss ofits principal investment and periodic payments expected to bereceived for the duration of its investment. In addition, a liquidmarket may not exist for the structured notes. The lack of aliquid market may make it difficult to sell the structured notesat an acceptable price or to accurately value them.
Index Investing Risk. Certain of the underlying funds, includingETFs, in which the Fund may invest are index funds. Index fundsare not actively managed and are designed to track the per-formance and holdings of a specified index. Securities may bepurchased, held and sold by an index fund at times when anactively managed fund would not do so. There is also the riskthat the underlying fund’s performance may not correlate withthe performance of the index.
Preferred Stock Risk. The Fund and certain underlying fundsmay invest in preferred stock. Preferred stock generally has apreference as to dividends and liquidation over an issuer’scommon stock but ranks junior to debt securities in an issuer’scapital structure. Unlike interest payments on debt securities,preferred stock dividends are payable only if declared by theissuer’s board of directors. Preferred stock also may be subjectto optional or mandatory redemption provisions.
Government Securities Risk. The Fund and certain of the under-lying funds invest in securities issued or guaranteed by the U.S.government or its agencies and instrumentalities (such assecurities issued by the Government National MortgageAssociation (Ginnie Mae), the Federal National MortgageAssociation (Fannie Mae), or the Federal Home Loan MortgageCorporation (Freddie Mac)). U.S. government securities aresubject to market risk, interest rate risk and credit risk.Securities, such as those issued or guaranteed by Ginnie Mae orthe U.S. Treasury, that are backed by the full faith and credit ofthe United States are guaranteed only as to the timely paymentof interest and principal when held to maturity and the marketprices for such securities will fluctuate. Notwithstanding thatthese securities are backed by the full faith and credit of theUnited States, circumstances could arise that would prevent thepayment of interest or principal. This would result in losses tothe Fund. Securities issued or guaranteed by U.S. governmentrelated organizations, such as Fannie Mae and Freddie Mac, arenot backed by the full faith and credit of the U.S. governmentand no assurance can be given that the U.S. government willprovide financial support. Therefore, U.S. government relatedorganizations may not have the funds to meet their paymentobligations in the future. U.S. government securities includezero coupon securities, which tend to be subject to greatermarket risk than interest-paying securities of similar maturities.
High Portfolio Turnover Risk. The Fund may engage in activeand frequent trading leading to increased portfolio turnover,higher transaction costs, and the possibility of increased capitalgains, including short-term capital gains that will generally betaxable to shareholders as ordinary income.
Subsidiary Risk. By investing in the Subsidiary, the Fund isindirectly exposed to the risks associated with the Subsidiary’sinvestments. The derivatives and other investments held by theSubsidiary are generally similar to those that are permitted tobe held by the Fund and are subject to the same risks that applyto similar investments if held directly by the Fund. These risksare described elsewhere in this prospectus. There can be noassurance that the investment objective of the Subsidiary will beachieved. The Subsidiary is not registered under the InvestmentCompany Act of 1940 (1940 Act), and, unless otherwise noted inthis prospectus, is not subject to all the investor protections ofthe 1940 Act. Changes in the laws of the United States and/orthe Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus andcould adversely affect the Fund.
Transactions Risk. The Fund could experience a loss and its liq-uidity may be negatively impacted when selling securities tomeet redemption requests by shareholders. The risk of lossincreases if the redemption requests are unusually large orfrequent or occur in times of overall market turmoil or declin-ing prices. Similarly, large purchases of Fund shares mayadversely affect the Fund’s performance to the extent that theFund is delayed in investing new cash and is required to main-tain a larger cash position than it ordinarily would.
Investments in the Fund are not deposits or obligations of, orguaranteed or endorsed by, any bank and are not insured orguaranteed by the FDIC, the Federal Reserve Board or anyother government agency.
You could lose money investing in the Fund.
The Fund’s Past Performance
This section provides some indication of the risks of investingin the Fund. The bar chart shows how the performance of theFund’s Class L Shares (formerly, Institutional Class Shares) hasvaried from year to year for the past seven calendar years. Thetable shows the average annual total returns over the past oneyear, five years and the life of the Fund. The table comparesthat performance to the Access Balanced Composite Bench-mark, a customized benchmark, the Bloomberg Barclays GlobalAggregate Bond Index Hedged, a broad-based securities mar-ket index, the MSCI World Index (net of foreign withholdingtaxes), a broad-based securities market index and the S&P 500Index, also a broad-based securities market index. SinceJanuary 1, 2018, the Access Balanced Composite Benchmark is
12 JPMORGAN ACCESS FUNDS
a composite benchmark comprised of unmanaged indexes thatcorresponds to the Fund’s model allocation and that consists ofthe MSCI World Index (net of foreign withholding taxes) (55%),Bloomberg Barclays Global Aggregate Index Hedged (40%),and HFRX Global Hedge Fund Index (5%). From July 1, 2016until December 31, 2017, the Access Balanced CompositeBenchmark was a composite benchmark comprised of the MSCIWorld Index (net of foreign withholding taxes) (55%),Bloomberg Barclays Global Aggregate Index (35%), BloombergBarclays T-Bill 1-3 Month Index (5%), and HFRX Global HedgeFund Index (5%). From April 1, 2013 until June 30, 2016, theAccess Balanced Composite Benchmark was a compositebenchmark comprised of the MSCI World Index (net of foreignwithholding taxes) (50%), Bloomberg Barclays U.S. AggregateIndex (35%), Citigroup 3-Month Treasury Bill Index (5%),Bloomberg Commodity Index (5%) and HFRX Global HedgeFund Index (5%). From July 1, 2011 until March 31, 2013, theAccess Balanced Composite Benchmark was a compositebenchmark comprised of the MSCI World Index (net of foreignwithholding taxes) (50%), Bloomberg Barclays U.S. AggregateIndex (35%) and Citigroup 3-Month Treasury Bill Index (15%).From the inception date of September 30, 2009 to June 30,2011, the Access Balanced Composite Benchmark was a compo-site benchmark comprised of the MSCI World Index (net of for-eign withholding taxes) (55%), Bloomberg Barclays Capital U.S.Aggregate Index (35%) and Citigroup 3-Month Treasury BillIndex (10%). Past performance (before and after taxes) is notnecessarily an indication of how any class of the Fund will per-form in the future. Updated performance information is avail-able by visiting www.jpmorganaccessfunds.com or by calling1-800-480-4111.
YEAR-BY-YEAR RETURNS — CLASS L SHARES
2010 2011
7.52%
10.25%
-4.68%
2012 2013 2014 2015 2016
5.19%
-1.88%
11.59%
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
14.00%
12.00%
1.80%
Best Quarter 3rd quarter, 2010 7.80%
Worst Quarter 3rd quarter, 2011 –10.89%
The Fund’s year-to-date total return through 9/30/17 was 10.07%.
AVERAGE ANNUAL TOTAL RETURNS(For periods ended December 31, 2016)
Past1 Year
Past5 Years
Life ofFund
(Since9/30/09)
CLASS L SHARESReturn Before Taxes 5.19% 5.27% 4.36%Return After Taxes on Distributions 4.52 4.00 3.20Return After Taxes on Distributionsand Sale of Fund Shares 3.02 3.77 3.10
ACCESS BALANCED COMPOSITEBENCHMARK(Reflects No Deduction for Fees,Expenses or Taxes) 6.23 5.83 5.58
BLOOMBERG BARCLAYS GLOBALAGGREGATE BOND INDEX HEDGED(Reflects No Deductions for Fees,Expenses or Taxes) 3.95 3.59 3.89
MSCI WORLD INDEX(Net of Foreign Withholding Taxes)(Reflects No Deduction for Fees,Expenses or Taxes, Except ForeignWithholding Taxes) 7.51 10.41 8.47
S&P 500 INDEX(Reflects No Deduction for Fees,Expenses or Taxes) 11.96 14.66 13.28
After-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on your tax situation and may differ from those shown.The after-tax returns shown are not relevant to investors whohold their shares through tax-deferred arrangements such as401(k) plans or individual retirement accounts. In some cases,the “Return After Taxes on Distributions and Sale of FundShares” may exceed the “Return Before Taxes” due to anassumed benefit from any losses on a sale of shares at the endof the measurement period.
NOVEMBER 1, 2017 13
JPMorgan Access Balanced Fund (continued)
Management
Investment Adviser
J.P. Morgan Investment Management Inc.
Investment Sub-adviser
Portfolio ManagerManaged
Fund SincePrimary Title with
Investment Sub-adviser
J.P. Morgan Private Investments Inc.Jeffrey Gaffney 2015 Executive DirectorStephanie Sigler Gdula 2016 Vice President
Purchase and Sale of Fund Shares
Purchase minimums
For Class L SharesTo establish an account $3,000,000To add to an account No minimum levels
In general, you may purchase or redeem shares on any businessday:
‰ Through your Financial Intermediary
‰ By writing to J.P. Morgan Funds Services, P.O. Box 8528,Boston, MA 02266-8528
‰ After you open an account, by calling J.P. Morgan FundsServices at 1-800-480-4111
Tax Information
The Fund intends to make distributions that may be taxed asordinary income or capital gains, except when your investmentis in an IRA, 401(k) plan or other tax-advantaged investmentplan, in which case you may be subject to federal income taxupon withdrawal from the tax-advantaged investment plan.
Payments to Broker-Dealers and Other FinancialIntermediaries
If you purchase shares of the Fund through a broker-dealer orother financial intermediary (such as a bank), the Fund and itsrelated companies may pay the financial intermediary for thesale of Fund shares and related services. These payments maycreate a conflict of interest by influencing the broker-dealer orfinancial intermediary and your salesperson to recommend theFund over another investment. Ask your salesperson or visityour financial intermediary’s website for more information.
14 JPMORGAN ACCESS FUNDS
JPMorgan Access Growth Fund
Class/Ticker: A/JXGAX; C/JXGCX; I*/JXGSX* Formerly, Select Class Shares.
What is the goal of the Fund?
The Fund seeks capital appreciation.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that youmay pay if you buy and hold shares of the Fund. You may qual-ify for sales charge discounts on purchases of Class A Shares ifyou and your family invest, or agree to invest in the future, atleast $100,000 in the J.P. Morgan Funds. More informationabout these and other discounts is available from your financialintermediary and in “Investing with J.P. Morgan Funds — SALESCHARGES AND FINANCIAL INTERMEDIARY COMPENSATION” onpage 44 and in “Financial Intermediary-Specific Sales ChargeWaivers” in Appendix A of the prospectus and in “PURCHASES,REDEMPTIONS AND EXCHANGES” in Appendix A to Part II of theStatement of Additional Information. You may be required topay a commission to your Financial Intermediary for purchasesof Class I Shares. Such commissions are not reflected in thetables or the example below.
SHAREHOLDER FEES (Fees paid directly from your investment)
Class A Class C Class I
Maximum Sales Charge (Load)Imposed on Purchases as a % ofthe Offering Price 4.50% NONE NONE
Maximum Deferred Sales Charge(Load) as a % of Original Cost ofthe Shares NONE 1.00% NONE
(under$1 million)
“Acquired Fund (Underlying Fund) Fees and Expenses” areexpenses incurred indirectly by the Fund through its ownershipof shares in other investment companies, including affiliatedmoney market funds, other mutual funds, exchange-tradedfunds and business development companies. The impact ofAcquired Fund (Underlying Fund) Fees and Expenses isincluded in the total returns of the Fund. Acquired Fund(Underlying Fund) Fees and Expenses are not direct costs of theFund, are not used to calculate the Fund’s net asset value pershare and are not included in the calculation of the ratio ofexpenses to average net assets shown in the Financial High-lights section of the Fund’s prospectus.
ANNUAL FUND OPERATING EXPENSES(Expenses that you pay each year as a percentage of the valueof your investment)
Service Fees2 0.25 0.25 0.25Remainder of Other Expenses 0.204 0.184 0.18
Acquired Fund (Underlying Fund)Fees and Expenses5 0.37 0.37 0.37
Total Annual Fund OperatingExpenses3 1.82 2.30 1.55Fee Waivers and ExpenseReimbursements1,2,6 (0.41) (0.41) (0.41)
Total Annual Fund OperatingExpenses After Fee Waivers andExpense Reimbursements1,2,3,6 1.41 1.89 1.14
1 J.P. Morgan Investment Management Inc. and J.P. Morgan Private Invest-ments, Inc. have contractually agreed to waive the investment advisory feefor the Fund by 0.30%. This contract is in effect through 10/31/18.
2 The shares of the affiliated underlying funds in which the Fund invests a por-tion of its assets impose a separate investment advisory fee and a servicefee. To avoid charging an investment advisory fee and a service fee at aneffective rate above 0.45% for investment advisory services and 0.25% forClass A, Class C and Class I Shares for shareholder servicing on affiliatedinvestments, the investment adviser and shareholder servicing agent havecontractually agreed to waive a portion of the investment advisory and serv-ice fees charged by the underlying funds. This contract is in effect through10/31/18.
3 As of 1/1/17, the Fund’s advisory fee was reduced to 0.75%; therefore, theManagement Fees Total Annual Fund Operating Expenses and Total AnnualFund Operating Expenses After Fee Waivers and Expense Reimbursementshave been restated to reflect the current fees.
4 “Remainder of Other Expenses” has been calculated based on actual otherexpenses incurred in the most recent fiscal year, except that these expenseshave been adjusted to reflect the combination of sub-transfer agency andtransfer agency expenses into “Service Fees” effective 4/3/17.
5 Effective 11/1/17, certain Underlying Funds’ Total Annual Operating ExpensesAfter Fee Waivers and Expense Reimbursements were reduced. The“Acquired Fund (Underlying Fund) Fees and Expenses” in the table reflect theexpense reduction for the applicable Underlying Funds.
6 The Fund’s adviser has agreed to waive the advisory fee that it receives fromthe Fund in an amount equal to the advisory fee paid by Access Growth FundCS Ltd., the Fund’s wholly-owned subsidiary, to its adviser. This waiver willcontinue in effect so long as the Fund invests in the subsidiary and may notbe terminated without approval by the Fund’s Board of Trustees.
Example
This Example is intended to help you compare the cost of inves-ting in the Fund with the cost of investing in other mutualfunds. The Example assumes that you invest $10,000 in theFund for the time periods indicated. The Example also assumesthat your investment has a 5% return each year and that the
NOVEMBER 1, 2017 15
JPMorgan Access Growth Fund (continued)
Fund’s operating expenses are equal to the total annual fundoperating expenses after fee waivers and expense reimburse-ments shown in the fee table through 10/31/18 and total annualfund operating expenses thereafter. Your actual costs may behigher or lower.
IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
1 Year 3 Years 5 Years 10 Years
CLASS A SHARES ($) 587 959 1,354 2,459
CLASS C SHARES ($) 292 679 1,193 2,604
CLASS I SHARES ($) 116 449 806 1,811
IF YOU DO NOT SELL YOUR SHARES, YOUR COSTWOULD BE:
1 Year 3 Years 5 Years 10 Years
CLASS A SHARES ($) 587 959 1,354 2,459
CLASS C SHARES ($) 192 679 1,193 2,604
CLASS I SHARES ($) 116 449 806 1,811
Portfolio TurnoverThe Fund pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costsand may result in higher taxes when Fund shares are held in ataxable account. These costs, which are not reflected in annualfund operating expenses or in the Example, affect the Fund’sperformance. During the Fund’s most recent fiscal year, theFund’s portfolio turnover rate was 34% of the average value ofits portfolio.
What are the Fund’s main investment strategies?The Fund invests in a combination of domestic and interna-tional equity, fixed income, and alternative assets, as describedbelow. The Fund invests in mutual funds in the same group ofinvestment companies (i.e. J.P. Morgan Funds), unaffiliatedopen-end and closed-end investment companies (which may ormay not be registered under the Investment Company Act of1940, as amended), exchange-traded funds (ETFs) and directlyin individual securities. In addition, to the extent permitted byapplicable law or the exemptive relief obtained from the Secu-rities and Exchange Commission (SEC), the Fund invests directlyin other financial instruments, including derivatives, such asfutures, swaps and structured investments, to gain exposure toor to overweight or underweight allocations among varioussectors or markets.
The Fund’s adviser is J.P. Morgan Investment Management Inc.(JPMIM or the Adviser) and it sets the Fund’s overall investmentstrategies. The Fund is managed by J.P. Morgan PrivateInvestments Inc. (JPMPI). JPMPI utilizes an allocation process
(Strategic Asset Allocations) to invest the Fund’s assets acrossthe various asset classes and with various sub-advisers. JPMPIand JPMIM use rigorous criteria to select sub-advisers andunderlying fund managers to manage certain portions of theFund’s assets. In choosing whether to buy or sell an investmentand to set their allocations, JPMPI considers the following fac-tors: (1) market trends, (2) JPMPI’s outlook for a marketcapitalization or investment style category, and (3) an under-lying fund manager’s performance in various market con-ditions. JPMPI will also consider the advantages anddisadvantages to the Fund of using actively versus passivelymanaged investment vehicles. By combining the strengths ofdifferent sub-advisers and underlying fund managers, the Fundseeks to benefit from a variety of investment selection proc-esses and methodologies to achieve its investment objective.
The descriptions below include both the range that the Fundmay invest within a particular asset class and the variousinvestments that the Fund may use to gain exposure to suchasset class. JPMPI frequently monitors and may make tacticalchanges to the Strategic Asset Allocations, including shiftsamong the various asset classes and allocations to the othersub-advisers and underlying fund managers.
U.S. and International Equity: The allocation range will typicallybe 40%–90% of the Fund’s total assets. The Fund’s equity-related investments consist of J.P. Morgan Funds, unaffiliatedinvestment companies, ETFs and individual securities. Whetherinvesting through an investment company or directly in secu-rities, the investments in this asset class are: common stock,preferred stock, structured investments, convertible securities,depository receipts and warrants to buy common stocks. TheFund invests in foreign and emerging market securities.
U.S. and International Fixed Income: The allocation range willtypically be 5%–45% of the Fund’s total assets. The Fund’sfixed income investments include J.P. Morgan Funds,unaffiliated investment companies, ETFs and individual secu-rities. Whether investing through an investment company ordirectly in securities, the investments in this asset class include:U.S. government securities (including agencies andinstrumentalities), municipal bonds (including housing author-ity obligations), domestic and foreign corporate bonds, highyield securities (junk bonds), loan participations and assign-ments, debt obligations issued or guaranteed by a foreignsovereign government or its agencies, authorities or politicalsubdivisions, mortgage-backed and asset-backed securities,inflation-indexed bonds and Treasury Inflation ProtectedSecurities (TIPS).
Alternative: The allocation range will typically be 0%–35% ofthe Fund’s total assets. The Fund’s alternative-related invest-ments include J.P. Morgan Funds, unaffiliated investmentcompanies and ETFs. Whether investing through a mutual fundor directly in securities, the investments in this asset class give
16 JPMORGAN ACCESS FUNDS
the Fund exposure to: market neutral strategies, absolutereturn strategies, directional strategies, real estate (includingREITs), private equity, mezzanine debt and commodities.
The Fund will gain exposure to commodity markets primarily byinvesting in the Access Growth Fund CS Ltd., a wholly-ownedsubsidiary of the Fund organized under the laws of the CaymanIslands (the Subsidiary). The allocation range will typically be0%–10% of the Fund’s total assets. The Subsidiary is advised byJPMIM and sub-advised by JPMPI. The Subsidiary (unlike theFund) may invest without limitation in commodity-linked struc-tured notes and other commodity-linked derivative instru-ments, including derivative instruments linked to the value of aparticular commodity or commodity futures contract, or asubset of commodities or commodity futures contracts. How-ever, the Subsidiary is otherwise subject to the same funda-mental, non-fundamental and certain other investmentrestrictions as the Fund. The Subsidiary may use derivatives toobtain long exposure in an attempt to increase the Subsidiary’sincome or gain, to hedge various investments and for riskmanagement.
The Fund and the Subsidiary may invest in ETFs in order to gainexposure to particular asset classes. An ETF is a registeredinvestment company, depositary receipt or other pooledinvestment vehicle that seeks to track the performance of aparticular market index or security. These indexes include notonly broad-based market indexes but more specific indexes aswell, including those relating to particular sectors, markets,regions or industries.
Ordinarily, the Fund’s investment in a single ETF is limited to5% of its total assets and in all ETFs to 10% of its total assets.The SEC has issued exemptive orders to many ETFs that allowany fund investing in such ETFs to disregard these 5% and 10%limitations. The Fund intends to invest in ETFs that havereceived such exemptive orders and it may invest any amountof its total assets in a single ETF or in multiple ETFs.
Derivatives, which are instruments that have a value based onanother instrument, exchange rate or index, may be used assubstitutes for securities in which the Fund can invest. TheFund uses structured notes as tools in the management ofportfolio assets. In particular, the Fund uses structured notesfor risk management and to increase the Fund’s income orgain. To the extent that the Fund invests in underlying funds,such underlying funds may also use derivatives.
The Fund’s Main Investment Risks
The Fund is subject to management risk and may not achieveits objective if the adviser’s expectations regarding particularinstruments or markets are not met.
An investment in this Fund or any other fund may not pro-vide a complete investment program. The suitability of aninvestment in the Fund should be considered based on theinvestment objective, strategies and risks described in thisprospectus, considered in light of all of the other invest-ments in your portfolio, as well as your risk tolerance, finan-cial goals and time horizons. You may want to consult with afinancial advisor to determine if this Fund is suitable for you.
The Fund is subject to the main risks noted below, any of whichmay adversely affect the Fund’s performance and ability tomeet its investment objective.
Investments in Mutual Funds Risk. The Fund’s investments areconcentrated in J.P. Morgan Funds and unaffiliated investmentcompanies, so the Fund’s investment performance is directlyrelated to the performance of the underlying funds. Share-holders will indirectly bear the expenses incurred by the under-lying funds.
General Market Risk. Economies and financial markets through-out the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one coun-try or region will adversely impact markets or issuers in othercountries or regions. Securities in the Fund’s portfolio mayunderperform in comparison to securities in general financialmarkets, a particular financial market or other asset classes,due to a number of factors, including inflation (or expectationsfor inflation), interest rates, global demand for particular prod-ucts or resources, natural disasters or events, terrorism, regu-latory events and government controls.
ETF and Investment Company Risk. The Fund and underlyingfunds may invest in shares of other investment companies,including ETFs. The Fund indirectly pays a portion of theexpenses incurred by the underlying funds. The price move-ment of an index-based ETF may not track the underlying indexand may result in a loss. ETFs and closed-end investmentcompanies may trade at a price below their net asset value(also known as a discount).
Foreign Securities and Emerging Markets Risk. The Fund andcertain of the underlying funds that invest in foreign issuersand foreign securities (including depositary receipts) are sub-ject to additional risks, including political and economic risks,civil conflicts and war, greater volatility, expropriation andnationalization risks, sanctions or other measures by the UnitedStates or other governments, currency fluctuations, highertransaction costs, delayed settlement, possible foreign controlson investment, and less stringent investor protection anddisclosure standards of foreign markets. In certain marketswhere securities and other instruments are not traded “deliveryversus payment,” the Fund may not receive timely payment forsecurities or other instruments it has delivered or receivedelivery of securities paid for and may be subject to increased
NOVEMBER 1, 2017 17
JPMorgan Access Growth Fund (continued)
risk that the counterparty will fail to make payments or deliverywhen due or default completely. Events and evolving conditionsin certain economies or markets may alter the risks associatedwith investments tied to countries or regions that historicallywere perceived as comparatively stable becoming riskier andmore volatile. These risks are magnified in “emergingmarkets”. Emerging market countries typically have less-established market economies than developed countries andmay face greater social, economic, regulatory and politicaluncertainties. In addition, emerging markets typically presentgreater illiquidity and price volatility concerns due to smaller orlimited local capital markets and greater difficulty in determin-ing market valuations of securities due to limited publicinformation on issuers.
Country and Region Risk. Some of the underlying funds concen-trate their investments in securities of a single country orregion (e.g., China Region or Latin America). Because theseunderlying funds concentrate their investments in a singlecountry or region, their performance may be more volatile thanthat of a fund that can invest globally.
Industry and Sector Focus Risk. At times the Fund may increasethe relative emphasis of its investments in a particular industryor sector. The prices of securities of issuers in a particularindustry or sector may be more susceptible to fluctuations dueto changes in economic or business conditions, governmentregulations, availability of basic resources or supplies, or otherevents that affect that industry or sector more than securitiesof issuers in other industries and sectors. To the extent that theFund increases the relative emphasis of its investments in aparticular industry or sector, its shares’ values may fluctuate inresponse to events affecting that industry or sector.
Currency Risk. The Fund and certain of the underlying funds aresubject to risks associated with foreign currency. Certain under-lying funds are not required to hedge their non-dollarinvestments back to the U.S. dollar for defensive purposes. As aresult, changes in foreign currency exchange rates will affectthe value of certain underlying funds’ securities and the priceof the underlying funds’ shares. Generally, when the value ofthe U.S. dollar rises in value relative to a foreign currency, aninvestment in that country loses value because that currency isworth fewer U.S. dollars. Devaluation of a currency by a coun-try’s government or banking authority also will have a sig-nificant impact on the value of any investments denominated inthat currency. Currency markets generally are not as regulatedas securities markets, may be riskier than other types ofinvestments and may increase the volatility of the Fund.
Equity Securities Risk. The Fund and certain of the underlyingfunds invest in equity securities (such as stocks) that are morevolatile and carry more risks than some other forms ofinvestment. The price of equity securities may rise or fallbecause of economic or political changes or changes in a
company’s financial condition, sometimes rapidly orunpredictably. When the value of the stocks held by an under-lying fund goes down, the value of your investment in the Funddecreases in value.
Fixed Income Securities Risk. Some of the underlying fundsinvest in fixed income securities. These securities will increaseor decrease in value based on changes in interest rates andare subject to the risk that an issuer or a counterparty will failto make payments when due or default. If an issuer’s or acounterparty’s financial condition worsens, the credit quality ofthe issuer or counterparty may deteriorate making it difficultfor the underlying fund to sell such investments. If ratesincrease, the value of these investments generally declines.Securities with greater interest rate sensitivity and longermaturities generally are subject to greater fluctuations in value.When the value of investments in the Fund or underlying fixedincome funds goes down, the value of your investment in theFund will be affected. Given that the Federal Reserve has begunto raise interest rates, the Fund may face a heightened level ofinterest rate risk.
