JPMORGAN TAX AWARE EQUITY FUND INSTITUTIONAL CLASS 

The investment seeks to provide high after-tax total return from a portfolio of selected equity securities. The fund invests at least 80% of its assets in equity securities. It primarily invests in common stocks of large and medium capitalization U.S. companies, but it may also invest up to 20% of its assets in common stocks of foreign companies, including depositary receipts. Sector by sector, the fund's weightings are similar to those of the S&P 500 Index. Within each sector, the fund focuses on those equity securities that the advisor considers undervalued and seeks to outperform the S&P 500 through superior stock selection.