JPMorgan Funds statistics report: Small Cap Growth Fund

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Small Cap Growth Fund Offered on a limited basis - L Shares jpmorganfunds.com

Table of contents PERFORMANCE ATTRIBUTION Performance at NAV 3 Performance attribution - One month 13 Calendar year returns 3 Performance attribution - Quarter 13 EXPENSES Performance attribution - YTD 14 Annual expenses 4 Performance attribution - One year 14 CHARACTERISTICS Performance attribution - Three year 15 Fund statistics 5 Stock attribution - One month 16 Percentage of portfolio 5 Stock attribution - Quarter 16 Barra factors 5 Stock attribution - YTD 17 RISK Stock attribution - One year 17 Risk measures 6 Stock attribution - Three year 18 RATINGS AND RANKINGS COUNTRY EXPOSURE Lipper rankings 7 Asset allocation 19 Morningstar ratings 7 Regional allocation 19 HOLDINGS DISCLOSURE Top ten holdings (%) 8 Disclosures 20 Ten largest overweights 9 Ten largest underweights 9 Top buys and sells 10 MARKET CAP Market cap contribution 11 SECTORS Sector exposure (excluding cash) 12 2 STATISTICS REPORT: SMALL CAP GROWTH FUND

Performance Share class - inception date share class # A Shares - 7/1/1991 3352 with max 5.25% sales charge C Shares - 11/4/1997 3591 1 with max 1.00% CDSC Russell 2000 Growth Index 1 month (%) 2.13-3.25 2.03 1.03 0.12 3 months (%) 7.94 2.25 7.78 6.78 4.59 22.17 22.17 AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2017) I Shares - 3/26/1996 3136 1,* 2.16 8.00 41.49 41.49 14.45 17.33 9.88 L Shares - 2/19/2005 3907 1 2.15 8.02 41.70 41.70 14.62 17.50 10.04 R2 Shares - 11/3/2008 1036 1 2.13 7.86 40.79 40.79 13.90 16.73 9.33 R3 Shares - 7/31/2017 2716 1 2.13 7.94 41.13 41.13 14.18 17.04 9.61 R4 Shares - 7/31/2017 2717 1 2.18 8.00 41.29 41.29 14.22 17.07 9.62 R5 Shares - 9/9/2016 2363 1 2.21 8.07 41.78 41.78 14.64 17.51 10.04 R6 Shares - 11/30/2010 2150 1 2.19 8.06 41.81 41.81 14.74 17.63 10.11 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 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 (%) 41.13 33.77 40.35 39.35 1 yr (%) 41.13 33.77 40.35 39.35 3 yrs (%) 14.18 12.15 13.60 13.60 10.28 5 yrs (%) 17.04 15.78 16.44 16.44 15.21 10 yrs (%) 9.61 9.02 9.03 9.03 9.19 Calendar year returns 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 A Shares - 7/1/1991 3352-43.26 38.70 33.77-3.53 12.23 47.85-0.22-2.15 7.80 41.13 C Shares - 11/4/1997 3591-43.62 37.83 33.10-4.09 11.75 47.17-0.79-2.61 7.26 40.35 I Shares - 3/26/1996 3136-43.19 39.14 34.21-3.37 12.56 48.23 0.05-1.93 8.04 41.49 L Shares - 2/19/2005 3907-43.14 39.37 34.40-3.17 12.69 48.44 0.19-1.75 8.16 41.70 R2 Shares - 11/3/2008 1036-43.38 38.21 33.65-3.91 12.06 47.46-0.51-2.34 7.47 40.79 R3 Shares - 7/31/2017 2716-43.26 38.70 33.77-3.53 12.23 47.85-0.22-2.15 7.80 41.13 R4 Shares - 7/31/2017 2717-43.26 38.70 33.77-3.53 12.23 47.85-0.22-2.15 7.80 41.29 R5 Shares - 9/9/2016 2363-43.14 39.37 34.40-3.17 12.69 48.44 0.19-1.75 8.16 41.78 R6 Shares - 11/30/2010 2150-43.14 39.37 34.40-3.09 12.77 48.70 0.25-1.67 8.34 41.81 Russell 2000 Growth Index -38.54 34.47 29.09-2.91 14.59 43.30 5.60-1.38 11.32 22.17 3 STATISTICS REPORT: SMALL CAP GROWTH FUND