Credit Risk. The Fund’s investments are subject to the risk thatissuers and/or counterparties will fail to make payments whendue or default completely. Prices of the Fund’s investmentsmay be adversely affected if any of the issuers or counter-parties it is invested in are subject to an actual or perceiveddeterioration in their credit quality. Credit spreads mayincrease, which may reduce the market values of the Fund’ssecurities. Credit spread risk is the risk that economic andmarket conditions or any actual or perceived credit deterio-ration may lead to an increase in the credit spreads (i.e., thedifference in yield between two securities of similar maturitybut different credit quality) and a decline in price of the issuer’ssecurities.
High Yield Securities Risk. Certain of the underlying funds mayinvest in instruments that are issued by companies which arehighly leveraged, less creditworthy or financially distressed.These investments (known as junk bonds) are considered to bespeculative and are subject to greater risk of loss, greatersensitivity to economic changes, valuation difficulties, andpotential illiquidity. Such investments are subject to additionalrisks including subordination to other creditors, no collateral orlimited rights in collateral, lack of a regular trading market,extended settlement periods, liquidity risks, prepayment risks,potentially less protections under the federal securities lawsand lack of publicly available information.
Real Estate Securities Risk. Certain of the underlying funds mayinvest in real estate securities, including real estate investmenttrusts (REITs), which are subject to the same risks as directinvestments in real estate and mortgages, and their value willdepend on the value of the underlying real estate interests.These risks include default, prepayments, changes in value
18 JPMORGAN ACCESS FUNDS
resulting from changes in interest rates and demand for realand rental property, and the management skill andcreditworthiness of REIT issuers. The underlying funds willindirectly bear their proportionate share of expenses, includingmanagement fees, paid by each REIT in which it invests in addi-tion to the expenses of the underlying fund.
Commodity Risk. Certain underlying funds have exposure tocommodities. Exposure to commodity-related securities andderivatives may subject the Fund to greater volatility thaninvestments in traditional securities, particularly if theinstruments involve leverage. The value of commodity-linkedinvestments may be affected by changes in overall marketmovements, commodity index volatility, changes in interestrates, or factors affecting a particular industry or commodity. Inaddition, to the extent that an underlying fund gains exposureto an asset through synthetic replication by investing incommodity-linked investments rather than directly in the asset,it may not have a claim on the applicable underlying asset andwill be subject to enhanced counterparty risk.
Derivatives Risk. The Fund and certain of the underlying fundsmay use derivatives in connection with their investment strat-egies. Derivatives, including futures, swaps and structuredinvestments, may be riskier than other types of investmentsbecause they may be more sensitive to changes in economic ormarket conditions and could result in losses that significantlyexceed the Fund’s original investment. Many derivatives createleverage thereby causing the Fund to be more volatile than itwould have been if it had not used derivatives. Derivatives alsoexpose the Fund and the underlying funds to counterparty risk(the risk that the derivative counterparty will not fulfill itscontractual obligations), including credit risk of the derivativecounterparty. Certain derivatives are synthetic instruments thatattempt to replicate the performance of certain referenceassets. With regard to such derivatives, the Fund or underlyingfunds do not have a claim on the reference assets and aresubject to enhanced counterparty risk. Certain of the Fund’stransactions in foreign currency derivatives and otherderivatives could also affect the amount, timing and characterof distributions to shareholders which may result in the Fundrealizing more short-term capital gain and ordinary incomesubject to tax at ordinary income tax rates than it would if it didnot engage in such transactions, which may adversely impactthe Fund’s after-tax returns. In addition, the Fund and certainof the underlying funds may use derivatives for non-hedgingpurposes, which increases the Fund’s or the underlying funds’potential for loss.
Structured Note Risk. The Fund, or certain of the underlyingfunds, invest in commodity, currency, equity and fixed incomelinked structured notes. Structured notes are typically privatelynegotiated transactions between two or more parties. The feesassociated with a structured note may lead to increased tracking
error. The Fund also bears the risk that the issuer of the struc-tured note will default. The Fund bears the risk of loss of itsprincipal investment and periodic payments expected to bereceived for the duration of its investment. In addition, a liquidmarket may not exist for the structured notes. The lack of a liq-uid market may make it difficult to sell the structured notes atan acceptable price or to accurately value them.
Index Investing Risk. Certain of the underlying funds, includingETFs, in which the Fund may invest are index funds. Index fundsare not actively managed and are designed to track the per-formance and holdings of a specified index. Securities may bepurchased, held and sold by an index fund at times when anactively managed fund would not do so. There is also the riskthat the underlying fund’s performance may not correlate withthe performance of the index.
Preferred Stock Risk. The Fund and certain underlying fundsmay invest in preferred stock. Preferred stock generally has apreference as to dividends and liquidation over an issuer’scommon stock but ranks junior to debt securities in an issuer’scapital structure. Unlike interest payments on debt securities,preferred stock dividends are payable only if declared by theissuer’s board of directors. Preferred stock also may be subjectto optional or mandatory redemption provisions.
Government Securities Risk. The Fund and certain of the under-lying funds invest in securities issued or guaranteed by the U.S.government or its agencies and instrumentalities (such assecurities issued by the Government National MortgageAssociation (Ginnie Mae), the Federal National MortgageAssociation (Fannie Mae), or the Federal Home Loan MortgageCorporation (Freddie Mac)). U.S. government securities aresubject to market risk, interest rate risk and credit risk.Securities, such as those issued or guaranteed by Ginnie Mae orthe U.S. Treasury, that are backed by the full faith and credit ofthe United States are guaranteed only as to the timely paymentof interest and principal when held to maturity and the marketprices for such securities will fluctuate. Notwithstanding thatthese securities are backed by the full faith and credit of theUnited States, circumstances could arise that would prevent thepayment of interest or principal. This would result in losses tothe Fund. Securities issued or guaranteed by U.S. governmentrelated organizations, such as Fannie Mae and Freddie Mac, arenot backed by the full faith and credit of the U.S. governmentand no assurance can be given that the U.S. government willprovide financial support. Therefore, U.S. government relatedorganizations may not have the funds to meet their paymentobligations in the future. U.S. government securities includezero coupon securities, which tend to be subject to greatermarket risk than interest-paying securities of similar maturities.
High Portfolio Turnover Risk. The Fund may engage in activeand frequent trading leading to increased portfolio turnover,higher transaction costs, and the possibility of increased capital
NOVEMBER 1, 2017 19
JPMorgan Access Growth Fund (continued)
gains, including short-term capital gains that will generally betaxable to shareholders as ordinary income.
Subsidiary Risk. By investing in the Subsidiary, the Fund isindirectly exposed to the risks associated with the Subsidiary’sinvestments. The derivatives and other investments held by theSubsidiary are generally similar to those that are permitted tobe held by the Fund and are subject to the same risks that applyto similar investments if held directly by the Fund. These risksare described elsewhere in this prospectus. There can be noassurance that the investment objective of the Subsidiary will beachieved. The Subsidiary is not registered under the InvestmentCompany Act of 1940 (1940 Act), and, unless otherwise noted inthis prospectus, is not subject to all the investor protections ofthe 1940 Act. Changes in the laws of the United States and/orthe Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus andcould adversely affect the Fund.
Transactions Risk. The Fund could experience a loss and its liq-uidity may be negatively impacted when selling securities tomeet redemption requests by shareholders. The risk of lossincreases if the redemption requests are unusually large orfrequent or occur in times of overall market turmoil or declin-ing prices. Similarly, large purchases of Fund shares mayadversely affect the Fund’s performance to the extent that theFund is delayed in investing new cash and is required to main-tain a larger cash position than it ordinarily would.
Investments in the Fund are not deposits or obligations of, orguaranteed or endorsed by, any bank and are not insured orguaranteed by the FDIC, the Federal Reserve Board or anyother government agency.
You could lose money investing in the Fund.
The Fund’s Past Performance
This section provides some indication of the risks of investingin the Fund. The bar chart shows how the performance of theFund’s Class A Shares has varied from year to year for the pastseven calendar years. The table shows the average annual totalreturns over the past one year, five years and the life of theFund. The table compares that performance to the AccessGrowth Composite Benchmark, a customized benchmark, theMSCI World Index (net of foreign withholding taxes) a broad-based securities market index, the Bloomberg Barclays GlobalAggregate Bond Index Hedged, a broad-based securities mar-ket index and the S&P 500 Index, also a broad-based securitiesmarket index. Since January 1, 2018, the Access GrowthComposite Benchmark is a composite benchmark comprised ofunmanaged indexes that corresponds to the Fund’s model allo-cation and that consists of the MSCI World Index (net of foreignwithholding taxes) (75%), Bloomberg Barclays GlobalAggregate Index Hedged (20%), and HFRX Global Hedge FundIndex (5%). From July 1, 2016 until December 31, 2017, the
Access Growth Composite Benchmark was a composite bench-mark comprised of the MSCI World Index (net of foreign with-holding taxes) (75%), Bloomberg Barclays Global AggregateIndex (15%), Bloomberg Barclays T-Bill 1-3 Month Index (5%),and HFRX Global Hedge Fund Index (5%). From April 1, 2013until June 30, 2016, the Access Growth Composite Benchmarkwas a composite benchmark comprised of the MSCI WorldIndex (net of foreign withholding taxes) (70%), BloombergBarclays U.S. Aggregate Index (15%), Citigroup 3-Month Treas-ury Bill Index (5%), Bloomberg Commodity Index (5%) andHFRX Global Hedge Fund Index (5%). From July 1, 2011 untilMarch 31, 2013, the Access Growth Composite Benchmark was acomposite benchmark comprised of the MSCI World Index (netof foreign withholding taxes) (70%), Bloomberg Barclays U.S.Aggregate Index (20%) and Citigroup 3-Month Treasury BillIndex (10%). From the inception date of September 30, 2009 toJune 30, 2011, the Access Growth Composite Benchmark was acomposite benchmark comprised of the MSCI World Index (netof foreign withholding taxes) (75%), Bloomberg Barclays CapitalU.S. Aggregate Index (15%) and Citigroup 3-Month Treasury BillIndex (10%). The performance of Class C Shares is based on theperformance of Class A Shares prior to their inception. Theactual return of the Class C Shares would have been lower thanshown because the Class C Shares have higher expenses thanClass A Shares. Past performance (before and after taxes) is notnecessarily an indication of how any class of the Fund will per-form in the future. Updated performance information is avail-able by visiting www.jpmorganaccessfunds.com or by calling1-800-480-4111.
The performance figures in the bar chart do not reflect anydeduction for the front-end sales charge which is assessed onClass A Shares. If the sales charge were reflected, the perform-ance figures would have been lower.
The Fund’s year-to-date total return through 9/30/17 was 12.36%.
20 JPMORGAN ACCESS FUNDS
AVERAGE ANNUAL TOTAL RETURNS(For periods ended December 31, 2016)
Past1 Year
Past5 Years
Life ofFund
(Since9/30/09)
CLASS A SHARESReturn Before Taxes 0.12% 5.16% 4.05%Return After Taxes on Distributions (0.21) 4.17 3.15Return After Taxes on Distributionsand Sale of Fund Shares 0.15 3.87 3.01
CLASS C SHARESReturn Before Taxes 3.36 5.61 4.22
CLASS I SHARESReturn Before Taxes 5.15 6.42 4.99
ACCESS GROWTH COMPOSITEBENCHMARK(Reflects No Deduction for Fees,Expenses or Taxes) 7.02 7.40 6.48
MSCI WORLD INDEX(Net of Foreign Withholding Taxes)(Reflects No Deduction for Fees,Expenses or Taxes, Except ForeignWithholding Taxes) 7.51 10.41 8.47
BLOOMBERG BARCLAYS GLOBALAGGREGATE BOND INDEX HEDGED(Reflects No Deduction for Fees,Expenses or Taxes) 3.95 3.59 3.89
S&P 500 INDEX(Reflects No Deduction for Fees,Expenses or Taxes) 11.96 14.66 13.28
After-tax returns are shown only for the Class A Shares andafter-tax returns for the other classes will vary. After-taxreturns are calculated using the historical highest individualfederal marginal income tax rates and do not reflect the impactof state and local taxes. Actual after-tax returns depend onyour tax situation and may differ from those shown. Theafter-tax returns shown are not relevant to investors who holdtheir shares through tax-deferred arrangements such as 401(k)plans or individual retirement accounts. In some cases, the“Return After Taxes on Distributions and Sale of Fund Shares”may exceed the “Return Before Taxes” due to an assumedbenefit from any losses on a sale of shares at the end of themeasurement period.
Management
Investment Adviser
J.P. Morgan Investment Management Inc.
Investment Sub-adviser
Portfolio ManagerManaged
Fund SincePrimary Title with
Investment Sub-adviser
J.P. Morgan Private Investments Inc.Jeffrey Gaffney 2015 Executive DirectorStephanie Sigler Gdula 2016 Vice President
Purchase and Sale of Fund Shares
Purchase minimums
For Class A and Class C SharesTo establish an account $1,000To add to an account $50
For Class I SharesTo establish an account $1,000,000To add to an account No minimum levels
In general, you may purchase or redeem shares on anybusiness day:
‰ Through your Financial Intermediary‰ By writing to J.P. Morgan Funds Services, P.O. Box 8528,
Boston, MA 02266-8528‰ After you open an account, by calling J.P. Morgan Funds
Services at 1-800-480-4111
Tax Information
The Fund intends to make distributions that may be taxed asordinary income or capital gains, except when your investmentis in an IRA, 401(k) plan or other tax-advantaged investmentplan, in which case you may be subject to federal income taxupon withdrawal from the tax-advantaged investment plan.
Payments to Broker-Dealers and Other FinancialIntermediaries
If you purchase shares of the Fund through a broker-dealer orother financial intermediary (such as a bank), the Fund and itsrelated companies may pay the financial intermediary for thesale of Fund shares and related services. These payments maycreate a conflict of interest by influencing the broker-dealer orfinancial intermediary and your salesperson to recommend theFund over another investment. Ask your salesperson or visityour financial intermediary’s website for more information.
NOVEMBER 1, 2017 21
JPMorgan Access Growth Fund
Class/Ticker: L*/JXGIX* Formerly, Institutional Class Shares.
What is the goal of the Fund?
The Fund seeks capital appreciation.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that youmay pay if you buy and hold shares of the Fund. “Acquired Fund(Underlying Fund) Fees and Expenses” are expenses incurredindirectly by the Fund through its ownership of shares in otherinvestment companies, including affiliated money market funds,other mutual funds, exchange-traded funds and business devel-opment companies. The impact of Acquired Fund (UnderlyingFund) Fees and Expenses is included in the total returns of theFund. Acquired Fund (Underlying Fund) Fees and Expenses arenot direct costs of the Fund, are not used to calculate the Fund’snet asset value per share and are not included in the calculationof the ratio of expenses to average net assets shown in theFinancial Highlights section of the Fund’s prospectus.
ANNUAL FUND OPERATING EXPENSES(Expenses that you pay each year as a percentage of the valueof your investment)
Service Fees2 0.10Remainder of Other Expenses 0.17
Acquired Fund (Underlying Fund) Fees and Expenses4 0.37
Total Annual Fund Operating Expenses3 1.39Fee Waivers and Expense Reimbursements1,2,5 (0.41)
Total Annual Fund Operating Expenses After FeeWaivers and Expense Reimbursements1,2,3,5 0.98
1 J.P. Morgan Investment Management Inc. and J.P. Morgan Private Invest-ments, Inc. have contractually agreed to waive the investment advisory feefor the Fund by 0.30%. This contract is in effect through 10/31/18.
2 The shares of the affiliated underlying funds in which the Fund invests a por-tion of its assets impose a separate investment advisory fee and a servicefee. To avoid charging an investment advisory fee and a service fee at aneffective rate above 0.45% for investment advisory services and 0.10% forClass L Shares for shareholder servicing on affiliated investments, theinvestment adviser and shareholder servicing agent have contractuallyagreed to waive a portion of the investment advisory and service feescharged by the underlying funds. This contract is in effect through 10/31/18.
3 As of 1/1/17, the Fund’s advisory fee was reduced to 0.75%; therefore, theManagement Fees Total Annual Fund Operating Expenses and Total AnnualFund Operating Expenses After Fee Waivers and Expense Reimbursementshave been restated to reflect the current fees.
4 Effective 11/1/17, certain Underlying Funds’ Total Annual Operating ExpensesAfter Fee Waivers and Expense Reimbursements were reduced. The
“Acquired Fund (Underlying Fund) Fees and Expenses” in the table reflect theexpense reduction for the applicable Underlying Funds.
5 The Fund’s adviser has agreed to waive the advisory fee that it receives fromthe Fund in an amount equal to the advisory fee paid by Access Growth FundCS Ltd., the Fund’s wholly-owned subsidiary, to its adviser. This waiver willcontinue in effect so long as the Fund invests in the subsidiary and may notbe terminated without approval by the Fund’s Board of Trustees.
Example
This Example is intended to help you compare the cost of inves-ting in the Fund with the cost of investing in other mutualfunds. The Example assumes that you invest $10,000 in theFund for the time periods indicated. The Example also assumesthat your investment has a 5% return each year and that theFund’s operating expenses are equal to the total annual fundoperating expenses after fee waivers and expense reimburse-ments shown in the fee table through 10/31/18 and total annualfund operating expenses thereafter. Your actual costs may behigher or lower.
WHETHER OR NOT YOU SELL YOUR SHARES, YOURCOST WOULD BE:
1 Year 3 Years 5 Years 10 Years
CLASS L SHARES ($) 100 400 721 1,633
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when itbuys and sells securities (or “turns over” its portfolio). A higherportfolio turnover rate may indicate higher transaction costsand may result in higher taxes when Fund shares are held in ataxable account. These costs, which are not reflected in annualfund operating expenses or in the Example, affect the Fund’sperformance. During the Fund’s most recent fiscal year, theFund’s portfolio turnover rate was 34% of the average value ofits portfolio.
What are the Fund’s main investment strategies?
The Fund invests in a combination of domestic and interna-tional equity, fixed income, and alternative assets, as describedbelow. The Fund invests in mutual funds in the same group ofinvestment companies (i.e. J.P. Morgan Funds), unaffiliatedopen-end and closed-end investment companies (which may ormay not be registered under the Investment Company Act of1940, as amended), exchange-traded funds (ETFs) and directlyin individual securities. In addition, to the extent permitted byapplicable law or the exemptive relief obtained from the Secu-rities and Exchange Commission (SEC), the Fund invests directlyin other financial instruments, including derivatives, such asfutures, swaps and structured investments, to gain exposure toor to overweight or underweight allocations among varioussectors or markets.
22 JPMORGAN ACCESS FUNDS
The Fund’s adviser is J.P. Morgan Investment Management Inc.(JPMIM or the Adviser) and it sets the Fund’s overall investmentstrategies. The Fund is managed by J.P. Morgan PrivateInvestments Inc. (JPMPI). JPMPI utilizes an allocation process(Strategic Asset Allocations) to invest the Fund’s assets acrossthe various asset classes and with various sub-advisers. JPMPIand JPMIM use rigorous criteria to select sub-advisers andunderlying fund managers to manage certain portions of theFund’s assets. In choosing whether to buy or sell an investmentand to set their allocations, JPMPI considers the following fac-tors: (1) market trends, (2) JPMPI’s outlook for a marketcapitalization or investment style category, and (3) an under-lying fund manager’s performance in various market con-ditions. JPMPI will also consider the advantages anddisadvantages to the Fund of using actively versus passivelymanaged investment vehicles. By combining the strengths ofdifferent sub-advisers and underlying fund managers, the Fundseeks to benefit from a variety of investment selection proc-esses and methodologies to achieve its investment objective.
The descriptions below include both the range that the Fundmay invest within a particular asset class and the variousinvestments that the Fund may use to gain exposure to suchasset class. JPMPI frequently monitors and may make tacticalchanges to the Strategic Asset Allocations, including shiftsamong the various asset classes and allocations to the othersub-advisers and underlying fund managers.
U.S. and International Equity: The allocation range will typicallybe 40%–90% of the Fund’s total assets. The Fund’s equity-related investments consist of J.P. Morgan Funds, unaffiliatedinvestment companies, ETFs and individual securities. Whetherinvesting through an investment company or directly in secu-rities, the investments in this asset class are: common stock,preferred stock, structured investments, convertible securities,depository receipts and warrants to buy common stocks. TheFund invests in foreign and emerging market securities.
U.S. and International Fixed Income: The allocation range willtypically be 5%–45% of the Fund’s total assets. The Fund’sfixed income investments include J.P. Morgan Funds,unaffiliated investment companies, ETFs and individual secu-rities. Whether investing through an investment company ordirectly in securities, the investments in this asset class include:U.S. government securities (including agencies andinstrumentalities), municipal bonds (including housing author-ity obligations), domestic and foreign corporate bonds, highyield securities (junk bonds), loan participations and assign-ments, debt obligations issued or guaranteed by a foreignsovereign government or its agencies, authorities or politicalsubdivisions, mortgage-backed and asset-backed securities,inflation-indexed bonds and Treasury Inflation ProtectedSecurities (TIPS).
Alternative: The allocation range will typically be 0%–35% ofthe Fund’s total assets. The Fund’s alternative-related invest-ments include J.P. Morgan Funds, unaffiliated investmentcompanies and ETFs. Whether investing through a mutual fundor directly in securities, the investments in this asset class givethe Fund exposure to: market neutral strategies, absolutereturn strategies, directional strategies, real estate (includingREITs), private equity, mezzanine debt and commodities.
The Fund will gain exposure to commodity markets primarily byinvesting in the Access Growth Fund CS Ltd., a wholly-ownedsubsidiary of the Fund organized under the laws of the CaymanIslands (the Subsidiary). The allocation range will typically be0%–10% of the Fund’s total assets. The Subsidiary is advised byJPMIM and sub-advised by JPMPI. The Subsidiary (unlike theFund) may invest without limitation in commodity-linked struc-tured notes and other commodity-linked derivative instru-ments, including derivative instruments linked to the value of aparticular commodity or commodity futures contract, or asubset of commodities or commodity futures contracts. How-ever, the Subsidiary is otherwise subject to the same funda-mental, non-fundamental and certain other investmentrestrictions as the Fund. The Subsidiary may use derivatives toobtain long exposure in an attempt to increase the Subsidiary’sincome or gain, to hedge various investments and for riskmanagement.
The Fund and the Subsidiary may invest in ETFs in order to gainexposure to particular asset classes. An ETF is a registeredinvestment company, depositary receipt or other pooledinvestment vehicle that seeks to track the performance of aparticular market index or security. These indexes include notonly broad-based market indexes but more specific indexes aswell, including those relating to particular sectors, markets,regions or industries.
Ordinarily, the Fund’s investment in a single ETF is limited to5% of its total assets and in all ETFs to 10% of its total assets.The SEC has issued exemptive orders to many ETFs that allowany fund investing in such ETFs to disregard these 5% and 10%limitations. The Fund intends to invest in ETFs that havereceived such exemptive orders and it may invest any amountof its total assets in a single ETF or in multiple ETFs.
Derivatives, which are instruments that have a value based onanother instrument, exchange rate or index, may be used assubstitutes for securities in which the Fund can invest. TheFund uses structured notes as tools in the management ofportfolio assets. In particular, the Fund uses structured notesfor risk management and to increase the Fund’s income orgain. To the extent that the Fund invests in underlying funds,such underlying funds may also use derivatives.
NOVEMBER 1, 2017 23
JPMorgan Access Growth Fund (continued)
The Fund’s Main Investment Risks
The Fund is subject to management risk and may not achieveits objective if the adviser’s expectations regarding particularinstruments or markets are not met.
An investment in this Fund or any other fund may not pro-vide a complete investment program. The suitability of aninvestment in the Fund should be considered based on theinvestment objective, strategies and risks described in thisprospectus, considered in light of all of the other invest-ments in your portfolio, as well as your risk tolerance, finan-cial goals and time horizons. You may want to consult with afinancial advisor to determine if this Fund is suitable for you.
The Fund is subject to the main risks noted below, any of whichmay adversely affect the Fund’s performance and ability tomeet its investment objective.
Investments in Mutual Funds Risk. The Fund’s investments areconcentrated in J.P. Morgan Funds and unaffiliated investmentcompanies, so the Fund’s investment performance is directlyrelated to the performance of the underlying funds. Shareholderswill indirectly bear the expenses incurred by the underlying funds.
General Market Risk. Economies and financial markets through-out the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one countryor region will adversely impact markets or issuers in other coun-tries or regions. Securities in the Fund’s portfolio may underper-form in comparison to securities in general financial markets, aparticular financial market or other asset classes, due to anumber of factors, including inflation (or expectations forinflation), interest rates, global demand for particular productsor resources, natural disasters or events, terrorism, regulatoryevents and government controls.
ETF and Investment Company Risk. The Fund and underlyingfunds may invest in shares of other investment companies,including ETFs. The Fund indirectly pays a portion of theexpenses incurred by the underlying funds. The price movementof an index-based ETF may not track the underlying index andmay result in a loss. ETFs and closed-end investment companiesmay trade at a price below their net asset value (also known asa discount).
Foreign Securities and Emerging Markets Risk. The Fund andcertain of the underlying funds that invest in foreign issuersand foreign securities (including depositary receipts) are sub-ject to additional risks, including political and economic risks,civil conflicts and war, greater volatility, expropriation andnationalization risks, sanctions or other measures by the UnitedStates or other governments, currency fluctuations, highertransaction costs, delayed settlement, possible foreign controlson investment, and less stringent investor protection and
disclosure standards of foreign markets. In certain marketswhere securities and other instruments are not traded “deliveryversus payment,” the Fund may not receive timely payment forsecurities or other instruments it has delivered or receivedelivery of securities paid for and may be subject to increasedrisk that the counterparty will fail to make payments or deliverywhen due or default completely. Events and evolving conditionsin certain economies or markets may alter the risks associatedwith investments tied to countries or regions that historicallywere perceived as comparatively stable becoming riskier andmore volatile. These risks are magnified in “emergingmarkets”. Emerging market countries typically have less-established market economies than developed countries andmay face greater social, economic, regulatory and politicaluncertainties. In addition, emerging markets typically presentgreater illiquidity and price volatility concerns due to smaller orlimited local capital markets and greater difficulty in determin-ing market valuations of securities due to limited publicinformation on issuers.
