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4d03c02a80049757 JPMorgan Large Cap Growth Fund As of June 30, 2017 FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 While market prices continue to hit record levels, corporate profits have, too; record profitability has come with healthy balance sheets GTM – U.S. | Page 7 Source: Compustat, FactSet, Standard & Poor’s, J.P. Morgan Asset Management, (Top right) Federal Reserve, S&P 500 individual company 10k filings, S&P Index Alert; as of 6/30/17. Shown for illustrative purposes only. Past performance is no guarantee of future results. EPS levels are based on operating earnings per share. Earnings estimates are Standard & Poor’s consensus analyst expectations. Past performance is not indicative of future returns. Currencies in the Trade Weighted U.S. Dollar Major Currencies Index are: British pound, euro, Swedish krona, Australian dollar, Canadian dollar, Japanese yen and Swiss franc. *1Q17 earnings are calculated using actual earnings for 98.6% of S&P 500 market cap and earnings estimates for the remaining companies. **Year-overyear change is calculated using the quarterly average for each period. USD forecast assumes no change in the U.S. dollar from its June 30, 2017 level. Guide to the Markets – U.S. Please see the disclosure page for index definitions. 1 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 U.S. equities still look attractive relative to bonds GTM – OTB | Page 3 Source: Standard & Poor’s, Reuters, FactSet, FRB, J.P. Morgan Asset Management; as of 6/30/17. Shown for illustrative purposes only. Past performance is no guarantee of future results. Earnings yield is the forward earnings yield (consensus analyst estimates of EPS over the next 12 months divided by price) as provided by IBES since June 1989, and FactSet for June 30, 2017. Guide to the Markets – U.S. Please see the disclosure page for index definitions. 2 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION ca7b0c60-8238-11e6-9c26-005056960c63 J.P. Morgan Equities – Deeply resourced and research led See “Additional information” page at the back of this presentation for further information. 3 | FOR INSTITUTIONAL USE ONLY – NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 Executive summary JPMorgan Large Cap Growth Fund As of June 30, 2017 Seasoned portfolio management team focused on growth Expertise Giri Devulapally, lead Portfolio Manager, has been on the team since 2003 and ran the strategy since August 2005 He is supported by 5 dedicated growth analysts with an average of 18 years of experience Fundamental, bottom-up approach that focuses on stocks with strong growth potential Seeks companies with large addressable markets undergoing meaningful change, a sustainable competitive advantage and executing well, and strong price momentum Portfolio Diversified portfolio with a focus on risk management Portfolio has delivered competitive performance over time Results Style pure, high growth approach Top decile performance over the 10 year period Source: J.P. Morgan Asset Management 4 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 Expertise 5 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 An experienced team dedicated to growth investing Lee Spelman Managing Director Head of U.S. Equity Experience: 41/28 Growth Lead Portfolio Managers Research Team Large Cap Growth Giri Devulapally Managing Director Experience: 25/14 Tim Parton Managing Director Eytan Shapiro Managing Director CIO Growth & Small Cap Team Experience: 34/32 Mid/Small Cap Growth Larry Lee ED Financials / Business Services Experience: 24/11 Felise Agranoff, MD Energy/Industrials/ Financials Experience: 13/13 Nancy Hoch, ED Consumer Experience: 23/15 Daniel Bloomgarden, ED Consumer Experience: 18/2 Experience: 31/31 Joe Wilson, ED Technology Experience: 12/3 Greg Tuorto, MD Technology Experience: 24/9 Holly Fleiss, ED Healthcare Experience: 13/5 Dr. Matt Cohen, MD Healthcare Experience: 20/12 Robert Maloney, VP Industrials Experience: 17/4 Client Portfolio Managers Michael Stein, VP Industrials Experience: 10/3 Jonathan Sherman Managing Director Experience: 19/12 James Connors Executive Director Experience: 13/13 Doug Stewart Associate Experience: 6/6 Nick Cangialosi Associate Experience: 7/6 Felise Agranoff is a Co-PM on the Mid & Small Cap Growth Strategies. Matt Cohen and Greg Tuorto are also Co-PMs on the Small Cap Growth Strategy. As of June 2017. Years of experience: industry/firm. Note: MD = Managing Director; ED = Executive Director; VP = Vice President There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such professional’s future performance or success. 