JPMorgan Funds statistics report: Emerging Economies Fund

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Emerging Economies Fund jpmorganfunds.com

Table of contents PERFORMANCE COUNTRY EXPOSURE Performance at NAV 3 Country breakdown (%) 13 Calendar year returns 3 Region breakdown (%) 13 EXPENSES DISCLOSURE Annual operating expenses 4 Disclosures 14 CHARACTERISTICS Fund statistics 5 RISK Risk/return 6 HOLDINGS Top 10 holdings 7 Top 10 active weights 7 MARKET CAP Market cap breakdown (%) 8 SECTORS Sector breakdown (% market value) 9 Portfolio allocation (%) 9 ATTRIBUTION Top 10 stocks 10 Bottom 10 stocks 10 Attribution by country 11 Attribution by industry 12 2 STATISTICS REPORT: EMERGING ECONOMIES FUND

Performance Share class - inception date share class # A Shares - 2/28/2008 1210 with max 5.25% sales charge C Shares - 2/28/2008 1211 with max 1.00% CDSC Select Shares - 2/28/2008 1213 MSCI Emerging Markets Index (net of foreign withholding taxes) 1 month (%) -3.73-8.81-3.74-4.74-3.69-2.23 3 months (%) -1.06-6.26-1.22-2.22-1.03 0.66-14.92-14.92 AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2015) R5 Shares - 2/28/2008 1212-3.60-0.95-14.48-14.48-7.94-5.28-2.76 R6 Shares - 9/1/2015 1214 1-3.63-0.89-14.51-14.51-7.95-5.29-2.77-14.95-19.39-15.33-16.33-14.67-14.95-19.39-15.33-16.33-14.67-8.38-1 -8.84-8.84-8.15-6.76-5.73-6.74-6.21-6.21-5.50-4.81 Since Inception (%) 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 investor's 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. YTD (%) 1 yr (%) 3 yrs (%) 5 yrs (%) -3.21-3.87-3.69-3.69-2.96-2.45 Calendar year returns 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 A Shares - 2/28/2008 1210 77.68 26.67-18.80 19.22-3.75-6.05-14.95 C Shares - 2/28/2008 1211 76.77 26.10-19.23 18.64-4.22-6.58-15.33 Select Shares - 2/28/2008 1213 78.14 27.05-18.63 19.55-3.55-5.85-14.67 R5 Shares - 2/28/2008 1212 78.53 27.23-18.41 19.74-3.31-5.63-14.48 R6 Shares - 9/1/2015 1214 78.53 27.23-18.41 19.74-3.31-5.63-14.51 MSCI Emerging Markets Index (net of foreign withholding taxes) 78.51 18.88-18.42 18.22-2.60-2.19-14.92 3 STATISTICS REPORT: EMERGING ECONOMIES FUND

Expenses Annual operating expenses Expense cap expiration date Expense cap (%) Total annual operating expense (%) Fee waivers and/or expense reimbursements (%) Net expense (%) A Shares 6/30/2016 1.55 1.93 (0.38) 1.55 C Shares 6/30/2016 2.05 2.34 (0.29) 2.05 S Shares 6/30/2016 1.30 1.47 (0.17) 1.30 R5 Shares 8/31/2016 1.10 1.26 (0.16) 1.10 R6 Shares 8/31/2016 1.05 1.21 (0.16) 1.05 4 STATISTICS REPORT: EMERGING ECONOMIES FUND

Characteristics Fund statistics Market cap weighted median (in billions) Market cap weighted average (in billions) Market cap median (in billions) Market cap average (in billions) Fund assets (in billions) Number of securities Stocks held outside of benchmark Active share (%) Turnover ratio FYE 10/31/2015 P/B Wtd harmonic average P/E harmonic ratio (1 yr forecast) Fund $8.12 $27.38 $6.36 $16.74 1.07 152 18.40 79.24 118.26 1.27 8.96 5 STATISTICS REPORT: EMERGING ECONOMIES FUND