Country and Region Risk. Some of the underlying funds concen-trate their investments in securities of a single country orregion (e.g., China Region or Latin America). Because theseunderlying funds concentrate their investments in a singlecountry or region, their performance may be more volatile thanthat of a fund that can invest globally.
Industry and Sector Focus Risk. At times the Fund may increasethe relative emphasis of its investments in a particular industryor sector. The prices of securities of issuers in a particularindustry or sector may be more susceptible to fluctuations dueto changes in economic or business conditions, governmentregulations, availability of basic resources or supplies, or otherevents that affect that industry or sector more than securitiesof issuers in other industries and sectors. To the extent that theFund increases the relative emphasis of its investments in aparticular industry or sector, its shares’ values may fluctuate inresponse to events affecting that industry or sector.
Currency Risk. The Fund and certain of the underlying funds aresubject to risks associated with foreign currency. Certain under-lying funds are not required to hedge their non-dollarinvestments back to the U.S. dollar for defensive purposes. As aresult, changes in foreign currency exchange rates will affectthe value of certain underlying funds’ securities and the priceof the underlying funds’ shares. Generally, when the value ofthe U.S. dollar rises in value relative to a foreign currency, aninvestment in that country loses value because that currency isworth fewer U.S. dollars. Devaluation of a currency by a coun-try’s government or banking authority also will have a sig-nificant impact on the value of any investments denominated inthat currency. Currency markets generally are not as regulatedas securities markets, may be riskier than other types ofinvestments and may increase the volatility of the Fund.
24 JPMORGAN ACCESS FUNDS
Equity Securities Risk. The Fund and certain of the underlyingfunds invest in equity securities (such as stocks) that are morevolatile and carry more risks than some other forms ofinvestment. The price of equity securities may rise or fall becauseof economic or political changes or changes in a company’sfinancial condition, sometimes rapidly or unpredictably. When thevalue of the stocks held by an underlying fund goes down, thevalue of your investment in the Fund decreases in value.
Fixed Income Securities Risk. Some of the underlying fundsinvest in fixed income securities. These securities will increaseor decrease in value based on changes in interest rates andare subject to the risk that an issuer or a counterparty will failto make payments when due or default. If an issuer’s or acounterparty’s financial condition worsens, the credit quality ofthe issuer or counterparty may deteriorate making it difficultfor the underlying fund to sell such investments. If ratesincrease, the value of these investments generally declines.Securities with greater interest rate sensitivity and longermaturities generally are subject to greater fluctuations in value.When the value of investments in the Fund or underlying fixedincome funds goes down, the value of your investment in theFund will be affected. Given that the Federal Reserve has begunto raise interest rates, the Fund may face a heightened level ofinterest rate risk.
Credit Risk. The Fund’s investments are subject to the risk thatissuers and/or counterparties will fail to make payments whendue or default completely. Prices of the Fund’s investmentsmay be adversely affected if any of the issuers or counter-parties it is invested in are subject to an actual or perceiveddeterioration in their credit quality. Credit spreads mayincrease, which may reduce the market values of the Fund’ssecurities. Credit spread risk is the risk that economic andmarket conditions or any actual or perceived credit deterio-ration may lead to an increase in the credit spreads (i.e., thedifference in yield between two securities of similar maturitybut different credit quality) and a decline in price of the issuer’ssecurities.
High Yield Securities Risk. Certain of the underlying funds mayinvest in instruments that are issued by companies which arehighly leveraged, less creditworthy or financially distressed.These investments (known as junk bonds) are considered to bespeculative and are subject to greater risk of loss, greatersensitivity to economic changes, valuation difficulties, andpotential illiquidity. Such investments are subject to additionalrisks including subordination to other creditors, no collateral orlimited rights in collateral, lack of a regular trading market,extended settlement periods, liquidity risks, prepayment risks,potentially less protections under the federal securities lawsand lack of publicly available information.
Real Estate Securities Risk. Certain of the underlying funds mayinvest in real estate securities, including real estate investment
trusts (REITs), which are subject to the same risks as directinvestments in real estate and mortgages, and their value willdepend on the value of the underlying real estate interests.These risks include default, prepayments, changes in valueresulting from changes in interest rates and demand for realand rental property, and the management skill andcreditworthiness of REIT issuers. The underlying funds willindirectly bear their proportionate share of expenses, includingmanagement fees, paid by each REIT in which it invests in addi-tion to the expenses of the underlying fund.
Commodity Risk. Certain underlying funds have exposure tocommodities. Exposure to commodity-related securities andderivatives may subject the Fund to greater volatility thaninvestments in traditional securities, particularly if theinstruments involve leverage. The value of commodity-linkedinvestments may be affected by changes in overall marketmovements, commodity index volatility, changes in interestrates, or factors affecting a particular industry or commodity. Inaddition, to the extent that an underlying fund gains exposureto an asset through synthetic replication by investing incommodity-linked investments rather than directly in the asset,it may not have a claim on the applicable underlying asset andwill be subject to enhanced counterparty risk.
Derivatives Risk. The Fund and certain of the underlying fundsmay use derivatives in connection with their investment strat-egies. Derivatives, including futures, swaps and structuredinvestments, may be riskier than other types of investmentsbecause they may be more sensitive to changes in economic ormarket conditions and could result in losses that significantlyexceed the Fund’s original investment. Many derivatives createleverage thereby causing the Fund to be more volatile than itwould have been if it had not used derivatives. Derivatives alsoexpose the Fund and the underlying funds to counterparty risk(the risk that the derivative counterparty will not fulfill itscontractual obligations), including credit risk of the derivativecounterparty. Certain derivatives are synthetic instruments thatattempt to replicate the performance of certain referenceassets. With regard to such derivatives, the Fund or underlyingfunds do not have a claim on the reference assets and aresubject to enhanced counterparty risk. Certain of the Fund’stransactions in foreign currency derivatives and otherderivatives could also affect the amount, timing and characterof distributions to shareholders which may result in the Fundrealizing more short-term capital gain and ordinary incomesubject to tax at ordinary income tax rates than it would if it didnot engage in such transactions, which may adversely impactthe Fund’s after-tax returns. In addition, the Fund and certainof the underlying funds may use derivatives for non-hedgingpurposes, which increases the Fund’s or the underlying funds’potential for loss.
NOVEMBER 1, 2017 25
JPMorgan Access Growth Fund (continued)
Structured Note Risk. The Fund, or certain of the underlyingfunds, invest in commodity, currency, equity and fixed incomelinked structured notes. Structured notes are typically privatelynegotiated transactions between two or more parties. The feesassociated with a structured note may lead to increased track-ing error. The Fund also bears the risk that the issuer of thestructured note will default. The Fund bears the risk of loss ofits principal investment and periodic payments expected to bereceived for the duration of its investment. In addition, a liquidmarket may not exist for the structured notes. The lack of aliquid market may make it difficult to sell the structured notesat an acceptable price or to accurately value them.
Index Investing Risk. Certain of the underlying funds, includingETFs, in which the Fund may invest are index funds. Index fundsare not actively managed and are designed to track the per-formance and holdings of a specified index. Securities may bepurchased, held and sold by an index fund at times when anactively managed fund would not do so. There is also the riskthat the underlying fund’s performance may not correlate withthe performance of the index.
Preferred Stock Risk. The Fund and certain underlying fundsmay invest in preferred stock. Preferred stock generally has apreference as to dividends and liquidation over an issuer’scommon stock but ranks junior to debt securities in an issuer’scapital structure. Unlike interest payments on debt securities,preferred stock dividends are payable only if declared by theissuer’s board of directors. Preferred stock also may be subjectto optional or mandatory redemption provisions.
Government Securities Risk. The Fund and certain of the under-lying funds invest in securities issued or guaranteed by the U.S.government or its agencies and instrumentalities (such assecurities issued by the Government National MortgageAssociation (Ginnie Mae), the Federal National MortgageAssociation (Fannie Mae), or the Federal Home Loan MortgageCorporation (Freddie Mac)). U.S. government securities aresubject to market risk, interest rate risk and credit risk.Securities, such as those issued or guaranteed by Ginnie Mae orthe U.S. Treasury, that are backed by the full faith and credit ofthe United States are guaranteed only as to the timely paymentof interest and principal when held to maturity and the marketprices for such securities will fluctuate. Notwithstanding thatthese securities are backed by the full faith and credit of theUnited States, circumstances could arise that would prevent thepayment of interest or principal. This would result in losses tothe Fund. Securities issued or guaranteed by U.S. governmentrelated organizations, such as Fannie Mae and Freddie Mac, arenot backed by the full faith and credit of the U.S. governmentand no assurance can be given that the U.S. government willprovide financial support. Therefore, U.S. government relatedorganizations may not have the funds to meet their paymentobligations in the future. U.S. government securities include
zero coupon securities, which tend to be subject to greatermarket risk than interest-paying securities of similar maturities.
High Portfolio Turnover Risk. The Fund may engage in activeand frequent trading leading to increased portfolio turnover,higher transaction costs, and the possibility of increased capitalgains, including short-term capital gains that will generally betaxable to shareholders as ordinary income.
Subsidiary Risk. By investing in the Subsidiary, the Fund isindirectly exposed to the risks associated with the Subsidiary’sinvestments. The derivatives and other investments held by theSubsidiary are generally similar to those that are permitted tobe held by the Fund and are subject to the same risks thatapply to similar investments if held directly by the Fund. Theserisks are described elsewhere in this prospectus. There can beno assurance that the investment objective of the Subsidiarywill be achieved. The Subsidiary is not registered under theInvestment Company Act of 1940 (1940 Act), and, unlessotherwise noted in this prospectus, is not subject to all theinvestor protections of the 1940 Act. Changes in the laws of theUnited States and/or the Cayman Islands could result in theinability of the Fund and/or the Subsidiary to operate asdescribed in this prospectus and could adversely affect theFund.
Transactions Risk. The Fund could experience a loss and its liq-uidity may be negatively impacted when selling securities tomeet redemption requests by shareholders. The risk of lossincreases if the redemption requests are unusually large orfrequent or occur in times of overall market turmoil or declin-ing prices. Similarly, large purchases of Fund shares mayadversely affect the Fund’s performance to the extent that theFund is delayed in investing new cash and is required to main-tain a larger cash position than it ordinarily would.
Investments in the Fund are not deposits or obligations of, orguaranteed or endorsed by, any bank and are not insured orguaranteed by the FDIC, the Federal Reserve Board or anyother government agency.
You could lose money investing in the Fund.
The Fund’s Past Performance
This section provides some indication of the risks of investingin the Fund. The bar chart shows how the performance of theFund’s Class L Shares (formerly, Institutional Class Shares) hasvaried from year to year for the past seven calendar years. Thetable shows the average annual total returns over the past oneyear, five years and the life of the Fund. The table comparesthat performance to the Access Growth Composite Benchmark,a customized benchmark, the MSCI World Index (net of foreignwithholding taxes) a broad-based securities market index, theBloomberg Barclays Global Aggregate Bond Index Hedged, a
26 JPMORGAN ACCESS FUNDS
broad-based securities market index and the S&P 500 Index,also a broad-based securities market index. Since January 1,2018, the Access Growth Composite Benchmark is a compositebenchmark comprised of unmanaged indexes that correspondsto the Fund’s model allocation and that consists of the MSCIWorld Index (net of foreign withholding taxes) (75%), BloombergBarclays Global Aggregate Index Hedged (20%), and HFRX GlobalHedge Fund Index (5%). From July 1, 2016 until December 31,2017, the Access Growth Composite Benchmark was a compositebenchmark comprised of the MSCI World Index (net of foreignwithholding taxes) (75%), Bloomberg Barclays Global AggregateIndex (15%), Bloomberg Barclays T-Bill 1-3 Month Index (5%),and HFRX Global Hedge Fund Index (5%). From April 1, 2013 untilJune 30, 2016, the Access Growth Composite Benchmark was acomposite benchmark comprised of the MSCI World Index (net offoreign withholding taxes) (70%), Bloomberg Barclays U.S.Aggregate Index (15%), Citigroup 3-Month Treasury Bill Index(5%), Bloomberg Commodity Index (5%) and HFRX Global HedgeFund Index (5%). From July 1, 2011 until March 31, 2013, theAccess Growth Composite Benchmark was a composite bench-mark comprised of the MSCI World Index (net of foreign with-holding taxes) (70%), Bloomberg Barclays U.S. Aggregate Index(20%) and Citigroup 3-Month Treasury Bill Index (10%). From theinception date of September 30, 2009 to June 30, 2011, theAccess Growth Composite Benchmark was a composite bench-mark comprised of the MSCI World Index (net of foreign with-holding taxes) (75%), Bloomberg Barclays Capital U.S. AggregateIndex (15%) and Citigroup 3-Month Treasury Bill Index (10%).Past performance (before and after taxes) is not necessarily anindication of how any class of the Fund will perform in thefuture. Updated performance information is available by visitingwww.jpmorganaccessfunds.com or by calling 1-800-480-4111.
The Fund’s year-to-date total return through 9/30/17 was 12.76%.
AVERAGE ANNUAL TOTAL RETURNS(For periods ended December 31, 2016)
Past1 Year
Past5 Years
Life ofFund
(Since9/30/09)
CLASS L SHARESReturn Before Taxes 5.32% 6.58% 5.15%Return After Taxes on Distributions 4.75 5.44 4.10Return After Taxes on Distributionsand Sale of Fund Shares 3.13 4.95 3.84
ACCESS GROWTH COMPOSITEBENCHMARK(Reflects No Deduction for Fees,Expenses or Taxes) 7.02 7.40 6.48
MSCI WORLD INDEX(Net of Foreign Withholding Taxes)(Reflects No Deduction for Fees,Expenses or Taxes, Except ForeignWithholding Taxes) 7.51 10.41 8.47
BLOOMBERG BARCLAYS GLOBALAGGREGATE BOND INDEX HEDGED(Reflects No Deduction for Fees,Expenses or Taxes) 3.95 3.59 3.89
S&P 500 INDEX(Reflects No Deduction for Fees,Expenses or Taxes) 11.96 14.66 13.28
After-tax returns are calculated using the historical highestindividual federal marginal income tax rates and do not reflectthe impact of state and local taxes. Actual after-tax returnsdepend on your tax situation and may differ from those shown.
NOVEMBER 1, 2017 27
JPMorgan Access Growth Fund (continued)
The after-tax returns shown are not relevant to investors whohold their shares through tax-deferred arrangements such as401(k) plans or individual retirement accounts. In some cases,the “Return After Taxes on Distributions and Sale of FundShares” may exceed the “Return Before Taxes” due to anassumed benefit from any losses on a sale of shares at the endof the measurement period.
Management
Investment Adviser
J.P. Morgan Investment Management Inc.
Investment Sub-adviser
Portfolio ManagerManaged
Fund SincePrimary Title with
Investment Sub-adviser
J.P. Morgan Private Investments Inc.Jeffrey Gaffney 2015 Executive DirectorStephanie Sigler Gdula 2016 Vice President
Purchase and Sale of Fund Shares
Purchase minimums
For Class L SharesTo establish an account $3,000,000To add to an account No minimum levels
In general, you may purchase or redeem shares on anybusiness day:
‰ Through your Financial Intermediary‰ By writing to J.P. Morgan Funds Services, P.O. Box 8528,
Boston, MA 02266-8528‰ After you open an account, by calling J.P. Morgan Funds
Services at 1-800-480-4111
Tax Information
The Fund intends to make distributions that may be taxed asordinary income or capital gains, except when your investmentis in an IRA, 401(k) plan or other tax-advantaged investmentplan, in which case you may be subject to federal income taxupon withdrawal from the tax-advantaged investment plan.
Payments to Broker-Dealers and Other FinancialIntermediaries
If you purchase shares of the Fund through a broker-dealer orother financial intermediary (such as a bank), the Fund and itsrelated companies may pay the financial intermediary for thesale of Fund shares and related services. These payments maycreate a conflict of interest by influencing the broker-dealer orfinancial intermediary and your salesperson to recommend theFund over another investment. Ask your salesperson or visityour financial intermediary’s website for more information.
28 JPMORGAN ACCESS FUNDS
More About the Funds
ADDITIONAL INFORMATION ABOUT THE FUNDS’INVESTMENT STRATEGIES
Access Balanced Fund
The Fund invests in a combination of domestic and interna-tional equity, fixed income, and alternative assets, as describedbelow. The Fund invests in mutual funds in the same group ofinvestment companies (i.e. J.P. Morgan Funds), unaffiliatedopen-end and closed-end investment companies (which may ormay not be registered under the Investment Company Act of1940, as amended (1940 Act)), exchange-traded funds (ETFs)and directly in individual securities. In addition, to the extentpermitted by applicable law or the exemptive relief obtainedfrom the Securities and Exchange Commission (SEC), the Fundinvests directly in other financial instruments, includingderivatives, such as futures, swaps and structured investments,to gain exposure to or to overweight or underweight allocationsamong various sectors or markets.
The Fund’s adviser is J.P. Morgan Investment Management Inc.(JPMIM or the Adviser) and it sets the Fund’s overall investmentstrategies. The Fund is managed by J.P. Morgan PrivateInvestments Inc. (JPMPI). JPMPI utilizes an allocation process(Strategic Asset Allocations) to invest the Fund’s assets acrossthe various asset classes and with various sub-advisers. JPMPIand JPMIM use rigorous criteria to select sub-advisers andunderlying fund managers to manage certain portions of theFund’s assets. In choosing whether to buy or sell an investmentand to set their allocations, JPMPI considers the following fac-tors: (1) market trends, (2) JPMPI’s outlook for a market capital-ization or investment style category, and (3) an underlying fundmanager’s performance in various market conditions. JPMPIwill also consider the advantages and disadvantages to theFund of using actively versus passively managed investmentvehicles. By combining the strengths of different sub-advisersand underlying fund managers, the Fund seeks to benefit froma variety of investment selection processes and methodologiesto achieve its investment objective.
The descriptions below include both the range that the Fundmay invest within a particular asset class and the variousinvestments that the Fund may use to gain exposure to suchasset class. JPMPI frequently monitors and may make tacticalchanges to the Strategic Asset Allocations, including shiftsamong the various asset classes and allocations to the othersub-advisers and underlying fund managers.
U.S. and International Equity: The allocation range will typicallybe 30%–75% of the Fund’s total assets. The Fund’s equity-related investments consist of J.P. Morgan Funds, unaffiliatedinvestment companies, ETFs and individual securities. Whetherinvesting through an investment company or directly in secu-rities, the investments in this asset class are: common stock,preferred stock, structured investments, convertible securities,
depository receipts and warrants to buy common stocks. TheFund invests in foreign and emerging market securities.
U.S. and International Fixed Income: The allocation range willtypically be 25%–60% of the Fund’s total assets. The Fund’sfixed income investments include J.P. Morgan Funds,unaffiliated investment companies, ETFs and individual secu-rities. Whether investing through an investment company ordirectly in securities, the investments in this asset class include:U.S. government securities (including agencies andinstrumentalities), municipal bonds (including housing author-ity obligations), domestic and foreign corporate bonds, highyield securities (junk bonds), loan participations and assign-ments, debt obligations issued or guaranteed by a foreignsovereign government or its agencies, authorities or politicalsubdivisions, mortgage-backed and asset-backed securities,inflation-indexed bonds and Treasury Inflation ProtectedSecurities (TIPS).
Alternative: The allocation range will typically be 0%–30% ofthe Fund’s total assets. The Fund’s alternative-related invest-ments include J.P. Morgan Funds, unaffiliated investmentcompanies and ETFs. Whether investing through a mutual fundor directly in securities, the investments in this asset class givethe Fund exposure to: market neutral strategies, absolutereturn strategies, directional strategies, real estate (includingREITs), private equity, mezzanine debt and commodities.
The Fund will gain exposure to commodity markets primarily byinvesting in the Access Balanced Fund CS Ltd., a wholly-ownedsubsidiary of the Fund organized under the laws of the CaymanIslands (the Subsidiary). The allocation range will typically be0%-10% of the Fund’s total assets. The Subsidiary is advised byJPMIM and sub-advised by JPMPI. The Subsidiary (unlike theFund) may invest without limitation in commodity-linked struc-tured notes and other commodity-linked derivative instruments,including derivative instruments linked to the value of a partic-ular commodity or commodity futures contract, or a subset ofcommodities or commodity futures contracts. However, the Sub-sidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as theFund. The Subsidiary may use derivatives to obtain longexposure in an attempt to increase the Subsidiary’s income orgain, to hedge various investments and for risk management.
The Fund and the Subsidiary may invest in ETFs in order to gainexposure to particular asset classes. ETFs, which are pooledinvestment vehicles whose ownership interests are purchasedand sold on a securities exchange, may be passively or activelymanaged. Passively managed ETFs generally seek to track theperformance of a particular market index, including broad-based market indexes, as well as indexes relating to particularsectors, markets, regions or industries. Actively managed ETFsdo not seek to track the performance of a particular marketindex. Ordinarily, a Fund must limit its investments in a single
NOVEMBER 1, 2017 29
More About the Funds (continued)
non-affiliated ETF to 5% of its total assets and in all non-affiliated ETFs to 10% of its total assets. The SEC has issuedexemptive orders to many ETFs that allow any fund investing insuch ETFs to disregard these 5% and 10% limitations, subjectto certain conditions. If a Fund invests in ETFs that havereceived such exemptive orders, it may invest any amount of itstotal assets in a single ETF or in multiple ETFs. ETFs that arenot structured as investment companies as defined in the 1940Act are not subject to these percentage limitations. The pricemovement of an index-based ETF may not track the underlyingindex and may result in a loss. In addition, ETFs may trade at aprice above (premium) or below (discount) their net assetvalue, especially during periods of significant market volatilityor stress, causing investors to pay significantly more or lessthan the value of the ETF’s underlying portfolio.
Derivatives, which are instruments that have a value based onanother instrument, exchange rate or index, may be used assubstitutes for securities in which the Fund can invest. TheFund uses structured notes as tools in the management ofportfolio assets. In particular, the Fund uses structured notesfor risk management and to increase the Fund’s income orgain. To the extent that the Fund invests in underlying funds,such underlying funds may also use derivatives.
Access Growth Fund
The Fund invests in a combination of domestic and interna-tional equity, fixed income, and alternative assets, as describedbelow. The Fund invests in mutual funds in the same group ofinvestment companies (i.e. J.P. Morgan Funds), unaffiliatedopen-end and closed-end investment companies (which may ormay not be registered under the 1940 Act, exchange-tradedfunds (ETFs) and directly in individual securities. In addition, tothe extent permitted by applicable law or the exemptive reliefobtained from the SEC, the Fund invests directly in other finan-cial instruments, including derivatives, such as futures, swapsand structured investments, to gain exposure to or to over-weight or underweight allocations among various sectors ormarkets.
The Fund’s adviser is J.P. Morgan Investment Management Inc.(JPMIM or the Adviser) and it sets the Fund’s overall investmentstrategies. The Fund is managed by J.P. Morgan PrivateInvestments Inc. (JPMPI). JPMPI utilizes an allocation process(Strategic Asset Allocations) to invest the Fund’s assets acrossthe various asset classes and with various sub-advisers. JPMPIand JPMIM use rigorous criteria to select sub-advisers andunderlying fund managers to manage certain portions of theFund’s assets. In choosing whether to buy or sell an investmentand to set their allocations, JPMPI considers the following fac-tors: (1) market trends, (2) JPMPI’s outlook for a market capital-ization or investment style category, and (3) an underlying fundmanager’s performance in various market conditions. JPMPI
will also consider the advantages and disadvantages to theFund of using actively versus passively managed investmentvehicles. By combining the strengths of different sub-advisersand underlying fund managers, the Fund seeks to benefit froma variety of investment selection processes and methodologiesto achieve its investment objective.
The descriptions below include both the range that the Fundmay invest within a particular asset class and the variousinvestments that the Fund may use to gain exposure to suchasset class. JPMPI frequently monitors and may make tacticalchanges to the Strategic Asset Allocations, including shiftsamong the various asset classes and allocations to the othersub-advisers and underlying fund managers.
U.S. and International Equity: The allocation range will typicallybe 40%–90% of the Fund’s total assets. The Fund’s equity-related investments consist of J.P. Morgan Funds, unaffiliatedinvestment companies, ETFs and individual securities. Whetherinvesting through an investment company or directly in secu-rities, the investments in this asset class are: common stock,preferred stock, structured investments, convertible securities,depository receipts and warrants to buy common stocks. TheFund invests in foreign and emerging market securities.
U.S. and International Fixed Income: The allocation range willtypically be 5%–45% of the Fund’s total assets. The Fund’sfixed income investments include J.P. Morgan Funds,unaffiliated investment companies, ETFs and individual secu-rities. Whether investing through an investment company ordirectly in securities, the investments in this asset class include:U.S. government securities (including agencies andinstrumentalities), municipal bonds (including housing author-ity obligations), domestic and foreign corporate bonds, highyield securities (junk bonds), loan participations and assign-ments, debt obligations issued or guaranteed by a foreignsovereign government or its agencies, authorities or politicalsubdivisions, mortgage-backed and asset-backed securities,inflation-indexed bonds and Treasury Inflation ProtectedSecurities (TIPS).
Alternative: The allocation range will typically be 0%–35% ofthe Fund’s total assets. The Fund’s alternative-related invest-ments include J.P. Morgan Funds, unaffiliated investmentcompanies and ETFs. Whether investing through a mutual fundor directly in securities, the investments in this asset class givethe Fund exposure to: market neutral strategies, absolutereturn strategies, directional strategies, real estate (includingREITs), private equity, mezzanine debt and commodities.
The Fund will gain exposure to commodity markets primarily byinvesting in the Access Growth Fund CS Ltd., a wholly-ownedsubsidiary of the Fund organized under the laws of the CaymanIslands (the Subsidiary). The allocation range will typically be0%-10% of the Fund’s total assets. The Subsidiary is advised by
30 JPMORGAN ACCESS FUNDS
JPMIM and sub-advised by JPMPI. The Subsidiary (unlike theFund) may invest without limitation in commodity-linked struc-tured notes and other commodity-linked derivative instruments,including derivative instruments linked to the value of a partic-ular commodity or commodity futures contract, or a subset ofcommodities or commodity futures contracts. However, theSubsidiary is otherwise subject to the same fundamental,non-fundamental and certain other investment restrictions asthe Fund. The Subsidiary may use derivatives to obtain longexposure in an attempt to increase the Subsidiary’s income orgain, to hedge various investments and for risk management.
