JPMorgan Funds statistics report: International Equity Income Fund

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: International Equity Income Fund Must be preceded or accompanied by a prospectus. jpmorganfunds.com

Table of contents PERFORMANCE ATTRIBUTION Performance at NAV 3 Stock attribution: 3 month 11 Calendar year returns 3 Stock attribution: YTD 11 EXPENSES Stock attribution: 12 month 12 Annual expenses 4 Sector attribution: 3 month 13 CHARACTERISTICS Sector attribution: YTD 13 Fund statistics 5 Sector attribution: 12 month 14 Market capitalization 5 Region attribution: 3 month 15 RISK Region attribution: YTD 15 Risk/return analysis 6 Region attribution: 12 month 15 HOLDINGS Top 30 holdings by contribution 16 Top 10 holdings (%) 7 Bottom 30 holdings by contribution 17 Top 10 overweight positions (%) 8 Detailed quarterly attribution by sector 18 Top 10 underweight positions (%) 8 Detailed quarterly attribution by region 19 MARKET CAP DISCLOSURE Market cap breakdown (%) 9 Disclosures 20 POSITIONING Country breakdown (%) 10 Region breakdown (%) 10 Sector breakdown (%) 10 2 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Performance Share class inception date share class # A Shares 2/28/2011 2458 with max 5.25% sales charge C Shares 2/28/2011 2465 with max 1.00% CDSC I Shares 2/28/2011 2466 * R2 Shares 2/28/2011 2545 MSCI EAFE Index (net of foreign withholding taxes) 1 month (%) 1.48 6.66 1.53 2.53 1.51 1.57 1.22 3 months (%) 3.17 8.27 3.31 4.31 3.16 3.26 1.24 YTD (%) 3.30 8.37 3.56 4.56 3.24 3.52 2.75 6.84 AVERAGE ANNUAL TOTAL RETURNS (as of 6/30/2018) R5 Shares 2/28/2011 2546 1.50 3.13 3.19 4.75 3.48 5.61 5.26 3.43 3.02 3.32 R6 Shares 1/30/2015 2547 1 1.50 3.11 3.14 4.85 3.57 5.65 5.28 3.54 3.13 3.40 4.38 1.10 3.86 2.86 4.66 4.02 3.06 1.22 2.53 2.53 3.37 2.77 4.90 5.18 4.06 4.64 4.64 5.49 4.89 6.44 Since Inception (%) 4.81 4.05 4.28 4.28 5.10 4.53 4.56 30day SEC yield 2.92 2.57 3.33 2.77 30day unsubsidized SEC yield 2.45 2.09 2.85 2.28 12month rolling dividend yield 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 monthend, please call 18004804111. 1 yr (%) 3 yrs (%) 5 yrs (%) 2.80 2.51 3.24 2.67 Calendar year returns 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 A Shares 2/28/2011 2458 13.98 20.85 1.20 1.06 0.73 19.42 C Shares 2/28/2011 2465 13.41 20.28 0.68 1.61 1.25 18.87 I Shares 2/28/2011 2466 14.32 21.12 1.42 0.75 0.38 19.84 R2 Shares 2/28/2011 2545 13.73 20.57 0.94 1.36 1.03 19.20 R5 Shares 2/28/2011 2546 14.61 21.33 1.69 0.71 0.34 2 R6 Shares 1/30/2015 2547 14.61 21.33 1.69 0.72 0.29 20.11 MSCI EAFE Index (net of foreign withholding taxes) 17.32 22.78 4.90 0.81 1.00 25.03 3 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Expenses Annual expenses Gross expense (%) Net expense (%) A Shares 1.49 0.95 C Shares 2.00 1.45 I Shares 1.24 0.70 R2 Shares 1.90 1.25 R5 Shares 1.10 0.60 R6 Shares 1.22 0.50 4 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Characteristics Fund statistics Market capitalization Active share (%) Cash flow per share 5 yr average Debt to equity average Dividend yield Earnings growth 5 yr average Estimated 35 yr EPS growth Estimated EPS growth FY0FY1 Expected tracking error Fund assets (in billions) Historic 3 yr EPS growth Historic 3 yr sales growth Historic 5 yr EPS growth Historic 5 yr sales growth Long term debt to capital MSCI 1 yr earnings growth MSCI 5 yr earnings growth Net margin Number of holdings Operating margin PEG ratio FY1 