Risk Risk/return Alpha Beta Correlation Information ratio R-squared Sharpe ratio Sharpe ratio benchmark Standard deviation Standard deviation benchmark Tracking error 1 Year 0.92 0.99 0.51 0.98-0.82-0.84 16.48 17.67 2.65 2 Year -0.03 0.96 0.99 0.98-0.55-0.53 15.05 15.54 2.20 3 Years 0.98 0.99 0.15 0.97-0.41-0.43 14.10 14.25 2.27 5 Years 0.08 1.01 0.99 0.27 0.98-0.15-0.20 18.19 17.79 2.85 7 Years 0.13 1.00 0.99 0.48 0.97 0.50 0.43 21.30 20.97 3.46 6 STATISTICS REPORT: EMERGING ECONOMIES FUND

Holdings Top 10 holdings Holdings Industrial & Commercial Bank of Ltd., Class H Samsung Electronics Co., Ltd. NetEase, Inc. Taiwan Semiconductor Manufacturing Co., Ltd. Merchants Bank Co., Ltd., Class H Bank of Ltd., Class H Tencent Holdings Ltd. Overseas Land & Investment Ltd. KT&G Corp. CITIC Bank Corp., Ltd., Class H Country South Korea Taiwan Hong Kong South Korea Sector Financials Information Technology Information Technology Information Technology Financials Financials Information Technology Financials Consumer Staples Financials % 2.04 1.65 1.57 1.34 1.34 1.27 1.22 1.15 1.14 1.12 Top 10 active weights Jpmorgan Prime Money Market Fund Mini Msci Emg Mkt Netease, Inc. Sponsored Adr Merchants Bank Co., Ltd. Class H Hindustan Petroleum Corporation Limited S-Oil Corporation Citic Bank Corporation Limited Class H Polski Koncern Naftowy Orie Gdr Reg S Vanke Co., Ltd Class H Bharat Petroleum Corporation Limited Fund 2.44 1.56 1.54 1.33 0.99 1.06 1.11 1.07 1.00 0.95 7 STATISTICS REPORT: EMERGING ECONOMIES FUND

Market cap Market cap breakdown (%)* MC Bin 3: 4000.0-10000.0 MC Bin 4: 0.0-4000.0 MC Bin 2: 10000.0-30000.0 MC Bin 1: > 30000.0 * Due to rounding, values may not total 100%. Fund 29.43 26.07 23.19 21.31 8 STATISTICS REPORT: EMERGING ECONOMIES FUND

Sectors Sector breakdown (% market value) Portfolio allocation (%)* Financials Information Technology Consumer Discretionary Energy Consumer Staples Health Care Industrials Materials Short-Term Investments Telecommunication Services Utilities * Due to rounding, values may not total 100%. Fund 30.47 22.16 15.63 8.62 5.94 4.10 4.09 2.86 2.48 1.94 1.71 Benchmark 27.81 20.61 9.90 7.16 8.45 3.03 6.97 6.06 6.83 3.19 Common Stocks Short-Term Investments Other * Due to rounding, values may not total 100%. Fund 96.74 2.48 0.78 9 STATISTICS REPORT: EMERGING ECONOMIES FUND