6 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 A dedicated portfolio team focused on Large Cap Growth Also leverages the insights of the J.P. Morgan Equity organization, which includes over 40 research analysts in the U.S. and over 200 globally Giri Devulapally Managing Director Portfolio Manager Experience: 25/14 Research Team Larry Lee Executive Director Financials/Business Services Experience: 24/11 Nancy Hoch Executive Director Consumer Experience: 23/15 Joe Wilson Executive Director Technology Experience: 12/3 Robert Maloney Vice President Industrials Experience: 17/4 As of June 30, 2017. Years of experience: industry/firm. 7 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION Client Portfolio Managers Holly Fleiss Executive Director Healthcare Experience: 13/5 Jonathan Sherman Managing Director Experience: 19/12 James Connors Executive Director Experience: 13/13 4d03c02a80049757 Portfolio 8 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 Investment Philosophy Giri Devulapally Portfolio Manager “We believe that long-term outperformance can be achieved by investing in companies that have the ability to deliver significantly higher growth than market expectations over the next 3-5 years.” Risks that we seek to manage: Don’t miss the truly outstanding stocks; it is difficult to outperform if you don’t own the really big winners Characteristics of great growth stocks: A large addressable market undergoing meaningful change Sustainable competitive advantage and strong execution Avoid, or mitigate the impact of the big underperforming stocks Take greater active risk when finding a diversified group of stocks that meet our investment criteria, however take less active risk when we are having a more challenging time finding those stocks The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. 9 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION Good price momentum 4d03c02a80049757 Our process is focused on identifying the stocks that meet our investment criteria and constructing a diversified portfolio Idea Generation Fundamental Analysis Run proprietary quantitative screens on Russell 1000 Growth Index + (Approx. 800 names) Determine if a prolonged growth opportunity exists – Earnings revisions Assess competitive dynamics – Price momentum – Valuation Narrow investable universe to 150-200 companies Company meetings Industry conferences Evaluate attractiveness of business model Track record of management’s ability to execute Potential for margin expansion Balance sheet strength Portfolio Construction Bottom-up, fundamental Giri Devulapally utilizes the fundamental analysis coupled with his insights to create a diversified portfolio of 60-90 stocks Position sizes determined by conviction level – Quality of business – Risk/reward – Diversification impact on portfolio Portfolio guidelines – Stocks at + / - 5% relative to the benchmark For illustrative purposes only. The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. 10 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 0903c0a81277240 MasterCard Large addressable market (paper-to-plastic drives market growth) – 85% of payments around the world are still in cash/checks. As these go increasingly electronic, payment networks like MasterCard will be the primary beneficiaries. Competition advantage (duopoly limits competition) – MasterCard and Visa dominate the global payments market. They control the bulk of the US credit and debit markets and have majority shares in most international markets as well, thus creating huge barriers to entry for the competition. MA stock price, June 2014 - 2017 $135 $125 $115 $105 $95 $85 Jun-17 Apr-17 Feb-17 Dec-16 Oct-16 Aug-16 Jun-16 Apr-16 Feb-16 Dec-15 Oct-15 Aug-15 Jun-15 Apr-15 Feb-15 Dec-14 Oct-14 $65 Aug-14 – MasterCard’s business model has huge leverage, with incremental margins per transaction close to 100%. Combined with the strong secular growth trends, this should drive robust earnings growth for years to come. $75 Jun-14 Executing on competitive advantage (high operative leverage) Sources: FactSet, J.P. Morgan Asset Management The security highlighted above has been selected based on its significance and is shown for illustrative purposes only. It should not be interpreted as a recommendation to buy or sell. It should not be assumed that other securities in the portfolio have performed in a similar manner. Past performance is not indicative of future returns.. A complete list of portfolio holdings for the past year is available upon request. 