Price to book harmonic average Price to cash flow FY1 Price to cash flow FY2 Price to cash flow harmonic average Price to earnings 1 yr forecast Price to earnings 2 yr forecast Price to earnings 5 yr harmonic average Price to earnings last 12 months Return on assets Return on equity Return on equity 5 yr average Fund 75.01 7.26 12.14 4.00 6.32 25.94 23.57 1.80 188.27 8.15 3.59 5.36 3.03 30.10 48.06 4.15 12.41 72 17.52 1.33 1.50 7.90 7.40 7.28 12.55 11.72 14.50 13.21 6.00 13.75 16.66 Benchmark 7.29 3.19 8.39 42.21 14.36 11.13 4.38 8.23 3.92 30.53 169.66 6.93 12.29 16.92 1.37 1.65 8.83 8.17 8.37 14.04 13.07 15.85 14.33 6.41 14.88 17.01 Market cap median (in billions) Market cap average (in billions) Market cap weighted median (in billions) Market cap weighted average (in billions) Fund $49.57 $72.75 $55.95 $82.02 Index $11.24 $21.06 $37.13 $60.99 5 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Risk Risk/return analysis Alpha Beta Correlation Information ratio Rsquared Sharpe ratio Sharpe ratio benchmark Standard deviation Standard deviation benchmark Tracking error 1 Year 0.11 1.04 0.98 0.58 0.96 0.46 0.60 9.72 9.16 1.89 2 Year 0.15 0.95 0.97 1.38 0.95 1.13 1.39 8.28 8.49 1.96 3 Years 0.83 0.97 0.21 0.94 0.36 0.38 10.37 12.09 3.24 5 Years 0.85 0.97 0.49 0.94 0.61 0.67 9.91 11.26 2.96 7 Years 0.86 0.96 0.93 0.61 0.59 11.09 12.48 3.48 6 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Holdings Top 10 holdings (%) Holdings Royal Dutch Shell plc, Class A Rio Tinto plc Novartis AG (Registered) Unilever NV Iberdrola SA Vinci SA TOTAL SA UnibailRodamcoWestfield Mitsubishi Corp. British American Tobacco plc Country Netherlands Australia Switzerland United Kingdom Spain France France France Japan United Kingdom Sector Energy Materials Health Care Consumer Staples Utilities Industrials Energy Real Estate Industrials Consumer Staples % 3.39 2.49 2.46 2.42 2.25 2.22 2.11 2.11 2.05 2.01 7 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Holdings Top 10 overweight positions (%) Stock Rio Tinto plc Iberdrola SA VINCI SA UnibailRodamcoWestfield Mitsubishi Corporation Tokio Marine Holdings Incorporated Compagnie Generale des Etablissements Michelin SCA Royal Ahold Delhaize N.V. AMADA HOLDINGS CO. Limited CNOOC Limited Portfolio 2.51 2.26 2.23 2.11 2.06 1.73 1.69 1.65 1.51 1.40 Index 0.64 0.31 0.34 0.21 0.26 0.22 0.14 0.21 0.02 Active Share 1.87 1.95 1.89 1.90 1.80 1.51 1.54 1.44 1.49 1.40 Top 10 underweight positions (%) Stock HSBC Holdings Plc Bayer AG Novo Nordisk A/S Commonwealth Bank of Australia Siemens AG AIA Group Limited BASF SE AnheuserBusch InBev SA/NV BP p.l.c. SAP SE Portfolio 0.70 Index 1.31 0.69 0.57 0.66 0.71 0.74 0.61 0.54 1.06 0.79 Active Share 0.61 0.69 0.57 0.66 0.71 0.74 0.61 0.54 1.06 0.79 8 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Market cap Market cap breakdown (%) $0 to $2 bn $2 to $5 bn $5 to $10 bn $10 to $20 bn $20 to $50 bn $50 bn+ Portfolio 0.46 2.36 3.22 8.96 29.74 55.25 Benchmark 2.72 11.49 15.23 32.29 38.22 9 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Positioning Country breakdown (%)* Region breakdown (%)* Sector breakdown (%)* France Japan United Kingdom Switzerland Netherlands Australia Germany Spain Sweden China Finland Norway Italy Canada Singapore Taiwan Macau South Korea ShortTerm Investments * Due to rounding, values may not total 100%. Fund 19.14 16.62 14.68 10.09 7.68 6.55 5.33 3.70 2.41 2.13 1.92 1.78 1.58 1.27 1.27 1.25 1.17 0.97 0.47 