Attribution Top 10 stocks Name Netease, Inc. Sponsored Adr Mtn Group Limited S-Oil Corporation Lg Display Co., Ltd Lenovo Group Limited Pt Bank Negara Indonesia (Persero) Tbk Class B Sberbank Of Russia Ojsc Pref. Resources Land Limited Shenzhen International Holdings Limited Chlitina Holding Ltd. Account Average Weight 1.30 0.83 0.54 0.99 0.57 1.10 0.80 0.42 0.33 Account Stock Return 51.39 10.31 13.98 21.36 20.73 21.49 24.45 35.03 42.88 Account % Contribution 0.50 0.11 0.17 0.15 0.19 0.16 Benchmark Average Weight 0.07 0.52 0.08 0.13 0.19 0.08 0.44 0.22 Benchmark Stock Return 8.75-33.38 28.22 11.33 21.36 28.25 21.25 24.45 Benchmark % Contribution -0.19 0.01 0.03 0.07 0.04 Weight Difference 1.23-0.52 0.75 0.41 0.80 0.50 0.66 0.58 0.42 0.33 Stock Selection 0.49 0.20 0.16 0.15 0.14 0.14 Bottom 10 stocks Name Hcl Technologies Limited Netcare Limited Naspers Limited Class N Bnk Financial Group, Inc. Huaneng Power International, Inc. Sponsored Adr Class N Taiwan Semiconductor Manufacturing Co., Ltd. Jbs S.A. Catcher Technology Co., Ltd. Tencent Holdings Ltd. Samsung Electronics Co., Ltd. Account Average Weight 0.93 0.84 0.30 0.79 1.28 0.56 0.91 1.15 1.64 Account Stock Return -13.11-16.67-37.07-19.69 9.64-26.01-21.06 17.94 13.68 Account % Contribution -0.15-0.13-0.15-0.16 0.11-0.17-0.21 0.17 0.18 Benchmark Average Weight 0.21 0.07 1.64 0.07 0.11 3.02 0.08 0.18 2.84 4.05 Benchmark Stock Return -13.11-16.67 9.31-34.98-19.69 10.27-26.01-21.06 17.94 14.77 Benchmark % Contribution -0.03-0.01 0.14 - - 0.27 - -0.04 0.43 0.47 Weight Difference 0.72 0.77-1.64 0.24 0.68-1.74 0.48 0.72-1.69-2.40 Stock Selection - -0.14-0.14-0.14-0.15-0.16-0.17-0.17-0.25-0.31 10 STATISTICS REPORT: EMERGING ECONOMIES FUND

Attribution Attribution by country Group Brazil Chile Colombia Czech Republic Egypt Greece Hungary India Indonesia Malaysia Mexico Peru Philippines Poland Qatar Russia South Africa South Korea Taiwan Thailand Turkey United Arab Emirates Cash * Due to rounding, values may not total 100%. Account Average Weight* 3.54 31.20 0.48 0.47 5.23 1.63 0.41 1.77 5.40 2.79 17.83 18.26 0.80 5.93 0.49 3.78 RTN (%) -3.47 8.30-10.28 6.90-2.74 21.64 5.70-8.95-3.02-15.76 0.51-4.09-1.50 0.67-10.07-0.67 Benchmark Average Weight* 6.02 1.23 24.84 0.48 0.19 0.19 0.27 0.25 8.41 2.43 3.16 4.68 0.37 1.41 1.38 1.02 3.74 7.52 15.76 12.27 2.17 1.46 0.77 RTN (%) -3.28-1.10 4.03-9.40-11.31-7.84-18.99 11.41-0.91 20.84 7.87-1.16-8.11-0.48-12.90-10.21-4.13-10.59 5.42 1.23-6.18-0.26-12.61 Attribution Stock Select -0.04 1.18-0.01 - -0.13 0.01 0.08 0.04-0.18-0.84-0.97 0.04 0.09 0.01 Asset Allocation 0.05 0.03 0.18 0.05 0.03-0.03 0.04 0.06 0.06-0.23-0.18 0.08 0.03-0.08 0.51 0.06 0.09 0.03-0.22 11 STATISTICS REPORT: EMERGING ECONOMIES FUND

Attribution Attribution by industry Group Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecommunication Services Utilities Cash * Due to rounding, values may not total 100%. Account Average Weight* 16.47 4.54 6.62 29.11 3.47 7.03 20.84 4.16 2.15 1.82 3.78 RTN (%) -1.19-6.29 1.44 2.64 4.25 2.20 4.65-6.86-5.44-12.45-0.67 Benchmark Average Weight* 9.69 8.51 7.51 28.43 2.85 7.26 19.23 6.30 6.99 3.22 RTN (%) 2.22-1.78-0.14 0.86 2.19-3.26 6.37-1.86-6.03-1.33 Attribution Stock Select -0.59-0.16 0.16 0.44 0.40-0.33-0.18-0.21 Asset Allocation 0.09 0.13-0.05-0.03 0.05-0.01 0.09 0.01 0.32 0.03-0.22 12 STATISTICS REPORT: EMERGING ECONOMIES FUND

