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0 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION

JPMorgan Funds – Global Allocation Fund

As of August 31, 2017

STRICTLY PRIVATE | CONFIDENTIAL

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• 38 mutual funds rated 4 or 5-stars by

Morningstar

• Recognized for leadership and

innovation

• Morningstar U.S. Allocation Fund

Manager of the Year – SmartRetirement

Team

• Best Fund Provider – Multi-Asset

Solutions in Asia Partnership Award

J.P. Morgan Multi-Asset Solutions

Extensive resources dedicated to

multi-asset class investing

Portfolios designed to help clients

meet their investment goals

Consistent risk-adjusted returns over

the long term

• Proprietary Long Term Capital Market

Assumptions

• Dedicated quantitative, qualitative and

manager research

• Access to $1.5 trillion global J.P. Morgan

Asset Management platform

• Over 1,000 investment professionals

• 500+ equity, fixed income and

alternative strategies

• Relationships with some of the world’s

largest and most sophisticated

investors and platforms

• 130 institutional mandates globally

• Suite of multi-asset solutions

80+MULTI-ASSET

INVESTMENT

PROFESSIONALS

75+MULTI-ASSET

STRATEGIES

45+YEARS MANAGING

MULTI-ASSET

STRATEGIES

$219BILLION IN ASSETS

UNDER

MANAGEMENT

#1RECOGNIZED OCIO

PROVIDER

• Outcome Oriented

• Target Date

• Balanced

• Liability-Aware

• Macro Thematic

• Convertibles

10RANKED GLOBAL

MULTI-ASSET

MANAGER

TOP

See “Additional information” at the back of this presentation for further information. Data as of June 30, 2017.



Flexible investment ranges

The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met.

Best ideas for growth and total return

As a globally oriented portfolio, a minimum of 40% of assets are held in non-U.S. investments

Flexible investment strategy

Cash/cash equivalents Bonds

Alternatives

Equities

0-80% 10-90%

0-60%

10-90%

Asset class

Min/max.

investment


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-3%

0%

3%

6%

9%

12%

15%

European Ex-U.K.Equities

U.K. Equities Japanese Equities Asian Pacific Ex-Japanese Equities

-5%

5%

15%

25%

35%

45%

55%

U.S. Equity DevelopedInternational

Equity

EmergingMarkets Equity

IG LongCorporates

U.S. High Yield GlobalDeveloped Fixed

Income

European HighYield

Non-AgencyMortgages

Floating RateBonds

EmergingMarkets Debt

Alternatives

High

Low

8/31/2017

8/31/2016

Current and Historical Positioning

Source: J.P. Morgan Asset Management; as of 8/31/17. Shown for illustrative purposes only.

Global Allocation Fund as of August 31, 2017

Current Duration and Historical RangeCurrent EAFE Allocation and Historical Range

Current Asset Allocation and Historical Range


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0.0

1.0

2.0

3.0

4.0

5.0

Duration


U.S. Equity

(Value)

Jonathan Simon 37/37

(New York)

11%

Individual underlying Portfolio Asset Class Specialists

Portfolio Management Team

Years of industry experience/Years of firm experience Data provided as of 8/31/2017. Shown for illustrative purposes only.

There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management (JPMAM) will continue to be employed by JPMAM or that the past performance or success of

any such professional serves as an indicator of such professional's future performance or success.

Strategic Risk/Return

Framework

Manager Research and

SelectionActive Asset Allocation Risk Management

U.S. Equity

(Growth)

Tim Parton31/31

(New York)

11%

Developed

International Equity

Ido Eisenberg 15/15

(London)

23%

Emerging

Market Equity

Austin Forey 29/29

(London)

4%

Europe Dynamic

Hedged Equity

Jon Ingram 17/17

(London)

5%

U.S. High-Yield

Bonds

Jim Shanahan 31/31

(Cincinnati)

8%

Emerging

Market Debt

Joanne Baxter 13/7

(London)