Europe Japan Pacific ex Japan Emerging Markets North America Cash & Equivalents * Due to rounding, values may not total 100%. Fund 68.31 16.62 7.82 5.51 1.27 0.46 Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Information Technology Telecommunication Services Utilities Real Estate ShortTerm Investments * Due to rounding, values may not total 100%. Fund 23.28 13.48 12.23 9.03 8.51 8.19 8.15 5.57 5.16 3.83 2.11 0.47 10 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Stock attribution: 3 month Contributors 3 month CNOOC Limited Rio Tinto plc BANDAI NAMCO Holdings Incorporated Ferguson PLC Iberdrola SA Tokio Marine Holdings Incorporated TransCanada Corporation Capgemini SE Nintendo Co., Ltd. PUMA SE Avg Portfolio 1.38 2.41 0.58 1.56 2.13 1.76 1.20 1.00 0.46 Avg Index 0.62 0.30 0.22 0.14 0.30 0.02 Stock Stock return contribution 19.52 0.26 9.49 0.18 23.48 0.17 8.63 0.12 5.30 0.12 5.30 0.09 5.59 5.29 25.71 13.01 Detractors 3 month AMADA HOLDINGS CO. Limited Compagnie Generale des Etablissements Michelin SCA Oil company LUKOIL PJSC Taiwan Semiconductor Manufacturing Co., Ltd. BP p.l.c. Daimler AG ING Groep NV Swiss Re AG Banco Santander SA BNP Paribas SA Avg Portfolio 1.44 1.83 0.27 1.30 1.34 1.74 1.55 1.36 1.39 Avg Index 0.16 1.00 0.49 0.42 0.66 0.54 Stock Stock return contribution 20.78 0.32 15.66 0.26 7.20 0.18 14.02 0.18 15.06 0.15 20.99 0.15 12.34 0.15 12.11 0.14 17.79 0.14 14.45 Contributors YTD UPMKymmene Oyj CNOOC Limited Royal Ahold Delhaize N.V. Ferguson PLC GlaxoSmithKline plc ASML Holding NV Oil company LUKOIL PJSC Deutsche Boerse AG Airbus SE Rio Tinto plc Avg Portfolio 1.79 1.55 1.87 1.85 1.80 1.56 1.09 1.23 1.55 2.31 Avg Index 0.63 0.52 0.17 0.44 0.61 Stock Stock return contribution 18.12 0.37 22.66 0.33 11.83 0.25 13.16 0.24 16.37 0.23 14.53 0.22 11.77 16.48 0.19 19.11 0.19 7.57 0.18 Detractors YTD AMADA HOLDINGS CO. Limited British American Tobacco p.l.c. ING Groep NV Vodafone Group Plc Bridgestone Corporation Japan Tobacco Inc. Compagnie Generale des Etablissements Michelin SCA Norsk Hydro ASA Nordea Bank AB Banco Santander SA Avg Portfolio 0.72 2.17 1.82 1.64 1.81 0.74 1.88 1.06 1.42 0.68 Avg Index 0.89 0.45 0.50 0.19 0.21 0.17 0.22 0.70 Stock Stock return contribution 20.78 0.32 23.62 0.29 19.74 0.25 19.99 0.22 14.39 14.68 0.19 13.37 0.19 19.35 0.18 16.20 0.17 17.79 0.15 11 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Contributors 12 month CNOOC Limited Oil company LUKOIL PJSC Wolseley PLC. Berkeley Group Holdings plc Royal Ahold Delhaize N.V. UPMKymmene Oyj Mitsubishi Corporation Nestle S.A. Rio Tinto plc NN Group N.V. Avg Portfolio 1.54 1.40 1.90 1.32 1.86 1.93 1.76 0.26 1.94 1.09 Avg Index 0.12 0.19 0.12 0.26 1.75 0.59 0.09 Stock Stock return contribution 63.86 0.63 38.98 0.41 35.14 0.39 35.71 0.37 28.96 0.36 29.09 0.36 37.01 0.35 0.59 0.33 25.03 0.31 33.34 0.29 Detractors 12 month British American Tobacco p.l.c. AMADA HOLDINGS CO. Limited Japan Tobacco Inc. ING Groep NV Royal Dutch Shell Plc Sanofi BP p.l.c. Teva Pharmaceutical Industries Limited GlaxoSmithKline plc Bridgestone Corporation Avg Portfolio 2.43 0.36 0.85 1.87 0.71 1.70 2.12 1.95 Avg Index 0.95 0.23 0.47 1.79 0.68 0.90 0.12 0.64 Stock Stock return contribution 22.17 0.43 20.78 0.32 20.44 0.31 13.12 0.27 4.13 0.26 13.31 0.26 40.88 0.26 48.34 0.23 0.65 0.23 6.55 0.22 12 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Sector attribution: 3 month Sectors 3 month Media Basic Industries Industrial Cyclical