Country exposure Country breakdown (%)* Region breakdown (%) Taiwan South Korea Russia India Hong Kong Turkey Brazil Short-Term Investments South Africa Poland Netherlands Hungary Thailand Indonesia Egypt Cayman Islands United Arab Emirates Cyprus * Due to rounding, values may not total 100%. Fund 27.51 18.18 16.99 6.42 5.44 5.37 4.96 3.44 2.48 2.31 2.07 0.97 0.95 0.81 0.73 0.44 0.34 0.31 0.30 Emerging Markets Pacific ex Japan Europe Cash & Equivalents * Due to rounding, values may not total 100%. Fund 90.89 5.37 1.26 2.48 13 STATISTICS REPORT: EMERGING ECONOMIES FUND

RISKS ASSOCIATED WITH INVESTING IN THE FUND: International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. The Fund's investments in emerging markets could lead to more volatility in the value of the Fund's shares. As mentioned above, the normal risks of investing in foreign countries are heightened when investing in emerging markets. In addition, the small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Also, emerging markets may not provide adequate legal protection for private or foreign investment or private property. RETURNS: 1 The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information. ANNUAL OPERATING EXPENSES: The Fund s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the expense cap. This waiver is in effect through the expense cap expiration date, at which time the adviser and/or its affiliates will determine whether to renew or revise it. PORTFOLIO STATISTICS: Active Share: Active share represents the percentage of portfolio holdings that differ from those in the benchmark and ranges from 0-100%. An active share of 0% indicates the portfolio is identical to the benchmark whereas 100% means the portfolio is completely different from the benchmark. RISK RETURN: Alpha: The relationship between the performance of the Fund and its beta over a three-year period of time. Beta: The systematic risk of a Fund. The beta of a Fund is its sensitivity to a benchmark. A Fund with a beta of 1.0 is as risky as the benchmark and would therefore provide expected returns equal to those of the market during both up and down periods. Correlation: A statistical measure of how the returns of two investments or indices move in relation to each other. Information ratio: A risk-adjusted performance measure defined as excess return divided by tracking error. Information ratio is a special version of the Sharpe Ratio where the benchmark does not have to be the risk-free rate. Since this ratio considers the annualized standard deviation of both series (measures of risks inherent in owning either a portfolio or the benchmark),the ratio shows the risk-adjusted excess return of the portfolio over the benchmark. R2: The percentage of a Fund's movements that result from movements in the index ranging from 0 to 100. A Fund with an R2 of 100 means that 100 percent of the Fund's movement can completely be explained by movements in the Fund's external index benchmark. Sharpe ratio: A risk-adjusted measure that determines the reward per unit of risk. The numerator is the difference between the Fund s annualized return and the annualized return of the risk-free instrument and the denominator is the Fund s standard deviation. The Sharpe ratio is calculated over a 36-month period based on the Fund s returns. The greater the Fund s Sharpe ratio, the better its risk-adjusted performance has been. A negative Sharpe ratio indicates that a risk-free instrument would perform better than the Fund. The Sharpe ratio shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available. Standard deviation/volatility: A statistical measure of the degree to which the Fund s returns have varied from its historical average. The higher the standard deviation, the wider the range of returns from its average and the greater the historical volatility. The standard deviation is calculated over a 36-month period based on Fund s monthly returns. The standard deviation shown is based on the Fund's Class A Shares or the oldest share class, where Class A Shares are not available. Tracking Error: The active risk of the portfolio, which determines the annualized standard deviation of the excess returns between the portfolio and the benchmark. HOLDINGS: The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable. INDEXES DEFINED: The MSCI Emerging Markets Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets. 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. Total return figures assume the reinvestment of dividends. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. An individual cannot invest directly in an index. 14 STATISTICS REPORT: EMERGING ECONOMIES FUND

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE 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. 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 Fund's advisory or administrative fees and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, 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, J.P. Morgan Alternative Asset Management, Inc., and J.P. Morgan Asset Management (Canada), Inc. JPMorgan Chase & Co., January 2016 MFDP-EMECOS-2-1215 jpmorganfunds.com