NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Highbridge Dynamic Commodities Strategy Fund

Data as of September 30, 2011

Diversify into commodities. Commodities like oil, gold, wheat and cattle can be vital to everyday living and investing. As part of your diversified portfolio, the Highbridge Dynamic Commodities Strategy Fund offers the potential to increase returns, reduce risk and hedge inflation in todays growing global economy.

Insight

Potential for higher portfolio returns with lower risk

Low correlations to other investments mean commodities often rise when other assets fall Commodities tend to perform well when consumer prices rise to provide a potential hedge against ongoing inflation risk Rapid growth in emerging global economies can increase demand for commodities and drive up prices

Process

Systematic, fundamental approach focused on minimizing downside risk

Results

A less volatile approach to commodity investing

Fund pursues higher long-term
returns than benchmark with lower expected volatility Seeks to capture upside potential of a broad mix of commodities while limiting downside risk May be suitable for diversified investors seeking: A long-term allocation to commodities Increased return potential Enhanced diversification An inflation hedge A less volatile approach to commodities

Similar strategy in place since July 2007, led by fund managers with 28 years combined experience* Aims to keep fund risk at a manageable level Unique Drawdown Control feature attempts to reduce risk during periods of underperformance Uses a long-biased approach with ability to short in order to pursue returns from both rising and falling prices
* As of 9/30/11

Why diversify? Higher returns with lower risk

Even a small allocation to commodities has historically enabled diversified investors to increase long-term returns while reducing risk.
10-years ended 12/31/10 4.6 4.4 RETURN [%] 4.2 4.0 3.8 Return 3.99% | Risk 9.84% 45% U.S. stocks 15% International stocks 40% bonds 0% commodities 9.84 9.88 Return 4.21% | Risk 9.88% 42% U.S. stocks 13% International stocks 35% bonds 10% commodities Return 4.08% | Risk 9.90% 44% U.S. stocks 14% International stocks 37% bonds 5% commodities

Return 4.28% | Risk 10.08% 41% U.S. stocks 12% International stocks 32% bonds 15% commodities

Return 4.37% | Risk 10.16% 40% U.S. stocks 10% International stocks 30% bonds 20% commodities

3.6 9.80

9.92

9.96

10.00

10.04

10.08

10.12

10.16

10.20

Source: J.P. Morgan Asset Management. U.S. stocks measured by the S&P 500 Index, a capitalization-weighted index that measures the performance of 500 large-capitalization domestic stocks representing all major industries. International stocks measured by the MSCI EAFE Index, which is recognized as the pre-eminent benchmark in the United States to measure international equity performance. It comprises 21 MSCI country indexes, representing the developed markets outside North America. Bonds measured by Barclays Capital U.S. Aggregate Bond Index, an index that represents a mix of maturities. It is a replica (or model) of the U.S. government bond, mortgage-backed securities and corporate bond markets. Commodities measured by the Dow Jones-UBS 4.6 Commodity Index, which is composed of futures contracts on physical commodities and represents 19 separate commodities traded on U.S. exchanges, with the exception of aluminum, nickel and Return 4.21% | Risk 9.88% zinc. It is not possible to invest directly in the indexes shown. Past performance is no guarantee of future results. Shown for illustrative purposes only.

RISK [standard deviation - %]

4.4 RETURN [%]

Insight + 4.2
4.0

42% U.S. stocks 13% International stocks 35% bonds Process = ResultsSM 10% commodities

Return 4.08% | Risk 9.90%

Return 4.28% | Risk 10.08% 41% U.S. stocks 12% International stocks 32% bonds 15% commodities

Return 4.37% | Risk 10.16% 40% U.S. stocks 10% International stocks 30% bonds 20% commodities

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Highbridge Dynamic Commodities Strategy Fund

Data as of September 30, 2011
Objective The Fund seeks long-term total return. Strategy/Investment process Invests in commodity-linked derivative instruments. Long-biased investment strategy combines a fundamental and systematic approach to commodities investing. Risk control process may reduce exposure to commodities in certain market environments. Portfolio managers/industry experience Sassan Alizadeh, 17 years Mark Nodelman, 12 years Christopher Tufts, 14 years

A Shares (HDSAX) C Shares (HDCCX) Select (HDCSX)

Drawdown Control: Our goal is to capture upside potential while controlling downside risk to provide a smoother investment ride.
FUND EXPOSURE COMMODITIES PRICES

TIME
This chart is hypothetical and for illustrative purposes only. It does not represent the actual performance of the fund. Total returns Performance at NAV (%) A Shares Dow Jones-UBS Commodity Index Total Return Lipper Commodities General Funds Average With sales charges (%) A Shares with 5.25% max. sales charge Latest QTR -6.27 -11.33 -10.87 YTD -4.87 -13.62 -9.70 1 yr 14.40 0.02 2.85 Average annual total returns 3 yrs N/A N/A N/A 5 yrs N/A N/A N/A
Since inception 1/13/2010

13.92 10.49 6.21

-11.21

-9.86

8.39

N/A

N/A

10.39

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
RISKS ASSOCIATED WITH INVESTING IN THE FUND: The manager seeks to achieve the stated objectives. There is no guarantee the objectives will be met. Diversification does not guarantee investment returns and does not eliminate the risk of loss. The Funds investment in income securities is subject to interest rate risks. Bond prices generally fall when interest rates rise. The Fund will have a significant portion of its assets concentrated in commodity-linked securities. Developments affecting commodities will have a disproportionate impact on the Fund. The Funds investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commoditylinked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss (including the likelihood of greater volatility of the Funds net asset value), and there can be no assurance that the Funds use of leverage will be successful. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Funds advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. JPMorgan Chase & Co., October 2011 PP-HDCS (9/11)

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end please call 1-800-480-4111.
The Fund launched on 1/13/10 and was seeded with proprietary assets. Please note the performance shown does not take into consideration the inflow and outflows of cash which would have had an effect on performance. Also note, the limited performance track record is not a true indication of how this fund will perform in the long term. The Dow Jones-UBS Commodity Index Total Return is composed of futures contracts on 19 physical commodities. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index. The performance of the Lipper Commodities General Funds Average includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund. Expense cap expiration date 2/29/2012 Expense cap (%) 1.65 Total annual Fund operating expenses (%)1 2.33 Fee waivers and/or expense reimbursements (%)1 (0.61) Net expenses (%)1 1.72

Annual operating expenses A Shares

1

The Investment Advisor, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. In addition, the Funds service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time. The Fund will gain exposure to commodity markets primarily by investing up to 25% of its total assets in the HCM Commodities Strategy Fund Ltd., a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiarys investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Fund may use derivatives in connection with its investment strategies. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Funds original investment. The techniques and strategies contemplated by the Fund are expected to result in a high degree of portfolio turnover. Portfolio turnover may vary greatly from year to year as well as within a particular year. High portfolio turnover (e.g. over 100%) may involve correspondingly greater expenses to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities. Assets not invested in commodity-linked derivatives, currency-linked derivatives or the Subsidiary will be invested in fixed income securities. The fixed income portion of the Fund is intended to provide liquidity and preserve capital. The Fund generally will only buy securities that have remaining maturities of 397 days or less. The dollar-weighted average maturity of the Funds fixed income investments will generally be 90 days or less.

r Next steps
To learn more about increasing your diversification and return potential with the Highbridge Dynamic Commodities Strategy Fund:
contact your financial professional call 1-800-480-4111 visit www.jpmorganfunds.com