5%

Jeff GellerCIO Americas

Industry: 39 years

Firm: 10 years

Joe CummingsPortfolio Manager

Industry: 11 years

Firm: 11 years

Jimmy ElliotPortfolio Manager

Industry: 22 years

Firm: 10 years

Eric BernbaumPortfolio Manager

Industry: 9 years

Firm: 9 years

Grace KooPortfolio Manager

Industry: 9 years

Firm: 9 years

European High Yield

Bonds

Peter Aspbury

21/7

(London)

2%

Global Developed

Fixed Income

Talib Sheikh

21/19

(London)

15%

U.S. Inv. Grade

Corporates

Jeremy Klein 17/17

(New York)

3%


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Opportunistic Equity

Long/Short

Rick Singh 17/4

(New York)

4%

Non-Agency

Mortgages

Dhruv Mohindra 24/12

(New York)

4%


Current Market Outlook and Positioning


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Key portfolio views

Growth positive; constructive stock-bond view

Later cycle bias: OW regional equity and UW bonds

Broad based equity OW; marginally prefer Japan and EU

Credit cut to neutral, but still prefer it to government bonds

Modest UW to duration, prefer USTs to Bunds

OW to EM equity within well diversified regional exposure

USD neutral, modest OW EUR and UW to JPY

Source: J.P. Morgan Asset Management Multi-Asset Solutions; assessments are made using data and information up to May 2017. For illustration only. These asset class views apply to an 12- to 18- months horizon. Up/down arrows indicate a positive (↑) or negative (↓) change in view since the prior quarterly Strategy Summit. This summary of our individual asset class views shows expected relative performance and strength of conviction, but is independent of portfolio construction considerations. These views should not be construed as a recommended portfolio.

Current asset allocation views

The opinions and views expressed here are those held by the author at the date of publication which are subject to change and are not to be taken as or construed as investment advice. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated.

Asset Opportunity set Chg Neg Neutral Pos

MAIN ASSET

CLASSES

Equities/Bonds l l

Duration l

Credit ▼ l

Commodities l

Real estate l

Cash l

RE

GIO

NA

L P

RE

FE

RE

NC

E B

Y A

SS

ET

CLA

SS

EQ

UIT

IES

U.S. large cap l

U.S. small cap l

Europe ex-UK ▲ l

UK l

Japan ▼ l

Asia Pacific ex-Japan l

Emerging markets l

RE

AL

ES

T. Direct real estate l

U.S. REITs l

SO

VE

RE

IGN

FIX

ED

INC

OM

E

U.S. Treasuries l

U.S. TIPS l

Euro, core (Bund) ▼ l l

Euro, periphery (BTP) l

UK ▼ l

Japan l

Canada l

Australia l

CR

ED

IT

Investment grade l

U.S. high yield l

European high yield ▼ l

Emerging markets debt l

FX

USD ▼ l

EUR ▲ l

GBP ▲ l

JPY ▲ l


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Synchronized global growth momentum continues to improve…

Source: Markit, ISM, INEGI, AIG, Bloomberg

Countries include: United States, Canada, United Kingdom, Germany, France, Italy, Spain, Greece, Ireland, Australia, Japan, China, Indonesia, Korea, Taiwan, India, Brazil, Mexico, Russia

% of countries with Manufacturing PMI > 50Sample of approx. 19 developed and emerging economies

95% of countries in expansion

(GDP-weighted: 99%)

Indonesia (49.5) is currently not in expansion territory

95%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

|GTM – U.S.

8

Cash accounts 65

$0

$2,000

$4,000

$6,000

$8,000

$10,000

'86 '91 '96 '01 '06 '11 '16

Source: FactSet, J.P. Morgan Asset Management; (Top left) Bankrate.com; (Bottom left and right) BEA, Federal Reserve, St. Louis Fed. All cash measures obtained from the Federal Reserve are latest available seasonally adjusted month averages. All numbers are in billions of U.S. dollars. Small-denomination time deposits are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and thrift institutions are subtracted from small time deposits. Annual income is for illustrative purposes and is calculated based on the 6-month CD yield on average during each year and $100,000 invested. IRA and Keogh account balances at money market mutual funds are subtracted from retail money funds. Past performance is not indicative of comparable future results. Guide to the Markets – U.S. Data are as of July 31, 2017.