Telecommunications Financial Services Technology Software Health Services & Systems Utilities Transportation Property Energy Retail Consumer Cyclical & Services Banks Automobiles & Auto Part Consumer Staples Insurance Pharm/Medtech Technology Semi & Hardware Stock Selection 0.22 0.19 0.11 0.10 0.30 0.10 0.18 0.14 0.24 Sector Allocation 0.02 0.02 0.15 0.12 0.25 0.19 0.10 0.02 0.09 0.10 0.12 0.14 0.15 0.17 0.19 0.24 0.29 Sector attribution: YTD Sectors YTD Basic Industries Industrial Cyclical Energy Media Financial Services Insurance Health Services & Systems Technology Semi & Hardware Transportation Retail Consumer Cyclical & Services Utilities Telecommunications Technology Software Banks Pharm/Medtech Property Automobiles & Auto Part Consumer Staples Stock Selection 0.44 0.35 0.22 0.02 0.12 0.10 0.18 0.19 0.54 Sector Allocation 0.02 0.02 0.19 0.02 0.02 0.16 0.02 0.40 0.33 0.26 0.21 0.10 0.11 0.11 0.12 0.16 0.25 0.50 13 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Sector attribution: 12 month Sectors 12 month Basic Industries Banks Insurance Consumer Cyclical & Services Transportation Energy Financial Services Telecommunications Retail Technology Semi & Hardware Industrial Cyclical Health Services & Systems Technology Software Media Utilities Property Automobiles & Auto Part Consumer Staples Pharm/Medtech Stock Selection 0.49 0.46 0.25 0.31 0.09 0.10 0.27 0.11 0.57 0.91 1.00 Sector Allocation 0.17 0.16 0.18 0.21 0.02 0.02 0.16 0.19 0.65 0.30 0.28 0.28 0.09 0.16 0.21 0.44 0.75 0.82 14 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Region attribution: 3 month Regions 3 month North America United Kingdom Japan Pacific ex Japan Emerging Markets Europe ex UK Stock Selection 0.26 0.28 0.38 0.49 Region Allocation 0.17 0.16 0.19 0.69 0.09 0.12 0.31 0.55 Region attribution: YTD Regions YTD Europe ex UK Emerging Markets Pacific ex Japan North America United Kingdom Japan Stock Selection 0.39 0.25 0.16 0.19 0.81 Region Allocation 0.11 0.34 0.31 0.12 0.16 0.92 Region attribution: 12 month Regions 12 month Emerging Markets Europe ex UK Pacific ex Japan North America United Kingdom Japan Stock Selection 0.28 0.74 0.09 0.11 0.82 1.06 Region Allocation 1.57 0.15 0.16 0.50 1.30 0.59 0.11 0.73 1.56 15 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Top 30 holdings by contribution Fund Index Attribution analysis Group CNOOC Limited Rio Tinto plc BANDAI NAMCO Holdings Incorporated Ferguson PLC Iberdrola SA Tokio Marine Holdings Incorporated TransCanada Corporation Nintendo Co., Ltd. PUMA SE Capgemini SE Royal Ahold Delhaize N.V. Mitsubishi Corporation Diageo plc Fanuc Corporation GlaxoSmithKline plc Deutsche Post AG Australia and New Zealand Banking Group Limited Norsk Hydro ASA Volkswagen AG Honda Motor Co., Ltd. Societe Generale S.A. Intesa Sanpaolo S.p.A. Publicis Groupe SA UniCredit SpA Toyota Motor Corp. Airbus SE BHP Billiton PLC ASML Holding NV Sage Group plc Barclays PLC Average weight 1.38 2.41 0.58 1.56 2.13 1.76 1.20 0.46 1.00 1.63 1.99 1.60 1.62 1.45 1.05 0.80 1.60 1.65 1.25 1.15 0.12 return 19.52 9.49 23.48 8.63 5.30 5.30 5.59 13.01 5.29 4.04 3.53 6.21 4.61 4.20 5.04 3.10 0.84 2.90 9.46 1.35 6.66 to return 0.26 0.15 0.11 0.09 0.09 0.02 0.12 Average weight 0.62 0.30 0.22 0.30 0.02 0.14 0.28 0.60 0.29 0.67 0.27 0.41 0.33 0.38 0.26 0.33 0.10 0.26 1.11 0.46 0.84 0.54 0.32 return 9.78 26.26 8.63 5.30 5.30 25.71 17.20 9.20 4.04 3.53 6.21 21.39 4.61 23.48 4.20 5.04 16.69 14.02 19.17 15.74 1.32 