Expenses Annual expenses Gross expense (%) Net expense (%) A Shares 1.35 1.31 C Shares 1.85 1.81 I Shares 1.08 1.06 L Shares 0.94 0.92 R2 Shares 1.59 1.56 R3 Shares 1.33 1.31 R4 Shares 1.08 1.06 R5 Shares 0.94 0.91 R6 Shares 0.83 0.81 4 STATISTICS REPORT: SMALL CAP GROWTH FUND

Characteristics Fund statistics Barra factors Active share (%) Earnings per share growth - 2 yr Earnings per share growth - 5 yr Market cap average ($ billions) Market cap median ($ billions) Market cap weighted average ($ billions) Market cap weighted median ($ billions) Number of holdings Price to book weighted harmonic average Price to cash flow - trailing 12 months Price to earnings - next 12 months * Price to sales weighted harmonic average Return on assets - last 12 months Return on equity - hist 1 yr Turnover - quarter Turnover - 1 yr Turnover - 3 yr Turnover - 5 yr *J.P. Morgan estimate Fund 85.10 15.03 16.00 $3.79 $3.32 $4.04 $3.47 115 4.54 24.55 22.07 2.00 4.20 6.90 7.58 % 40.67 % 38.22 % 44.77 % Benchmark 12.65 9.83 $1.41 $1.01 $2.64 $2.40 1,170 4.12 17.29 19.42 1.77 4.23 10.70 Currency Sensitivity Dividend Yield Earnings Variation Earnings Yield Growth Leverage Momentum Size Value Volatility Fund 0.12-0.67 0.40-0.95 0.98 0.54 0.47-2.11-0.35 1.15 Benchmark -0.02-0.59 0.44-0.69 0.50 0.59 0.28-2.39-0.31 1.06 Net 0.14-0.09-0.05-0.27 0.48-0.05 0.19 0.28-0.05 0.09 Percentage of portfolio** Stocks US Out of Index Non US Securities ETFs Intl/ADR (by country) Derivatives Cash **Cash includes money market securities Fund 97.92 96.97 29.71 0.95 2.08 5 STATISTICS REPORT: SMALL CAP GROWTH FUND

Risk Risk measures Alpha - 1 Yr Alpha - 3 Yr Alpha - 5 Yr Alpha - 7 Yr Alpha - Since Inception Information ratio - 1 Yr Information ratio - 3 Yr Information ratio - 5 Yr Information ratio - 7 Yr Information ratio - Since Inception R2-1 Yr R2-3 Yr R2-5 Yr R2-7 Yr R2 - Since Inception Sharpe ratio - 1 Yr Sharpe ratio - 3 Yr Sharpe ratio - 5 Yr Sharpe ratio - 7 Yr Sharpe ratio - Since Inception Standard deviation - 1 Yr Standard deviation - 3 Yr Standard deviation - 5 Yr Standard deviation - 7 Yr Standard deviation - Since Inception Tracking error - 1 Yr Tracking error - 3 Yr Tracking error - 5 Yr Tracking error - 7 Yr Tracking error - Since Inception Fund 20.75 5.32 3.30 2.25 2.30 5.63 1.09 0.70 0.51 0.54 0.62 0.93 0.92 0.94 0.95 7.25 0.90 1.10 0.84 0.60 4.86 17.05 16.30 17.75 19.97 3.69 4.88 4.71 4.42 4.28 6 STATISTICS REPORT: SMALL CAP GROWTH FUND

Ratings and rankings Lipper rankings Category: Small-Cap Growth Funds A C I L R2 R3 R4 R5 R6 1 Year 2(7/558) 2(10/558) 1(5/558) 1(4/558) 2(8/558) 1(3/558) 1(2/558) 3 Years 9(43/502) 11(52/502) 8(37/502) 6(29/502) 10(49/502) 6(26/502) 5 Years 9(41/457) 12(54/457) 8(33/457) 7(29/457) 11(46/457) 7(28/457) 10 Years 23(76/342) 38(127/342) 17(58/342) 14(47/342) The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings. Morningstar ratings Category: Small Growth A C I L R2 R3 R4 R5 Overall /609 /609 /609 /609 /609 Not yet rated Not yet rated Not yet rated 3-Year /609 /609 /609 /609 /609 Not yet rated Not yet rated Not yet rated 5-Year /544 /544 /544 /544 /544 Not yet rated Not yet rated Not yet rated 10-Year /406 /406 /406 /406 Not yet rated Not yet rated Not yet rated Not yet rated The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Different share classes may have different ratings. R6 /609 /609 /544 Not yet rated 7 STATISTICS REPORT: SMALL CAP GROWTH FUND

