NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

JPMorgan Funds statistics report: Latin America Fund Data as of December 31, 2016

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Table of contents COUNTRY EXPOSURE

PERFORMANCE Performance at NAV

3

Country breakdown (%)

13

Calendar year returns

3

Regional breakdown (%)

13

DISCLOSURE

EXPENSES Annual expenses

4

CHARACTERISTICS Fund statistics

5

RISK Risk/return analysis

6

HOLDINGS Top 10 holdings (%)

7

Top 10 active weights

8

Concentration

8

SECTORS Sector allocation (%)

9

Portfolio allocation (%)

9

ATTRIBUTION Quarterly attribution: Top 10 stocks

10

Quarterly attribution: Bottom 10 stocks

10

Quarterly attribution: By country

11

Quarterly attribution: By industry

12

2 STATISTICS REPORT: LATIN AMERICA FUND

Disclosures

14

Performance Data as of December 31, 2016 AVERAGE ANNUAL TOTAL RETURNS (as of 12/31/2016) 1 month (%)

3 months (%)

YTD (%)

1 yr (%)

3 yrs (%)

5 yrs (%)

Since Inception (%)

A Shares - 2/28/2007 | 3811 with max 5.25% sales charge

-0.05 -5.31

-6.57 -11.50

20.86 14.49

20.86 14.49

-9.93 -11.54

-5.75 -6.76

-0.49 -1.03

C Shares - 2/28/2007 | 3812 with max 1.00% CDSC

-0.15 -1.15

-6.69 -7.69

20.33 19.33

20.33 19.33

-10.38 -10.38

-6.23 -6.23

-0.99 -0.99

Select Shares - 2/28/2007 | 3815

-0.02

-6.49

21.16

21.16

-9.69

-5.52

-0.25

R6 Shares - 11/2/2015 | 3020

-0.04

-6.46

21.45

21.45

-9.61

-5.46

-0.22

0.87

-0.88

31.04

31.04

-7.46

-5.69

0.38

Share class - inception date | share class #

MSCI EM Latin America Index (net of foreign withholding taxes)

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. Calendar year returns

2007

2008

2009

2010

2011

2012

2013

A Shares - 2/28/2007 | 3811

—

-57.29

109.98

22.59

-20.61

14.07

C Shares - 2/28/2007 | 3812

—

-57.48

108.80

21.96

-20.98

13.50

Select Shares - 2/28/2007 | 3815

—

-57.14

110.28

22.86

-20.40

R6 Shares - 11/2/2015 | 3020

—

-57.14

110.28

22.86

MSCI EM Latin America Index (net of foreign withholding taxes)

—

-51.41

103.77

14.65

3 STATISTICS REPORT: LATIN AMERICA FUND

2014

2015

2016

-10.80

-11.77

-31.48

20.86

-11.27

-12.22

-31.84

20.33

14.39

-10.62

-11.51

-31.31

21.16

-20.40

14.39

-10.62

-11.51

-31.27

21.45

-19.35

8.66

-13.36

-12.30

-31.04

31.04

Expenses Data as of December 31, 2016 Annual expenses Gross expense (%) Net expense (%)

4 STATISTICS REPORT: LATIN AMERICA FUND

A Shares 2.08 1.55

C Shares 2.60 2.05

S Shares 1.65 1.30

R6 Shares 1.40 1.05

Characteristics Data as of December 31, 2016 Fund statistics Active share (%) Fund assets (in billions) Market cap average (in billions) Market cap median (in billions) Market cap weighted average (in billions) Market cap weighted median (in billions) Number of securities Percentage of stocks held outside of benchmark Price to book weighted harmonic average Price to earnings harmonic ratio (1 yr forecast) Price to earnings harmonic ratio (last 12 months) Return on equity weighted harmonic average Turnover ratio FYE 10/31/2015

5 STATISTICS REPORT: LATIN AMERICA FUND

Fund 62.75 54.21 $8.29 $4.35 $11.66 $6.59 55

Benchmark

$11.59 $6.22 $26.25 $13.77 110

34.18 1.95 15.25

1.64 14.64

13.45

15.99

15.47 24.87

12.38

Risk Data as of December 31, 2016 Risk/return analysis Alpha Beta Correlation Information ratio R-squared Sharpe ratio Sharpe ratio benchmark Standard deviation Standard deviation benchmark Tracking error

6 STATISTICS REPORT: LATIN AMERICA FUND

1 Year -0.07* 0.78* 0.97* -0.86* 0.94* 0.93* 1.00 25.03* 31.22 9.37*

2 Year -0.33* 0.81* 0.98* -0.34* 0.96* -0.23* -0.06 23.68* 28.51 7.31*

3 Years -0.21* 0.84* 0.98* -0.15* 0.96* -0.28* -0.17 23.06* 26.80 6.32*

5 Years 0.04* 0.85* 0.98* 0.26* 0.95* -0.11* -0.14 20.92* 24.03 5.85*

7 Years 0.14* 0.89* 0.97* 0.40* 0.95* -0.03* -0.11 22.26* 24.42 5.89*

Holdings Data as of December 31, 2016 Top 10 holdings (%) Holdings Itau Unibanco Holding SA Banco Bradesco SA Credicorp Ltd. Petroleo Brasileiro SA Itausa - Investimentos Itau SA (Preference) Fleury SA Raia Drogasil SA Fomento Economico Mexicano SAB de CV Vale SA (Preference) Globant SA

7 STATISTICS REPORT: LATIN AMERICA FUND

Country Brazil Brazil Peru Brazil Brazil Brazil Brazil Mexico Brazil United States

Sector Financials Financials Financials Energy Financials Health Care Consumer Staples Consumer Staples Materials Information Technology

% 6.36 5.64 4.28 3.83 3.57 3.41 3.13 3.12 2.97 2.91

Holdings Data as of December 31, 2016 Top 10 active weights Itau Unibanco Holding S.A. Sponsored Adr Pfd Fleury Sa Globant Sa Raia Drogasil S.A. Credicorp Ltd. Weg S.A. Engie Brasil Energia S.A. Firstcash, Inc. Lojas Renner S.A. Copa Holdings, S.A. Class A

8 STATISTICS REPORT: LATIN AMERICA FUND

Concentration Fund 6.41 3.41 2.91 3.12 4.28 2.44 2.18 1.83 2.67 1.74

Benchmark Difference 0.00 6.41 0.00 3.41 0.00 2.91 0.83 2.29 2.04 2.24 0.51 1.93 0.33 1.84 0.00 1.83 0.87 1.80 0.00 1.74

Top 10 Holdings Top 20 Holdings Top 30 Holdings

Fund 39.2 61.9 78.3

Benchmark Difference 41.3 -2.0 58.0 3.9 67.0 11.2

Sectors Data as of December 31, 2016 Sector allocation (%)* Financials Industrials Consumer Staples Consumer Discretionary Utilities Materials Energy Information Technology Health Care Real Estate Cash Total *Due to rounding, values may not total 100%.

9 STATISTICS REPORT: LATIN AMERICA FUND

Portfolio allocation (%)* Fund 32.61 18.59 12.16 8.99 7.02 5.65 5.37 4.96 3.75 0.88 0.02 100.00

Benchmark Difference 30.17 2.45 5.88 12.71 17.23 -5.07 5.80 3.19 6.49 0.53 15.12 -9.47 9.37 -4.00 1.67 3.29 0.98 2.77 1.44 -0.56 — 0.02 100.00 —

Common Stocks Preferred Stocks *Due to rounding, values may not total 100%.

Fund 92.27 7.73

Attribution Data as of December 31, 2016 Quarterly attribution: Top 10 stocks Name Ambev Sa Sponsored Adr Itau Unibanco Holding S.A. Sponsored Adr Pfd Grupo Televisa S.A.B Cielo Brf Sa Infraestructura Energetica Nova Sab De Cv Industrias Penoles Sab De Cv Lojas Americanas Sa Pfd Fibra Uno Administracion Sa De Cv El Puerto De Liverpool Sab De Cv

Account Aver- Account Stock age Weight Return 1.58 -17.55 6.45 5.02 0.00 0.00 0.00 0.00 0.00 0.00 1.43 11.95 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Account % Benchmark Benchmark Contribution Average Weight Stock Return -0.28 4.79 -15.52 0.40 0.00 0.00 0.00 2.10 -18.42 0.00 1.76 -14.37 0.00 1.80 -12.94 0.16 0.15 -0.93 0.00 0.58 -22.04 0.00 0.74 -15.34 0.00 0.81 -14.59 0.00 0.31 -30.75

Benchmark % Contribution -0.79 0.00 -0.40 -0.26 -0.24 -0.01 -0.17 -0.12 -0.12 -0.11

Weight DifferStock Selection ence -3.21 0.44 6.45 0.41 -2.10 0.39 -1.76 0.25 -1.80 0.22 1.27 0.17 -0.58 0.15 -0.74 0.11 -0.81 0.11 -0.31 0.10

Account Aver- Account Stock age Weight Return 2.42 1.42 3.96 6.02 2.21 -20.82 0.00 0.00 0.00 0.00 1.05 -26.56 0.00 0.00 0.75 -33.53 1.41 -17.85 1.59 -21.89

Account % Benchmark Benchmark Contribution Average Weight Stock Return -0.21 4.19 48.97 0.00 6.47 10.44 -0.49 0.00 0.00 0.00 3.67 11.87 0.00 6.39 6.29 -0.27 0.00 0.00 0.00 1.31 23.82 -0.27 0.00 0.00 -0.27 0.00 0.00 -0.36 0.49 -21.89

Benchmark % Contribution 1.29 0.54 0.00 0.40 0.35 0.00 0.28 0.00 0.00 -0.11

Weight DifferStock Selection ence -1.77 -1.52 -2.51 -0.51 2.21 -0.49 -3.67 -0.42 -6.39 -0.41 1.05 -0.30 -1.31 -0.28 0.75 -0.28 1.41 -0.26 1.11 -0.25

Quarterly attribution: Bottom 10 stocks Name Vale Sa Pfd A Petroleo Brasileiro Sa Pfd Globant Sa America Movil Sab De Cv Class L Itau Unibanco Holding Sa Pfd Grupo Aeroportuario Del Centro Norte Sab De Cv Class B Banco Do Brasil S.A. Iochpe Maxion S.A. Valid Solucoes E Servicos De Seguranca Em Meios De Pag Promotora Y Operadora De Infraestructura Sa

10 STATISTICS REPORT: LATIN AMERICA FUND

Attribution Data as of December 31, 2016 Quarterly attribution: By country Group Argentina Brazil Chile Colombia Luxembourg Mexico Panama Peru Cash Total *Due to rounding, values may not total 100%.

11 STATISTICS REPORT: LATIN AMERICA FUND

Account Average Weight*

Account RTN (%)

4.66 59.23 1.43 0.00 0.31 27.26 1.82 4.88 0.41 100.00

-10.46 -4.81 8.67 0.00 -3.13 -10.93 3.90 2.92 40.74 -5.72

Benchmark Average Weight* 0.00 57.56 9.00 3.33 0.00 27.25 0.00 2.86 0.00 100.00

Benchmark RTN (%)

Attribution Stock Select

Attribution Asset Allocation

Total

0.00 2.20 2.36 -2.29 0.00 -7.82 0.00 2.53 0.00 -0.77

0.00 -4.00 0.07 0.00 0.00 -0.90 0.00 0.02 0.00 -4.81

-0.53 0.14 -0.10 0.04 -0.01 -0.19 0.05 0.01 0.44 -0.15

-0.53 -3.86 -0.03 0.04 -0.01 -1.09 0.05 0.04 0.44 -4.95

Attribution Data as of December 31, 2016 Quarterly attribution: By industry Group Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Real Estate Telecommunication Services Utilities Cash Total *Due to rounding, values may not total 100%.

12 STATISTICS REPORT: LATIN AMERICA FUND

Account Average Weight*

Account RTN (%)

8.81 13.46 5.37 32.63 3.86 17.81 4.10 4.78 2.26 0.13 6.37 0.41 100.00

-3.14 -13.54 2.70 -1.65 -7.47 -11.89 -16.19 5.90 -13.74 -3.29 1.78 40.74 -5.72

Benchmark Average Weight* 6.06 18.63 9.40 29.77 0.59 6.05 1.89 14.45 1.47 5.49 6.20 0.00 100.00

Benchmark RTN (%)

Attribution Stock Select

Attribution Asset Allocation

Total

-11.76 -13.39 6.88 2.64 -1.00 -7.40 -16.34 16.61 -10.01 6.80 -2.96 0.00 -0.77

0.80 0.05 -0.23 -1.47 -0.31 -0.84 -0.18 -0.34 -0.04 -0.02 0.36 0.00 -2.22

-0.31 0.57 -0.34 0.18 0.00 -0.73 -0.20 -1.78 -0.16 -0.38 -0.02 0.45 -2.73

0.49 0.61 -0.57 -1.29 -0.31 -1.58 -0.37 -2.12 -0.20 -0.40 0.34 0.45 -4.95

Country exposure Data as of December 31, 2016 Country breakdown (%) Brazil Mexico Argentina Peru Panama Chile Luxembourg Cash Total

13 STATISTICS REPORT: LATIN AMERICA FUND

Regional breakdown (%) Fund 59.38 26.02 5.60 5.45 1.74 1.23 0.56 0.02 100.00

Benchmark Difference 57.86 1.52 26.67 -0.65 0.00 5.60 2.96 2.48 0.00 1.74 9.05 -7.83 0.00 0.56 0.00 0.02 100.00 0.00

Latam Emea [Cash] Total

Fund 99.42 0.56 0.02 100.00

Benchmark Difference 100.00 -0.58 0.00 0.56 0.00 0.02 100.00 0.00

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. 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. Investments in foreign currencies and foreign issuers are subject to additional risks, including political and economic risks, greater volatility, civil conflicts and war, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, expropriation and nationalization risks, and less stringent investor protection and disclosure standards of foreign markets. These risks are magnified in countries in "emerging markets." 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 1.55% for A Shares, 2.05% for C Shares, 1.30% for Select Shares and 1.05% for R6 Shares of the average daily net assets. This waiver is in effect through 2/28/2017 for A Shares, 2/28/2017 for C Shares, 2/28/2017 for Select Shares and 2/28/2017 for R6 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. RISK RETURN: Alpha: The relationship between the performance of the Fund and its beta over a three-year period of time. 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 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. HOLDINGS: The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable. INDEXES DEFINED: The MSCI EM (Emerging Markets) Latin America Index (net of foreign withholding taxes) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets in Latin America. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. Total return figures assume the reinvestment of dividends. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. An individual cannot invest directly in an index.

14 STATISTICS REPORT: LATIN AMERICA FUND

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, performance would have been less favorable. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, JPMorgan Chase Bank, N.A., J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated, J.P. Morgan Alternative Asset Management, Inc., and J.P. Morgan Asset Management (Canada), Inc. ©JPMorgan Chase & Co., January 2017 MFDP-LATAM-1-1216

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