Annual income generated by $100,000 investment in a 6-mo. CD

M2 money supply as a % of nominal GDP

2016: $338

2006: $5,240

2Q17: 70.2%

Average: 54.0%

Inve

stin

g

prin

cip

les

Income generated

Income needed to beat inflation

USD billionsWeight in

money supply

M2-M1 $10,028 80.2%

Retail MMMFs $680 5.4%

Savings deposits $8,989 71.9%

Small time deposits $359 2.9%

Institutional MMMFs $1,744 13.9%

$734 5.9%

Total $12,506 100.0%

Money supply

component

Cash in IRA & Keogh

accounts

9

GTM – Europe |

6

7

8

9

10

11

'07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17

Relative performance of European equities

Europe vs. US: Relative performance and earningsRebased to 100 in December 2002

Europe vs. US operating profits margins%, earnings per share / sales per share

European equities flowsEUR billions, cumulative

Source: (Left) MSCI, Standard & Poor’s, Thomson Reuters Datastream, J.P. Morgan Asset Management. (Top right) MSCI, Standard & Poor’s, Thomson Reuters

Datastream, J.P. Morgan Asset Management. (Bottom right) GFICC quant research group, J.P. Morgan Asset Management. Guide to the Markets - Europe.

Data as of 30 June 2017.

MSCI Europe/S&P 500

performance

MSCI Europe/S&P 500

earnings

US index and

earnings

outperforming Europe

Europe index and earnings

outperforming US

Eq

uit

ies

39

S&P 500

MSCI Europe

65

75

85

95

105

115

125

135

'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16

-60

-40

-20

0

20

Jan'16 Apr'16 Jul'16 Oct'16 Jan'17 Apr'17 Jul'17

|GTM – U.S.

10

U.S. and international equities at inflection points

Source: MSCI, Standard & Poor’s, FactSet, J.P. Morgan Asset Management.Forward price to earnings ratio is a bottom-up calculation based on the most recent index price, divided by consensus estimates for earnings in the next twelve months (NTM), and is provided by FactSet Market Aggregates. Returns are cumulative and based on price movement only, and do not include the reinvestment of dividends. Past performance is not indicative of future returns. Dividend yield is calculated as consensus estimates of dividends for the next twelve months, divided by most recent price, as provided by FactSet Market Aggregates.Guide to the Markets – U.S. Data are as of June 30, 2017.

MSCI All Country World ex-U.S. and S&P 500 IndexDec. 1996 = 100, U.S. dollar, price return

42

+106%

+258%

Inte

rna

tio

na

l

-62%

-57%

+216%

+101%

-52%

-49%

+48%

+106%

Jun. 30, 2017

P/E (fwd.) = 14.1x

Jun. 30, 2017

P/E (fwd.) = 17.5x

P/E

20 yr.

avg. Div. Yield

20 yr.

avg.

S&P 500 17.5x 16.0x 2.1% 2.0%

ACWI ex-U.S. 14.1x 14.7x 3.2% 2.9%


So What’s Up With Rates? It’s All about the Pace…

Source: Federal Reserve, JPMAM Multi-Asset Solutions; data as of March 2017.

0

1

2

3

4

5

0 12 24 36

Cu

mu

lati

ve r

ise i

n f

ed

fu

nd

s r

ate

(p

pt.

)

Months following initial hike

Slower than normal recovery…

2004

1994

1987

Today

…Should lead to gradual normalization

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Regional Equity Allocation Changes*

Total Credit40% to 27%

Total Equity*59% to 64%**

U.S., 29%

Europe, 15%

Japan, 7%

Pacific ex

Japan, 3%

EM, 10%

2017 Portfolio Changes

Source: JPMorgan Asset Management. Allocation data ranges from 12/31/2016 to 8/31/2017.

*Includes alternatives

**14% of equity exposure through long calls

-20%

High Yield30% to 10%

Gov’t Bonds3% to 15%

+4%

EM6% to 10%

+10%

EAFE16% to 26%

US37% to 29%

U.S. , 15%Europe,

2%

EM, 5%


-8%

+12%

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60%

65%

70%

75%

80%

85%

90%

95%

100%

Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17

2017 Active Positioning in Currencies

Source: JPMorgan Asset Management. Data as of 8/31/2017.

