J.P. Morgan Asset Management Leveraged Credit Mutual Fund Commentary YTD 2015

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1 JPMorgan High Yield Fund Select Shares September 2015 as of 09/30/2015 YTD High Yield Fund - Select Shares (Net of Fees) High Yield Fund - Gross Barclays Capital High Yield 2% Issuer Index KEY CONTRIBUTORS Security selection within Energy, specifically Independents, and Basic Industry, specifically Metals & Mining, were positive to performance. Our underweight to CCC s (10% vs. 14%) helped performance as CCC s returned -5.15%. Our allocation to leveraged loans (6%) contributed to performance as leveraged loans, measured by the Credit Suisse Leveraged Loan Index, returned +1.61% vs. Barclays Capital High Yield 2% Issuer Index s return of -2.43%. The Fund s overweight to the Consumer Non-Cyclical (16% vs. 13%) sector, especially in Healthcare and Food/Beverages, added to performance as the overall sector returned +2.93%. KEY DETRACTORS Security selection within the Utilities sector, especially in Electric, detracted from performance. The Fund s underweight to the Consumer-Cyclical (12% vs. 15%) sector and security selection in Retailers hurt performance as the overall sector returned +2.11%. Security selection within Transportation and Technology was a detractor to performance as of 09/30/ Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs High Yield Fund - Select Shares (Net of Fees) High Yield Fund - Gross Barclays Capital High Yield 2% Issuer Index 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 All market values are the average throughout the period ANNUAL OPERATING EXPENSES (%) Select Share class Prospectus effective date through 06/30/2016 Expense cap % Total annual operating expenses 1.10% Fee waivers and/or expense reimbursements % Net expenses % 2 Reflects a written agreement pursuant to which the Fund s Investment Advisor, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. Without the Acquired Fund Fees and Expenses, the Total Annual Operating Expenses and Net Expenses would have been lower. In addition, the Fund s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time. Contact JPMorgan Distribution Services at for a fund prospectus. You can also visit us at Investors should carefully consider the investment objectives and risks as well as charges and

2 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 but should not be assumed to be accurate or complete. The 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. This document is intended solely to report on various investment views held by J.P. Morgan Asset Management. 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 but should not be assumed to be accurate or complete. The 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. Indices do not include fees or operating expenses and are not available for actual investment. Selected risks The Fund s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund s investments generally declines. Ordinarily the Fund will invest at least 80% of its total assets in bonds, both domestic and foreign. 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. canraise or lower returns. Some overseas markets may not be as politically and economically stable as the United States or other nations. The Fund may invest up to 5% of its assets in subprime mortgage-related securities. The risk of defaults is generally higher in the case of mortgage-backed investments that include so-called sub-prime mortgages. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. The Fund may invest in futures contracts and derivatives. Many derivatives create leverage therby causing the Fund to be more volatile than it would be if it had not used derivatives. Barclays Capital U.S. Corporate High Yield Index 2% (formerly Lehman Brothers U.S Corporate High Yield Index - 2% Issuer Cap Index) is an unmanaged, market value-weighted index that tracks the performance of non-investment grade, fixed rate, publicly placed, dollar-denominated, and non-convertible debt registered with the SEC. The index limits the maximum exposure to any one issuer to 2%. It is not possible to invest directly in an unmanaged index. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. Products and services are offered by JPMorgan Distribution Services, Inc., member 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, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. Copyrigh 2015 JPMorgan Chase & Co. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

3 JPMorgan Short Duration High Yield Fund Select Shares September 2015 as of 09/30/2015 YTD Short Duration High Yield Fund - Select Shares (Net of Fees) Short Duration High Yield Fund - Gross BofA ML 1-5 Year U.S. Cash Pay Fixed HY Constrained Index KEY CONTRIBUTORS Our underweight and security selection within Energy, specifically Exploration & Production (3% vs. 5%), and Basic Industry, specifically Metals & Mining (3.8% vs. 4.4%) helped performance. Our allocation to leveraged loans (26%) was additive as leveraged loans outperformed short duration high yield bonds YTD. Credit Suisse Leveraged Loan Index returned +1.61% vs. ML 1-5 Year U.S. Cash Pay High Yield Constrained Index return of -2.76%. Overweight and security selection within the Media sector contributed to performance. The Fund s underweight to CCC s helped as CCC s returned -6.64%. KEY DETRACTORS Though the Fund was overweight Utilities (4% vs. 3%), which outperformed the index, security selection within the Electric Generation sector hurt. Security selection within Technology & Electronics and Telecommunications detracted from performance. Our underweight to Banking (4% vs. 5%) hurt as the sector outperformed, returning +3.24%. as of 09/30/ Mo 3 Mos YTD 1 Year Since Inc* Short Duration High Yield Fund - Select Shares (Net of Fees) Short Duration High Yield Fund - Gross BofA ML 1-5 Year U.S. Cash Pay Fixed HY Constrained Index *Since Inception: 3/1/2013 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 All market values are the average throughout the period ANNUAL OPERATING EXPENSES (%) Select Share class Prospectus effective date through 06/30/2016 Expense cap % Total annual operating expenses 0.96% Fee waivers and/or expense reimbursements % Net expenses % 2 Reflects a written agreement pursuant to which the Fund s Investment Advisor, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. Without the Acquired Fund Fees and Expenses, the Total Annual Operating Expenses and Net Expenses would have been lower. In addition, the Fund s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time. Contact JPMorgan Distribution Services at for a fund prospectus. You can also visit us at Investors should carefully consider the investment objectives and risks as well as charges and

4 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 but should not be assumed to be accurate or complete. The 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. This document is intended solely to report on various investment views held by J.P. Morgan Asset Management. 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 but should not be assumed to be accurate or complete. The 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. Indices do not include fees or operating expenses and are not available for actual investment. Selected risks The Fund s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund s investments generally declines. Ordinarily the Fund will invest at least 80% of its total assets in bonds, both domestic and foreign. 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. canraise or lower returns. Some overseas markets may not be as politically and economically stable as the United States or other nations. The Fund may invest up to 5% of its assets in subprime mortgage-related securities. The risk of defaults is generally higher in the case of mortgage-backed investments that include so-called sub-prime mortgages. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. The Fund may invest in futures contracts and derivatives. Many derivatives create leverage therby causing the Fund to be more volatile than it would be if it had not used derivatives. Barclays Capital U.S. Corporate High Yield Index 2% (formerly Lehman Brothers U.S Corporate High Yield Index - 2% Issuer Cap Index) is an unmanaged, market value-weighted index that tracks the performance of non-investment grade, fixed rate, publicly placed, dollar-denominated, and non-convertible debt registered with the SEC. The index limits the maximum exposure to any one issuer to 2%. It is not possible to invest directly in an unmanaged index. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. Products and services are offered by JPMorgan Distribution Services, Inc., member 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, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. Copyright 2015 JPMorgan Chase & Co. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

5 JPMorgan Floating Rate Income Fund Select Shares September 2015 as of 09/30/2015 YTD Floating Rate Income (Net of Fees) 0.11 Gross of Fee Fund Return 0.67 Benchmark (Credit Suisse Leveraged Loan Index) 1.61 KEY CONTRIBUTORS Our underweight and security selection in Metals & Mining helped performance. The Fund s allocation (overweight) to the Food & Drug (6% vs. 1%) sector contributed to performance as the sector outperformed the overall benchmark, returning +4.75%. Though underweight, security selection to the Healthcare and Forest Products/Container sectors were beneficial to performance. Underweight to CCC s (3% vs. 8%) helped as CCC s underperformed, returning -7.20%. KEY DETRACTORS The Fund s overweight to Energy (5% vs. 4%) and Utilities (6% vs. 4%) detracted from performance as both sectors posted negative performance, returning-11.94% and % respectively. Security selection within the Retail and Information Technology sectors hurt performance. Allocation to larger loans detracted from performance as large, liquid loan facilities underperformed smaller, less liquid facilities. For example, +$1bn loan facilities returned +0.47% vs. $ MM loan facilities return of +3.35%. YTD. Our allocation to high yield bonds detracted as short duration high yield bonds underperformed loans YTD. Credit Suisse Leveraged Loan Index returned +1.61% vs. ML 1-5 Year U.S. Cash Pay High Yield Constrained Index return of -2.76%. The Fund s cash (7%) allocation detracted as the benchmark returned +1.61%. as of 09/30/ Mo 3 Mos YTD 1 Yr 3 Yr Since Inc** Floating Rate Income (Net of Fees) Gross of Fee Fund Return Benchmark (Credit Suisse Leveraged Loan Index) **June 2011 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 All market values are the average throughout the period ANNUAL OPERATING EXPENSES (%) Select Share class Prospectus effective date through 12/31/2015 Expense cap % Total annual operating expenses 0.94% Fee waivers and/or expense reimbursements % Net expenses % 2 Reflects a written agreement pursuant to which the Fund s Investment Advisor, Administrator and Distributor have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. Without the Acquired Fund Fees and Expenses, the Total Annual Operating Expenses and Net Expenses would have been lower. In addition, the Fund s service providers may voluntarily waive or reimburse certain of their fees, as they may determine, from time to time.

6 MUST BE PRECEDED OR ACCOMPANIED BY A PROSPECTUS 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 but should not be assumed to be accurate or complete. The 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. This document is intended solely to report on various investment views held by J.P. Morgan Asset Management. 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 but should not be assumed to be accurate or complete. The 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. Indices do not include fees or operating expenses and are not available for actual investment. Selected risks The Fund s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund s investments generally declines. Ordinarily the Fund will invest at least 80% of its total assets in bonds, both domestic and foreign. 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. canraise or lower returns. Some overseas markets may not be as politically and economically stable as the United States or other nations. The Fund may invest up to 5% of its assets in subprime mortgage-related securities. The risk of defaults is generally higher in the case of mortgage-backed investments that include so-called sub-prime mortgages. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. The Fund may invest in futures contracts and derivatives. Many derivatives create leverage therby causing the Fund to be more volatile than it would be if it had not used derivatives. The Credit Suisse (CS) Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market. The index reflects reinvestment of all distributions and changes in market prices. It is not possible to invest directly in an unmanaged index. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. Products and services are offered by JPMorgan Distribution Services, Inc., member 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, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. Copyright 2015 JPMorgan Chase & Co. NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

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