Holdings Top ten holdings (%) Company Name Boyd Gaming GrubHub John Bean Technologies Performance Food Nektar Therapeutics Wolverine World Wide Paycom Software Ferro Evercore MKS Instruments Portfolio 1.85 1.85 1.69 1.59 1.57 1.48 1.47 1.46 1.44 1.42 Relative 1.61 1.28 1.37 1.32 0.75 1.20 1.10 1.27 1.12 0.95 Benchmark 0.24 0.57 0.32 0.28 0.81 0.28 0.36 0.18 0.32 0.47 8 STATISTICS REPORT: SMALL CAP GROWTH FUND

Holdings Ten largest overweights Company Name Boyd Gaming John Bean Technologies Performance Food Bright Horizons Family Solutions Eagle Materials Lennox International GrubHub Ferro Oshkosh Teladoc Relative (%) 1.61 1.37 1.32 1.31 1.30 1.30 1.28 1.27 1.23 1.22 Ten largest underweights Company Name Relative (%) Catalent -0.51 Knight-Swift Transportation -0.50 EPAM Systems -0.49 Aspen Technology -0.45 Healthsouth Corp -0.45 Fair Isaac -0.42 Maximus -0.42 PRA Health Sciences -0.42 Primerica -0.41 Blackbaud -0.41 ** We are unable to hold JPMorgan Chase & Co. stock due to regulatory reasons 9 STATISTICS REPORT: SMALL CAP GROWTH FUND

Holdings Top buys and sells Ten largest buys Saia Groupon Evoqua Water Technologies SailPoint Technologies Texas Roadhouse National Vision MKS Instruments Winnebago Industries TransEnterix Performance Food ^Short sale or short cover positions Ten largest sells Take-Two Interactive Software Ignyta CoStar Cavium Diamondback Energy Graco Shopify Sprouts Farmers Market Nektar Therapeutics Old Dominion Freight Line 10 STATISTICS REPORT: SMALL CAP GROWTH FUND

Market cap Market cap contribution Market Cap Contribution - Quarter <$2 billion $2-$10 billion $10-$100 billion Total Stock Selection <$2 billion $2-$10 billion $10-$100 billion Total Sector Selection <$2 billion $2-$10 billion $10-$100 billion Total Total Impact <$2 billion $2-$10 billion $10-$100 billion Total Fund 22.10 76.84 1.06 10 0.48 2.82 0.13 3.43 0.25 0.17 0.42 0.73 2.99 0.13 3.85 Index 39.22 60.75 0.03 10 +/- -17.12 16.08 1.04 11 STATISTICS REPORT: SMALL CAP GROWTH FUND

Sectors Sector exposure (excluding cash) Consumer Discretionary Consumer Staples Energy Financial Services Health Care Materials & Processing Producer Durables Technology Utilities Total Portfolio 18.24 3.53 1.12 7.42 20.38 10.25 15.51 23.56 10 Benchmark 15.88 2.38 1.23 10.47 23.63 8.65 16.21 19.34 2.21 10 12 STATISTICS REPORT: SMALL CAP GROWTH FUND