19.07 0.98 2.90 15.26 1.35 6.67 13.86 to return 0.02 0.02 0.11 Variation in average weight 1.38 1.79 0.53 1.43 1.83 1.54 1.20 0.30 0.44 0.86 1.42 1.72 1.00 0.29 0.95 0.27 1.04 0.99 0.33 0.38 0.26 0.33 0.70 0.26 0.49 1.20 0.41 0.61 0.32 Selection + interaction Allocation effect 0.26 0.18 0.17 0.12 0.12 0.09 effect 0.26 0.18 0.17 0.12 0.12 0.09 16 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Bottom 30 holdings by contribution Fund Index Attribution analysis Group Allianz SE LVMH Moet Hennessy Louis Vuitton SE Kering SA Vodafone Group Plc LafargeHolcim Ltd. Aviva plc China Construction Bank Corporation JFE Holdings, Inc. Sumitomo Mitsui Financial Group, Inc. CSL Limited Severstal PAO Japan Tobacco Inc. SAP SE Daiwa House Industry Co., Ltd. Samsung Electronics Co., Ltd. Enel SpA Nordea Bank AB British American Tobacco p.l.c. Bridgestone Corporation Japan Airlines Co., Ltd. BNP Paribas SA Swiss Re AG Banco Santander SA BP p.l.c. ING Groep NV Daimler AG Oil company LUKOIL PJSC Taiwan Semiconductor Manufacturing Co., Ltd. Compagnie Generale des Etablissements Michelin SCA AMADA HOLDINGS CO. Limited Average weight 2.04 1.31 1.62 1.18 1.06 0.67 0.88 1.44 0.21 0.31 1.23 1.69 1.42 1.89 1.60 1.11 1.39 1.55 1.36 1.74 1.34 0.27 1.30 1.83 1.44 return 5.56 2.98 6.64 7.41 8.25 11.21 9.73 8.17 3.45 4.61 3.41 8.82 9.13 9.35 11.64 8.61 11.84 14.45 12.11 17.79 12.34 20.99 7.20 14.02 15.66 20.78 to return 0.11 0.10 0.09 0.10 0.09 0.11 0.15 0.14 0.14 0.24 0.19 0.29 0.22 0.24 0.15 0.19 0.30 0.38 Average weight 0.67 0.65 0.29 0.49 0.17 0.19 0.38 0.41 0.75 0.14 0.33 0.21 0.82 0.18 0.54 0.66 1.00 0.42 0.49 0.16 return 5.56 9.14 24.99 6.64 7.41 0.62 6.11 7.09 19.35 1.06 11.74 11.42 9.13 9.35 11.64 8.61 11.84 12.81 12.11 16.92 15.06 12.34 20.99 15.66 20.86 to return 0.02 0.02 0.09 0.02 0.12 0.11 Variation in average weight 1.37 0.66 0.29 1.13 1.01 0.86 0.67 0.80 1.06 0.41 0.75 0.17 1.23 1.37 1.22 1.07 1.42 1.08 0.85 1.35 0.70 1.00 1.32 0.85 0.27 1.30 1.68 1.42 Selection + interaction Allocation effect 0.09 0.09 0.09 0.09 0.10 0.10 0.11 0.11 0.12 0.14 0.14 0.15 0.15 0.15 0.18 0.18 0.26 0.32 effect 0.09 0.09 0.09 0.09 0.10 0.10 0.11 0.11 0.12 0.14 0.14 0.15 0.15 0.15 0.18 0.18 0.26 0.32 17 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Detailed quarterly attribution by sector Fund Index Attribution analysis Group Automobiles & Auto Part Banks Basic Industries Consumer Cyclical & Services Consumer Staples Energy Financial Services Health Services & Systems Industrial Cyclical Insurance Media Pharm/Medtech Property Retail Technology Semi & Hardware Technology Software Telecommunications Transportation Utilities [Cash] * Due to rounding, values may not total 100%. Average weight* 6.60 15.18 10.83 2.85 6.84 7.61 1.36 8.94 8.67 1.39 7.38 2.11 3.39 3.67 2.06 5.18 2.09 3.82 10 return 10.14 7.72 1.91 4.82 3.18 6.03 2.32 2.58 4.73 15.08 0.74 3.21 3.88 7.32 8.60 1.98 5.23 1.19 0.78 2.43 to return 0.66 1.20 0.16 0.09 0.19 0.43 0.24 0.40 0.18 0.09 0.21 0.09 0.14 0.12 0.02 2.43 Average weight* 5.19 13.29 9.03 3.51 9.54 5.55 2.14 0.61 8.81 5.43 2.11 9.45 3.33 5.06 4.56 2.18 4.10 2.54 3.58 10 return 9.65 7.52 0.02 0.59 0.46 11.64 1.70 1.44 3.71 3.19 2.24 1.82 0.22 4.89 0.50 6.39 4.23 1.90 1.24 to return 0.50 0.99 0.02 0.02 0.58 0.34 0.17 0.17 0.22 0.16 1.24 Variation in average weight 1.41 1.89 1.80 0.66 2.69 2.06 0.78 0.61 3.23 0.72 2.07 1.22 1.66 0.89 0.12 1.08 0.45 0.24 Selection + interaction 0.10 0.19 0.30 0.10 0.14 0.22 0.21 0.24 0.09 0.76 Allocation effect 0.12 0.15 0.02 0.02 0.44 effect 0.17 0.14 0.09 0.02 0.09 0.26 0.25 0.09 0.30 1.20 18 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