EM6% to 10%

+15%

USD81% to 62%

Non-US DM13% to 28%

-19%

Fed begins

normalization talk

Brexit

Hedge

Global

growth

upgrade

U.S. Dollar Exposure

Composition of Currency Exposure Total Currency Exposure

USD62%

Non-U.S. DM28%

EM10% +4%

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FI:

38%

EQUITY:

62%

ALTERNATIVES:

10%

EMD, 5.0% U.S. HY,

8.0%

Euro HY, 2.2%

Non-Ag. MBS, 4.0%

Int Dev FI, 14.4%

U.S. Inv Grade FI Corps, 4.3%

U.S. Equity, 26.4%

EAFE, 25.1%

EME, 10.1%

Alternatives, 10.0%

EMD, 9.9%

HY, 35.1%

Core FI, 26.0%

U.S. equity, 30.8%

EAFE, 14.3%

EME, 9.2%

FI:

71%

EQUITY:

54%

Fund designed to adapt to changing market conditions

December 31, 2011

Don’t fight the Fed – duration was in favor

Risk on, risk off – very high regional correlations

High yield was a superior total return and income allocation per unit of risk versus equities

August 31, 2017*

Improving global growth gives upside potential to equities

Gradual Fed rate hikes supportive for EM and non-US currencies

Credit more fairly valued

Source: J.P. Morgan Asset Management. Shown for illustrative purposes only. The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. Opinions, estimates, forecasts, projections and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. There can be no guarantee they will be met. Diversification does not guarantee investment returns and does not eliminate the risk of loss. *Cash and collateral position of -9.5% not included.


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RETURN RISK SHARPE RATIO

5.03% 8.89% 0.50

RETURN RISK SHARPE RATIO

5.40% 8.28% 0.63

How do you use Global Allocation in a style pure portfolio?

World Large Stock60%

World Bond40% World

Large Stock48%World

Bond32%

JPM Global

Allocation Fund20%

Traditional Portfolio Diversified Portfolio

Source: Morningstar, J.P. Morgan Asset Management. Data are from 5/31/2011-8/31/2017.

• Global Allocation Fund can be used as a compliment to a globally balanced portfolio

• Including Global Allocation Fund maintains the risk profile of the portfolio while increasing the return, leading to a better sharpe ratio

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Success


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Performance

Global Allocation Fund vs. Morningstar Category (net of fees)

I SHARES | AS OF 8/31/17

Morningstar Category 1 year 3 years 5 YearsSince

Inception

25th Percentile 11.34% 3.83% 7.38% 5.91%

50th Percentile 9.50% 2.97% 6.45% 4.82%

75th Percentile 7.52% 1.70% 4.83% 3.99%

Global Allocation Fund (I Shares) 11.86% 5.19% 8.38% 6.38%

Morningstar World Allocation Category 9.53% 2.23% 4.80% 3.47%

Morningstar Rankings

1 Year24%

91/469

3 Years7%

22/402

5 Years8%

26/343

Since inc.14%

50/352

Peer Group

Average 5-year

volatility

6.94%

Fund’s 5-year

volatility

6.49%

Performance

0%

2%

4%

6%

8%

10%

12%

14%

1 Year 3 Year 5 Year SI

Source: Morningstar; as of 8/31/17. Past performance does not guarantee future returns. Overall Rating, I Shares; World Allocation Category; 402 funds. Five-year rating, 5 stars; 343 funds. Three-year rating, 5 stars; 402 funds. Please see slide 20 for performance information and the disclosure page for index definitions. Ten-year period is not yet rated or ranked. Ratings based on risk-adjusted criteria. Different share classes may have different ratings and rankings.