11 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 The active risk profile of the portfolio fluctuates based on the conviction and diversification of our ideas from the bottom up Active share, quarterly since PM inception 80% Active Share Average 76% 75% 75% 74% 74% 73% 73% 73% 75% 74%74% Average: 68% 73% 71%71% 70% 68% 69% 69% 68% 66% 67% 65% 66% 65%65% 66%67%66% 67% 61% 69%69% 69% 67% 66% 65% 64% 62% 61% 71%71%72%71% 64% 64% 63%63% 62% 62% 61% 60% 58% 55% Sep-05 Dec-05 Mar-06 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 50% Source: J.P. Morgan Asset Management, Frank Russell Company. For illustrative purposes only. Active share relative to the Russell 1000 Growth Index Active Share is a measure of the percentage of stock holdings in a manager's portfolio that differ from the benchmark index; Active Share is calculated by taking the sum of the absolute value of the differences of the weight of each holding in the manager's portfolio versus the weight of each holding in the benchmark index and dividing by two. 12 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 Sector breakdown JPMorgan Large Cap Growth Fund As of June 30, 2017 Benchmark Russell 1000 Growth Index Absolute and relative sector positions Absolute Relative 35.1% 21.4% 15.7% 12.9% 8.3% 5.1% 4.9% 3.5% 2.3% 1.8% -0.5% Consumer Discretionary Financial Services Health Care Producer Durables 0.0% 0.0% -0.8% -1.0% -4.5% -4.9% Technology 0.8% Materials & Processing Consumer Staples Energy Utilities Source: J.P. Morgan Asset Management, Frank Russell Company. 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. Past performance is not an indication of current and future performance. 13 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 Portfolio characteristics & top overweights JPMorgan Large Cap Growth Fund As of June 30, 2017 Benchmark Portfolio Portfolio Index Weighted Avg. Market Cap $180.4bn $190.7bn 21.0x 18.9x Price / Earnings, 12-mth fwd1 19.1% 14.7% Beta2 1.05 1.00 Tracking Error2 4.73 N/A EPS Growth, 12-mth fwd Turnover3 Active Share Number of holdings 26% Russell 1000 Growth Index Portfolio weight (%) Benchmark weight (%) Active position (%) Intuitive Surgical 3.40 0.30 3.10 MasterCard 3.72 1.01 2.71 NVIDIA 3.43 0.72 2.71 Ulta Beauty 2.59 0.15 2.44 Delta Air Lines 2.43 0.00 2.43 Amazon.com 5.67 3.39 2.28 Charles Schwab 2.56 0.36 2.20 Home Depot 3.68 1.62 2.06 Activision Blizzard 2.32 0.37 1.95 Broadcom 2.57 0.82 1.75 Top Overweights N/A 61% N/A 62 557 The inclusion of the securities mentioned above is not to be interpreted as recommendations to buy or sell. 1. Excludes negatives. 2. Three-year trailing, calculated on a monthly basis 3. Average 12-month turnover over past three years Source: FactSet, J.P. Morgan Asset Management, Frank Russell Company. 14 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 BARRA tilts relative to benchmark JPMorgan Large Cap Growth Fund As of June 30, 2017 Benchmark Russell 1000 Growth Index BARRA tilts Earnings variation PREDICTED TRACKING ERROR: 3.05 0.03 Earnings yield -0.15 Growth 0.30 Leverage -0.14 Momentum PREDICTED BETA: 1.04 0.37 Size 0.05 Value 0.02 Volatility Dividend Yield -0.75 For illustrative purposes only. Source: BARRA, J.P. Morgan Asset Management. Frank Russell Company. 15 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 0.12 -0.32 -0.25 0.25 0.75 4d03c02a80049757 Results 16 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 Performance JPMorgan Large Cap Growth Fund For the periods ended June 30, 2017 Market value Fund $12,328m Annualized performance at NAV (%) YTD 1 Year 3 Years 5 Years 10 Years Since Inception* JPM Large Cap Growth Fund (I Shares) 21.09 27.65 11.41 13.86 9.39 9.52 Russell 1000 Growth Index 13.99 20.42 11.11 15.30 8.91 9.11 Excess Returns vs. Index 7.09 7.23 0.30 -1.45 0.48 0.41 -- 7 13 54 9 15 Morningstar % Rank (Large Growth) Calendar year performance (%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 JPM Large Cap Growth Fund (I Shares) 4.90 6.21 23.70 -39.56 34.81 22.63 2.90 12.11 32.69 10.86 7.61 -2.04 Russell 1000 Growth Index 5.26 9.07 11.81 -38.44 37.21 16.71 2.64 15.26 33.48 13.05 5.67 7.08 Excess Returns vs. Index -0.36 -2.86 11.89 -1.12 -2.40 5.92 0.26 -3.15 -0.79 -2.19 1.94 -9.12 62 60 8 42 47 6 8 84 60 42 18 88 Morningstar % Rank (Large Growth) 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, Frank Russell Company. Note: Performance is stated net of fees. The ranking information is provided by Morningstar. The performance quoted is past performance and is not a guarantee of future results. As of 6/30/17 the Large Cap Growth Fund (I Shares) was ranked in the Morningstar Large Cap Growth category for the following time periods: 90 out of 1,426 for the one-year period, 163 out of 1,279 funds for the three-year period, 626 out of 1,154 funds for the five-year period, 74 out of 809 funds for the ten-year period and 102 out of 705 funds for the since inception period. Past performance is no guarantee of future results. Different share classes may have different rankings. The Russell 1000 Growth Index ® measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges or redemption fees. * The Large Cap Growth Fund was launched February 28, 1992. Effective July 31, 2004, the current portfolio management team assumed responsibility of the portfolio and effective July 31, 2005, Giri Devulapally became lead portfolio manager. Since PM Inception performance is shown from 7/31/2005. 