Attribution Detailed quarterly attribution by region Fund Index Attribution analysis Group Emerging Markets Europe & Middle East Ex Uk Japan North America Pacific Ex Japan United Kingdom [Cash] * Due to rounding, values may not total 100%. Average weight* 5.08 50.39 16.25 1.20 5.15 21.90 10 return 5.81 3.71 4.45 5.59 1.67 1.79 0.78 2.43 to return 0.31 1.87 0.79 0.09 0.39 2.43 Average weight* 0.10 46.05 24.32 11.87 17.66 10 return 16.78 2.73 2.84 1.77 3.07 1.24 to return 0.02 1.21 0.72 0.19 0.51 1.24 Variation in average weight 4.98 4.35 8.07 1.20 6.72 4.23 Selection + interaction 0.38 0.49 0.28 0.26 0.58 Allocation effect 0.69 0.16 0.19 0.17 0.62 effect 0.31 0.55 0.12 0.09 1.20 19 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

RISKS ASSOCIATED WITH INVESTING IN THE FUND: The following risks could cause the fund to lose money or perform more poorly than other investments. For more complete risk information, see the prospectus. There is no guarantee that companies will declare, continue to pay or increase dividends. International investing has a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and different accounting and taxation policies outside the U.S. can affect returns. 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. YIELDS: Class A Share 12month rolling dividend yield is calculated by dividing the dividend per share by the public offering price per share on the day of the distribution. Class C and Class I Shares 12month rolling dividend yields are calculated by dividing the dividend per share by the NAV per share on the day of the distribution. 12month rolling dividend yields represent the sum of the monthly dividend yields for the previous 12 months. ANNUAL OPERATING EXPENSES: The Fund s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Annual Fund 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 0.95% for A Shares, 0.60% for R5 Shares, 0.50% for R6 Shares, 1.45% for C Shares, 0.70% for I Shares and 1.25% for R2 Shares of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund s adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund s investment in such money market funds. This waiver is in effect through 10/31/2019 for A Shares, 10/31/2019 for R5 Shares, 10/31/2019 for R6 Shares, 10/31/2019 for C Shares, 10/31/2019 for I Shares and 10/31/2019 for R2 Shares, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements. PORTFOLIO STATISTICS: Active Share represents the difference between a fund s holdings and the benchmark s holdings. It is calculated by taking the sum of the absolute value of the weighting of the fund s holdings versus the weighting of the benchmark s holdings excluding derivatives but including cash and cash equivalents. If a holding of the fund isn t a holding of the benchmark, the weighting of the benchmark is assumed to be zero. Similarly, if the benchmark includes a holding that isn t a holding of the fund, the weighting of the fund is assumed to be zero. Tracking Error: The active risk of the portfolio, which determines the annualized standard deviation of the excess returns between the portfolio and the benchmark. RISK RETURN: Alpha: The relationship between the performance of the Fund and its beta over a threeyear period of time. Beta: Beta measures a fund s volatility in