The Fund and the Subsidiary may invest in ETFs in order to gainexposure to particular asset classes. ETFs, which are pooledinvestment vehicles whose ownership interests are purchasedand sold on a securities exchange, may be passively or activelymanaged. Passively managed ETFs generally seek to track theperformance of a particular market index, including broad-based market indexes, as well as indexes relating to particularsectors, markets, regions or industries. Actively managed ETFsdo not seek to track the performance of a particular marketindex. Ordinarily, a Fund must limit its investments in a singlenon-affiliated ETF to 5% of its total assets and in all non-affiliated ETFs to 10% of its total assets. The SEC has issuedexemptive orders to many ETFs that allow any fund investing insuch ETFs to disregard these 5% and 10% limitations, subjectto certain conditions. If a Fund invests in ETFs that havereceived such exemptive orders, it may invest any amount of itstotal assets in a single ETF or in multiple ETFs. ETFs that arenot structured as investment companies as defined in the 1940Act are not subject to these percentage limitations. The pricemovement of an index-based ETF may not track the underlyingindex and may result in a loss. In addition, ETFs may trade at aprice above (premium) or below (discount) their net assetvalue, especially during periods of significant market volatilityor stress, causing investors to pay significantly more or lessthan the value of the ETF’s underlying portfolio.
Derivatives, which are instruments that have a value based onanother instrument, exchange rate or index, may be used assubstitutes for securities in which the Fund can invest. TheFund uses structured notes as tools in the management ofportfolio assets. In particular, the Fund uses structured notesfor risk management and to increase the Fund’s income orgain. To the extent that the Fund invests in underlying funds,such underlying funds may also use derivatives.
JPMIM may hire additional sub-advisers to manage any of theasset classes described under each Fund’s “What are the Fund’smain investment strategies?” section in the “Risk/ReturnSummary”. When using sub-advisers to manage each Fund’sassets, the Adviser, subject to certain conditions and oversight bythe Funds’ Board of Trustees, will have the right to hire, terminate,or replace sub-advisers without shareholder approval. Each Fund
will notify shareholders of changes to subadvisers. Please see “TheFunds’ Investment Adviser and Sub-advisers” on page 26 for moredetails.
Each Fund may short sell securities.
The Funds are not subject to registration or regulation as a“commodity pool operator” as defined in the CommodityExchange Act because each Fund has claimed an exclusionfrom that definition.
The frequency with which each Fund buys and sells securitieswill vary from year to year, depending on market conditions.
Please note that the Funds also may use strategies that are notdescribed in this section, but which are described in the State-ment of Additional Information.
NON-FUNDAMENTAL INVESTMENT OBJECTIVE
An investment objective is fundamental if it cannot bechanged without the consent of a majority of the outstandingshares of the Fund. Each Fund’s investment objective isnon-fundamental and may be changed without the consent ofa majority of the outstanding shares of the Fund.
INVESTMENT RISKS
There can be no assurance that the Funds will achieve theirinvestment objectives.
An investment in a Fund or any other fund may not provide acomplete investment program. The suitability of an invest-ment in a Fund should be considered based on the invest-ment objective, strategies and risks described in thisprospectus, considered in light of all of the other invest-ments in your portfolio, as well as your risk tolerance, finan-cial goals and time horizons. You may want to consult with afinancial advisor to determine if a Fund is suitable for you.
The main risks associated with investing in the Funds are summar-ized in “Risk/Return Summaries” at the front of this prospectus.The other funds in which the Funds may invest are referred to inthis prospectus as the “underlying funds.” More detailed descrip-tions of the main risks and additional risks of the Funds and therisks of the underlying funds are described below.
Main Risks
Investments in Mutual Funds Risk. Each Fund’s investmentsare concentrated in J.P. Morgan Funds and unaffiliated invest-ment companies, so the Fund’s investment performance isdirectly related to the performance of the underlying funds. AFund’s net asset value will change with changes in the interna-tional equity and fixed income markets and the value of the
NOVEMBER 1, 2017 31
More About the Funds (continued)
mutual funds in which it invests. In addition, a Fund indirectlypays a portion of the expenses incurred by the underlyingfunds. As the underlying funds or the Fund’s allocations amongthe underlying funds change from time to time, or to the extentthat the expense ratio of the underlying funds changes, theweighted average operating expenses borne by the Fund mayincrease or decrease. Because the Funds’ Adviser or its affili-ates provide services to and receive fees from the J.P. MorganFunds, investments by a Fund in J.P. Morgan Funds benefit theAdviser and/or its affiliates. In addition, a Fund may hold asignificant percentage of the shares of an underlying fund. As aresult, the Fund’s investments in an underlying fund may createa conflict of interest because a situation could occur where anaction for the Fund could be adverse to the interest of anunderlying fund or vice versa. If a Fund invests in closed-endinvestment companies, it may incur added expenses such asadditional management fees and trading costs.
General Market Risk. Economies and financial marketsthroughout the world are becoming increasingly interconnected,which increases the likelihood that events or conditions in onecountry or region will adversely impact markets or issuers inother countries or regions. Securities in the Fund’s portfoliomay underperform in comparison to securities in general finan-cial markets, a particular financial market or other asset classes,due to a number of factors, including inflation (or expectationsfor inflation), interest rates, global demand for particular prod-ucts or resources, natural disasters or events, terrorism, regu-latory events and government controls.
ETF and Investment Company Risk. The Funds and underlyingfunds may invest in shares of other investment companies,including ETFs. A Fund indirectly pays a portion of the expensesincurred by the underlying funds. The Funds are subject to therisks associated with the ETF’s investments. The price movementof an index-based ETF may not track the underlying index andmay result in a loss. In addition, ETFs may trade at a price above(premium) or below (discount) their net asset value, especiallyduring periods of significant market volatility or stress, causinginvestors to pay significantly more or less than the value of theETF’s underlying portfolio. Certain ETFs traded on exchanges maybe thinly traded and experience large spreads between the “ask”price quoted by a seller and the “bid” price offered by a buyer.
Foreign Securities and Emerging Markets Risk. Because theFunds and certain of the underlying funds may invest in secu-rities of foreign issuers denominated in non-U.S. currencies, aninvestment in a Fund is subject to special risks in addition tothose of U.S. investments. These risks include political andeconomic risks, civil conflicts and war, greater volatility,expropriation and nationalization risks, sanctions or othermeasures by the United States or other governments, currencyfluctuations, higher transaction costs, delayed settlement,possible foreign controls on investment, and less stringent
investor protection and disclosure standards of foreign mar-kets. The securities markets of many foreign countries are rela-tively small, with a limited number of companies representing asmall number of industries. If foreign securities are denomi-nated and traded in a foreign currency, the value of a Fund’sforeign holdings can be affected by currency exchange ratesand exchange control regulations. In certain markets wheresecurities and other instruments are not traded “delivery ver-sus payment,” a Fund may not receive timely payment forsecurities or other instruments it has delivered or receivedelivery of securities paid for and may be subject to increasedrisk that the counterparty will fail to make payments or deliverywhen due or default completely.
The risks associated with foreign securities are magnified incountries in “emerging markets.” These countries may haverelatively unstable governments and less-established marketeconomies than developed countries. Emerging markets mayface greater social, economic, regulatory and politicaluncertainties. These risks make emerging market securitiesmore volatile and less liquid than securities issued in moredeveloped countries, and you may sustain sudden, and some-times substantial, fluctuations in the value of your investments.A Fund’s investments in foreign and emerging market securitiesmay also be subject to foreign withholding and/or other taxes,which would decrease a Fund’s yield on those securities.
Country and Region Risk. Some of the underlying funds con-centrate their investments in securities of a single country orregion (e.g., China Region or Latin America). Because theseunderlying funds concentrate their investments in a singlecountry or region, their performance may be more volatile thanthat of a fund that can invest globally. In addition to the gen-eral risks associated with foreign securities and emergingmarkets, investments in some countries and/or regions may beconsidered speculative and the underlying fund may be morevulnerable to a single political, social, economic or marketevent than a fund with broader investment authority.
Industry and Sector Focus Risk. At times a Fund may increasethe relative emphasis of its investments in a particular industryor sector. The prices of securities of issuers in a particularindustry or sector may be more susceptible to fluctuations dueto changes in economic or business conditions, governmentregulations, availability of basic resources or supplies, or otherevents that affect that industry or sector more than securitiesof issuers in other industries and sectors. To the extent that aFund increases the relative emphasis of its investments in aparticular industry or sector, its shares’ values may fluctuate inresponse to events affecting that industry or sector.
Currency Risk. The Funds and certain of the underlying fundsare subject to risks associated with foreign currency. Certainunderlying funds are not required to hedge their non-dollarinvestments back to the U.S. dollar for defensive purposes. As a
32 JPMORGAN ACCESS FUNDS
result, changes in foreign currency exchange rates will affectthe value of a Fund’s securities and the price of that Fund’sshares. Generally, when the value of the U.S. dollar rises rela-tive to a foreign currency, an investment in that country losesvalue because that currency is worth fewer U.S. dollars. Cur-rency exchange rates may fluctuate significantly over shortperiods of time for a number of reasons, including changes ininterest rates. Devaluation of a currency by a country’sgovernment or banking authority also will have a significantimpact on the value of any investments dominated by thatcurrency. Currency markets generally are not as regulated assecurities markets.
Equity Securities Risk. The Funds and certain of the under-lying funds invest in equity securities (such as stocks) that aremore volatile and carry more risks than some other forms ofinvestment. The price of equity securities may rise or fallbecause of changes in the broad market or changes in acompany’s financial condition, sometimes rapidly orunpredictably. These price movements may result from factorsaffecting individual companies, sectors or industries selectedfor the underlying fund’s portfolio or the securities market as awhole, such as changes in economic or political conditions.Equity securities are subject to “stock market risk” meaningthat stock prices in general (or in particular, the prices of thetypes of securities in which the underlying fund invests) maydecline over short or extended periods of time. When the valueof an underlying fund’s securities goes down, your investmentin the underlying fund decreases in value.
If the price of the underlying stock does not rise above theexercise price before the warrant expires, the warrant gen-erally expires without any value and the Fund loses the amountit paid, if any, for the warrant. Thus, investments in warrantsmay involve substantially more risk than investments in com-mon stock. Warrants may trade in the same markets as theirunderlying stock; however, the price of the warrant does notnecessarily move with the price of the underlying stock.
Fixed Income Securities Risk. Some of the underlying fundsinvest in fixed income securities. Fixed income securities aresubject to interest rate risk and credit risk as well as the risksassociated with the types of securities (e.g. mortgage-backedsecurities and other asset-backed securities risk and high yieldsecurities risk). These securities will increase or decrease invalue based on changes in interest rates and are subject to therisk that an issuer or a counterparty will fail to make paymentswhen due or default. If an issuer’s or a counterparty’s financialcondition worsens, the credit quality of the issuer or counter-party may deteriorate making it difficult for the underlying fundto sell such investments. If rates increase, the value of theseinvestments generally declines. Securities with greater interestrate sensitivity and longer maturities generally are subject togreater fluctuations in value. When the value of investments ina Fund or underlying fixed income funds goes down, the value
of your investment in the Fund will be affected. Many factorscan cause interest rates to rise. Some examples include centralbank monetary policy, rising inflation rates and general eco-nomic conditions. Given the historically low interest rate envi-ronment, risks associated with rising rates are heightened.
Credit Risk. There is a risk that issuers and/or counterpartieswill not make payments on securities, repurchase agreementsor other investments held by a Fund or an underlying fund.Such defaults could result in losses to that Fund or underlyingfund. In addition, the credit quality of securities held by a Fundor underlying fund may be lowered if an issuer’s or a counter-party’s financial condition changes. Lower credit quality maylead to greater volatility in the price of a security and in sharesof a Fund or underlying fund. Lower credit quality also mayaffect liquidity and make it difficult for a Fund or underlyingfund to sell the security. The Funds may invest in securities thatare rated in the lowest investment grade category. Such secu-rities also are considered to have speculative characteristicssimilar to high yield securities, and issuers or counterparties ofsuch securities are more vulnerable to changes in economicconditions than issuers or counterparties of higher gradesecurities. Prices of a Fund’s investments may be adverselyaffected if any of the issuers or counterparties it is invested inare subject to an actual or perceived deterioration in theircredit quality. Credit spreads may increase, which may reducethe market values of the Fund’s securities. Credit spread risk isthe risk that economic and market conditions or any actual orperceived credit deterioration may lead to an increase in thecredit spreads (i.e., the difference in yield between two secu-rities of similar maturity but different credit quality) and adecline in price of the issuer’s securities.
High Yield Securities Risk. Some of the underlying funds mayinvest in high yield, high risk securities (also known as junkbonds) which are considered to be speculative. These invest-ments may be issued by companies which are highly leveraged,less creditworthy or financially distressed. Non-investmentgrade debt securities can be more sensitive to short-termcorporate, economic and market developments. During periodsof economic uncertainty and change, the market price of anunderlying fund’s investments and an underlying fund’s netasset value may be volatile. Furthermore, though theseinvestments generally provide a higher yield than higher rateddebt securities, the high degree of risk involved in theseinvestments can result in substantial or total losses. Thesesecurities are subject to greater risk of loss, greater sensitivityto economic changes, valuation difficulties, and a potential lackof a secondary or public market for securities. The market priceof these securities can change suddenly and unexpectedly.
Real Estate Securities Risk. Investments by certain of theunderlying funds will be highly concentrated in the securities ofcompanies in the real estate sector. The value of real estatesecurities in general, and REITs in particular, are subject to the
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More About the Funds (continued)
same risks as direct investments in real estate and will dependon the value of the underlying properties or the underlyingloans or interests. The underlying loans may be subject to therisks of default or of prepayments that occur earlier or laterthan expected, and such loans may also include so-called “sub-prime” mortgages. The value of these securities will rise andfall in response to many factors, including economic conditions,the demand for rental property, interest rates and, with respectto REITs, the management skill and creditworthiness of theissuer. In particular, the value of these securities may declinewhen interest rates rise and will also be affected by the realestate market and by the management of the underlying prop-erties. REITs may be more volatile and/or more illiquid thanother types of equity securities. The underlying funds willindirectly bear their proportionate share of expenses, includingmanagement fees, paid by each REIT in which it invests in addi-tion to the expenses of the underlying fund.
Commodity Risk. Certain underlying funds will have a sig-nificant portion of its assets concentrated in commodity-linkedsecurities. Developments affecting commodities will have adisproportionate impact on such underlying funds. An under-lying fund’s investment in commodity-linked derivativeinstruments may subject the underlying fund to greatervolatility than investments in traditional securities, particularlyif the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes inoverall market movements, commodity index volatility, changesin interest rates, or factors affecting a particular industry orcommodity, such as drought, floods, weather, livestock disease,embargoes, tariffs and international economic, political andregulatory developments. The energy sector can besignificantly affected by changes in the prices and supplies ofoil and other energy fuels, energy conservation, the success ofexploration projects, and tax and other government regu-lations, policies of the Organization of Petroleum ExportingCountries (OPEC) and relationships among OPEC members andbetween OPEC and oil importing nations. The metals sector canbe affected by sharp price volatility over short periods causedby global economic, financial and political factors, resourceavailability, government regulation, economic cycles, changesin inflation or expectations about inflation in various countries,interest rates, currency fluctuations, metal sales by govern-ments, central banks or international agencies, investmentspeculation and fluctuations in industrial and commercial sup-ply and demand. Use of leveraged commodity-linkedderivatives creates an opportunity for increased return but, atthe same time, creates the possibility for greater loss (includingthe likelihood of greater volatility of a Fund’s net asset value),and there can be no assurance that a Fund’s use of leveragewill be successful.
Derivatives Risk. The underlying funds and the Funds may usederivatives in connection with their investment strategies.
Derivatives may be riskier than other types of investmentsbecause they may be more sensitive to changes in economic ormarket conditions than other types of investments and couldresult in losses that significantly exceed a Fund’s or underlyingfund’s original investment. Derivatives are subject to the riskthat changes in the value of a derivative may not correlateperfectly with the underlying asset, rate or index. The use ofderivatives may not be successful, resulting in losses to a Fundor underlying fund, and the cost of such strategies may reducea Fund’s or underlying fund’s returns. Derivatives also expose aFund and underlying fund to counterparty risk (the risk that thederivative counterparty will not fulfill its contractualobligations), including credit risk of the derivative counterparty.Certain derivatives are synthetic instruments that attempt toreplicate the performance of certain reference assets. Withregard to such derivatives, a Fund or underlying fund does nothave a claim on the reference assets and is subject to enhancedcounterparty risk. Certain of a Fund’s transactions in foreigncurrency derivatives and other derivatives could also affect theamount, timing and character of distributions to shareholderswhich may result in a Fund realizing more short-term capitalgain and ordinary income subject to tax at ordinary income taxrates than it would if it did not engage in such transactions,which may adversely impact a Fund’s after-tax returns. In addi-tion, a Fund may use derivatives for non-hedging purposes,which increases a Fund’s or underlying fund’s potential for loss.
Investing in derivatives and engaging in short sales will result ina form of leverage. Leverage involves special risks. A Fund orunderlying fund may be more volatile than if the Fund or under-lying fund had not been leveraged because leverage tends toexaggerate any effect on the value of the Fund’s or underlyingfund’s portfolio securities. A Fund cannot assure you that theuse of leverage will result in a higher return on your investment,and using leverage could result in a net loss on your investment.Registered investment companies such as the Funds and theunderlying funds are limited in their ability to engage inderivative transactions and are required to identify and earmarkassets to provide asset coverage for derivative transactions.
The possible lack of a liquid secondary market for derivativesand the resulting inability of a Fund or an underlying fund tosell or otherwise close a derivatives position could expose aFund or underlying fund to losses and could make derivativesmore difficult for a Fund or underlying fund to value accurately.
A Fund’s or underlying fund’s transactions in futures contracts,swaps and other derivatives could also affect the amount, tim-ing and character of distributions to shareholders which mayresult in a Fund or underlying fund realizing more short-termcapital gain and ordinary income subject to tax at ordinaryincome tax rates than it would if it did not engage in suchtransactions, which may adversely impact a Fund’s or under-lying fund’s after-tax returns.
34 JPMORGAN ACCESS FUNDS
In addition to the risks associated with derivatives in general, aFund or underlying fund will also be subject to risks related toswap agreements. Because swap agreements are notexchange-traded, but are private contracts into which a Fundor underlying fund and a swap counterparty enter as principals,a Fund or underlying fund may experience a loss or delay inrecovering assets if the counterparty defaults on its obligations.A Fund or underlying fund will segregate or earmark liquidassets at its custodian bank in an amount sufficient to cover itsobligations under swap agreements.
WHAT IS A DERIVATIVE?
Derivatives are securities or contracts (for example, futuresand options) that derive their value from the performance ofunderlying assets or securities.
Structured Note Risk. The Funds, or certain of the underlyingfunds, invest in commodity, currency, equity and fixed incomelinked structured notes. Structured notes are typically privatelynegotiated transactions between two or more parties. The feesassociated with a structured note may lead to increased track-ing error. A Fund also bears the risk that the issuer of thestructured note will default. A Fund bears the risk of loss of itsprincipal investment and periodic payments expected to bereceived for the duration of its investment. In addition, a liquidmarket may not exist for the structured notes. The lack of aliquid market may make it difficult to sell the structured notesat an acceptable price or to accurately value them.
Index Investing Risk. Underlying funds may attempt to trackthe performance of a specified index. Therefore, securities maybe purchased, retained and sold by the underlying fund at timeswhen an actively managed fund would not do so. If the value ofsecurities that are heavily weighted in the index change, you canexpect a greater risk of loss than would be the case if the under-lying fund were not fully invested in such securities.
Preferred Stock Risk. The Funds and certain underlying fundsmay invest in preferred stock. Preferred stock generally has apreference as to dividends and liquidation over an issuer’scommon stock but ranks junior to debt securities in an issuer’scapital structure. Unlike interest payments on debt securities,preferred stock dividends are payable only if declared by theissuer’s board of directors. Preferred stock also may be subjectto optional or mandatory redemption provisions.
Government Securities Risk. The Funds and underlying fundsinvest in securities issued or guaranteed by the U.S. govern-ment or its agencies and instrumentalities (such as securitiesissued by Ginnie Mae, Fannie Mae, or Freddie Mac). U.S.government securities are subject to market risk, interest raterisk and credit risk. Securities, such as those issued or guaran-teed by Ginnie Mae or the U.S. Treasury, that are backed by the
full faith and credit of the United States are guaranteed only asto the timely payment of interest and principal when held tomaturity and the market prices for such securities will fluc-tuate. Notwithstanding that these securities are backed by thefull faith and credit of the United States, circumstances couldarise that would prevent the payment of interest or principal.This would result in losses to a Fund or underlying fund. Secu-rities issued or guaranteed by U.S. government related orga-nizations, such as Fannie Mae and Freddie Mac, are not backedby the full faith and credit of the U.S. government and noassurance can be given that the U.S. government will providefinancial support. Therefore, U.S. government related orga-nizations may not have the funds to meet their payment obliga-tions in the future. U.S. government securities include zerocoupon securities, which tend to be subject to greater marketrisk than interest-paying securities of similar maturities.
High Portfolio Turnover Risk. The Funds and underlying fundsmay engage in active and frequent trading leading to increasedportfolio turnover, higher transaction costs, and the possibilityof increased capital gains, including short-term capital gainsthat will generally be taxable to shareholders as ordinaryincome.
Subsidiary Risk. By investing in its Subsidiary, each Fund isindirectly exposed to the risks associated with the Subsidiary’sinvestments. The derivatives and other investments held byeach Subsidiary are generally similar to those that are permit-ted to be held by that Fund and are subject to the same risksthat apply to similar investments if held directly by that Fund.These risks are described elsewhere in this prospectus. Therecan be no assurance that the investment objective of eachSubsidiary will be achieved. The Subsidiaries are not registeredunder the 1940 Act and are not subject to all the investor pro-tections of the 1940 Act. As described in “Tax Risk” below, theFunds have not received a private letter ruling from theInternal Revenue Service (the IRS) with respect to incomederived from its investment in the Subsidiary. The Funds relyon the reasoning of private letter rulings from the IRS to othertaxpayers with respect to its investment in the Subsidiary.Changes in the laws of the United States and/or the CaymanIslands could result in the inability of the Funds and/or theSubsidiary to operate as described in this prospectus and theStatement of Additional Information (SAI) and could adverselyaffect a Fund.
Transactions Risk. A Fund or an underlying fund could experi-ence a loss when selling securities to meet redemptionrequests by shareholders and its liquidity may be negativelyimpacted. The risk of loss increases if the redemption requestsare large or frequent, occur in times of overall market turmoilor declining prices for the securities sold, or when the secu-rities a Fund wishes to or is required to sell are illiquid. A Fundmay be unable to sell illiquid securities at its desired time or
NOVEMBER 1, 2017 35
More About the Funds (continued)
price or the price at which the securities have been valued forpurposes of Fund’s net asset value. Illiquidity can be caused by adrop in overall market trading volume, an inability to find aready buyer, or legal restrictions on the securities’ resale. Othermarket participants may be attempting to sell debt securities atthe same time as a Fund, causing downward pricing pressureand contributing to illiquidity. The capacity for bond dealers toengage in trading or “make a market” in debt securities has notkept pace with the growth of bond markets. This could poten-tially lead to decreased liquidity and increased volatility in thedebt markets. Liquidity and valuation risk may be magnified in arising interest rate environment, when credit quality is deterio-rating or in other circumstances where investor redemptionsfrom fixed income mutual funds may be higher than normal.Certain securities that were liquid when purchased may laterbecome illiquid, particularly in times of overall economic dis-tress. Similarly, large purchases of Fund shares may adverselyaffect the Fund’s performance to the extent that the Fund isdelayed in investing new cash and is required to maintain alarger cash position than it ordinarily would. Large redemptionsalso could accelerate the realization of capital gains, increase aFund’s or an underlying fund’s transaction costs and impact aFund’s or an underlying fund’s performance.
Additional Risks
Tax Risk. The Funds gain exposure to the commodities marketsthrough investments in commodity-linked derivative instruments,including commodity index-linked notes, swap agreements,commodity options, futures, and options on futures. Each Fundintends to gain exposure indirectly to commodity markets byinvesting in its Subsidiary, which invests primarily in commodity-linked derivative instruments. In order for a Fund to qualify as aregulated investment company under Subchapter M of InternalRevenue Code, as amended (the Code), the Fund must derive atleast 90 percent of its gross income each taxable year from cer-tain qualifying sources of income. Each Fund’s intention to qual-ify as a regulated investment company may limit its ability tomake certain investments including, without limitation, invest-ments in certain commodity-linked derivatives. The IRS hasissued a revenue ruling which holds that income derived fromcertain commodity-linked swaps is not qualifying income underSubchapter M of the Code. The IRS has issued private letter rul-ings to other taxpayers in which the IRS concluded that incomefrom certain commodity-linked notes is qualifying income andthat income derived from a wholly-owned subsidiary will alsoconstitute qualifying income. While a Fund might apply for itsown private letter ruling from the IRS confirming that incomefrom the Fund’s investment in certain commodity-linked notesand income from the Fund’s investment in its Subsidiary willconstitute qualifying income, there can be no assurance that theIRS will issue the ruling to the Fund or that the IRS will notchange its position that income derived from commodity-linkednotes and wholly-owned subsidiaries is qualifying income. The
IRS currently has suspended issuing these types of private letterrulings pending further internal review. The tax treatment ofcommodity-linked notes, other commodity-linked derivatives anda Fund’s investments in its Subsidiary may be adversely affectedby future legislation, Treasury regulations and/or guidanceissued by the IRS that could affect whether income from suchinvestments is qualifying income under Subchapter M of theCode, or otherwise alter the character, timing and/or amount ofthe Fund’s taxable income or any gains and distributions madeby the Fund. A Fund’s investment in its Subsidiary and its use ofcommodity-linked notes involve specific risks. See “SubsidiaryRisk” for further information regarding each Subsidiary, includ-ing the risks associated with investing in the Subsidiaries. See“Commodity Risk,” “Derivatives Risk” and “Structured NoteRisk” for further information regarding commodity-linked notes,including the risks associated with these instruments.