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Active Management = Upside Participation and Downside Protection

Source: Bloomberg, JP Morgan Asset Management. Data as of 7/31/17

*Global Allocation Benchmark is 60% MSCI World 40% Barclays Global Aggregate (Unhedged)

2013

Taper Tantrum

U.S. Government Shutdown

Negative Barclays Aggregate

S&P +32%

RISK ON

2015

ECB QE

Oil Price rout

High Yield energy selloff

First Fed hike

2016

Q1 Volatility

Brexit Vote

US Election

Q4 Interest Rate Spike

RISK IN BETWEEN

RISK OFF

Performance

GAOSX +15.8%

GA Benchmark* +14.2%

World Allocation category +10.07%

Morningstar percentile ranking: 28th

Performance

GAOSX -.54%

GA Benchmark* -1.57%

World Allocation Category -4.15%


Performance

GAOSX +5.5%

GA Benchmark* +5.49%

World Allocation Category 6.04%



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Summary of Global Allocation Fund key differentiators

Investment

Process

Trading

Style

Currency

Hedging

Taxes

Cash

Call Options

We do the asset allocation and manager selection. Extracting manager alpha is

another engine of return.

We move the needle with dynamic tactical asset allocation. We have been as high

as ~80% in equities and ~70% in fixed income.

We are insight driven and will use our team view on currencies to tell us when to

hedge and what to hedge against. This helped in 2015 and around Brexit.

We are small and growing. This has been beneficial over the past year when

competitors have seen redemptions and been forced to realize capital gains.

We have been fully invested over time. We do not want to use cash to play

defense at the current level of rates.

Allow for the fund to limit downside and participate in upside during times of

volatility.

The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met.

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Performance


Annualized performance (%)

Calendar year performance (%)

Three months YTDOne

year

Three

years

Five

years

Since

inception

Global Allocation Fund (I Share Class) 2.76% 11.52% 11.86% 5.19% 8.38% 6.38%

MSCI World Index 2.93% 13.47% 16.19% 5.92% 11.10% 8.28%

Global Allocation Composite Benchmark 2.80% 10.94% 9.56% 3.92% 7.03% 5.68%

Morningstar Percentile Ranking (%)* - - 24 7 8 14

2012 2013 2014 2015 2016

Global Allocation Fund (I Share Class) 15.20% 15.81% 4.58% -0.54% 5.50%

MSCI World Index 15.83% 26.68% 4.94% -0.87% 7.51%

Global Allocation Composite Benchmark 11.26% 14.18% 3.23% -1.57% 5.49%

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 1-800-338-4345.

Source: J.P. Morgan Asset Management, Morningstar; as of 8/31/17. * The Fund (I Shares) was ranked in the World Allocation Category: one year (91/469 funds), three years (22/402 funds), five years

(26/343 funds) and since inception (50/352 funds). Ten-year period is not yet rated or ranked. Different share classes may have different rankings.

Please see disclosure page for index definitions.


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Share classes

1Minimum Subscriptions may vary depending on initial /subsequent subscriptions.

Please note that certain share classes have eligibility criteria which must be met, details can be obtained from the prospectus.

Source: J.P. Morgan Asset Management


Share class Launch dateBloomberg

identifierCUSIP

Minimum

subscription1

JPMorgan Global Allocation A 5/31/2011 GAOAX Equity 48121L734 $1,000

JPMorgan Global Allocation I 5/31/2011 GAOSX Equity 48121L692 $1 million

JPMorgan Global Allocation C 5/31/2011 GAOCX Equity 48121L726 $1,000

JPMorgan Global Allocation R2 5/31/2011 GAONX Equity 48121L718 No minimum

JPMorgan Global Allocation T 6/06/2017 JGCTX Equity 48127B128 $1,000


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Fees and expenses



Share class Initial chargeAnnual management

and advisory fee

Operating and

administrative

expenses

Redemption

charge

Net Expense

Ratio

JPMorgan Global Allocation A 4.50% 0.60% 1.27% None 1.03%

JPMorgan Global Allocation I None 0.60% 1.02% None 0.78%

JPMorgan Global Allocation C None 0.60% 1.77% 1.00% 1.53%

JPMorgan Global Allocation R2 None 0.60% 1.71% None 1.28%

JPMorgan Global Allocation T 2.50% 0.60% 1.27% None 1.03%


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JPMorgan Income Builder Fund

As of July 31, 2017

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Global Equity

James Davidson

and team

(London)

15%

JPMorgan Income Builder Fund underlying asset class specialists

Data provided as of 8/31/17. Shown for illustrative purposes only. Asset allocations are approximate and can change without notice.