comparison to the market as a whole. A beta of 1.00 indicates a fund has been exactly as volatile as the market. Correlation: A statistical measure of how the returns of two investments or indices move in relation to each other. Information ratio: A riskadjusted 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 riskfree 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 riskadjusted 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: Sharpe Ratio measures the fund s excess return compared to a riskfree investment. The higher the Sharpe Ratio, the better the returns relative to the risk taken. Tracking Error: The active risk of the portfolio, which determines the annualized standard deviation of the excess returns between the portfolio and the benchmark. 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 36month 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. HOLDINGS: The top 10 holdings listed reflect only the Fund's longterm investments. Shortterm 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: Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The MSCI EAFE (Europe, Australia, Far East) Index (net of foreign withholding taxes) is a free floatadjusted market capitalization weighted index measuring equity market performance of developed markets, excluding the U.S. and Canada. 20 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

SHARECLASS OPTIMIZATION: * Effective April 3rd,Selectshare class becameishare class. ATTRIBUTION: Value added to a portfolio s return is commonly referred to as the active management or total effect. The total effect is the difference between the portfolio return and benchmark return. It is also the sum of the following investment decisions or effects: Allocation Effect measures an investment manager s ability to effectively allocate their portfolio s assets to various segments. The allocation effect determines whether the overweighting or underweighting of segments relative to a benchmark contributes positively or negatively to the overall portfolio return. Selection Effect measures the manager s ability to select securities within a given segment relative to a benchmark. The over or underperformance of the portfolio is weighted by the benchmark weight, therefore, selection is not affected by the manager s allocation to the segment. Interaction Effect measures the combined impact of a manager s selection and allocation decisions within a segment. If a manager had superior selection and overweighted that particular segment, the interaction effect is positive, whereas, if an investment manager had superior selection, but underweighted that segment, the interaction effect is negative. The total effect can be used to determine the amount an investment manager has added to a portfolio s return. If the total effect is positive, the manager has contributed positively to the portfolio s return. If the total effect is negative, the manager has not contributed positively to the portfolio s return. 21 STATISTICS REPORT: INTERNATIONAL EQUITY INCOME FUND

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Contact JPMorgan Distribution Services, Inc. at 18004804111 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. return figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100%. 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. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. JPMorgan Chase & Co., July 2018 MFDPIEI20618 jpmorganfunds.com