Direct Investment Risk. Although a Fund mainly invests inother J.P. Morgan Funds, unaffiliated investment companies andETFs, it may also invest directly in derivatives and securities aspart of its strategic allocation strategy to increase or manage itsexposure to particular markets or types of securities. There is noguarantee that the use of such investments will produce theintended result. In addition, derivatives and securities are sub-ject to additional risks specific to their structure, sector ormarket as discussed above (e.g., derivatives are subject toderivatives risk; futures on foreign securities are subject to for-eign investment and emerging market risks; debt securities aresubject to credit risk). Depending on the type of security, themarket value may move up and down, sometimes rapidly andunpredictably, causing a security to be worth less than the priceoriginally paid for it. To the extent that a security decreases invalue, the value of your investment in a Fund will be affected.
Volcker Rule Risk. Pursuant to section 619 of the Dodd-FrankWall Street Reform and Consumer Protection Act and certainrules promulgated thereunder known as the Volcker Rule, if theadviser and/or its affiliates own 25% or more of theoutstanding ownership interests of a Fund after the permittedseeding period from the implementation of a Fund’s investmentstrategy, a Fund could be subject to restrictions on trading thatwould adversely impact a Fund’s ability to execute its invest-ment strategy. Generally, the permitted seeding period is threeyears from the implementation of a Fund’s investment strategy.As a result, the adviser and/or its affiliates may be required toreduce their ownership interests in a Fund at a time that issooner than would otherwise be desirable, which may result ina Fund’s liquidation or, if a Fund is able to continue operating,may result in losses, increased transaction costs and adversetax consequences as a result of the sale of portfolio securities.
CONFLICTS OF INTEREST
An investment in the Fund is subject to a number of actual orpotential conflicts of interest. For example, the Adviser and/or
36 JPMORGAN ACCESS FUNDS
its affiliates provide a variety of different services to the Fund,for which the Fund compensates them. As a result, the Adviserand/or its affiliates have an incentive to enter into arrange-ments with the Fund, and face conflicts of interest whenbalancing that incentive against the best interests of a Fund.The Adviser and/or its affiliates also face conflicts of interest intheir service as investment adviser to other clients, and, fromtime to time, make investment decisions that differ from and/or negatively impact those made by the Adviser on behalf ofthe Fund. In addition, affiliates of the Adviser provide a broadrange of services and products to their clients and are majorparticipants in the global currency, equity, commodity, fixed-income and other markets in which the Fund invests or willinvest. In certain circumstances by providing services andproducts to their clients, these affiliates’ activities will dis-advantage or restrict the Funds and/or benefit these affiliates.The Adviser may also acquire material non-public informationwhich would negatively affect the Adviser’s ability to transact insecurities for the Fund. JPMorgan and the Fund have adoptedpolicies and procedures reasonably designed to appropriatelyprevent, limit or mitigate conflicts of interest. In addition, manyof the activities that create these conflicts of interest arelimited and/or prohibited by law, unless an exception is avail-able. For more information about conflicts of interest, see thePotential Conflicts of Interest section in the SAI.
TEMPORARY DEFENSIVE AND CASH POSITIONS
For liquidity and to respond to unusual market conditions, theFunds may invest all or most of their total assets in cash andcash equivalents for temporary defensive purposes. Inaddition, the Funds may invest in cash and cash equivalents as aprincipal investment strategy. These investments may result in alower yield than lower-quality or longer-term investments.
WHAT IS A CASH EQUIVALENT?
Cash equivalents are highly liquid, high-quality instrumentswith maturities of three months or less on the date they arepurchased. They include securities issued by the U.S.government, its agencies and instrumentalities, repurchaseagreements, certificates of deposit, bankers’ acceptances,commercial paper, money market mutual funds, and bankdeposit accounts.
While the Funds are engaged in a temporary defensive position,they may not meet their investment objectives. These investmentsmay also be inconsistent with a Fund’s main investment strategies.Therefore, the Funds will pursue a temporary defensive positiononly when market conditions warrant.
Expenses of Underlying Funds. The Funds will invest inClass R6 Shares of the underlying funds to the extent they areavailable. If an underlying fund does not offer Class R6 Shares,
the Funds will invest in Class R5 Shares of the underlying funds.Many of the underlying funds do not offer Class R5 or Class R6Shares; therefore, the Fund will invest in Class L Shares orInstitutional Class Shares, if applicable and available. To theextent that an underlying fund does not offer Class R6, Class R5or Class L Shares, the Fund will invest in Class I Shares, if avail-able. The shares of the underlying funds in which the AccessFunds invest may impose a separate service fee. To avoidcharging a separate service fee at an effective rate above0.25%, the shareholder servicing agent will waive service feeswith respect to each Access Fund in an amount equal to theweighted average pro rata amount of service fees charged bythe underlying funds. This amount is shown as a waiver under“Fee Waivers and Expense Reimbursements” in the AnnualFund Operating Expenses table.
EXPENSE LIMITATION
The Funds’ adviser has agreed to waive fees and/or reimburseexpenses to the extent Total Annual Fund Operating Expensesof Class A, Class C, Class I and Class L Shares (excludingAcquired Fund (Underlying Fund) Fees and Expenses, dividendand interest expenses related to short sales, interest, taxes,expenses related to litigation and potential litigation andextraordinary expenses) for each Fund exceed 1.55%, 2.05%,1.30% and 1.15%, respectively, of their average daily net assets.This contract is in effect through 10/31/18, at which time theService Providers will determine whether to renew or revise it.
ADDITIONAL FEE WAIVER AND/OR EXPENSEREIMBURSEMENT
Service providers to a Fund may, from time to time, voluntarilywaive all or a portion of any fees to which they are entitledand/or reimburse certain expenses as they may determinefrom time to time. A Fund’s service providers may discontinueor modify these voluntary actions at any time without notice.Performance for the Funds reflects the voluntary waiver of feesand/or the reimbursement of expenses, if any. Without thesevoluntary waivers and/or expense reimbursements, perform-ance would have been less favorable.
ADDITIONAL HISTORICAL PERFORMANCEINFORMATION
JPMorgan Access Balanced FundJPMorgan Access Growth Fund
Historical performance shown for Class C Shares prior to theirinception on 1/4/10 is based on the performance of the Class AShares of the applicable Fund, which invest in the same portfo-lio of securities. The actual returns of Class C Shares wouldhave been lower than the returns shown because Class CShares have higher expenses than Class A Shares.
NOVEMBER 1, 2017 37
The Funds’ Management and Administration
Each Fund is a series of JPMorgan Trust I (JPMT I), a Delawarestatutory trust. The Trust is governed by Trustees who areresponsible for overseeing all business activities of the Funds.
Each of the Funds operates in a multiple class structure. Amultiple class fund is an open-end investment company thatissues two or more classes of shares representing interests inthe same investment portfolio.
Each class in a multiple class fund can set its own transactionminimums and may vary with respect to expenses for dis-tribution, administration and shareholder services. This meansthat one class could offer access to a Fund on different termsthan another class. Certain classes may be more appropriatefor a particular investor.
Each Fund may issue other classes of shares that have differentexpense levels and performance and different requirements forwho may invest. Call 1-800-480-4111 to obtain moreinformation concerning all of the Funds’ other share classes. AFinancial Intermediary who receives compensation for sellingFund shares may receive a different amount of compensationfor sales of different classes of shares.
The Funds’ Investment Adviser and Sub-advisers
J.P. Morgan Investment Management Inc. (JPMIM) is the invest-ment adviser to the Fund, and J.P. Morgan Private InvestmentsInc. (JPMPI); Capital Guardian Trust Company (Capital) andT. Rowe Price Associates, Inc. (T. Rowe Price) are the invest-ment sub-advisers. JPMPI, Capital and T. Rowe Price are eachresponsible for the day-to-day investment decisions of its por-tion of the Fund. The allocation of the assets of each Fundamong JPMPI, Capital and T. Rowe Price will be determined byJPMIM, subject to the review of the J.P. Morgan Funds’ Board ofTrustees. JPMIM, not the Fund, will pay the sub-advisers fortheir services.
JPMIM is a wholly-owned subsidiary of JPMorgan AssetManagement Holdings Inc., which is a wholly-owned subsidiaryof JPMorgan Chase & Co. (JPMorgan Chase), a bank holdingcompany. JPMPI is a wholly-owned subsidiary of JPMorganChase. JPMIM is located at 270 Park Avenue, New York, NY10017; JPMPI is located at 270 Park Avenue, New York, NY10017; Capital is located at 333 South Hope Street, Los Angeles,CA 90071 and T. Rowe Price is located at 100 East Pratt Street,Baltimore, MD 21202.
JPMIM may serve as the “manager of managers” for the Fundsand will have responsibility for monitoring and coordinating theoverall management of the Funds. In this capacity, JPMIM:(i) evaluates, selects, and recommends to the Trustees affiliatedand unaffiliated sub-advisers needed to manage all or part ofthe assets of the Funds; (ii) reviews the Funds’ portfolioholdings and monitors concentration in a particular security orindustry; (iii) monitors and evaluates the sub-advisers’
investment programs and results as well as the performance ofsub-advisers relative to the applicable benchmark indexes; and(iv) reviews the Funds’ compliance with their investmentobjectives, strategies, policies and restrictions.
JPMIM may also directly manage certain portions of the Funds.The sub-adviser(s), and JPMIM to the extent it directly managescertain portions of the Funds, are responsible for decidingwhich securities to purchase and sell for their respective por-tions of the Funds and for placing orders for each Fund’stransactions.
JPMIM has obtained an exemptive order of the SEC grantingexemptions from certain provisions of the Investment CompanyAct of 1940, as amended, (the Exemptive Order), pursuant towhich JPMIM is permitted, subject to supervision and approvalof the Trust’s Trustees, to enter into and materially amendsub-advisory agreements with unaffiliated sub-advisers withoutsuch agreements being approved by the shareholders of eachFund. JPMIM may not enter into any sub-advisory agreementwith an affiliated sub-advisor without such agreement beingapproved by shareholders of each Fund.
Accordingly, each Fund and JPMIM may hire, terminate, orreplace unaffiliated sub-advisers without shareholder approval(except as noted above), including, without limitation, thereplacement or reinstatement of any sub-advisers with respectto which a sub-advisory agreement has automatically termi-nated as a result of an assignment. JPMIM will continue to havethe ultimate responsibility to oversee the sub-advisers andrecommend their hiring, termination and replacement.
Shareholders will be notified of any changes in sub-advisers.Shareholders of each Fund have the right to terminate asub-advisory agreement for each Fund at any time by a vote ofthe majority of the outstanding voting securities of the Fund.The Exemptive Order also permits each Fund to disclose toshareholders the management fees only in the aggregate.
During the most recent fiscal period ended 6/30/17, JPMIM waspaid management fees (net of waivers), as shown below, as apercentage of average daily net assets:
Access Balanced Fund 0.36%
Access Growth Fund 0.40
A discussion of the basis the J.P. Morgan Funds’ Board of Trust-ees of the Trust used in reapproving the investment advisoryand sub-advisory agreements for each Fund is available in thesemi-annual report for the most recent fiscal period endedDecember 31.
The Portfolio Managers
The senior portfolio management team consists of Jeffrey Gaff-ney, Executive Director and Stephanie Sigler Gdula, VicePresident.
38 JPMORGAN ACCESS FUNDS
The portfolio managers are responsible for the day-to-daymanagement of the Funds and determine the underlyinginvestment strategies used for each of the Funds. The Globaland the U.S. Investment Committees are responsible for theasset allocation and portfolio construction of the Funds.
Mr. Gaffney is an Executive Director and the Head of the U.S.Portfolio Construction Team for J.P. Morgan Private Bank. Hejoined J.P. Morgan in 2008 and has been a contributing mem-ber of the Portfolio Construction Team since 2010. Mr. Gaffneyearned a Bachelor of Science in Engineering from PrincetonUniversity in Operations Research and Financial Engineering,and a Master of Business Administration from Yale Universitywith an emphasis in Finance.
Mrs. Sigler Gdula is a Portfolio Manager at J.P. Morgan PrivateBank. She joined J.P. Morgan in 2013 and has been a con-tributing member of the Private Bank Chief Investment Officerteam since 2014. Stephanie began her career with MorganStanley as a member of the Chief Operating Officer team, firstin Asset Management and subsequently in Institutional FixedIncome Sales. Mrs. Sigler Gdula holds a Bachelor’s Degree inInternational Relations from the University of Pennsylvania.
The Statement of Additional Information provides additionalinformation about the portfolio managers’ compensation, otheraccounts managed by the portfolio managers and the portfoliomanagers’ ownership of securities of the Funds.
The Funds’ Administrator
JPMIM (the Administrator) provides administrative services andoversees each Fund’s other service providers. The Admin-istrator receives a pro-rata portion of the following annual feeon behalf of each Fund for administrative services: 0.15% of thefirst $25 billion of average daily net assets of all Funds(excluding certain funds of funds and money market funds) inthe J.P. Morgan Funds Complex plus 0.075% of average dailynet assets of such Funds over $25 billion.
The Funds’ Shareholder Servicing Agent
The Trust, on behalf of the Funds, has entered into a shareholderservicing agreement with JPMorgan Distribution Services, Inc.(JPMDS) under which JPMDS has agreed to provide certain sup-port services to the Funds’ shareholders. For performing theseservices, JPMDS, as shareholder servicing agent, receives anannual fee of 0.25% of the average daily net assets of theClass A, Class C and Class I Shares of each Fund and an annualfee of up to 0.10% of the average daily net assets of the Class LShares of each Fund. JPMDS may enter into service agreementswith Financial Intermediaries under which it will pay all or a por-tion of the annual fee to such Financial Intermediaries for per-forming shareholder and administrative services.
The Funds’ Distributor
JPMDS (the Distributor) is the distributor for the Funds. TheDistributor is an affiliate of JPMIM.
Additional Compensation to Financial Intermediaries
JPMIM, JPMDS and, from time to time, other affiliates of JPMor-gan Chase may also, at their own expense and out of their ownlegitimate profits, provide additional cash payments to Finan-cial Intermediaries whose customers invest in shares of the J.P.Morgan Funds. For this purpose, Financial Intermediariesinclude financial advisors, investment advisers, brokers, finan-cial planners, banks, insurance companies, retirement or 401(k)plan administrators and others, including various affiliates ofJPMorgan Chase, that have entered into agreements withJPMDS. These additional cash payments are payments over andabove any sales charges (including Rule 12b-1 fees) and servicefees, (including sub-transfer agency and networking fees) thatare paid to such Financial Intermediaries, as described else-where in this prospectus. These additional cash payments aregenerally made to Financial Intermediaries that provide share-holder, sub-transfer agency or administrative services or mar-keting support. Marketing support may include access to salesmeetings, sales representatives and Financial Intermediarymanagement representatives, inclusion of the J.P. MorganFunds on a sales list, including a preferred or select sales list,or other sales programs and/or for training and educating aFinancial Intermediary’s employees. These additional cashpayments also may be made as an expense reimbursement incases where the Financial Intermediary provides shareholderservices to J.P. Morgan Fund shareholders. JPMIM and JPMDSmay also pay cash compensation in the form of finders’ feesthat vary depending on the J.P. Morgan Fund and the dollaramount of shares sold. Such additional compensation mayprovide such Financial Intermediaries with an incentive to favorsales of shares of the J.P. Morgan Funds over other investmentoptions they make available to their customers. See the State-ment of Additional Information for more information.
Unaffiliated underlying funds’ service providers may, at theirown expense and out of their own legitimate profits, makepayments to the Funds’ sub-adviser, JPMPI and/or its affiliates,in connection with the Funds’ investments in such unaffiliatedunderlying funds. Such payments will not represent an addi-tional expense to a Fund or to its shareholders, but may provideJPMPI and its affiliates with an incentive to favor investments inthose unaffiliated underlying funds over other investmentoptions available. Furthermore, JPMDS will waive service feeswith respect to a Fund in an amount equal to the correspondingfees received by JPMDS from unaffiliated underlying funds.
NOVEMBER 1, 2017 39
The Funds’ Management and Administration (continued)
The Funds’ Wholly-Owned Subsidiaries
Each Subsidiary is a company organized under the laws of theCayman Islands and is overseen by its own board of directors.Each Fund is the sole shareholder of its Subsidiary, and it iscurrently expected that shares of a Subsidiary will not be soldor offered to other investors. A Subsidiary will be managedpursuant to compliance policies and procedures that are thesame in all material respects as the policies and proceduresadopted by each Fund. As a result, in managing a Subsidiary’sportfolio, JPMIM and JPMPI are subject to the same investmentpolicies and restrictions that apply to the management of aFund, and, in particular, to the requirements relating to portfo-lio leverage, liquidity, brokerage and the timing and method ofthe valuation of a Subsidiary’s portfolio investments and sharesof a Subsidiary.
These policies and restrictions are described in detail in theFunds’ SAI. The Funds’ Chief Compliance Officer overseesimplementation of each Subsidiary’s policies and procedures,
and makes periodic reports to the J.P. Morgan Funds’ Board ofTrustees regarding each Subsidiary’s compliance with its poli-cies and procedures. Each Subsidiary has entered into separatecontracts with JPMIM and its affiliates to provide investmentadvisory and other services to the Subsidiary. JPMIM hasentered into a contract with JPMPI to serve as sub-adviser toeach Subsidiary. JPMIM has agreed to waive the advisory feethat it receives from each Fund in an amount equal to the advi-sory fee paid to JPMIM by each Subsidiary. This waiver will con-tinue in effect so long as the Fund invests in a Subsidiary andmay not be terminated without approval by the J.P. MorganFund’s Board of Trustees. Each Subsidiary has also entered intoseparate contracts for the provision of custody, transfer agencyand audit services. Consolidated results of the Funds and theirSubsidiaries will be included in the Funds’ annual reports andsemi-annual reports provided to shareholders. Copies of thereports are provided without charge upon request as indicatedon the back cover of this prospectus.
40 JPMORGAN ACCESS FUNDS
Investing with J.P. Morgan Funds
CHOOSING A SHARE CLASS
Each share class represents an investment in the same portfolio of securities, but each has different availability and eligibility criteria,sales charges, expenses, dividends and distributions. These arrangements allow you to choose the available class that best meetsyour needs. You should read this section carefully to determine which share class is best for you. Factors you should consider inchoosing a share class include:
‰ The amount you plan to invest;
‰ The length of time you expect to hold your investment;
‰ The total costs associated with your investment, including any sales charges that you pay when you buy or sell your Fund sharesand expenses that are paid out of Fund assets over time;
‰ Whether you qualify for any reduction or waiver of sales charges;
‰ Whether you plan to take any distributions in the near future;
‰ The availability of the share class;
‰ The services that will be available to you;
‰ The amount of compensation that your Financial Intermediary will receive; and
‰ The advantages and disadvantages of each share class.
Please read this prospectus carefully, and then select the Fund and share class most appropriate for you and decide how much youwant to invest. Each Fund may offer other classes of shares not included in this prospectus that have different expense levels, per-formance and eligibility requirements from the share classes offered in this prospectus. Call 1-800-480-4111 to obtain moreinformation concerning these or other share classes. A Financial Intermediary may receive different compensation based on theshare class sold.
Shares of the Funds have not been registered for sale outside of the United States. This prospectus is not intended for distributionto prospective investors outside of the United States. The Funds generally do not market or sell shares to investors domiciled out-side of the United States, even, with regard to individuals, if they are citizens or lawful permanent residents of the United States.
NOVEMBER 1, 2017 41
Investing with J.P. Morgan Funds (continued)
Class A Class C Class I Class L
Eligibility1,2
(refer to AdditionalInformation RegardingEligibility Section formore details)
Limited to QualifiedInvestors
Limited to QualifiedInvestors3
Limited to QualifiedInvestors
Limited to QualifiedInvestors
MinimumInvestment1,4,5
$1,000 for each Fund or$50, if establishing amonthly $50 SystematicInvestment Plan6
$1,000 for each Fund or$50, if establishing amonthly $50 SystematicInvestment Plan6
$1,000,000 — Aninvestor can combinepurchases of Class IShares of otherJ.P. Morgan Funds inorder to meet theminimum.
$1,000 for each Fund or$50, if establishing amonthly $50 SystematicInvestment Plan forinvestments through anEligible BrokerageProgram.
$1,000 for each Fund or$50 if establishing amonthly $50 SystematicInvestment Plan7 forinvestments byemployees of JPMorganChase and its affiliatesand officers or trusteesof the J.P. MorganFunds.6
$3,000,000 — Aninvestor can combinepurchases of Class LShares of otherJ.P. Morgan Funds inorder to meet theminimum.
Minimum SubsequentInvestments1
$508 $508 No minimum except $50for investments byemployees of JPMorganChase and its affiliates,officers or trustees of theJ.P. Morgan Funds andinvestments through anEligible BrokerageProgram.
No minimum
Systematic InvestmentPlan
Yes Yes No except forinvestments byemployees of JPMorganChase and its affiliates,officers or trustees of theJ.P. Morgan Funds andinvestment through anEligible BrokerageProgram.
No
42 JPMORGAN ACCESS FUNDS
Class A Class C Class I Class L
Systematic RedemptionPlan
Yes Yes No except forinvestments byemployees of JPMorganChase and its affiliatesand officers or trustees ofthe J.P. Morgan Funds.
No
Front-End Sales Charge(refer to Sales Chargesand FinancialIntermediaryCompensation Sectionfor more details)
Up to 4.50% reduced orwaived for largepurchases and certaininvestors, eliminated forpurchases of $1 millionor more.
Distribution (12b-1) Fee 0.25% of the averagedaily net assets.
0.75% of the averagedaily net assets.
None None
Service Fee 0.25% of the averagedaily net assets.
0.25% of the averagedaily net assets.
0.25% of the averagedaily net assets.
0.10% of the averagedaily net assets.
Conversion Fee9 None Class C Shares will beconverted to Class AShares in the followinginstances:‰ Beginning
November 14, 2017,Class C Sharepositions will convertto Class A Shares after10 years, or
‰ If Class C Shares heldin an account with athird party broker ofrecord are transferredan account with theDistributor afterApril 10, 2017, thoseClass C Shares will beconverted to Class AShares in the monthfollowing the transfer.
None None
Redemption Fee None None None None
NOVEMBER 1, 2017 43
Investing with J.P. Morgan Funds (continued)
Class A Class C Class I Class L
Advantages If you are eligible to havethe sales charge reducedor eliminated or you havea long-term investmenthorizon, these shareshave lower distributionfees over a longer terminvestment horizon thanClass C Shares.
No front-end salescharge is assessed soyou own more sharesinitially. These sharesmay make sense forinvestors who have ashorter investmenthorizon relative to ClassA Shares.
No front-end salescharge or CDSC isassessed so you ownmore shares initially. Inaddition, Class I Shareshave lower fees thanClass A and Class CShares.
No front-end salescharge or CDSC isassessed so you ownmore shares initially. Inaddition, Class L Shareshave the lowest feestructure of the sharesoffered in thisprospectus.
Disadvantages A front-end sales chargeis generally assessed,diminishing the numberof shares owned. If youare eligible to have thesales charge reduced oreliminated, you may besubject to a CDSC. Class AShares may not makesense for investors whohave a shorterinvestment horizonrelative to Class C Shares.
Shares are subject toCDSC and have higherongoing distributionfees. This means thatover the long termClass C Shares accruehigher fees than Class AShares.
Limited availability andhigher minimum initialinvestment than Class Aand Class C Shares.
Limited availability andhigher minimum initialinvestment than Class A,Class C and Class IShares. Not all Fundshave Class L Shares.
1 Financial Intermediaries or other organizations making the Funds available to their clients or customers may impose minimums which may be different from therequirements for investors purchasing directly from the Funds.
2 Effective 4/3/17, new Group Retirement Plans (please see the Glossary for definition) are not eligible to purchase Class A, Class C, Class I or Class L Shares. GroupRetirement Plans (and their successor, related and affiliated plans) which have these share classes of a Fund available to participants on or before 4/3/17, may con-tinue to open accounts for new participants in such share classes of a Fund and purchase additional shares in existing participant accounts. In addition, new GroupRetirement Plans may purchase Class A, Class C, Class I or Class L Shares of the Fund until 12/31/18, if it is determined that the particular Group Retirement Plan ishaving operational difficulties in implementing the new eligibility restrictions and receives the approval of the Fund and its Distributor to make purchases. SelectFinancial Intermediaries, which have received written approval from the Fund on behalf of existing Group Retirement Plan participants that hold Class C Shares, maypurchase Class A Shares.
3 Investors who hold shares in accounts where the Distributor is broker of record are no longer eligible to purchase Class C Shares. In addition, shareholders areineligible to hold Class C Shares that are eligible for conversion to Class A Shares.
4 Investment minimums may be waived for certain types of Group Retirement Plans, as well as for certain fee-based programs. The J.P. Morgan Funds reserve theright to waive any initial or subsequent investment minimum.
5 Please see “MINIMUM ACCOUNT BALANCE” for more information about minimum balance requirements.6 You are eligible for the lower $50 initial investment amount as long as you agree to make regular monthly investments of at least $50 until you reach the required
$1,000 investment amount per Fund. Once the required amount is reached, you must maintain the minimum $1,000 investment in the Fund.7 May also be purchased directly from the Funds by officers, directors, 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
8 Minimum subsequent investment amount for Systematic Investment Plans established before 3/1/15 is $25.9 Please see “Class C Shares Conversion Feature” for more information about the conversion feature.
Additional Information Regarding Eligibility
Only Qualified Investors may purchase shares. For the purposes of the Funds, Qualified Investors are trusts, fiduciary accounts, invest-ment management and other investment clients of JPMorgan Chase Bank and its affiliates and self-directed clients of J.P. MorganSecurities Inc. (each, a Financial Intermediary). Officers, directors, trustees, retirees and employees, and their immediate family mem-bers (i.e., spouses, domestic partners, children, grandchildren, parents, grandparents and any dependent of the person, as defined inSection 152 of the Internal Revenue Code) of J.P. Morgan Funds and JPMorgan Chase and its subsidiaries and affiliates may also purchaseshares directly from the Funds.