There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management (JPMAM) will continue to be employed by JPMAM or that the past

performance or success of any such professional serves as an indicator of such professional's future performance or success.

Jeff GellerCIO Americas

Industry: 39 years

Firm: 10 years

Michael SchoenhautPortfolio Manager

Industry: 20 years

Firm: 20 years

Eric BernbaumPortfolio Manager

Industry: 9 years

Firm: 9 years

Anne LesterPortfolio Manager

Industry: 25 years

Firm: 25 years

Asset AllocationUnderlying

Manager SelectionPortfolio Construction Risk Management

U.S. Equity

Clare Hart

and team

(New York)

6%

European

Equity

Michael Barakos

and team

(London)

10%

Emerging

Market Equity

Omar Negyal

and team

(London)

7%

Global REITs

Alan Supple /

Jason Ko

and team

(London / New York)

6%

Preferreds

Jeremy Klein

and team

(New York)

9%

Convertibles

Antony Vallee

and team

(London)

2%

Non-Agency

Mortgages

Dhruv Mohindra

and team

(New York)

8%

Portfolio management team

JPMorgan Income Builder Fund as of August 31, 2017

U.S. Investment

Grade FI

Jeremy Klein

and team

(New York)

4%

High Yield

Jim Shanahan

and team

(Cincinnati)

13%

High Yield

Rob Cook

and team

(Indianapolis)

13%

Emerging

Markets Debt

Joanne Baxter

and team

(London)

5%

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0

200

400

600

800

1000

1200

1400

1600

1800

2000

0%

10%

20%

30%

40%

50%

60%

Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17

IB HY allocation HY OAS

Source: Bloomberg , J.P. Morgan Asset Management as of 8/31/17.

HY weight (% of total fund) HY index spread (bps)Funded HY increase

from investment

grade fixed income

and cash

Funded HY increase

from equities

Reduced high yield, but still an important allocation

HY as funding

source for equity

increase

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Current and historical positioning

For illustrative purposes only. Based on asset allocation since launch. The portfolio is actively managed. Holdings, sector weights, allocations and leverage, as applicable are subject to change at the

discretion of the Investment Manager without notice. Past performance is not an indication of current and future performance.

Source: JPMorgan Asset Management as of 8/31/17. *6 months ago: as of 02/28/17.

13.5%

17.4%

6.6% 5.9%

8.8%

2.0%4.2%

26.0%

5.0%

8.6%

0%

10%

20%

30%

40%

50%

60%

U.S. Equity Int'l DevelopedEquity

EM Equity Global REITs Preferreds Convertibles U.S. IG FI High Yield EM Debt Non-AgencyMortgages

High

Low

8/31/2017


6 months ago*

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Portfolio Positioning Equity Sector and Credit Quality Breakdown

Portfolio positioning

For illustrative purposes only. The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment

Manager without notice. Source: JPMorgan Asset Management as of 8/31/17.

1Equity sector breakdown is shown excluding the Fund’s dedicated Global REITs sleeve. 2Total fund duration and fixed income duration is reported inclusive of fixed income futures but does not include

convertible bond and preferred securities, even though they may have duration characteristics. Fixed income duration is 4.11 years.

U.S., 35.1%

Int'l Developed, 3.3%

Emerging Market, 5.4%

U.S., 17.5%

Int'l Developed, 19.4%

Emerging Market, 6.6%

U.S., 8.2%

Non-U.S., 2.5%Cash, 2.1%

Fixed Income, 44%

Equities & REITs, 43%

Converts & Preferreds,

11%

Cash, 2%


Financials, 27%

Consumer Staples, 11%

Utilities, 6%

Energy, 7%Health Care, 9%

Materials, 6%

Telecomm Services, 6%

Industrials, 7%

Information Technology, 11%

Consumer Discretionary, 9%

Real Estate, 2%

Equities

ex-REITs1

BBB- & higher, 21%

BB- to BB+, 32%

B- to B+, 29%

Below B-, 13%

Not Rated, 4%

Fixed Income

& Hybrids

Total fund duration2: 1.83 years


Maintaining steady yield while net asset value appreciates

Source: J.P. Morgan Asset Management; as of 8/31/17. Past performance is no guarantee of future results. Rolling 12-month yields for the I Shares are higher than A and C Shares. The

Fund distributed quarterly until April 2010, when the Fund moved to monthly distributions. Data is shown quarterly except for most recent month’s end. I Share yields are calculated by dividing the

dividend per share by the net asset value per share on the day of the distribution. Rolling 12-month yields represent the sum of the distribution payouts that have occurred over the past year. Please see

standardized performance on slide 20.

Yield NAV(%)

6.6

6.1 6.1

6.8

5.4

4.7

5.35.4

5.6 5.55.3

5.55.2

5.0 4.94.6 4.5

4.8 4.7 4.7 4.7 4.84.6

4.4 4.4 4.4 4.4 4.4 4.4

4.04.2 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.3 4.4 4.5 4.5 4.5 4.5 4.5 4.4 4.4 4.4 4.3 4.3

$6

$7

$8

$9

$10

$11

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

Jun-08 Dec-10 Sep-12 Dec-13 Nov-14 Aug-15 Jan-16 Jun-16 Nov-16 Apr-17

30-day SEC yield 3.96%

30-day SEC yield 3.75%

(unsubsidized)

JPMorgan Income Builder Fund Rolling 12-Month Yields | I Shares | As of 8/31/17

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JPMorgan Income Builder Fund vs. Morningstar 30% to 50% Category (net of fees)

Performance

Source: Morningstar; as of 8/31/17. Past performance does not guarantee future returns. Please see slide 19 for performance information and the disclosure page for index definitions. Different shares classes may have different rankings.

I SHARES | AS OF 8/31/17

Morningstar 30% to 50% Equity YTD 1 year 3 years 5 years 10 yearsSince

Inception

25th Percentile 7.59% 7.76% 4.04% 6.31% 5.34% 5.07%

50th Percentile 6.73% 6.82% 3.35% 5.59% 4.66% 4.45%

75th Percentile 5.79% 5.70% 2.60% 4.79% 4.08% 3.83%

JPMorgan Income Builder Fund (I Shares) 7.58% 8.07% 3.95% 6.60% 6.36% 5.73%

Morningstar 30% to 50% Equity Category 6.51% 6.44% 3.09% 5.41% 4.55% 3.91%

Morningstar

Rankings

1 Year16%

86/499

3 Years29%

112/397

5 Years18%

64/350

10 Years6%

13/255

Since inc.8%

27/325

Composite’s

5-year volatility

5.86%

Fund’s 5-year

volatility

6.07%

Performance

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Morningstar Rating

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Performance

Annualized performance (%)

(%) Three months YTDOne

year

Three

years

Five

years

Ten

years

Since

inception1

JPMorgan Income Builder Fund I 1.91 7.59 8.07 3.94 6.59 6.36 5.73

MSCI World Index 2.93 13.47 16.19 5.92 11.10 4.47 4.04

Bloomberg Barclays U.S. Aggregate Index 1.23 3.64 0.49 2.64 2.19 4.40 4.47

Income Builder Composite Benchmark 2.25 9.45 9.68 4.75 7.58 4.79 4.56

Morningstar Percentile Ranking2 16% 29% 18% 6% 8%


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 1-800-338-4345.

Source: J.P. Morgan Asset Management, Morningstar; as of 8/31/17.

1 Inception Date: 5/31/07.

2The Fund (I Shares) was ranked in the 30% to 50% Equity Category: one year (86/499 funds), three years (112/397 funds), five years (64/350 funds), ten years (13/255) and since inception (27/325

funds). Different share classes may have different rankings.

Please see disclosure page for index definitions.

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Fees and expenses


Share classInitial

charge

Annual management

and advisory fee

Total operating and

administrative

expenses

Redemption

charge

Net Expense

Ratio

JPMorgan Income Builder

A4.50% 0.45% 1.06% None 0.75%


INone 0.45% 0.81% None 0.60%


CNone 0.45% 1.56% 1.00% 1.25%


T2.50% 0.45% 1.06% None 0.75%

Income Builder Fund as of August 31, 2017

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Disclosures

Contact JPMorgan Distribution Services at 1-800-338-4345 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.

Opinions, estimates, forecasts, and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to

change without notice. We believe the information provided here is reliable. These views and strategies described may not be suitable for all investors. References

to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as,

recommendations. Past performance is no guarantee of future results.

RISKS ASSOCIATED WITH INVESTING IN THE FUND – GLOBAL ALLOCATION 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 U.S. and other nations.

The risks associated with foreign securities are magnified in countries in “emerging markets.” These countries may have relatively unstable governments and less

established market economies than developed countries. Emerging markets may face greater social, economic, regulatory and political uncertainties. These risks

make emerging market securities more volatile and less liquid than securities issued in more developed countries. The Fund’s fixed income securities are subject

to interest rate risk. If rates increase, the value of the Fund’s investments generally declines. The Fund may invest in securities that are below investment grade

(i.e., “high yield” or “junk bonds”) that are generally rated in the fifth or lower-rating categories of Standard & Poor’s and Moody’s Investors Service. Although these

securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund’s share price will decline. The Fund may invest in

derivatives which 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 Fund’s original investment. Many derivatives create leverage, thereby causing the

Fund to be more volatile than it would be if it had not used derivatives.

There can be no assurance that the professionals currently employed by JPMAM will continue to be employed by JPMAM or that the past performance or success

of any such professional serves as an indicator of such professional’s future performance or success. Any securities/portfolio holdings mentioned throughout the

presentation are shown for illustrative purposes only and should not be interpreted as recommendations to buy or sell.

Past performance does not guarantee future results. Total returns assumes reinvestment of any income. Total return assumes reinvestment of dividends and

capital gains distributions and reflects the deduction of any sales charges. Performance may reflect the waiver of a portion of the Fund's advisory or administrative

fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE


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Disclosures

The Barclays Capital U.S. Aggregate Index is an unmanaged index and represents a mix of maturities. It is a replica (or model) of the U.S. government bond,

mortgage-backed securities and corporate bond markets. The CS/Tremont Equity Market Neutral Index takes both long and short positions in stocks with the

aim of minimizing exposure to the systematic risk of the market (i.e., a beta of zero). The Bloomberg Commodity Index is composed of futures contracts on 19

physical commodities. The MSCI EAFE Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market

performance of developed markets, excluding the U.S. and Canada. The MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted

index that is designed to measure the equity market performance of emerging markets. The MSCI U.S. REIT Index is a free float-adjusted, market-capitalization

weighted index that is comprised of equity REITs that are included in the MSCI U.S. Investable Market 2500 Index, with the exception of specialty equity REITs

that do not generate a majority of their revenue and income from real estate rental and leasing operations. The index represents approximately 85% of the U.S.

REIT universe. The Russell 2000 Index is an unmanaged index, which measures the performance of the 2,000 smallest stocks (on the basis of capitalization) in

the Russell 3000 Index.The S&P 500 Index is a capitalization-weighted index that measures the performance of 500 large-capitalization domestic stocks

representing all major industries. All indexes are unmanaged and an individual cannot invest directly in an index. Index returns do not include fees or expenses.

©2016, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be

copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any

damage or losses arising from any use of this information. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™

metric each month by subtracting the return on a 90-day U.S. Treasury bill from the fund's load-adjusted return for the same period, and then adjusting

this excess return for risk. The top 10% of funds in each broad asset class 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 fund is derived from a weighted average of the

performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future

results. Different share classes may have different ratings.

JPMorgan Funds are distributed by JPMorgan Distribution Services, Inc. (JPMDS) and offered by J.P. Morgan Institutional Investments, Inc. (JPMII); both affiliates

of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMDS and JPMII are both members 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.

Copyright 2017 JPMorgan Chase & Co. All rights reserved., August 2017


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