17 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 Appendix 18 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 903c02a81541057 Large Cap Growth biographies Giri Devulapally Giri Devulapally, managing director, is a portfolio manager in the U.S. Equity Group. An employee since 2003, Giri is responsible for managing the Large Cap Growth Strategy and the Dynamic Growth Strategy. Prior to joining the firm, he worked for T. Rowe Price for six years, where he was an analyst specializing in technology and telecommunications. Giri received a B.S. in electrical engineering from the University of Illinois and an M.B.A. with a concentration in finance from the University of Chicago. He is a CFA charterholder. Larry H. Lee Larry H. Lee, executive director, is a business services analyst within the U.S. Equity group. An employee since 2006, Larry is responsible for covering a broad range of industries and companies. Prior to joining the firm, Larry spent 11 years as a sell side analyst at several firms, including CIBC World Markets, Merrill Lynch and Banc of America Securities, primarily focused on the Business Services sector. He holds a B.A. in economics from Stanford University and an M.B.A. from University of Chicago. Nancy F. Hoch Nancy F. Hoch, executive director, is a consumer analyst within the U.S. Equity group. Nancy joined the group in 2007 after spending five years as a sell side analyst in the firm's Investment Bank, where she served as the lead associate on Broadlines Retailing team and later as the senior analyst covering Small/Mid Cap Retailing. Prior to that, Nancy worked as a marketing consultant at the Hudson River Group and as a business analyst for Crabtree & Evelyn. Nancy holds a B.A. in geography from Dartmouth College and an M.B.A. from Northwestern University's Kellogg School of Management. She is a member of both the New York Society of Security Analysts and the CFA Institute and is a CFA charterholder. Holly Fleiss Holly Fleiss, executive director, is a health care analyst within the U.S. Equity group. Holly joined the group in 2012 after spending 5 years as a buy side analyst at HealthCor Management, focusing on the biotechnology, specialty and pharmaceutical sectors. Prior to that, she spent 3 years at ThinkPanmure and UBS, where she focused on biotechnology, specialty and pharmaceutical stocks as part of a specialized life sciences team advising institutional and ultra high-net-worth brokerage clients. Holly holds a B.A. and M.A. in Psychological and Brain Sciences from The Johns Hopkins University. Joseph Wilson Joseph Wilson, executive director, is a research analyst and portfolio manager within the U.S. Equity group. An employee since 2014, Joe is responsible for the technology sector for JPMorgan’s large cap growth portfolios. He is also a portfolio manager on the Dynamic Growth Fund and a co-portfolio manager on the J.P. Morgan U.S. Technology Strategy. Prior to joining the firm, Joe spent six years as a buy side analyst for UBS Global Asset Management, where he covered the technology sector for the Large Cap Growth team from 2010 to 2014, and the Mid Cap Growth team in 2009. Prior to that, Joe worked at RBC Capital Markets as a sell side research associate covering enterprise, infrastructure, and security software. Joe holds a B.A. in Finance from the University of St. Thomas and an M.B.A. from the University of St. Thomas Opus College of Business. 19 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 903c02a81541057 Large Cap Growth biographies Robert B. Maloney Robert B. Maloney, vice president, is a research analyst within the U.S. Equity group. An employee since 2013, Robert is responsible for the industrials, energy and materials sectors for JPMorgan’s large cap growth portfolios. Prior to joining the firm, Robert spent ten years as a sell side analyst at Morgan Stanley and Credit Suisse. At Morgan Stanley he served as the lead associate on their Large Cap Industrials team and later as the senior analyst covering Small/Mid Cap Industrials. Robert also worked as the Industrials trading desk analyst at Morgan Stanley and Credit Suisse covering a broad-range of Industrial verticals. Prior to that Robert worked as a consultant to the US Department of Defense and the United Nations. Robert holds a B.A. in International Politics from the Georgetown University School of Foreign Service. He is a member of the CFA Institute