Attribution Performance attribution - One month One month Health Care Technology Consumer Discretionary Producer Durables Financial Services Consumer Staples Utilities Energy Materials & Processing Total Fund Ending 20.38 3.55 23.56 0.68 18.24 4.36 15.51 2.22 7.42 1.03 3.53 8.65 1.12 7.36 10.25-1.51 10 2.30 Index Ending 23.63 1.11 19.34-1.50 15.88 2.26 16.21 0.53 10.47-1.59 2.38 1.73 2.21-3.59 1.23 5.24 8.65-1.61 10 0.12 Variation Ending -3.25 2.44 4.21 2.18 2.36 2.10-0.70 1.69-3.04 2.63 1.15 6.91-2.21 3.59-0.11 2.12 1.60 0.10 2.18 Allocation Effect -0.03-0.07 0.04 0.05 0.02 0.09-0.01-0.03 0.06 Attribution Selection Effect 0.50 0.53 0.37 0.26 0.20 0.23 0.02 0.01 2.12 Total Effect 0.47 0.46 0.41 0.26 0.25 0.25 0.09 0.01-0.01 2.18 Performance attribution - Quarter Quarter Producer Durables Technology Health Care Consumer Discretionary Materials & Processing Consumer Staples Energy Utilities Financial Services Total Fund Ending 15.51 12.22 23.56 5.94 20.38 7.06 18.24 9.99 10.25 10.53 3.53 18.08 1.12 18.21 7.42 0.48 10 8.44 Index Ending 16.21 4.88 19.34 1.90 23.63 3.41 15.88 8.04 8.65 6.95 2.38 10.51 1.23 8.64 2.21 1.28 10.47 3.78 10 4.59 Variation Ending -0.70 7.34 4.21 4.04-3.25 3.66 2.36 1.95 1.60 3.59 1.15 7.57-0.11 9.57-2.21-1.28-3.04-3.30 3.85 Allocation Effect -0.01-0.11 0.03 0.07 0.03 0.05 0.08 0.02 0.16 Attribution Selection Effect 1.12 1.01 0.76 0.34 0.36 0.24 0.12-0.26 3.69 Total Effect 1.11 0.90 0.79 0.42 0.39 0.30 0.12 0.08-0.24 3.85 13 STATISTICS REPORT: SMALL CAP GROWTH FUND

Attribution Performance attribution - YTD YTD Technology Health Care Consumer Discretionary Producer Durables Materials & Processing Consumer Staples Utilities Energy Financial Services Total Fund 24.88 48.41 20.92 64.85 17.08 42.78 14.25 44.20 9.82 35.15 3.45 32.78 1.48 2.77 8.13 5.79 10 43.71 Index 19.78 21.88 22.77 37.30 15.80 19.80 15.19 18.48 9.11 20.20 2.53 9.34 2.34 17.80 0.98-15.30 11.50 13.50 10 22.19 Variation 5.10 26.53-1.85 27.55 1.27 22.98-0.94 25.72 0.71 14.95 0.92 23.44-2.34-17.80 0.50 18.08-3.37-7.71 21.52 Allocation Effect 0.11-0.11 0.05-0.05 0.01-0.10 0.12-0.40 0.36-0.01 Attribution Selection Effect 6.49 5.28 3.91 3.82 1.53 0.88 0.37-0.74 21.53 Total Effect 6.60 5.17 3.95 3.78 1.54 0.78 0.12-0.03-0.38 21.52 Performance attribution - One year 1 Year Technology Health Care Consumer Discretionary Producer Durables Materials & Processing Consumer Staples Utilities Energy Financial Services Total Fund 24.88 48.41 20.92 64.85 17.08 42.78 14.25 44.20 9.82 35.15 3.45 32.78 1.48 2.77 8.13 5.79 10 43.71 Index 19.78 21.88 22.77 37.30 15.80 19.80 15.19 18.48 9.11 20.20 2.53 9.34 2.34 17.80 0.98-15.30 11.50 13.50 10 22.19 Variation 5.10 26.53-1.85 27.55 1.27 22.98-0.94 25.72 0.71 14.95 0.92 23.44-2.34-17.80 0.50 18.08-3.37-7.71 21.52 Allocation Effect 0.11-0.11 0.05-0.05 0.01-0.10 0.12-0.40 0.36-0.01 Attribution Selection Effect 6.49 5.28 3.91 3.82 1.53 0.88 0.37-0.74 21.53 Total Effect 6.60 5.17 3.95 3.78 1.54 0.78 0.12-0.03-0.38 21.52 14 STATISTICS REPORT: SMALL CAP GROWTH FUND

Attribution Performance attribution - Three year 3 year Technology Producer Durables Consumer Discretionary Materials & Processing Health Care Consumer Staples Utilities Financial Services Energy Total Fund 25.29 84.27 11.09 73.97 16.67 52.95 9.92 79.79 23.59 37.42 2.86 24.38 0.13-17.21 8.52 35.98 1.93-42.14 10 55.39 Index 19.66 48.23 13.61 31.32 17.18 24.22 8.30 43.43 24.22 35.45 3.07 10.76 1.89 49.03 10.70 44.16 1.37-49.16 10 34.07 Variation 5.63 36.04-2.52 42.65-0.51 28.74 1.62 36.36-0.63 1.97-0.22 13.62-1.76-66.24-2.18-8.18 0.56 7.02 21.33 Allocation Effect 0.95-0.17-0.07 0.11 0.49-0.10-0.02 0.30-0.85 0.65 Attribution Selection Effect 7.56 5.19 4.81 2.91 0.11 0.53-0.10-0.73 0.40 20.68 Total Effect 8.51 5.02 4.75 3.02 0.60 0.43-0.13-0.43-0.45 21.33 15 STATISTICS REPORT: SMALL CAP GROWTH FUND

Attribution Contributors - One month Relative End Impact Ignyta 0.51 0.42 0.31 0.33 SAGE Therapeutics 1.13 0.62 1.28 0.31 Appian 0.68 0.68 0.73 0.26 Revance Therapeutics 0.81 0.74 0.86 0.18 Snyders-Lance 0.61 0.61 0.61 0.17 Boyd Gaming 1.88 1.64 1.85 0.15 Burlington Stores 1.00 1.00 1.07 0.15 Performance Food 1.52 1.26 1.59 0.14 Wayfair 0.86 0.86 0.90 0.11 Wolverine World Wide 1.41 1.14 1.48 0.11 *Indicates stock underweight or not held during part or all of the analysis period. ** We are unable to hold JPMorgan Chase & Co. stock due to regulatory reasons Detractors - One month Spark Therapeutics John Bean Technologies Exact Sciences Inphi Trex Ferro Teladoc The Trade Desk Okta RE/MAX 0.63 1.83 1.43 1.12 1.42 1.48 1.39 1.15 0.62 0.74 Relative 0.49 1.50 0.84 0.97 1.12 1.29 1.22 1.05 0.58 0.74 End 0.57 1.69 1.39 1.07 1.40 1.46 1.39 1.11 0.70 0.68 Impact -0.19-0.13-0.11-0.11-0.10-0.10-0.08-0.08-0.07-0.07 Contributors - Quarter Relative End Impact Nektar Therapeutics 1.24 0.69 1.57 0.68 Ignyta 0.55 0.47 0.31 0.46 SAGE Therapeutics 0.77 0.43 1.28 0.45 Boyd Gaming 1.83 1.62 1.85 0.43 Nutanix 1.13 0.94 1.18 0.42 GrubHub 1.66 1.15 1.85 0.31 Cavium 1.16 1.16 0.96 0.30 H&E Equipment Services 0.96 0.86 1.12 0.27 Burlington Stores 0.90 0.90 1.07 0.22 Winnebago Industries 1.13 1.00 1.31 0.18 *Indicates stock underweight or not held during part or all of the analysis period. ** We are unable to hold JPMorgan Chase & Co. stock due to regulatory reasons Detractors - Quarter GenMark Diagnostics The Trade Desk Acadia Healthcare Spark Therapeutics Evolent Health RE/MAX Nevro Quantenna Communications MACOM Technology Solutions K2M 0.56 1.39 0.85 0.83 0.82 0.92 1.06 0.62 0.62 0.79 Relative 0.53 1.27 0.85 0.64 0.81 0.92 0.85 0.59 0.48 0.71 End 0.37 1.11 0.77 0.57 0.67 0.68 0.88 0.53 0.54 0.72 Impact -0.52-0.44-0.43-0.38-0.37-0.30-0.28-0.24-0.19-0.16 16 STATISTICS REPORT: SMALL CAP GROWTH FUND

Attribution Contributors - YTD Relative End Impact Kite Pharma Inc 0.86 0.52 1.36 Nektar Therapeutics 0.83 0.48 1.57 1.21 Exact Sciences 1.21 0.81 1.39 1.15 Shopify 0.72 0.72 1.01 Take-Two Interactive Software 1.14 0.85 0.91 RingCentral 1.19 0.97 0.93 0.91 Ignyta 0.39 0.35 0.31 0.90 Boyd Gaming 1.73 1.52 1.85 0.78 SAGE Therapeutics 0.75 0.49 1.28 0.76 Wayfair 0.90 0.82 0.90 0.65 *Indicates stock underweight or not held during part or all of the analysis period. ** We are unable to hold JPMorgan Chase & Co. stock due to regulatory reasons Detractors - YTD GenMark Diagnostics Coherus BioSciences Quantenna Communications e.l.f. Beauty Tile Shop RE/MAX Evolent Health Inphi MACOM Technology Solutions K2M 0.91 0.43 0.73 0.99 0.48 1.08 1.08 1.03 0.91 0.92 Relative 0.86 0.37 0.70 0.97 0.42 1.08 1.07 0.86 0.74 0.86 End 0.37 0.20 0.53 0.99 0.68 0.67 1.07 0.54 0.72 Impact -1.18-0.65-0.63-0.62-0.50-0.43-0.40-0.39-0.38-0.33 Contributors - One Year Relative End Impact Kite Pharma Inc 0.86 0.52 1.36 Nektar Therapeutics 0.83 0.48 1.57 1.21 Exact Sciences 1.21 0.81 1.39 1.15 Shopify 0.72 0.72 1.01 Take-Two Interactive Software 1.14 0.85 0.91 RingCentral 1.19 0.97 0.93 0.91 Ignyta 0.39 0.35 0.31 0.90 Boyd Gaming 1.73 1.52 1.85 0.78 SAGE Therapeutics 0.75 0.49 1.28 0.76 Wayfair 0.90 0.82 0.90 0.65 *Indicates stock underweight or not held during part or all of the analysis period. ** We are unable to hold JPMorgan Chase & Co. stock due to regulatory reasons Detractors - One Year GenMark Diagnostics Coherus BioSciences Quantenna Communications e.l.f. Beauty Tile Shop RE/MAX Evolent Health Inphi MACOM Technology Solutions K2M 0.91 0.43 0.73 0.99 0.48 1.08 1.08 1.03 0.91 0.92 Relative 0.86 0.37 0.70 0.97 0.42 1.08 1.07 0.86 0.74 0.86 End 0.37 0.20 0.53 0.99 0.68 0.67 1.07 0.54 0.72 Impact -1.18-0.65-0.63-0.62-0.50-0.43-0.40-0.39-0.38-0.33 17 STATISTICS REPORT: SMALL CAP GROWTH FUND

Attribution Contributors - Three Year Relative End Impact Shopify 0.76 0.76 1.80 Wayfair 1.07 0.98 0.90 1.69 Acuity Brands 0.93 0.93 1.44 2U 1.12 1.00 0.86 1.33 RingCentral 1.06 0.91 0.93 1.33 Kite Pharma Inc 0.81 0.58 1.29 Nektar Therapeutics 0.64 0.39 1.57 1.18 Trex 1.35 1.16 1.40 1.13 Boyd Gaming 1.30 1.13 1.85 1.07 Exact Sciences 0.74 0.49 1.39 1.07 *Indicates stock underweight or not held during part or all of the analysis period. ** We are unable to hold JPMorgan Chase & Co. stock due to regulatory reasons Detractors - Three Year Unilife GenMark Diagnostics Acadia Healthcare Fluidigm Nimble Storage Inc Barracuda Networks Novadaq Technologies Horizon Pharma Plc Tailored Brands DYAX* 0.32 0.87 1.37 0.27 0.48 0.24 0.81 0.80 0.54 Relative 0.31 0.82 1.31 0.23 0.43 0.20 0.81 0.67 0.44-0.14 End 0.37 0.77 0.68 Impact -1.53-1.47-1.39-1.05-0.95-0.90-0.82-0.74-0.68-0.67 18 STATISTICS REPORT: SMALL CAP GROWTH FUND

Country exposure Asset allocation Regional allocation Domestic Equity Other International Equity Total Fund (%) 96.97 2.08 0.95 10 Index (%) 98.25 1.75 10 United States Canada Australia Netherlands United Kingdom Bermuda Cayman Islands Ireland Jersey Thailand Puerto Rico Israel Luxembourg India Fund 99.05 0.48 0.48 Benchmark 98.25 0.22 0.49 0.28 0.20 0.11 0.11 0.11 0.10 0.07 0.03 0.03 0.01 19 STATISTICS REPORT: SMALL CAP GROWTH 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. Small-capitalization investments typically carry more risk than investments in well-established "blue-chip" companies since smaller companies generally have a higher risk of failure. Historically, smaller companies' stock has experienced a greater degree of market volatility than the average stock. 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 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 1.24% for A Shares, 0.84% for R5 Shares, 0.74% for R6 Shares, 1.74% for C Shares, 0.99% for I Shares, 0.85% for L Shares, 1.49% for R2 Shares, 1.24% for R3 Shares and 0.99% for R4 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, 10/31/2018 for L Shares, 10/31/2019 for R2 Shares, 10/31/2019 for R3 Shares and 10/31/2019 for R4 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: 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. Currency Sensitivity: This risk index measures the sensitivity of a company s stock return to the return on a basket of foreign currencies. Earnings Variability: This risk index measures the variability in earnings and cash flows using both historical measures and analyst predictions. EPS: Total earnings divided by the number of shares outstanding. Growth: This risk index uses historical growth and profitability measures to predict future earnings growth. Leverage: This risk index measures the financial leverage of a company. Momentum: This risk index captures common variation in returns related to recent stock price behaviour. Stocks that had positive excess returns in the recent past are grouped separately from those that displayed negative excess returns. P/B ratio: the relationship between a stock's price and the book value of that stock. Price to Cash Flow: The ratio of a stock s price to its cash flow per share. The price-to-cash-flow ratio is an indicator of a stock s valuation. Although there is no single figure to indicate an optimal price-to-cash-flow ratio, a ratio in the low single digits may indicate the stock is undervalued, while a higher ratio may suggest potential overvaluation. The ratio takes into consideration a stock s operating cash flow, which adds non-cash earnings such as depreciation and amortization to net income. It is especially useful for valuing stocks that have positive cash flow but are not profitable because of large non-cash charges. P/E ratio: the number by which earnings per share is multiplied to estimate a stock's value. Price to Sales: A valuation ratio that compares a company s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company s sales or revenues. It can be calculated either by dividing the company s market capitalization by its total sales over a 12-month period, or on a per-share basis by dividing the stock price by sales per share for a 12-month period. Like all ratios, the price-to-sales ratio is most relevant when used to compare companies in the same sector. A low ratio may indicate possible undervaluation, while a ratio that is significantly above the average may suggest overvaluation. This ratio is also known as a sales multiple or revenue multiple. High portfolio turnover will likely result in additional tax consequences. Return on Assets: An indicator of how profitable a company is relative to its total assets. ROA gives an idea as to how efficient management is at using its assets to generate earnings. Calculated by dividing a company's annual earnings by its total assets, ROA is displayed as a percentage. Return on equity (ROE) is the amount of net income returned as a percentage of shareholders equity. Return on equity measures a corporation's profitability by revealing how much profit a company generates with the money shareholders have invested. Size: This risk index captures differences in stock returns due to differences in the market capitalization of companies. Value: This risk index distinguishes between value stocks and growth stocks using the ratio of book value of equity to market capitalization. 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. 20 STATISTICS REPORT: SMALL CAP GROWTH FUND

MORNINGSTAR AND LIPPER: The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10- year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Rankings do not take sales loads into account. The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings. INDEXES DEFINED: Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The Russell 2000 Growth Index is an unmanaged index, measuring performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. SHARECLASS OPTIMIZATION: * Effective April 3rd,Selectshare class becameishare class. RISK MEASURES: Alpha: The relationship between the performance of the Fund and its beta over a three-year period of time. 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 measures the fund s excess return compared to a risk-free investment. The higher the Sharpe ratio, the better the returns relative to the risk taken. 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. ATTRIBUTION: The attribution summary approximates the gross excess returns of the portfolio and is calculated based on daily holdings which does not represent actual trading, liquidity constraints, fee schedules and transaction costs. It is shown for illustrative purposes only and is not meant to be representative of actual results. 21 STATISTICS REPORT: SMALL CAP GROWTH 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 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/SIPC. 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., January 2018 MFDP-SCG-2-1217 jpmorganfunds.com