44 JPMORGAN ACCESS FUNDS
Current shareholders of the Funds that are no longer Qualified Investors may also purchase additional shares of the applicable Funddirectly from the Fund or through financial advisors, investment advisers, brokers, financial planners, banks, insurance companies,retirement or 401(k) plan administrators and others, including various affiliates of JPMorgan Chase, that have entered into a writtenagreement with the Distributor and/ or shareholder servicing agent to offer such shares (“Eligible Brokerage Program”).
SALES CHARGES AND FINANCIAL INTERMEDIARY COMPENSATION
The following section describes the various sales charges and other fees that you will pay if you purchase shares of the Funds. Inaddition, it describes the types of compensation paid to Financial Intermediaries for the sale of Fund shares and related services. TheDistributor reserves the right to change sales charges, commissions and finder’s fees at any time.
To obtain information regarding sales charges and the reduction, and elimination or waiver of sales charges on Class A and Class CShares of the Funds, see below, visit www.jpmorganaccessfunds.com or call 1-800-480-4111. You may also contact your FinancialIntermediary about the reduction, elimination or waiver of sales charges. You may also contact your Financial Intermediary about anycommissions charged by them on your purchase of Class I Shares.
Class A Shares
The public offering price of Class A Shares of each Fund is the net asset value (NAV) per share plus the applicable sales charge,unless you qualify for a waiver of the sales charge. The sales charge is allocated between your Financial Intermediary and theDistributor as shown in the tables below, except if the Distributor, in its discretion, re-allows the entire amount to your FinancialIntermediary. In those instances in which the entire amount is re-allowed, such Financial Intermediaries may be deemed to beunderwriters under the Securities Act of 1933.
The table below shows the front-end sales charge you would pay at different levels of investment, the commission paid to FinancialIntermediaries, any finders fees paid to Financial Intermediaries and any applicable CDSC. Purchases at certain dollar levels, knownas “breakpoints,” allow for a reduction in the front-end sales charge.
Class A SharesAmount of Investment
Sales Chargeas a % of
Offering Price
Sales Chargeas a % of your
Investment1
Commissionas a % of
Offering Price2
CDSC
Less than $100,000 4.50 4.71 4.05 0.00
$100,000- $249,999 3.50 3.63 3.05 0.00
$250,000 to $499,999 2.50 2.56 2.05 0.00
$500,000 to $999,999 2.00 2.04 1.60 0.00
Amount of Investment Sales Chargeas a % of
Offering Price
Sales Chargeas a % of your
Investment
Finder’s Feeas a % of your
Investment3
CDSCas a % of yourRedemption3, 4
$1,000,000 to $3,999,999 0.00 0.00 1.00
0-18 months — 1.00%$4,000,000 to $9,999,999 0.00 0.00 0.75
$10,000,000 to $49,999,999 0.00 0.00 0.50
$50,000,000 or more 0.00 0.00 0.25
1 The actual sales charge you pay may differ slightly from the rates disclosed above due to rounding calculations.2 The sales charge is allocated between your Financial Intermediary and the Distributor. The Distributor, at its discretion, may re-allow the entire sales charge to your
Financial Intermediary; in those instances such Financial Intermediaries may be deemed to be underwriters under the Securities Act of 1933.3 The Distributor or its affiliates pays any finder’s fee to your Financial Intermediary. The Distributor or its affiliates may withhold finder’s fees with respect to short-
term investments.4 Please see the “Exchanging Fund Shares” section for details regarding CDSC and exchanges.
The Distributor may also pay Financial Intermediaries a finder’s fee on sales to defined contribution plans with no minimum invest-ment amount.
NOVEMBER 1, 2017 45
Investing with J.P. Morgan Funds (continued)
Finder’s Fee Schedule for Defined Contribution Plans
Class A SharesAmount of Investment
Sales Chargeas a % of
Offering Price
Sales Chargeas a % of your
Investment
Finder’s Feeas a % of your
Investment
CDSCas a % of yourRedemption1
$0 to $3,999,999 0.00 0.00 1.00 0.00
$4,000,000 to $9,999,999 0.00 0.00 0.75 0.00
$10,000,000 to $49,999,999 0.00 0.00 0.50 0.00
$50,000,000 or more 0.00 0.00 0.25 0.00
1 If a plan redeems the shares of certain funds for which a finder’s fee has been paid within 18 months of the purchase date, no CDSC is charged; however, theDistributor reserves the right to reclaim the finder’s fee paid to the Financial Intermediary.
Class C Shares
The table below shows the amount of sales charge, commission paid and any CDSC that may be charged.
Class C SharesAmount of Investment
Sales Chargeas a % of
Offering Price
Sales Chargeas a % of your
Investment
Commissionas a % of
Offering Price
CDSCas a % of yourRedemption
All Investments 0.00 0.00 1.00 0-12 months —1.00%
Class I Shares and Class L Shares
There is no sales charge, commission or CDSC associated with Class I Shares or Class L Shares.
Reducing Your Class A Sales Charges
Each Fund permits you to reduce the front-end sales charge you pay on Class A Shares by exercising your Rights of Accumulation orLetter of Intent privileges. Both of these are described below.
Rights of Accumulation: For Class A Shares, a front-end sales charge can be reduced by breakpoint discounts based on the amount ofa single purchase or through Rights of Accumulation. By using Rights of Accumulation, you may combine the current market value ofany existing qualifying holdings and account types (as described below) with the amount of the current purchase to qualify for abreakpoint and reduced sales charge on the current purchase.
Effective July 3, 2017, the amount of the sales charge will be calculated based on the higher of (a) the market value of your qualifiedholdings as of the last calculated NAV prior to your investment or (b) if you purchased shares after July 3, 2017, the initial value oftotal share purchases, or if you already held shares on July 3, 2017, the market value of the shares on that date, provided that, ineither case, the value will be reduced by the market value on the applicable redemption date of any shares you have redeemed.Depending on their operational capabilities, Financial Intermediaries may utilize one or both of the methods described above so yourholdings could be valued differently depending on where you hold your shares.
Letter of Intent: By signing a Letter of Intent, you may combine the current market value of any existing qualifying holdings andaccount types with the value that you intend to buy over a 13 month period to calculate the front-end sales charge and any break-point discounts. Each purchase that you make during that 13 month period will receive the sales charge and breakpoint discount thatapplies to the total amount. The 13 month Letter of Intent period commences on the day that the Letter of Intent is received by theFunds or your Financial Intermediary, and you must inform your Financial Intermediary or the J.P. Morgan Funds that you have aLetter of Intent each time you make an investment. Purchases submitted prior to the date on which the Letter of Intent is received bythe Funds or your Financial Intermediary are considered only in determining the level of sales charge that will be paid. The Letter ofIntent will not result in a reduction in the amount of any previously paid sales charges.
A percentage of your investment will be held in escrow until the full amount covered by the Letter of Intent has been invested. If theterms of the Letter of Intent are not fulfilled by the end of the 13th month, you must pay the Distributor the difference between thesales charges applicable to the purchases at the time they were made and the reduced sales charges previously paid or the Distrib-utor will liquidate sufficient escrowed shares to obtain the difference and/or adjust the shareholder’s account to reflect the correctnumber of shares that would be held after deduction of the sales charge. The Letter of Intent will be considered completed if the
46 JPMORGAN ACCESS FUNDS
shareholder dies within the 13 month period covered by the Letter of Intent. Commissions to dealers will not be adjusted or paid onthe difference between the Letter of Intent amount and the amount actually invested before the shareholder’s death. Calculationsmade to determine whether a Letter of Intent commitment has been fulfilled will be made on the basis of the amount invested priorto the deduction of any applicable sales charge.
Below are the qualifying holdings and account types that may be aggregated in order to exercise your Rights of Accumulation andLetter of Intent privileges to qualify for a reduced front-end sales charge on Class A Shares.
Qualifying Holdings: Class A, Class C, Class I and Class L Shares of J.P. Morgan Funds and Class A, Class B, Class C and AdvisorClass units in New York’s 529 Advisor-Guided College Savings Program (NY529 Advisor-Guided Plan). Investments in the Institu-tional Class Shares of the J.P. Morgan Money Market Funds and in the JPMorgan 529 U.S. Government Money Market Portfolio arenot included.
Qualifying Accounts: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; and6. Single-participant retirement plans of any of the individuals in items (1) through (3) above.
You may use your qualifying holdings and account types even if they are held at different Financial Intermediaries. In order toobtain any reduction in the sales charge by utilizing either the Rights of Accumulation or Letter of Intent privileges, you must,before each purchase of Class A Shares, inform your Financial Intermediary or the Funds if you have any existing holdingsthat may be aggregated with your current purchase in order to qualify for a reduced front-end sales charge.
In order to verify your eligibility for a reduced sales charge, you may be required to provide appropriate documentation, such as anaccount statement or the social security or tax identification number on an account, so that J.P. Morgan Funds may confirm (1) thevalue of each of your accounts invested in J.P. Morgan Funds or in the NY 529 Advisor-Guided Plan and (2) the value of the accountsowned by your spouse or domestic partner and by children under the age of 21 who share your residential address.
Certain Financial Intermediaries may not participate in extending the Rights of Accumulation or Letter of Intent privileges to yourholdings in the NY529 Advisor-Guided Plan. Please check with your Financial Intermediary to determine whether the Financial Inter-mediary makes these privileges available with respect to NY 529 Advisor-Guided Plan investments.
Additional information regarding the reduction of Class A sales charges is available in the Fund’s Statement of AdditionalInformation. To determine if you are eligible for Rights of Accumulation or Letter of Intent privileges or to request a copy of theStatement of Additional Information, call 1-800-480-4111. These programs may be terminated or amended at any time.
Sales Charge Waivers
The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from theFunds or through a Financial Intermediary. Financial Intermediaries may have different policies and procedures regarding the avail-ability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers, which are discussed in AppendixA. For waivers and discounts not available through a particular Financial Intermediary, shareholders will have to purchaseFund shares directly from the Funds or through another intermediary to receive the waivers or discounts discussed below.
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 J.P. Morgan Fund if a comparable sales charge has been paid for the exchangedshares.
NOVEMBER 1, 2017 47
Investing with J.P. Morgan Funds (continued)
3. Bought by officers, directors, trustees, retirees and employees, and their immediate family members (i.e., spouses, domesticpartners, children, grandchildren, parents, grandparents and any dependent of the person, as defined in Section 152 of theInternal Revenue Code) of:
‰ J.P. Morgan Funds.
‰ JPMorgan Chase and its subsidiaries and affiliates.
Former employees and their immediate family members can make subsequent purchases in accounts established during theemployee’s employment. Officers, directors, trustees, retirees and employees, and their immediate family members of J.P. MorganFunds and JPMorgan Chase and its subsidiaries and affiliates may open new Class I Share accounts subject to a $1,000 minimuminvestment requirement provided such accounts are opened directly from the Funds and not through a Financial Intermediary.Class I Shares have lower expenses than Class A Shares. Please call 1-800-480-4111 for more information concerning all of theFunds’ other share classes.
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 Distributorand their subsidiaries and affiliates (or otherwise have an arrangement with a Financial Intermediary or financial institutionwith 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 inSection 152 of the Internal Revenue Code).
5. Bought by:
‰ Employer sponsored retirement, deferred compensation, employee benefit plans (including health savings accounts) andtrusts used to fund those plans. Employer sponsored plans include 401(k) plans, 457 plans, 403(b) plans, profit-sharing andmoney purchase pension plans, defined benefit plans, retiree health benefit plans and non-qualified deferred compensa-tion plans. Traditional IRAs, Roth IRAs, Coverdell Education Savings Accounts, SEPs, SARSEPs, SIMPLE IRAs and KEOGHsplans do not qualify under this waiver.
‰ Financial Intermediaries, including affiliates of JPMorgan Chase, who have a dealer arrangement with the Distributor, act ina custodial capacity, or who place trades for their own accounts or for the accounts of their clients and who chargemanagement, asset allocation, consulting or other fee for their services.
‰ Financial Intermediaries who have entered into an agreement with the Distributor and have been approved by the Distrib-utor to offer Fund shares to investment brokerage programs in which the end shareholder makes investment decisionsindependent of a financial advisor; these programs may or may not charge a transaction fee.
‰ Tuition programs that qualify under Section 529 of the Internal Revenue Code.
‰ A bank, trust company or thrift institution which is acting as a fiduciary exercising investment discretion, provided thatappropriate notification of such fiduciary relationship is reported at the time of the investment to the Fund or the Fund’sDistributor.
6. Bought in connection with plans of reorganization of a J.P. Morgan Fund, such as mergers, asset acquisitions and exchangeoffers to which a Fund is a party. However, you may pay a CDSC when you redeem the Fund shares you received in connectionwith the plan of reorganization.
7. Purchased in Individual Retirement Accounts (IRAs) established prior to September 2, 2014:
i. That were established through a rollover from a qualified retirement plan for which J.P. Morgan Retirement Plan ServicesLLC had a contractual relationship to provide recordkeeping for the plan (an “RPS Rollover IRA”) or an IRA that was sub-sequently established in connection with the RPS Rollover IRA;
ii. Where JPMorgan Institutional Investments Inc. continues to be the broker of record for the IRA; and
iii. Where UMB Bank, n.a. continues to serve as custodian for the IRA.
8. Purchased in an account where the Distributor is the broker of record as of April 10, 2017.
48 JPMORGAN ACCESS FUNDS
To determine if you qualify for a sales charge waiver, call 1-800-480-4111 or contact your Financial Intermediary. These waivers maynot continue indefinitely and may be discontinued at any time without notice.
Contingent Deferred Sales Charge (CDSC)
Certain redemptions of Class A and Class C Shares are subject to a CDSC. Please see “SALES CHARGES AND FINANCIAL INTERMEDIARYCOMPENSATION” for the amount of the applicable CDSC. The CDSC is calculated by multiplying the original cost of the shares by theCDSC rate. For Class A Shares, the CDSC is calculated from the date of the purchase of the applicable shares. For Class C Shares, theFund assumes that all purchases made in a given month were made on the first day of the month.
No CDSC is imposed on share appreciation, nor is a CDSC imposed on shares acquired through reinvestment of dividends or capitalgains distributions.
To keep your CDSC as low as possible, the Funds will first redeem any shares that are not subject to a CDSC (i.e., shares that havebeen held for longer than the CDSC period or shares acquired through reinvestment of dividends or capital gains distributions), fol-lowed by the shares held for the longest time. You should retain any records necessary to substantiate historical costs because theDistributor, the Funds, the transfer agent and your Financial Intermediary may not maintain such information.
If you received Fund shares in connection with a fund reorganization, the CDSC applicable to your original shares (including theperiod of time you have held those shares) will be applied to the shares received in the reorganization.
Waiver of the Class A and Class C CDSC
No CDSC is imposed on redemptions of shares:
1. If you participate in a Systematic Withdrawal Plan and withdraw no more than the amount permitted to be withdrawn without aCDSC. Please refer to Systematic Withdrawal Plan in the “HOW TO REDEEM” table below.
2. Made due to the death or disability of a shareholder. For shareholders that become disabled, the redemption must be madewithin one year of initial qualification for Social Security disability payments or within one year of becoming disabled asdefined in section 72(m)(7) of the Internal Revenue Code. This waiver is only available for accounts opened prior to the share-holder’s disability. In order to qualify for the waiver, the Distributor must be notified of the death or disability at the time ofthe redemption order and be provided with satisfactory evidence of such death or disability.
3. That represent a required minimum distribution from your IRA Account or other qualifying retirement plan but only if you areat least age 70 1/2. If the shareholder maintains more than one IRA, only the assets in the IRA that is invested in one or moreof the J.P. Morgan Funds are considered when calculating that portion of your required minimum distribution that qualifies forthe waiver.
4. That are part of a Fund-initiated event, such as mergers, liquidations, asset acquisitions, and exchange offers to which a Fundis a party, or result from a failure to maintain the required minimum balance in an account. However, you may pay a salescharge when you redeem the Fund shares you received in connection with the Fund-initiated event.
5. Exchanged into the same share class of other J.P. Morgan Funds. Your new Fund will be subject to the CDSC of the Fund fromwhich you exchanged and the current holding period is carried over to your new shares. Please read “Exchanging FundShares” for more information.
6. For Class C Shares only, if your Financial Intermediary has notified the Distributor before you invest that it is waiving its com-mission.
7. Sold as a return of excess contributions from an IRA Account.
8. Sold to pay the Distributor or a Financial Intermediary account-related fees (only if the transaction is initiated by the Distrib-utor or the Financial Intermediary).
To see if you qualify for a CDSC waiver, call 1-800-480-4111 or contact your Financial Intermediary. These waivers may not continueindefinitely and may be discontinued at any time without notice.
NOVEMBER 1, 2017 49
Investing with J.P. Morgan Funds (continued)
Repurchase Rights
If you redeem shares in a mutual fund, Repurchase Rights may allow you to reinvest or repurchase shares at NAV during a definedtime period.
1. There is no sales charge on Class A Shares if they are bought with proceeds from the sale of Class A Shares of a J.P. MorganFund, but only if the purchase is made within 90 days of the sale or distribution. For purposes of this reinvestment policy,automatic transactions (for example, systematic purchases, systematic withdrawals, and payroll deductions) are not eligible.Appropriate documentation may be required.
2. There is no sales charge on Class A Shares if they are bought with proceeds from the sale of Class I Shares of a J.P. MorganFund or acquired in an exchange of Class I Shares of a J.P. Morgan Fund for Class A Shares of the same Fund, but only if thepurchase is made within 90 days of the sale or distribution. For purposes of this reinvestment policy, automatic transactions(for example, systematic purchases, systematic withdrawals, and payroll deductions) are not eligible. Appropriate doc-umentation may be required.
3. There is no sales charge on Class A Shares if they are bought with proceeds from the sale of Morgan Shares of the JPMorganPrime Money Market Fund, provided that the Morgan Shares were acquired by an exchange from Class A Shares but only if thepurchase is made within 90 days of the sale. Appropriate documentation may be required.
4. If you repurchase Class C Shares within 90 days of a redemption, there will be no CDSC on the new Class C Shares. Appropriatedocumentation may be required.
Rule 12b–1 Fees
Each Fund described in this prospectus has adopted a Distribution Plan under Rule 12b-1 with respect to Class A and Class C Sharesthat allows it to pay distribution fees for the sale and distribution of those shares of the Funds. These fees are called “Rule 12b-1fees.” Rule 12b-1 fees are paid by the Funds to the Distributor as compensation for its services and expenses in connection with thesale and distribution of Fund shares. The Distributor in turn pays all or part of these Rule 12b-1 fees to Financial Intermediaries thathave agreements with the Distributor to sell shares of the Funds. The Distributor may pay Rule 12b-1 fees to its affiliates. Paymentsare not tied to actual expenses incurred.
The Rule 12b-1 fees (based on average daily net assets of the share class) vary by share class as follows:
Class Rule 12b-1 Fee
Class A 0.25%
Class C 0.75%
Class I None
Class L None
Rule 12b-1 fees, together with the CDSC, help the Distributor sell Class C Shares without an upfront sales charge by defraying thecosts of advancing brokerage commissions and other expenses paid to Financial Intermediaries.
Because Rule 12b-1 fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your invest-ment and may cost you more than paying other types of sales charges.
Networking and Sub-Transfer Agency Fees
J.P. Morgan Funds have entered into agreements directly with Financial Intermediaries pursuant to which the Funds will pay theFinancial Intermediary for services such as networking or sub-transfer agency (collectively, the “Sub-TA Agreements”). Sub-TAAgreement payments are generally based on either (1) a percentage of the average daily net assets of clients serviced by such Finan-cial Intermediary up to a set maximum dollar amount per shareholder account serviced, or (2) a per account fee based on thenumber of accounts serviced by such Financial Intermediary. Sub-TA Agreement payments are in addition to, rather than in lieu of,Rule 12b-1 fees the Financial Intermediary may also be receiving pursuant to agreements with the Distributor for classes withRule 12b-1 fees. From time to time, JPMIM or its affiliates may pay a portion of the fees for networking or sub-transfer agency at its ortheir own expense and out of its or their legitimate profits.
50 JPMORGAN ACCESS FUNDS
Effective April 3, 2017, the J.P. Morgan Funds ceased making direct payments to financial intermediaries for any applicable sub-transfer agency services. After this date, payments to financial intermediaries for sub-transfer agency services will be made by theDistributor, as shareholder servicing agent, from the service fee. From time to time, J.P. Morgan Investment Management Inc. or itsaffiliates may pay a portion of the sub-transfer agency fees at its or their own expense and out of its or their legitimate profits.
Service Fees
The Distributor, as shareholder servicing agent, receives an annual fee of up to the following (based on the average daily net assetsof each class of a Fund).
Class Service Fee
Class A 0.25%
Class C 0.25%
Class I 0.25%
Class L 0.10%
The Distributor may enter into service agreements with Financial Intermediaries under which it will pay all or a portion of that fee tosuch Financial Intermediaries for performing shareholder and administrative services.
Class C Shares Conversion Feature
C Shares will be converted to Class A Shares in the following instances:
‰ If an investor is eligible to purchase Class A Shares, then their Class C Share positions will convert to Class A Shares after 10 years,calculated from the first day of the month of purchase and processed on the tenth business day of the anniversary month.
‰ If Class C Shares held in an account with a third party broker of record are transferred to an account with the Distributor afterApril 10, 2017, those Class C Shares will be converted to Class A Shares on the tenth business day of the month following the transfer.
Because the share price of the Class A Shares may be higher than that of the Class C Shares at the time of conversion, you mayreceive fewer Class A Shares; however, the dollar value will be the same.
After conversion, your new shares will be subject to the lower Rule 12b-1 fees charged on Class A Shares. You will not be assessed anysales charges or fees for the conversion of shares, nor will you be subject to any federal income tax as a result of the conversion. Youwill not pay any contingent deferred sales charge (CDSC) when you sell Class A Shares that have converted from Class C Shares.
PURCHASING FUND SHARES
You may purchase shares directly from the Funds through the Distributor or through your Financial Intermediary.
This prospectus offers multiple share classes. Each share class has different sales charges and/or expenses. When deciding whatshare class to buy, you should consider the amount of your investment, the length of time you intend to hold the shares, the salescharges and expenses applicable to each share class and whether you qualify for any sales charge discounts. Please refer to“Choosing a Share Class” for investment minimums for initial and subsequent purchases and to help you determine which share classwould be best for you.
Purchase and redemption orders will be accepted only on days that J.P. Morgan Funds are open for business. The Funds are open forbusiness on each day the NYSE is open for trading. The NYSE is closed for trading on the following holidays: New Year’s Day, MartinLuther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day and ChristmasDay. A purchase or redemption order received by a Fund prior to the close of regular trading on the NYSE (normally 4:00 p.m. ET)(“Fund Close”), on a day the Funds are open for business, will be effected at that day’s NAV. The Funds will not treat an intradayunscheduled disruption or closure in NYSE trading as a closure of the NYSE and will calculate NAV as of 4:00 p.m., ET if the particulardisruption or closure directly affects only the NYSE. An order received after the Fund Close will generally be effected at the NAVdetermined on the next business day. However, orders received by Financial Intermediaries on a business day prior to the Fund Closeand communicated to the Funds prior to such time as agreed upon by the Funds and the Financial Intermediary will be effected at theNAV determined on the business day the order was received by the Financial Intermediary.
A purchase order must be supported by all appropriate documentation and information in the proper form. The Fund may refuse tohonor incomplete purchase orders.
NOVEMBER 1, 2017 51
Investing with J.P. Morgan Funds (continued)
Share ownership is electronically recorded; therefore, no certificate will be issued. A shareholder who purchases shares of a Fundthat accrues dividends daily will not accrue a dividend on the day of the purchase.
If you purchase shares through your Financial Intermediary, contact your investment representative for their requirements andprocedures. If a Financial Intermediary holds your shares, it is the responsibility of the Financial Intermediary to send your purchaseorder to the Fund. Your Financial Intermediary may have an earlier cut-off time for purchase orders.
If you purchase shares directly with the Funds, see the information below.
HOW TO PURCHASE DIRECTLY WITH J.P. MORGAN FUNDS
Opening a New Account Purchasing into an Existing Account
By Phone or Online
1-800-480-4111Shareholder Services representatives areavailable Monday through Friday from8:00 am to 7:00 pm ET.
www.jpmorganaccessfunds.comNote: Certain account types are not avail-able for online account access. Please callfor additional information.
A new account generally may not beopened by phone or online.
Employees of JPMorgan Chase & Co. mayopen a new account online.
A new fund position can be added to anexisting account by phone or online if youhave bank information on file. Theminimum initial investment requirementmust be met.
You must already have bank informationon file. If we do not have bankinformation on file, you must submitwritten instructions. Please call forinstructions on how to add bankinformation to your account.
By Mail
Regular mailing address:J.P. Morgan Funds ServicesP.O. Box 8528Boston, MA 02266-8528
Overnight mailing address:J.P. Morgan Funds Services30 Dan RoadCanton, MA 02021-2809
Mail the completed and signed applicationwith a check to our Regular or Overnightmailing address.
Refer to the Additional InformationRegarding Purchases section
Please mail your check and include yourname, the Fund name, and your fundaccount number.
All checks must be made payable to one of the following:‰ J.P. Morgan Funds; or‰ The specific Fund in which you are investing.
Please include your existing account number, if applicable.
All checks must be in U.S. dollars. The Funds do not accept credit cards, cash, starterchecks, money orders or credit card checks. The Funds reserve the right to refuse“third-party” checks and checks drawn on non-U.S. financial institutions even ifpayment may be effected through a U.S. financial institution. Checks made payable toany individual or company and endorsed to J.P. Morgan Funds or a Fund areconsidered third-party checks.
By ACH or Wire1
1-800-480-4111
Wire Instructions:Boston Financial Data Services2000 Crown Colony DriveQuincy, MA 02169
Attn: J.P.Morgan Funds ServicesABA: 021 000 021DDA: 323 125 832FBO: Fund NameFund: Fund #Account: Your Account # andYour Account Registration
You may include bank information onyour application for your initial purchaseto be processed via Automated ClearingHouse (ACH) rather than sending a check.
New accounts cannot be opened by wirepurchase.
Purchase by ACH: To process a purchasevia ACH using bank information on fileyou may call us or process the purchaseonline.
Purchase by Wire: If you choose to pay bywire, please call to notify the Funds ofyour purchase. You must also initiate thewire with your financial institution.
52 JPMORGAN ACCESS FUNDS
HOW TO PURCHASE DIRECTLY WITH J.P. MORGAN FUNDS
Opening a New Account Purchasing into an Existing Account
Systematic Investment Plan1 You may include instructions to set up aSystematic Investment Plan on yourapplication. Bank Information must beincluded.
Refer to Choosing A Share Class for fundminimums.
If bank information is on file, you maycall, go online or mail written instructionsto start, edit or delete a SystematicInvestment Plan.
You cannot have a Systematic InvestmentPlan and a Systematic Withdrawal Plan orSystematic Exchange Plan on the samefund account.
If bank information is not on file, you willbe required to submit a completed formwith your bank information andSystematic Investment Plan details.
1 The Funds currently do not charge for these services, but may impose a charge in the future. However, your bank may impose a charge for debiting your bankaccount.
Transactions by phone, fax or the Internet
You may access your account and conduct certain transactions using phone, fax or the J.P. Morgan Funds website. Phone con-versations are recorded. The J.P. Morgan Funds and their agents use reasonable procedures to verify the identity of the shareholder.If these procedures are followed, the J.P. Morgan Funds and their agents are not liable for any losses, liability, cost or expenses(including attorney fees) that may occur from acting on unauthorized or fraudulent instructions. Therefore please take precautions toprotect your account information and immediately review account statements or other information provided to you. In addition, aconfirmation is sent promptly after a transaction. Please review it carefully and contact J.P. Morgan Funds Services or your FinancialIntermediary immediately about any transaction you believe to be unauthorized. You may revoke your right to make purchases overthe phone or by mailing written instructions to us.
You may not always reach J.P. Morgan Funds Services by phone or online. This may be true at times of unusual market changes andshareholder activity. You can mail us your instructions or contact your Financial Intermediary. We may modify or cancel the ability topurchase or redeem shares online or by phone without notice.
Additional Information Regarding Purchases
Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens anaccount. When you open an account, we will ask for your name, residential or business street address, date of birth (for anindividual), and other information that will allow us to identify you, including your social security number, tax identification numberor other identifying number. The J.P. Morgan Funds cannot waive these requirements. The Funds are required by law to reject yourAccount Application if the required identifying information is not provided.
We will attempt to collect any missing information required on the Account Application by contacting either you or your FinancialIntermediary. If we cannot obtain this information within the established time frame, your Account Application will be rejected.Amounts received prior to receipt of the required information will be held un-invested and will be returned to you without interest ifyour Account Application is rejected. If the required information is obtained, your investment will be accepted and you will pay theNAV per share next calculated after all of the required information is received, plus any applicable sales charge.
Once we have received all of the required information, federal law requires us to verify your identity. After an account is opened, wemay restrict your ability to purchase additional shares until your identity is verified. If we are unable to verify your identity within areasonable time, the Funds reserve the right to close your account at the current day’s NAV per share. If your account is closed forthis reason, your shares will be redeemed at the NAV per share next calculated after the account is closed, less any applicable CDSCor fees. In addition, you will not be entitled to recoup any sales charges paid to a Fund in connection with your purchase of Fundshares.
NOVEMBER 1, 2017 53
Investing with J.P. Morgan Funds (continued)
Purchases by wire may be canceled if J.P. Morgan Funds Services does not receive payment by 4:00 p.m. ET on the settlement date.You will be responsible for any expenses and/or losses to the Funds.
EXCHANGING FUND SHARES
An exchange is selling shares of one J.P. Morgan Fund and taking the proceeds to simultaneously purchase shares of anotherJ.P. Morgan Fund. Before making an exchange request, you should read the prospectus of the J.P. Morgan Fund whose shares youwould like to purchase by exchange. You can obtain a prospectus for any J.P. Morgan Fund by contacting your Financial Intermediary,by visiting www.jpmorganaccessfunds.com, or by calling 1-800-480-4111.
EXCHANGE PRIVILEGES
Class A Shares of a Fund may be exchanged for:‰ Class A Shares of another J.P. Morgan Fund,‰ Morgan Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money Market Fund), or‰ Another share class of the same Fund if you are eligible to purchase that class.
Class C Shares of a Fund may be exchanged for:‰ Class C Shares of another J.P. Morgan Fund (except for JPMorgan Prime Money Market Fund). Your new Class C Shares will
be subject to the CDSC of the Fund from which you exchanged, and the current holding period for your exchanged Class CShares is carried over to your new shares.
‰ Class I or Class L Shares, if available, of the same fund provided you meet the eligibility requirements for the class you areexchanging into. In addition, the Class C Shares that you wish to exchange must not currently be subject to any CDSC.
Class I Shares of a Fund may be exchanged for:‰ Class I Shares of another J.P. Morgan Fund, or‰ Another share class of the same Fund if you are eligible to purchase that class.
Class L Shares of a Fund may be exchanged for:‰ Class L Shares of another J.P. Morgan Fund, or‰ Another share class of the same Fund if you are eligible to purchase that class.
In general, the same rules and procedures that apply to redemptions and purchases apply to exchanges:
‰ All exchanges are subject to meeting any investment minimum or eligibility requirements of the new Fund and class.
‰ The J.P. Morgan Funds will provide 60 days’ written notice of any termination of or material change to your exchange privilege.
‰ All exchanges are based upon the net asset value that is next calculated after the Fund receives your order, provided theexchange out of one Fund must occur before the exchange into the other Fund.
‰ In order for an exchange to take place on the date that the order is submitted, the order must be received prior to the close ofboth the Fund that you wish to exchange into and the Fund that you wish to exchange out of, otherwise, the exchange will occuron the following business day on which both Funds are open.
‰ A shareholder that exchanges into shares of a Fund that accrues dividends daily, including a money market fund, will not accruea dividend on the day of the exchange. A shareholder that exchanges out of shares of a Fund that accrues a daily dividend willaccrue a dividend on the day of the exchange.
‰ The exchange privilege is not intended as a way for you to speculate on short-term movements in the market. Therefore, toprevent disruptions in the management of J.P. Morgan Funds, certain J.P. Morgan Funds limit excessive exchange activity asdescribed in the “Frequent Trading Policy” section. Your exchange privilege will be limited or revoked if the exchange activity isconsidered excessive. In addition, any J.P. Morgan Fund may reject any exchange request for any reason, including if it is not inthe best interests of the Fund and/or its shareholders to accept the exchange.
‰ For Class A and Class C Shares only, you can set up a systematic exchange program to automatically exchange shares on a regu-lar basis. However, you cannot have simultaneous systematic investment plans for the same Fund. You may call 1-800-480-4111for complete instructions.
54 JPMORGAN ACCESS FUNDS
Generally, you will not pay a sales charge on an exchange except as specified below.
If you exchange Class A Shares or Class C Shares of a Fund that are subject to a CDSC for Class A or Class C Shares, respectively, ofanother Fund, you will not pay a CDSC at the time of the exchange, however:
1. Your new Class A Shares or Class C Shares will be subject to the CDSC of the Fund from which you exchanged, and
2. The current holding period for your exchanged Class A Shares or Class C Shares, is carried over to your new shares.
If you exchange Class A Shares of a Fund that is subject to a CDSC into Morgan Shares of a J.P. Morgan money market fund, you willbe subject to the applicable CDSC at the time of the exchange.
Tax Consequences on Exchanges
Generally, an exchange between J.P. Morgan Funds is considered a sale and generally results in a capital gain or loss for federalincome tax purposes. An exchange between classes of shares of the same Fund is generally not taxable for federal income tax pur-poses. You should talk to your tax advisor before making an exchange.
REDEEMING FUND SHARES
If you sell shares through your Financial Intermediary, contact your investment representative for their requirements and proce-dures. If a Financial Intermediary holds your shares, it is the responsibility of the Financial Intermediary to send your redemptionorder to the Fund. Your Financial Intermediary may have an earlier cut-off time for redemption orders.
If you sell shares directly with the Fund, see the information below.
Your redemption proceeds may be mailed to you at your address of record1, wired, or sent by ACH to a pre-existing bank account on file.
HOW TO REDEEM
By Phone or OnlineNote: certain accounttypes are not available foronline account access.
Call us at 1-800-480-4111Shareholder Services representatives are available Monday through Friday from 8:00 am to7:00 pm ET.
www.jpmorganaccessfunds.com
By Mail Regular Mailing Address:J.P. Morgan Funds ServicesP.O. Box 8528Boston, MA 02266-8528
Overnight mailing address:J.P. Morgan Funds Services30 Dan RoadCanton, MA 02021-2809
NOVEMBER 1, 2017 55
Investing with J.P. Morgan Funds (continued)
HOW TO REDEEM
Systematic RedemptionPlan2
Note: The Funds currently donot charge for this service,but may impose a charge inthe future.
You may include instructions to set up a Systematic Redemption Plan on your application. Paymentinstructions must be included.
You may call, or mail written instructions to start, edit or delete a Systematic Redemption Plan.
You may send a written redemption request to your Financial Intermediary, if applicable, or to theFund at the following address:
J.P. Morgan Funds ServicesP.O. Box 8528Boston, MA 02266-8528
You may redeem over the phone. Please see “Can I redeem by phone?” for more information.
If you own Class A or Class C Shares, the applicable CDSC will be deducted from those paymentsunless such payments are made: 3
‰ Monthly and constitute no more than 1/12 of 10% of your then-current balance in the Fundeach month; or
‰ Quarterly and constitute no more than 1/4 of 10% of your then-current balance in the Fundeach quarter.
It may not be in your best interest to buy additional Class A Shares while participating in aSystematic Withdrawal Plan. This is because Class A Shares have an upfront sales charge.
1 You cannot request a redemption by check to be sent to an address updated within 15 days.2 If the amount of the systematic payment exceeds the income earned by your account since the previous payment under the Systematic Redemption Plan, payments
will be made by redeeming some of your shares. This will reduce the amount of your investment, up to possibly closing your account3 Your current balance in the Fund for purposes of these calculations will be determined by multiplying the number of shares held by the last calculated NAV per
share of the applicable class.
You may redeem some or all of your shares on any day that the Fund is open for business. You will not be permitted to enter aredemption order for shares purchased directly through J.P. Morgan Funds Services by check or through an ACH transaction for fivebusiness days following the acceptance of a purchase order unless you provide satisfactory proof that your purchase check or ACHtransaction has cleared (sometimes referred to as uncollected shares).
If the Fund or Financial Intermediary receives your redemption order before the close of the NYSE (normally 4 p.m. ET or before 4:00p.m. ET, if the NYSE closes before 4:00 p.m. ET), you will receive the NAV per share calculated after your redemption order isreceived in good order (meaning that it includes the information required by, and complies with security requirements implementedby, the J.P. Morgan Funds’ transfer agent or the Funds), minus the amount of any applicable CDSC or fees. Your Financial Interme-diary may have an earlier cut-off time for redemption orders and may charge a fee to process redemption of shares. A shareholderthat redeems out of shares of a Fund that accrues a daily dividend will accrue a dividend on the day of the redemption.
All redemption requests must be supported by valid identity authentication, the appropriate documentation (if applicable) and anynecessary information in good order. Additional information may be required depending on the situation.
For accounts held directly with the Funds, the length of time that the Funds typically expect to pay redemption proceeds depends onwhether payment is made by ACH, wire or check. The Funds typically expect to make payments of redemption proceeds by wire orACH on the next business day following receipt of the redemption order by the Funds. For payment by check, the Funds typicallyexpect to mail the check on the next business day following receipt of the redemption order by the Funds.
For accounts held through Financial Intermediaries, the length of time that the Funds typically expect to pay redemption proceedsdepends on the method of payment and the agreement between the Financial Intermediary and the Funds. For redemption pro-ceeds that are paid directly to you by the Fund, the Fund typically expects to make payments by wire or ACH or by mailing a checkon the next business day following the Fund’s receipt of a redemption order from the Financial Intermediary. For payments thatare made to your Financial Intermediary for transmittal to you, the Funds expect to pay redemption proceeds to the FinancialIntermediary within 1 to 3 business days following the Fund’s receipt of the redemption order from the Financial Intermediary.
Payment of redemption proceeds may take longer than the time a Fund typically expects and may take up to seven days as permittedby the Investment Company Act of 1940.
56 JPMORGAN ACCESS FUNDS
Transactions by phone, fax or the Internet
You may access your account and conduct certain transactions using phone, fax or the J.P. Morgan Funds website. Phone con-versations are recorded. The J.P. Morgan Funds and their agents use reasonable procedures to verify the identity of the shareholder.If these procedures are followed, the J.P. Morgan Funds and their agents are not liable for any losses, liability, cost or expenses(including attorney fees) that may occur from acting on unauthorized or fraudulent instructions. Therefore please take precautions toprotect your account information and immediately review account statements or other information provided to you. In addition, aconfirmation is sent promptly after a transaction. Please review it carefully and contact J.P. Morgan Funds Services or your FinancialIntermediary immediately about any transaction you believe to be unauthorized. You may revoke your right to make redemptionsover the phone or by mailing written instructions to us.
You may not always reach J.P. Morgan Funds Services by phone or online. This may be true at times of unusual market changes andshareholder activity. You can mail us your instructions or contact your Financial Intermediary. We may modify or cancel the ability topurchase or redeem shares online or by phone without notice.
Additional Information Regarding Redemptions
Medallion signature guarantees may be required if:
‰ You want to redeem shares with a value of $50,000 or more and you want to receive your proceeds in the form of a check; or
‰ You want your payment sent to an address, bank account or payee other than the one currently designated on your Fundaccount.
The Fund may refuse to honor incomplete redemption orders.
The Fund may suspend your ability to redeem when:
1. Trading on the NYSE is restricted;
2. The NYSE is closed (other than weekend and holiday closings);
3. Federal securities laws permit;
4. The SEC has permitted a suspension; or
5. An emergency exists, as determined by the SEC.
You generally will recognize a gain or loss on a redemption for federal income tax purposes. You should talk to your tax advisorbefore making a redemption.
Generally, all redemptions will be for cash. The J.P. Morgan Funds typically expect to satisfy redemption requests by selling portfolioassets or by using holdings of cash or cash equivalents. On a less regular basis, the Funds may also satisfy redemption requests byborrowing from another Fund, by drawing on a line of credit from a bank, or using other short-term borrowings from its custodian.These methods may be used during both normal and stressed market conditions. In addition to paying redemption proceeds in cash,if you redeem shares worth $250,000 or more, the Funds reserve the right to pay part or all of your redemption proceeds in readilymarketable securities instead of cash. If payment is made in securities, the Fund will value the securities selected in the same mannerin which it computes its NAV. This process minimizes the effect of large redemptions on the Fund and its remaining shareholders. Ifyou receive a redemption in-kind, securities received by you may be subject to market risk and you could incur taxable gains andbrokerage or other charges in converting the securities to cash. While the Funds do not routinely use redemptions in-kind, the Fundsreserve the right to use redemptions in-kind to manage the impact of large redemptions on the Funds. Redemption in-kind proceedswill typically be made by delivering a pro-rata amount of a Fund’s holdings that are readily marketable securities to the redeemingshareholder within seven days after the Fund’s receipt of the redemption order.
MINIMUM ACCOUNT BALANCE
Due to the relatively high cost of maintaining small accounts, if your account value falls below the required minimum balance, theFund reserves the right to redeem all of the remaining shares in your account and close your account or charge an annual belowminimum account fee of $10 per Fund. This fee only applies to Class A and Class C accounts and Class I accounts held by employeesor through an Eligible Brokerage Program. Before either of these actions is taken, you will be given 60 days advance written notice inorder to provide you with time to increase your account balance to the required minimum, by purchasing sufficient shares, inaccordance with the terms of this prospectus.
NOVEMBER 1, 2017 57
Investing with J.P. Morgan Funds (continued)
Accounts participating in a qualifying Systematic Investment Plan will not be subject to redemption fees or the imposition of the $10fee as long as the systematic payments to be made will increase the account value above the required minimum balance within oneyear of the establishment of the account.
1. To collect the $10 below minimum account fee, the Fund will redeem $10 worth of shares from your account. Sharesredeemed for this reason will not be charged a CDSC, if applicable.
2. If your account falls below the required minimum balance and is closed as a result, you will not be charged a CDSC, ifapplicable.
Closings, Reorganizations and Liquidations
To the extent authorized by law, each Fund reserves the right to discontinue offering shares at any time, to merge or reorganize itselfor a share class, or to cease operations and liquidate at any time.
58 JPMORGAN ACCESS FUNDS
FREQUENT TRADING POLICY
J.P. Morgan Funds do not authorize market timing and, except for the Funds identified below, use reasonable methods to identifymarket timers and to prevent such activity. However, there can be no assurance that these methods will prevent market timing orother trading that may be deemed abusive. Market timing is an investment strategy using frequent purchases, redemptions and/orexchanges in an attempt to profit from short-term market movements. Market timing may result in dilution of the value of Fundshares held by long-term shareholders, disrupt portfolio management and increase Fund expenses for all shareholders. Althoughmarket timing may affect any Fund, these risks may be higher for Funds that invest significantly in non-U.S. securities or thinly tradedsecurities (e.g., certain small cap securities), such as international, global or emerging market funds or small cap funds. For example,when a Fund invests in securities trading principally in non-U.S. markets that close prior to the close of the NYSE, market timers mayseek to take advantage of the difference between the prices of these securities at the close of their non-U.S. markets and the value ofsuch securities when the Fund calculates its net asset value.
J.P. Morgan Funds or the Distributor will prohibit any purchase order (including exchanges) with respect to one investor, a relatedgroup of investors or their agent(s) where they detect a pattern of either purchases and sales of one of the J.P. Morgan Funds, orexchanges between or among J.P. Morgan Funds, that indicates market timing or trading that they determine is abusive.
Although J.P. Morgan Funds use a variety of methods to detect and deter market timing, there is no assurance that the Funds’ ownoperational systems and procedures will identify and eliminate all market timing strategies. For example, certain accounts, which areknown as omnibus accounts, include multiple investors and such accounts typically provide the Funds with a net purchase orredemption order on any given day where purchasers of Fund shares and redeemers of Fund shares are netted against one anotherand the identity of individual purchasers and redeemers are not known by the Funds. While the Funds seek to monitor for markettiming activities in omnibus accounts, the netting effect limits the Funds’ ability to locate and eliminate individual market timers. As aresult, the Funds are often dependent upon Financial Intermediaries who utilize their own policies and procedures to identify markettimers. These policies and procedures may be different than those utilized by the Funds.
The Boards of J.P. Morgan Funds have adopted various policies and procedures to identify market timers, including reviewing “roundtrips” in and out of J.P. Morgan Funds by investors. A “round trip” includes a purchase or exchange into a Fund followed or precededby a redemption or exchange out of the same Fund. If the Distributor detects that you have completed two round trips within 60 daysin the same Fund, the Distributor will reject your purchase and exchange orders for a period of at least 90 days. For subsequentviolations, the Distributor may, in its sole discretion, reject your purchase and exchange orders temporarily or permanently. In identi-fying market timers, the Distributor may also consider activity of accounts that it believes to be under common ownership or control.
J.P. Morgan Funds have attempted to put safeguards in place to assure that Financial Intermediaries have implemented proceduresdesigned to deter market timing and abusive trading. Despite these safeguards, there is no assurance that the Funds will be able toeffectively identify and eliminate market timing and abusive trading in the Funds particularly with respect to omnibus accounts.
J.P. Morgan Funds will seek to apply the Funds’ market timing policies and restrictions as uniformly as practicable to accounts withthe Funds, except with respect to the following:
1. Trades that occur through omnibus accounts at Financial Intermediaries as described above;
2. Purchases, redemptions and exchanges made on a systematic basis;
3. Automatic reinvestments of dividends and distributions;
4. Purchases, redemptions or exchanges that are part of a rebalancing program, such as a wrap, advisory or bona fide asset allo-cation program, which includes investment models developed and maintained by a financial intermediary;
5. Redemptions of shares to pay fund or account fees;
6. Transactions initiated by the trustee or adviser to a donor-advised charitable gift fund;
7. Transactions in Section 529 college savings plans;
8. Transactions in Fund of Fund Products; and
9. Transactions within a Retirement account such as:
‰ Shares redeemed to return an excess contribution;
‰ Transactions initiated by sponsors of group employee benefit plans or other related accounts;
‰ Retirement plan contributions, loans, distributions, and hardship withdrawals;
NOVEMBER 1, 2017 59
Investing with J.P. Morgan Funds (continued)
‰ IRA re-characterizations and conversions; and
‰ IRA purchases of shares by asset transfer or direct rollover.
In addition to rejecting purchases in connection with suspected market timing activities, the Distributor can reject a purchase(including purchases for the Funds listed below) for any reason, including purchases that it does not think are in the best interests ofa Fund and/or its shareholders or if it determines the trading to be abusive. Your Financial Intermediary may also have additionalprocedures for identifying market timers and rejecting or otherwise restricting purchases and/or exchanges.
Certain J.P. Morgan Funds are intended for short-term investment horizons and do not monitor for market timers or prohibit suchshort-term trading activity. Those Funds are the JPMorgan Short Duration Bond Fund, JPMorgan Short Duration Core Plus Fund,JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Treasury & Agency Fund, JPMorgan Limited Duration Bond Fund,JPMorgan Managed Income Fund, JPMorgan Ultra-Short Municipal Fund and the J.P. Morgan Money Market Funds. Although theseFunds are managed in a manner that is consistent with their investment objectives, frequent trading by shareholders may disrupttheir management and increase their expenses.
VALUATION
Shares are purchased at net asset value (NAV) per share, plus a sales charge, if any. This is also known as the offering price. Sharesare also redeemed at NAV, minus any applicable CDSC. The NAV of each class within a Fund varies, primarily because each class hasdifferent class-specific expenses such as distribution and service fees.
The NAV per share of a class of a Fund is equal to the value of all the assets attributable to that class, minus the liabilities attributableto that class, divided by the number of outstanding shares of that class. The following is a summary of the procedures generally usedto value J.P. Morgan Funds’ investments.
Securities for which market quotations are readily available are generally valued at their current market value. Other securities andassets, including securities for which market quotations are not readily available; market quotations are determined not to be reli-able; or, their value has been materially affected by events occurring after the close of trading on the exchange or market on whichthe security is principally traded but before a Fund’s NAV is calculated, may be valued at fair value in accordance with policies andprocedures adopted by the J.P. Morgan Funds’ Board of Trustees. Fair value represents a good faith determination of the value of asecurity or other asset based upon specifically applied procedures. Fair valuation may require subjective determinations. There canbe no assurance that the fair value of an asset is the price at which the asset could have been sold during the period in which theparticular fair value was used in determining a Fund’s NAV.
Equity securities listed on a North American, Central American, South American or Caribbean securities exchange are generally val-ued at the last sale price on the exchange on which the security is principally traded. Other foreign equity securities are fair valuedusing quotations from an independent pricing service, as applicable. The value of securities listed on the NASDAQ Stock Market, Inc.is generally the NASDAQ official closing price.
Fixed income securities are valued using prices supplied by an approved independent third party or affiliated pricing services orbroker/dealers. Those prices are determined using a variety of inputs and factors as more fully described in the Statement of Addi-tional Information.
Assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at the prevailing market rates from anapproved independent pricing service as of 4:00 p.m. ET.
Shares of ETFs are generally valued at the last sale price on the exchange on which the ETF is principally traded. Shares of open-endinvestment companies are valued at their respective NAVs.
Options (e.g., on stock indices or equity securities) traded on U.S. equity securities exchanges are valued at the composite meanprice, using the National Best Bid and Offer quotes at the close of options trading on such exchanges.
Options traded on foreign exchanges or U.S. commodity exchanges are valued at the settled price, or if no settled price is available,at the last sale price available prior to the calculation of a Fund’s NAV and will be fair valued by applying fair value factors providedby independent pricing services, as applicable, for any options involving equity reference obligations listed on exchanges other thanNorth American, Central American, South American or Caribbean securities exchanges.
Exchange traded futures (e.g., on stock indices, debt securities or commodities) are valued at the settled price, or if no settled price isavailable, at the last sale price as of the close of the exchanges on which they trade. Any futures involving equity reference
60 JPMORGAN ACCESS FUNDS
obligations listed on exchanges other than North American, Central American, South American or Caribbean securities exchanges willbe fair valued by applying fair value factors provided by independent pricing services, as applicable.
Non-listed over-the-counter options and futures are valued utilizing market quotations provided by approved pricing services.
Swaps and structured notes are priced generally by an approved independent third party or affiliated pricing service or at an eval-uated price provided by a counterparty or broker/dealer.
Any derivatives involving equity reference obligations listed on exchanges other than North American, Central American, South Ameri-can or Caribbean securities exchanges will be fair valued by applying fair value factors provided by independent pricing services, asapplicable.
NAV is calculated each business day as of the close of the NYSE, which is typically 4:00 p.m. ET. On occasion, the NYSE will closebefore 4:00 p.m. ET. When that happens, NAV will be calculated as of the time the NYSE closes. The Funds will not treat an intradayunscheduled disruption or closure in NYSE trading as a closure of the NYSE and will calculate NAV as of 4:00 p.m., ET if the particulardisruption or closure directly affects only the NYSE. The price at which a purchase is effected is based on the next calculation of NAVafter the order is received in proper form in accordance with this prospectus. To the extent a Fund invests in securities that are pri-marily listed on foreign exchanges or other markets that trade on weekends or other days when a Fund does not price its shares, thevalue of a Fund’s shares may change on days when you will not be able to purchase or redeem your shares.
DISTRIBUTIONS AND TAXES
Each Fund has elected to be treated and intends to qualify each year as a regulated investment company. A regulated investmentcompany is not subject to tax at the corporate level on income and gains from investments that are distributed to shareholders. AFund’s failure to qualify as a regulated investment company would result in corporate-level taxation and, consequently, a reductionin income available for distribution to shareholders.
Each Fund can earn income and realize capital gain. Each Fund deducts any expenses and then pays out the earnings, if any, to share-holders as distributions.
Each Fund generally declares dividends and distributions on a quarterly basis. The Funds will distribute net realized capital gains, ifany, at least annually. For each taxable year, each Fund will distribute substantially all of its net investment income and net realizedcapital gains.
You have the following options for your distributions. You may:
‰ Reinvest all distributions in additional Fund shares;
‰ Take distributions of net investment income in cash and reinvest distributions of net capital gain in additional shares;
‰ Take distributions of net capital gain in cash and reinvest distributions of net investment income; or
‰ Take all distributions in cash.
If you do not select an option when you open your account, we will reinvest all distributions. If your distributions are reinvested, theywill be in the form of shares of the same class without a sales charge. If you take your distributions in cash, you can choose to have acheck mailed to your address of record or you can have them deposited into a pre-assigned bank account. The taxation of the divi-dends will not be affected whether you have them deposited into a bank account or sent by check.
Distributions of net investment income generally are taxable as ordinary income. Dividends of net investment income paid to a non-corporate U.S. shareholder that are properly reported as qualified dividend income generally will be taxable to such shareholder at amaximum individual federal income tax rate of either 15% or 20%, depending on whether the individual’s income exceeds certainthreshold amounts. The amount of dividend income that may be so reported by a Fund generally will be limited to the aggregate ofthe eligible dividends received by the Fund. In addition, each Fund must meet certain holding period and other requirements withrespect to the shares on which the Fund received the eligible dividends, and the non-corporate U.S. shareholder must meet certainholding period and other requirements with respect to the Fund shares. Dividends of net investment income that are not reported asqualified dividend income and dividends of net short-term capital gain will be taxable to a U.S. shareholder as ordinary income. It isunlikely that dividends from the Funds will qualify to any significant extent for designation as qualified dividend income.
Distributions of net capital gain (that is, the excess of the net gains from the sale of investments that the Fund owned for more thanone year over the net losses from investments that the Fund owned for one year or less) that are properly reported by a Fund as
NOVEMBER 1, 2017 61
Investing with J.P Morgan Funds (continued)
capital gain dividends will be taxable as long-term capital gain, regardless of how long you have held your shares in the Fund. Themaximum individual federal income tax rate applicable to long-term capital gains is generally either 15% or 20%, depending onwhether the individual’s income exceeds certain threshold amounts. Distributions of net short-term capital gain (that is, the excess ofany net short-term capital gain over net long-term capital loss), if any, will be taxable to U.S. shareholders as ordinary income. Capi-tal gain of a corporate shareholder is taxed at the same rate as ordinary income.
An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain dis-tributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals,estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted grossincome” (in the case of an estate or trust) exceeds certain threshold amounts.
It is anticipated that for federal income tax purposes, income and capital gain earned by a Subsidiary and distributed to a Fund and itsshareholders will be considered a distribution of net investment income generally taxable as ordinary income. Net losses earned by aSubsidiary may not be netted with income or capital gain earned within a Fund and may not be carried forward for use in future years.
With respect to taxable shareholders, if you buy shares of a Fund just before a distribution, you will be subject to tax on the entireamount of the taxable distribution you receive. Distributions are taxable to you even if they are paid from income or gains earned bya Fund before your investment (and thus were included in the price you paid for your Fund shares). Any gain resulting from the saleor exchange of Fund shares generally will be taxable as long-term or short-term gain, depending upon how long you have held yourshares.
A Fund’s investment in commodities and other non-securities assets (such as real estate), including through ETFs treated as grantortrusts and derivatives, may be limited by its intention to qualify as a regulated investment company under the Internal Revenue Code,and it is possible that such investments could cause a Fund to fail to qualify for favorable tax treatment under the Code. If a Fundwere to fail to qualify as a regulated investment company, the Fund would be subject to tax on its taxable income at corporate rates,and all distributions from earnings and profits would generally be taxable to shareholders as ordinary income.
A Fund’s investment in foreign securities may be subject to foreign withholding or other taxes. In that case, a Fund’s yield on thosesecurities would be decreased. In addition, a Fund’s investment in certain foreign securities or foreign currencies may increase oraccelerate the Fund’s recognition of ordinary income and may affect the timing or amount of Fund distributions. If at least 50% ofthe value of a Fund’s total assets at the close of each quarter of its taxable year is represented by interests in other regulatedinvestment companies (as is expected to be the case for each Fund), that Fund may elect to “pass through” to its shareholders theamount of foreign taxes deemed paid by that Fund. If that Fund so elects, each of its shareholders would be required to include ingross income, even though not actually received, its pro rata share of the foreign taxes deemed paid by that Fund, but would betreated as having paid its pro rata share of such foreign taxes and would therefore be allowed to either deduct such amounts incomputing taxable income or use such amounts (subject to various limitations) as a foreign tax credit against federal income tax (butnot both). Although in some cases the Fund may be able to apply for a refund of a portion of such taxes, the ability to successfullyobtain such a refund may be uncertain.
A Fund’s investments in certain debt obligations, mortgage-backed securities, asset-backed securities, REIT securities, derivativeinstruments and so-called “passive foreign investment companies” may require the Fund to accrue and distribute income not yetreceived. In order to generate sufficient cash to make the requisite distributions, the Fund may be required to sell other investmentsin its portfolio that it otherwise would have continued to hold, including when it is not advantageous to do so. A Fund’s investment inREIT securities also may result in the Fund’s receipt of cash in excess of the REIT’s earnings; if the Fund distributes such amounts,such distributions could constitute a return of capital to Fund shareholders for federal income tax purposes.
A Fund’s transactions in futures contracts, short sales, swaps and other derivatives will be subject to special tax rules, the effect ofwhich may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund’ssecurities, and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timingand character of distributions to shareholders. A Fund’s use of these types of transactions may result in the Fund realizing moreshort-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in suchtransactions.
A Fund’s use of a fund-of-funds structure could affect the amount, timing and character of distributions from the Fund and, therefore,may increase the amount of taxes payable by shareholders. See “Distributions and Tax Matters — Investments in Other Funds” in theStatement of Additional Information.
62 JPMORGAN ACCESS FUNDS
Please see the Statement of Additional Information for additional discussion of the tax consequences of the above-described andother investments to each Fund and its shareholders.
The dates on which net investment income and capital gain dividends, if any, will be distributed are available online atwww.jpmorganaccessfunds.com.
Early in each calendar year, each Fund will send you a notice showing the amount of distributions you received during the precedingcalendar year and the tax status of those distributions.
The Funds are not intended for foreign shareholders. Any foreign shareholders would generally be subject to U.S. tax-withholding ondistributions by the Funds, as discussed in the Statement of Additional Information.
Distributions by a Fund to retirement plans and other entities that qualify for tax-exempt or tax-deferred treatment under federalincome tax laws will generally not be taxable. Special tax rules apply to investments through such plans. The tax considerationsdescribed in this section do not apply to such tax-exempt or tax-deferred entities or accounts. You should consult your tax advisor todetermine the suitability of a Fund as an investment and the tax treatment of distributions.
Any investor for whom a Fund does not have a valid Taxpayer Identification Number may be subject to backup withholding.
The above is a general summary of tax implications of investing in the Funds. Because each investor’s tax consequences are unique,please consult your tax advisor to see how investing in a Fund and, for individuals and S corporations, selection of a particular costmethod of accounting will affect your own tax situation.
IMPORTANT TAX REPORTING CONSIDERATIONS
Your Financial Intermediary or the Fund (if you hold your shares in a Fund direct account) will report gains and losses realized onredemptions of shares for shareholders who are individuals and S corporations purchased after January 1, 2012 to the InternalRevenue Service (IRS). This information will also be reported to you on Form 1099-B and the IRS each year. In calculating the gainor loss on redemptions of shares, the average cost method will be used to determine the cost basis of Fund shares purchased afterJanuary 1, 2012 unless you instruct the Fund in writing at J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528 thatyou want to use another available method for cost basis reporting (for example, First In, First Out (FIFO), Last In, First Out (LIFO),Specific Lot Identification (SLID) or High Cost, First Out (HIFO)). If you designate SLID as your cost basis method, you will also needto designate a secondary cost basis method (Secondary Method). If a Secondary Method is not provided, the Funds will designateFIFO as the Secondary Method and will use the Secondary Method with respect to systematic withdrawals.
Not all cost basis methods are available. Please contact the Fund at J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528 for more information on the available methods for cost basis reporting. To determine which available cost basis method isbest for you, you should consult with your tax advisor. Please note that you will be responsible for calculating and reporting gainsand losses on redemptions of shares purchased prior to January 1, 2012 to the IRS as such information will not be reported by theFund and may not be maintained by your Financial Intermediary.
Your Financial Intermediary or the Fund (if you hold your shares in a Fund direct account) is also required to report gains andlosses to the IRS in connection with redemptions of shares by S corporations. If a shareholder is a corporation and has notinstructed the Fund that it is a C corporation in its account application or by written instruction to J.P. Morgan Funds Services, P.O.Box 8528, Boston, MA 02266-8528, the Fund will treat the shareholder as an S corporation and file a Form 1099-B.
SHAREHOLDER STATEMENTS AND REPORTS
The J.P. Morgan Funds or your Financial Intermediary will send you transaction confirmation statements and quarterly account state-ments. Please review these statements carefully. The Funds will correct errors if notified within one year of the date printed on thetransaction confirmation or account statement, except that, with respect to unfulfilled Letters of Intent, the Funds may processcorrections up to 15 months after the date printed on the transaction confirmation or account statement. Your Financial Intermediarymay have a different cut-off time. J.P. Morgan Funds will charge a fee for requests for statements that are older than two years.Please retain all of your statements, as they could be needed for tax purposes.
To reduce expenses and conserve natural resources, the J.P. Morgan Funds will deliver a single copy of prospectuses and financialreports to individual investors who share a residential address, provided they have the same last name or the J.P. Morgan Funds rea-sonably believe they are members of the same family. If you would like to receive separate mailings, please call 1-800-480-4111 and
NOVEMBER 1, 2017 63
Investing with J.P. Morgan Funds (continued)
the Funds will begin individual delivery within 30 days. If you would like to receive these documents by e-mail, please visitwww.jpmorganaccessfunds.com and sign up for electronic delivery.
After each fiscal half year you will receive a financial report from the Funds. In addition, the Funds will periodically send you proxystatements and other reports.
If you have any questions or need additional information, please write to J.P. Morgan Funds Services at P.O. Box 8528, Boston, MA02266-8528, call 1-800-480-4111 or visit www.jpmorganaccessfunds.com.
AVAILABILITY OF PROXY VOTING RECORD
The Trustees for each Fund have delegated the authority to vote proxies for securities owned by the Funds to JPMIM. A copy of eachFund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or on theJ.P. Morgan Funds’ website at www.jpmorganaccessfunds.com no later than August 31 of each year. Each Fund’s proxy voting recordwill include, among other things, a brief description of the matter voted on for each portfolio security, and will state how each votewas cast, for example, for or against the proposal.
PORTFOLIO HOLDINGS DISCLOSURE
No sooner than 30 days after the end of each month, each Fund will make available upon request an uncertified, complete scheduleof its portfolio holdings as of the last day of that month. Not later than 60 days after the end of each fiscal quarter, each Fund willmake available upon request a complete schedule of its portfolio holdings as of the last day of that quarter.
Each Fund will make available, upon request, the uncertified portfolio holdings, allocations to each JPMPI sub-portfolio, and alloca-tions to each unaffiliated sub-adviser and the percentage that each represents of the respective Fund’s portfolio as of the mostrecent month end no sooner than two calendar days after month end. In addition to providing hard copies upon request, the Fundsmay also post it on the Access Funds’ website at www.jpmorganaccessfunds.com.
In addition, the quarterly schedules will be posted on the SEC’s website at www.sec.gov.
Shareholders may request portfolio holdings schedules at no charge by calling 1-800-480-4111. A description of the Fund’s policiesand procedures with respect to the disclosure of the Fund’s portfolio holdings is available in the Statement of Additional Information.
64 JPMORGAN ACCESS FUNDS
Glossary of Common Investment Terminology
For the purpose of the “INVESTING WITH J.P. MORGAN FUNDS”section, references to “account” and “Fund” are not inter-changeable. Fund refers to an individual mutual fund position.An account may be invested in a single Fund or multiple Funds.
Breakpoints — Differences in sales charges that are assessedbased on the amount of purchases. The larger the investment,the lower the sales charge.
Capital Gains Distribution — Payment to mutual fund share-holders of gains realized on securities that a Fund has sold at aprofit, minus any realized losses.
Contingent Deferred Sales Charge (CDSC) — A back-end salescharge imposed when shares are redeemed from a Fund. Thisfee usually declines over time.
Dividend Distribution — Payment to mutual fund shareholdersof income from interest or dividends generated by a Fund’sinvestments.
Financial Intermediaries — Include financial advisors, invest-ment advisers, brokers, financial planners, banks, insurancecompanies, retirement or 401(k) plan administrators and oth-ers, including various affiliates of JPMorgan Chase, that haveentered into agreements with the Distributor and/or share-holder servicing agent. Shares purchased this way will typicallybe held for you by the Financial Intermediary.
Group Retirement Plans — Refers to employer-sponsoredretirement, deferred compensation and employee benefit plans(including health savings accounts) and trusts used to fundthose plans. To satisfy eligibility requirements, the plan mustbe a group plan (more than one participant), the shares cannotbe held in a commission-based brokerage account and
‰ Shares must be held at a plan level or
‰ Shares must be held at the Fund level through an omni-bus account of a retirement plan recordkeeper.
Group Retirement Plans include group employer-sponsored401(k) plans, 457 plans, employer-sponsored 403(b) plans,profit-sharing and money purchase pension plans, definedbenefit plans, retiree health benefit plans and non-qualifieddeferred compensation plans. Group Retirement Plans do notinclude Traditional IRAs, Roth IRAs, Coverdell Education Sav-ings Account, SEPs, SARSEPs, SIMPLE IRAs, KEOGHs, individual401(k) or individual 403(b) plans.
Institutional Investors — Include fee-based “wrap” accountsponsors (provided they have an agreement covering thearrangement with the Distributor), corporations, qualified non-profit organizations, charitable trusts, foundations andendowments, state, county, city or any instrumentality,department, authority or agency thereof, and banks, trustcompanies or other depository institutions investing for theirown account or on behalf of their clients.
Letter of Intent (LOI) — A Letter of Intent is signed by aninvestor stating the investor’s intention to buy a specifiedamount over a period of 13 months in order to receive areduced front-end sales charge. Each purchase the investormakes during the 13 month period will receive the sales chargeand breakpoint discount that applies to the total amount speci-fied in the Letter of Intent. If the amount is not met within the13 month period, the investor must pay the Distributor the dif-ference between the sales charges applicable to the purchasesat the time they were made and the reduced sales chargespreviously paid.
Medallion Signature Guarantee — A special stamp used toverify the authenticity of certain documents. It is a guaranteeby a financial institution that the signature is genuine and thefinancial institution accepts liability for any forgery. Medallionsignature guarantees protect shareholders by preventingunauthorized transfer of assets that could result in monetarylosses to the investor due to fraud. Medallion guarantee stampscan be obtained at many bank branches or brokerage firms.
Rights of Accumulation (ROA) — When utilizing “rights ofaccumulation,” the investor can combine the current marketvalue of any existing qualifying holdings and account types withthe amount of the current purchase to qualify for a breakpointand reduced front-end sales charge on the current purchase.
Uncollected Shares — Shares purchased directly throughJ.P. Morgan Funds Services by check or through an ACH trans-action are not available for redemption for up to five businessdays following the acceptance of a purchase order unless youprovide satisfactory proof that your purchase check or ACHtransaction has cleared.
Wire or ACH — Refers to the method used for payment orredemptions. Movement of money by wire is typically fasterthan money sent by ACH (Automated Clearing House). WhileJ.P. Morgan Funds does not charge for either method, yourbank may charge a fee for these services.
NOVEMBER 1, 2017 65
Financial Highlights
The financial highlights table is intended to help you understand each Fund’s financial performance for the past five fiscal years or theperiod of a Fund’s operations, as applicable. Certain information reflects financial results for a single Fund share. The total returns in thetables represent the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all divi-dends and distributions). This information for each period presented has been audited by PricewaterhouseCoopers LLP, whose report,along with each Fund’s financial statements, are included in the respective Fund’s annual report, which is available upon request.
To the extent a Fund invests in other investment companies, including affiliated money market funds, other mutual funds, exchange-traded funds and business development companies, the Total Annual Operating Expenses included in the Fee Table will not correlate tothe ratio of expenses to average net assets in the financial highlights below. This is because the Total Annual Operating Expenses include“Acquired Fund Fees and Expenses,” which are expenses incurred indirectly by a Fund through its ownership of shares of other invest-ment companies. Acquired Fund Fees and Expenses are not direct costs of a Fund, are not used to calculate a Fund’s net asset value pershare and are not included in the calculation of the ratio of expenses to average net assets shown in the financial highlights. The impactof Acquired Fund Fees and Expenses is included in the total returns of each Fund, including those shown in the financial highlights.
Class CYear Ended June 30, 2017 15.07 0.11 1.38 1.49 (0.12) — (0.12)Year Ended June 30, 2016 16.25 0.09 (0.61) (0.52) (0.19) (0.47) (0.66)Year Ended June 30, 2015 17.43 0.02 (0.24) (0.22) (0.09) (0.87) (0.96)Year Ended June 30, 2014 16.33 0.06 1.79 1.85 (0.11) (0.64) (0.75)Year Ended June 30, 2013 15.24 0.07 1.10 1.17 (0.08) — (0.08)
Class I (formerly Select Class)Year Ended June 30, 2017 15.16 0.23 1.39 1.62 (0.24) — (0.24)Year Ended June 30, 2016 16.35 0.22 (0.62) (0.40) (0.32) (0.47) (0.79)Year Ended June 30, 2015 17.51 0.16 (0.25) (0.09) (0.20) (0.87) (1.07)Year Ended June 30, 2014 16.38 0.16 1.83 1.99 (0.22) (0.64) (0.86)Year Ended June 30, 2013 15.29 0.20 1.09 1.29 (0.20) — (0.20)
Class L (formerly Institutional Class)Year Ended June 30, 2017 15.15 0.26 1.37 1.63 (0.26) — (0.26)Year Ended June 30, 2016 16.34 0.24 (0.62) (0.38) (0.34) (0.47) (0.81)Year Ended June 30, 2015 17.50 0.18 (0.25) (0.07) (0.22) (0.87) (1.09)Year Ended June 30, 2014 16.38 0.28 1.74 2.02 (0.26) (0.64) (0.90)Year Ended June 30, 2013 15.29 0.24 1.08 1.32 (0.23) — (0.23)
(a) Calculated based upon average shares outstanding.(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.(e) Does not include expenses of Underlying Funds.
Class CYear Ended June 30, 2017 15.65 0.02 2.03 2.05 (0.11) — (0.11)Year Ended June 30, 2016 17.04 0.04 (0.83) (0.79) (0.14) (0.46) (0.60)Year Ended June 30, 2015 18.52 (0.02) (0.26) (0.28) (0.08) (1.12) (1.20)Year Ended June 30, 2014 16.89 (0.01) 2.47 2.46 (0.07) (0.76) (0.83)Year Ended June 30, 2013 15.29 0.03 1.62 1.65 (0.05) — (0.05)
Class I (formerly Select Class)Year Ended June 30, 2017 15.87 0.19 2.02 2.21 (0.24) — (0.24)Year Ended June 30, 2016 17.27 0.17 (0.86) (0.69) (0.25) (0.46) (0.71)Year Ended June 30, 2015 18.69 0.12 (0.26) (0.14) (0.16) (1.12) (1.28)Year Ended June 30, 2014 17.02 0.11 2.50 2.61 (0.18) (0.76) (0.94)Year Ended June 30, 2013 15.38 0.16 1.63 1.79 (0.15) — (0.15)
Class L (formerly Institutional Class)Year Ended June 30, 2017 15.87 0.23 2.02 2.25 (0.27) — (0.27)Year Ended June 30, 2016 17.27 0.20 (0.86) (0.66) (0.28) (0.46) (0.74)Year Ended June 30, 2015 18.69 0.15 (0.27) (0.12) (0.18) (1.12) (1.30)Year Ended June 30, 2014 17.02 0.22 2.43 2.65 (0.22) (0.76) (0.98)Year Ended June 30, 2013 15.38 0.21 1.60 1.81 (0.17) — (0.17)
(a) Calculated based upon average shares outstanding.(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.(c) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.(d) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.(e) Does not include expenses of Underlying Funds.
Appendix A – Financial Intermediary-Specific Sales Charge Waivers
WAIVERS APPLICABLE TO PURCHASE THROUGHMERRILL LYNCH
Shareholders purchasing Fund shares through a Merrill Lynchplatform or account will be eligible only for the following loadwaivers (front-end sales charge waivers and contingentdeferred, or back-end, sales charge waivers) and discounts,which may differ from those disclosed elsewhere in this Fund’sprospectus or SAI. In all instances, it is the purchaser’sresponsibility to notify Merrill Lynch at the time of purchase ofany relationship or other facts qualifying the purchaser forsales charge waivers or discounts. With regard to these waiversand discounts, Merrill Lynch is responsible for theimplementation on the Merrill Lynch platform or accounts.
Front-end Sales Load Waivers on Class A Sharesavailable at Merrill Lynch
Employer-sponsored retirement, deferred compensation andemployee benefit plans (including health savings accounts) andtrusts used to fund those plans, provided that the shares arenot held in a commission-based brokerage account and sharesare held for the benefit of the plan
Shares purchased by or through a 529 Plan
Exchanges as described in this prospectus.
Shares purchased through a Merrill Lynch affiliated investmentadvisory program
Shares purchased by third party investment advisors on behalfof their advisory clients through Merrill Lynch’s platform
Shares of funds purchased through the Merrill Edge Self-Directed platform
Shares purchased through reinvestment of capital gains dis-tributions and dividend reinvestment when purchasing sharesof the same fund (but not any other fund within the fundfamily)
Shares exchanged from Class C (i.e. level-load) shares of thesame fund in the month of or following the 10-year anniversaryof the purchase date
Employees and registered representatives of Merrill Lynch or itsaffiliates and their family members as defined by Merrill Lynch.
Directors or Trustees of the Fund, and employees of the Fund’sinvestment adviser or any of its affiliates, as described in thisprospectus
Shares purchased from the proceeds of redemptions within thesame fund family, provided (1) the repurchase occurs within 90days following the redemption, (2) the redemption and pur-chase occur in the same retail brokerage account, and (3)redeemed shares were subject to a front-end or deferred salesload (known as Merrill Lynch Rights of Reinstatement)
CDSC Waivers on Class A and Class C Shares availableat Merrill Lynch
Death or disability of the shareholder
Shares sold as part of a systematic withdrawal plan asdescribed in the Fund’s prospectus
Return of excess contributions from an IRA Account
Shares sold as part of a required minimum distribution for IRAand retirement accounts due to the shareholder reachingage 70½
Shares sold to pay Merrill Lynch fees but only if the transactionis initiated by Merrill Lynch
Shares acquired through Merrill Lynch Rights of Reinstatement
Shares held in retirement brokerage accounts, that areexchanged for a lower cost share class due to transfer to a feebased account or platform (applicable to Class A and Class Cshares only). Merrill Lynch will pay the Distributor a proratedportion of the applicable CDSC the Distributor would havereceived when the exchange occurs. The Distributor will receivethe amount of the CDSC minus the amount of Rule 12b-1 feesthat it has already received during the holding period.
Front-end load Discounts Available at Merrill Lynch:Breakpoints, Rights of Accumulation and Letters ofIntent (as described in this prospectus)
Breakpoints.
Rights of Accumulation (ROA) which entitle shareholders tobreakpoint discounts will be automatically calculated based onthe aggregated holding of fund family assets held by accountswithin the purchaser’s household at Merrill Lynch. Eligible fundfamily assets not held at Merrill Lynch may be included in theROA calculation only if the shareholder notifies his or herfinancial advisor about such assets.
Letters of Intent (LOI) which allow for breakpoint discountsbased on anticipated purchases within a fund family, throughMerrill Lynch, over a 13-month period of time (if applicable)
WAIVERS APPLICABLE TO PURCHASE THROUGH LPLFINANCIAL
Shareholders purchasing Fund shares through LPL Financial’sMutual Fund Only Platform are eligible only for the followingfront-end sales charge waivers for Class A Shares, which differfrom those disclosed elsewhere in this Fund’s prospectus or SAI:
Sales charges will be waived for Class A Shares bought by cli-ents of LPL Financial who are accessing the J.P. Morgan Fundsthrough LPL Financial’s mutual fund only platform.
70 JPMORGAN ACCESS FUNDS
For accounts where LPL Financial is listed as the broker dealer,the following waiver replaces the first bullet point under itemfive in “Waiver of the Class A Sales Charge” under the “SalesCharges and Financial Intermediary Compensation” section ofeach prospectus:
Class A Shares may be purchased without a sales chargeby Group Retirement Plans which are employer sponsoredretirement, deferred compensation, employee benefitplans (including health savings accounts) and trusts usedto fund those plans. Please note that no new GroupRetirement Plans (as defined in the Glossary) will be per-mitted to invest in Class A Shares after April 3, 2017.
With regard to these waivers, LPL Financial is responsible forthe implementation on its platform.
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HOW TO REACH US
MORE INFORMATIONFor investors who want more information on these Funds thefollowing documents are available free upon request:
ANNUAL AND SEMI-ANNUAL REPORTSOur annual and semi-annual reports contain more informationabout each Fund’s investments and performance. The annualreport also includes details about the market conditions andinvestment strategies that had a significant effect on each Fund’sperformance during the last fiscal year.
STATEMENT OF ADDITIONAL INFORMATION (SAI)The SAI contains more detailed information about the Funds andtheir policies. It is incorporated by reference into this prospectus.That means, by law, it is considered to be part of this prospectus.
You can get a free copy of these documents and otherinformation, or ask us any questions, by calling us at1-800-480-4111 or writing to:
J.P. Morgan Funds ServicesP.O. Box 8528Boston, MA 02266-8528
If you buy your shares through a Financial Intermediary, youshould contact that Financial Intermediary directly for thisinformation. You can also find information online atwww.jpmorganaccessfunds.com.
You can write or e-mail the SEC’s Public Reference Room and askthem to mail you information about the Funds, including the SAI.They will charge you a copying fee for this service. You can alsovisit the Public Reference Room and copy the documents whileyou are there.
Public Reference Room of the SECWashington, DC 20549-15201-202-551-8090E-mail: [email protected]
Reports, a copy of the SAI and other information about the Fundsare also available on the EDGAR Database on the SEC’s website athttp://www.sec.gov.Investment Company Act File No. 811-21295.