and a CFA charterholder. Jonathan Sherman Jonathan Sherman, managing director, is a member of the U.S. Equity Group and co-head of the U.S. Equity Client Portfolio Management team. An employee since 2005, Jonathan covers U.S. domestic institutional and funds clients as a portfolio specialist for U.S. Equities. In that capacity, he is responsible for communicating investment performance, outlook and strategy positioning on behalf of the US Equity portfolio management team. Additionally, he has a specific focus on U.S. Equity Growth & Small Cap strategies. Previously, he worked as a Senior Client Portfolio Manager on the Global Equities team. Prior to joining the firm, Jonathan worked as a director of Asset Allocation Product Management at UBS Global Asset Management and as an analyst in the Equity Research and Global Economics Group at Merrill Lynch. Jonathan obtained a B.A. from Syracuse University and an M.B.A. in finance from Fordham University. He holds Series 7 and 63 licenses. James Connors James Connors, executive director, is a client portfolio manager in the U.S. Equity group. An employee since 2005, James is responsible for communicating investment performance, outlook and strategy for the firm's U.S. small cap and growth platform. He previously focused on the Large Cap Core and Large Cap Core 130/30 strategies. He has a B.S. in finance from Eastern Illinois University and holds the Series 7 and 63 licenses. He also is a member of the New York Society of Securities Analysts and is a CFA charterholder. 20 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION ca7b0c60-8238-11e6-9c26-005056960c63 Additional information The number of ‘investment professionals’ includes portfolio managers, research analysts, traders and client portfolio managers with VP title and above. Sourced from J.P. Morgan Asset Management; as of March 31, 2017. ‘Serving 68% of world’s largest pension plans, sovereign wealth funds and central banks’ is sourced from J.P. Morgan Asset Management; as of March 31, 2017. Top 10 global equity manager’ sourced from Pensions & Investments as of December 31, 2015 based on firms self-reporting % of AUM in equity 2016 Markets Choice Awards is a peer-based survey of exchanges, sell-side desks, institutional buy-side investors, hedge funds and technology providers. The “equity mutual funds rated 4 or 5 stars” analysis is sourced from Morningstar for Global Investment Management open-ended funds that are rated by the aforementioned source. The equity classification used is based on J.P. Morgan’s own categorization. The share class with the highest Morningstar star rating represents its respective fund. Other share classes may have different performance characteristics and may have different ratings; the highest rated share class may not be available to all investors. All star ratings sourced from Morningstar reflect the Morningstar Overall RatingTM. Funds with fewer than three years of history are not rated by Morningstar and hence excluded from this analysis. Fund Other funds which do not have a rating are also excluded from this analysis. Ratings are based on past performance and are not indicative of future results. 21 | FOR INSTITUTIONAL USE ONLY – NOT FOR PUBLIC DISTRIBUTION 4d03c02a80049757 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. This document is a general communication being provided for informational purposes only. It is educational in nature and not designed to be a recommendation for any specific investment product, strategy, plan feature or other purpose. Any examples used are generic, hypothetical and for illustration purposes only. Prior to making any investment or financial decisions, an investor should seek individualized advice from a personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor’s own situation. 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. RISK SUMMARY: 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 The prices of equity securities are sensitive to a wide range of factors, from economic to company-specific news, and can fluctuate rapidly and unpredictably, causing an investment to decrease in value. 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. Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The Russell 1000 Growth Index is an unmanaged index measuring the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Morningstar Rating TM 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 10year 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. 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 investment management businesses of JPMorgan Chase & Co. and its affiliates worldwide. Copyright 2017 JPMorgan Chase & Co. All rights reserved. 22 | FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION