NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

JPMorgan Funds statistics report: International Value Fund

Offered on a limited basis - L Shares Data as of August 31, 2021

jpmorganfunds.com Table of contents

PERFORMANCE ATTRIBUTION Performance at NAV 3 Stock attribution: 3 month 10 Calendar year returns 3 Stock attribution: YTD 10 EXPENSES Stock attribution: 12 month 11 Annual expenses 4 Industry attribution: 3 month 12 CHARACTERISTICS Industry attribution: YTD 12 Fund statistics 5 Industry attribution: 12 month 13 HOLDINGS Region attribution: 3 month 14 Top 10 holdings (%) 6 Region attribution: YTD 14 Top 10 overweight positions (%) 7 Region attribution: 12 month 14 Top 10 underweight positions (%) 7 DISCLOSURE MARKET CAP Disclosures 15 Market cap breakdown (%) 8 POSITIONING Country breakdown (%) 9 Region breakdown (%) 9 Sector breakdown (%) 9

2 STATISTICS REPORT: INTERNATIONAL VALUE FUND Performance Data as of August 31, 2021 AVERAGE ANNUAL TOTAL RETURNS (as of 6/30/2021) 1 month 3 months YTD 1 yr 1 yr 3 yrs 5 yrs 10 yrs Share class - inception date | share class # (%) (%) (%) (%) (%) (%) (%) (%) A Shares - 9/28/2001 | 1253 1.14 -2.42 15.57 32.46 38.59 2.92 6.57 2.43 with max 5.25% sales charge -4.18 -7.52 9.47 25.52 31.31 1.10 5.42 1.88 C Shares - 7/11/2006 | 3801 1.10 -2.50 15.22 31.76 37.89 2.41 6.03 2.02 with max 1.00% CDSC 0.10 -3.50 14.22 30.76 36.89 2.41 6.03 2.02 I Shares - 9/10/2001 | 1296 1.11 -2.36 15.66 32.73 39.01 3.18 6.85 2.70 L Shares - 11/4/1993 | 1375 1.12 -2.37 15.76 32.79 39.12 3.27 6.96 2.83 R2 Shares - 11/3/2008 | 1039 1.16 -2.46 15.37 32.00 38.22 2.60 6.26 2.15 R5 Shares - 9/9/2016 | 23651 1.12 -2.32 15.79 32.78 39.00 3.28 6.96 2.83 R6 Shares - 11/30/2010 | 2144 1.12 -2.31 15.85 32.93 39.29 3.39 7.09 2.95 MSCI EAFE Value Index (net of foreign withholding taxes) 1.13 -1.44 11.66 26.99 33.50 3.78 7.81 3.86 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 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 A Shares - 9/28/2001 | 1253 -13.25 17.18 20.83 -10.61 -3.38 2.01 21.63 -18.85 15.17 -4.32 C Shares - 7/11/2006 | 3801 -13.78 16.68 20.24 -11.03 -3.92 1.49 21.04 -19.28 14.63 -4.82 I Shares - 9/10/2001 | 1296 -13.12 17.57 21.12 -10.42 -3.08 2.33 21.99 -18.59 15.40 -4.01 L Shares - 11/4/1993 | 1375 -13.01 17.73 21.34 -10.30 -2.96 2.40 22.26 -18.60 15.54 -3.90 R2 Shares - 11/3/2008 | 1039 -13.57 16.95 20.58 -10.88 -3.61 1.68 21.40 -19.03 14.74 -4.59 R5 Shares - 9/9/2016 | 2365 -13.01 17.73 21.34 -10.30 -2.96 2.45 22.18 -18.52 15.47 -3.95 R6 Shares - 11/30/2010 | 2144 -12.86 17.84 21.39 -10.12 -2.86 2.54 22.37 -18.43 15.65 -3.86 MSCI EAFE Value Index (net of foreign withholding taxes) -12.17 17.69 22.95 -5.39 -5.68 5.02 21.44 -14.78 16.09 -2.63

3 STATISTICS REPORT: INTERNATIONAL VALUE FUND Expenses Data as of August 31, 2021

Annual expenses A Shares C Shares I Shares L Shares R2 Shares R5 Shares R6 Shares Gross expense (%) 1.26 1.78 1.02 0.85 1.61 0.86 0.76 Net expense (%) 1.00 1.50 0.75 0.85 1.30 0.65 0.55

4 STATISTICS REPORT: INTERNATIONAL VALUE FUND Characteristics Data as of August 31, 2021

Fund statistics Fund Active share (%) 52.02 Fund assets (in millions) 395.80 Number of holdings 306

5 STATISTICS REPORT: INTERNATIONAL VALUE FUND Holdings Data as of August 31, 2021

Top 10 holdings (%) Holdings Country Sector % Novartis AG (Registered) Switzerland Health Care 2.56 Motor Corp. Consumer Discretionary 2.38 Siemens AG (Registered) Germany Industrials 1.70 TotalEnergies SE France Energy 1.56 BHP Group Ltd. Australia Materials 1.52 HSBC Holdings plc United Kingdom Financials 1.44 GlaxoSmithKline plc United Kingdom Health Care 1.43 Allianz SE (Registered) Germany Financials 1.26 BP plc United Kingdom Energy 1.24 Deutsche Post AG (Registered) Germany Industrials 1.08

6 STATISTICS REPORT: INTERNATIONAL VALUE FUND Holdings Data as of August 31, 2021

Top 10 overweight positions (%) Top 10 underweight positions (%) Fund Difference Fund Benchmark Difference Stellantis 0.43 0.00 0.43 0.00 1.84 -1.84 Yangzijiang Shipbuilding 0.39 0.00 0.39 Cwth Bk Australia 0.00 1.55 -1.55 Daimler 0.79 0.43 0.35 Sanofi 0.00 1.40 -1.40 MITIE Group 0.35 0.00 0.35 British American Tobacco 0.00 0.98 -0.98 Reach 0.34 0.00 0.34 Enel 0.00 0.88 -0.88 Marks & Spencer Group 0.33 0.00 0.33 Iberdrola 0.00 0.88 -0.88 Unipol SpA 0.32 0.00 0.32 BASF 0.00 0.85 -0.85 Haitong Intl Secs Group 0.32 0.00 0.32 ABB 0.00 0.77 -0.77 Aegon NV 0.42 0.11 0.32 SAP 0.00 0.66 -0.66 Roche Holding 0.32 0.00 0.32 Bayer 0.00 0.65 -0.65

7 STATISTICS REPORT: INTERNATIONAL VALUE FUND Market cap Data as of August 31, 2021

Market cap breakdown (%)* Fund Benchmark Small Cap (<$2 Billion) 10.65 0.00 Small to Mid Cap ($2-$10 Billion) 22.07 9.89 Mid to Large Cap ($10-$100 Billion) 50.14 69.53 Large Cap (>$100 Billion) 15.34 20.58 Cash 1.80 0.00 *Due to rounding, values may not total 100%.

8 STATISTICS REPORT: INTERNATIONAL VALUE FUND Positioning Data as of August 31, 2021

Country breakdown (%)* Region breakdown (%)* Sector breakdown (%)* Fund Fund Fund Japan 21.79 Europe 63.25 Financials 38.02 United Kingdom 16.00 Japan 21.79 Industrials 14.47 Germany 9.18 Pacific ex Japan 9.98 Consumer Discretionary 13.73 France 8.99 Emerging Markets 2.66 Materials 9.62 Australia 7.28 North America 0.43 Communication Services 6.13 Switzerland 6.82 Frontier Markets 0.27 Energy 5.40 Sweden 3.61 Cash & Equivalents 1.63 Health Care 4.42 Italy 3.58 *Due to rounding, values may not total 100%. Real Estate 3.06 Spain 3.09 Consumer Staples 1.86 Netherlands 2.85 Short-Term Investments 1.63 Norway 2.76 Information Technology 1.08 Hong Kong 1.66 Utilities 0.60 Short-Term Investments 1.63 *Due to rounding, values may not total 100%. Austria 1.61 Denmark 1.60 Finland 1.58 South Africa 1.12 Singapore 1.04 Belgium 1.01 China 0.92 Luxembourg 0.45 United States 0.43 Malta 0.27 Russia 0.24 Ukraine 0.21 Egypt 0.18 Portugal 0.13 *Due to rounding, values may not total 100%.

9 STATISTICS REPORT: INTERNATIONAL VALUE FUND Attribution Data as of August 31, 2021

Stock attribution: 3 month Avg Portfolio Portfolio Avg Index Benchmark Stock Avg Portfolio Portfolio Avg Index Benchmark Stock Contributors - 3 month Detractors - 3 month Weight Stock Return Weight Stock return effect Weight Stock Return Weight Stock return effect SoftBank Group 0.00 0.00 0.64 -25.45 0.17 BHP Group 1.71 -10.00 1.61 -3.87 -0.10 Reach 0.27 68.08 0.00 0.00 0.14 0.00 0.00 0.11 95.62 -0.08 Anheuser-Busch InBev 0.00 0.00 0.62 -18.46 0.12 ABB 0.00 0.00 0.74 8.58 -0.07 Bayer 0.00 0.00 0.70 -11.58 0.07 EssilorLuxottica 0.00 0.00 0.41 13.14 -0.06 Indra Sistemas 0.27 25.82 0.00 0.00 0.06 0.00 0.00 0.42 13.66 -0.06 Deutsche Bank 0.00 0.00 0.32 -16.63 0.06 SAP 0.00 0.00 0.63 8.40 -0.06 Aegon NV 0.30 17.37 0.09 8.17 0.05 FUJIFILM Holdings 0.00 0.00 0.31 18.41 -0.06 Ipsos 0.20 20.40 0.00 0.00 0.04 Nokia 0.00 0.00 0.37 15.46 -0.06 Elkem 0.22 18.23 0.00 0.00 0.04 bpost 0.17 -27.17 0.00 0.00 -0.05 Henkel AG 0.00 0.00 0.34 -12.86 0.04 Jet2 0.24 -18.51 0.00 0.00 -0.05

Avg Portfolio Portfolio Avg Index Benchmark Stock Avg Portfolio Portfolio Avg Index Benchmark Stock Contributors - YTD Detractors - YTD Weight Stock Return Weight Stock return effect Weight Stock Return Weight Stock return effect SoftBank Group 0.00 0.00 0.89 -27.77 0.36 Westpac Banking 0.45 -4.83 0.80 29.16 -0.17 Reach 0.23 194.61 0.00 0.00 0.28 Deutsche Telekom AG 0.20 -2.18 0.67 20.38 -0.14 Unilever 0.00 0.00 1.08 0.88 0.25 Nippon Yusen 0.00 0.00 0.08 260.14 -0.12 Iberdrola 0.00 0.00 0.93 -10.03 0.24 ABB 0.00 0.00 0.55 34.88 -0.12 Enel 0.00 0.00 0.94 -7.06 0.19 BHP Group 1.91 4.48 1.85 12.12 -0.12 Yangzijiang Shipbuilding 0.29 73.86 0.00 0.00 0.16 Cwth Bk Australia 0.00 0.00 1.48 19.88 -0.11 Anheuser-Busch InBev 0.00 0.00 0.61 -11.49 0.16 FUJIFILM Holdings 0.00 0.00 0.28 57.75 -0.11 Kindred Group 0.25 90.05 0.00 0.00 0.14 Credit Suisse Group 0.25 -19.26 0.22 -17.05 -0.10 Solar 0.20 96.50 0.00 0.00 0.13 Fujitsu 0.18 1.48 0.38 28.66 -0.09 Bayer 0.00 0.00 0.73 -2.94 0.11 Energean 0.15 -24.78 0.00 0.00 -0.08

10 STATISTICS REPORT: INTERNATIONAL VALUE FUND Attribution Data as of August 31, 2021

Avg Portfolio Portfolio Avg Index Benchmark Stock Avg Portfolio Portfolio Avg Index Benchmark Stock Contributors - 12 month Detractors - 12 month Weight Stock Return Weight Stock return effect Weight Stock Return Weight Stock return effect Reach 0.21 756.24 0.00 0.00 0.49 Cwth Bk Australia 0.00 0.00 1.42 50.42 -0.31 Unilever 0.00 0.00 0.89 -0.75 0.44 Westpac Banking 0.30 -4.83 0.76 51.29 -0.22 Sanofi 0.00 0.00 1.43 4.74 0.39 Deutsche Telekom AG 0.47 1.47 0.72 24.87 -0.18 SoftBank Group 0.00 0.00 0.86 -9.14 0.29 Nippon Yusen 0.00 0.00 0.06 440.76 -0.15 Iberdrola 0.00 0.00 0.98 2.08 0.27 HSBC Holdings 1.25 21.77 1.37 24.88 -0.15 Enel 0.00 0.00 0.98 3.70 0.25 BHP Group 1.94 24.46 1.83 32.95 -0.15 NTT DoCoMo 0.12 35.62 0.12 35.55 0.21 Banco Santander 0.67 33.59 0.69 74.12 -0.14 Kindred Group 0.23 139.56 0.00 0.00 0.19 FUJIFILM Holdings 0.00 0.00 0.27 75.95 -0.12 Bayer 0.10 -17.81 0.75 -13.91 0.18 FANUC 0.00 0.00 0.09 39.16 -0.12 Reckitt Benckiser Group 0.00 0.00 0.28 -21.97 0.18 Cie Financiere Richemont 0.00 0.00 0.13 26.87 -0.11

11 STATISTICS REPORT: INTERNATIONAL VALUE FUND Attribution Data as of August 31, 2021

Industry attribution: 3 month Industry attribution: YTD Industry Total Industry Total Industries - 3 month Stock Selection Industries - YTD Stock Selection Allocation Contribution Allocation Contribution Capital Goods 0.22 0.01 0.23 Capital Goods 0.95 0.01 0.96 Telecommunication Services 0.11 0.05 0.16 Utilities 0.08 0.57 0.65 Food Beverage & Tobacco 0.01 0.07 0.08 Banks 0.05 0.37 0.43 Household & Personal Products 0.00 0.08 0.08 Household & Personal Products 0.00 0.40 0.40 Media & Entertainment 0.00 0.06 0.06 Retailing 0.52 -0.13 0.40 Retailing 0.04 0.01 0.05 Media & Entertainment 0.23 0.15 0.37 Diversified Financials 0.06 0.00 0.05 Telecommunication Services 0.09 0.18 0.27 Consumer Services 0.04 0.00 0.04 Materials 0.24 0.03 0.27 Pharmaceuticals Biotechnology & Life Sciences 0.15 -0.14 0.01 Transportation 0.22 0.02 0.24 Software & Services 0.07 -0.05 0.01 Consumer Services 0.22 0.01 0.24 Semiconductors & Semiconductor Equipment 0.00 0.00 0.00 Insurance 0.23 0.00 0.23 Commercial & Professional Services 0.04 -0.04 0.00 Pharmaceuticals Biotechnology & Life Sciences 0.05 0.18 0.23 Food & Staples Retailing 0.00 -0.01 -0.02 Food Beverage & Tobacco 0.03 0.12 0.15 Banks 0.19 -0.24 -0.04 Commercial & Professional Services 0.25 -0.12 0.13 Health Care Equipment & Services -0.01 -0.02 -0.04 Real Estate 0.04 0.07 0.12 Utilities -0.01 -0.05 -0.06 Diversified Financials 0.13 -0.05 0.08 Insurance -0.09 0.02 -0.07 Consumer Durables & Apparel 0.11 -0.05 0.05 Consumer Durables & Apparel -0.10 0.01 -0.09 Health Care Equipment & Services 0.00 0.02 0.02 Automobiles & Components -0.10 -0.02 -0.12 Semiconductors & Semiconductor Equipment -0.01 0.01 0.00 Energy -0.16 0.03 -0.13 Food & Staples Retailing 0.00 -0.01 -0.01 Real Estate -0.06 -0.07 -0.14 Automobiles & Components -0.11 0.02 -0.09 Transportation -0.17 0.01 -0.15 Software & Services -0.08 -0.07 -0.15 Technology Hardware & Equipment -0.07 -0.10 -0.17 Technology Hardware & Equipment -0.02 -0.12 -0.15 Materials -0.19 0.00 -0.19 Energy -0.15 -0.04 -0.18 [Cash] 0.00 0.07 0.07 [Cash] 0.00 -0.16 -0.16 Total -0.04 -0.31 -0.35 Total 3.08 1.42 4.50

12 STATISTICS REPORT: INTERNATIONAL VALUE FUND Attribution Data as of August 31, 2021

Industry attribution: 12 month Industry Total Industries - 12 month Stock Selection Allocation Contribution Capital Goods 1.55 -0.05 1.50 Media & Entertainment 0.54 0.46 1.00 Utilities -0.16 1.00 0.84 Household & Personal Products 0.00 0.74 0.74 Pharmaceuticals Biotechnology & Life Sciences 0.01 0.64 0.64 Insurance 0.45 0.02 0.47 Transportation 0.42 0.05 0.47 Retailing 0.64 -0.26 0.39 Materials 0.28 0.09 0.37 Consumer Services 0.22 0.02 0.24 Telecommunication Services -0.05 0.26 0.21 Commercial & Professional Services 0.40 -0.20 0.20 Consumer Durables & Apparel 0.10 0.01 0.11 Food Beverage & Tobacco -0.01 0.12 0.11 Real Estate -0.15 0.21 0.06 Automobiles & Components 0.04 0.02 0.06 Food & Staples Retailing 0.03 0.01 0.04 Health Care Equipment & Services -0.04 0.06 0.01 Semiconductors & Semiconductor Equipment -0.13 0.07 -0.07 Banks -0.74 0.62 -0.12 Technology Hardware & Equipment 0.06 -0.18 -0.12 Diversified Financials -0.18 0.02 -0.17 Software & Services -0.13 -0.10 -0.23 Energy -0.13 -0.16 -0.29 [Cash] 0.00 -0.15 -0.15 Total 3.00 3.34 6.34

13 STATISTICS REPORT: INTERNATIONAL VALUE FUND Attribution Data as of August 31, 2021

Region attribution: 3 month Region Total Regions - 3 month Stock Selection Allocation Contribution Emerging Markets 0.00 0.00 0.00 Pacific Ex Japan -0.12 0.05 -0.07 Europe & Middle East Ex Uk -0.09 -0.01 -0.10 United Kingdom -0.10 -0.01 -0.11 Japan -0.09 -0.06 -0.14 [Cash] 0.00 0.07 0.07 Total -0.39 0.04 -0.35

Region attribution: YTD Region Total Regions - YTD Stock Selection Allocation Contribution Europe & Middle East Ex Uk 2.68 -0.03 2.64 United Kingdom 1.54 0.02 1.55 Japan 0.29 0.06 0.34 Pacific Ex Japan 0.10 0.02 0.12 Emerging Markets 0.00 0.00 0.00 [Cash] 0.00 -0.16 -0.16 Total 4.60 -0.09 4.50

Region attribution: 12 month Region Total Regions - 12 month Stock Selection Allocation Contribution Europe & Middle East Ex Uk 3.84 -0.03 3.80 United Kingdom 2.86 0.06 2.92 Emerging Markets 0.00 0.00 0.00 Japan -0.11 0.07 -0.04 Pacific Ex Japan -0.13 -0.06 -0.19 [Cash] 0.00 -0.15 -0.15 Total 6.45 -0.11 6.34

14 STATISTICS REPORT: INTERNATIONAL VALUE FUND RISKS ASSOCIATED WITH INVESTING IN THE FUND: 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. RETURNS: 1The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information. ANNUAL OPERATING EXPENSES: The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 1.00% for A Shares, 0.65% for R5 Shares, 0.55% for R6 Shares, 1.50% for C Shares, 0.75% for I Shares and 1.30% for R2 Shares of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund’s investment in such money market funds. This waiver is in effect through 2/28/2022 for A Shares, 2/28/2022 for R5 Shares, 2/28/2022 for R6 Shares, 2/28/2022 for C Shares, 2/28/2022 for I Shares and 2/28/2022 for R2 Shares, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements. PORTFOLIO STATISTICS: Active Share represents the difference between a fund’s holdings and the benchmark’s holdings. It is calculated by taking the sum of the absolute value of the weighting of the fund’s holdings versus the weighting of the benchmark’s holdings excluding derivatives but including cash and cash equivalents. If a holding of the fund isn’t a holding of the benchmark, the weighting of the benchmark is assumed to be zero. Similarly, if the benchmark includes a holding that isn’t a holding of the fund, the weighting of the fund is assumed to be zero. HOLDINGS: The top 10 holdings listed exclude cash and money markets. 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: Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The MSCI EAFE (Europe, Australia, Far East) Value Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index measuring performance of value-oriented stocks in developed markets, excluding the U.S. and Canada. ATTRIBUTION: Value added to a portfolio’s return is commonly referred to as the active management or total effect. The total effect is the difference between the portfolio return and benchmark return. It is also the sum of the following investment decisions or effects: • Allocation Effect – measures an investment manager’s ability to effectively allocate their portfolio’s assets to various segments. The allocation effect determines whether the overweighting or underweighting of segments relative to a benchmark contributes positively or negatively to the overall portfolio return. • Selection Effect – measures the manager’s ability to select securities within a given segment relative to a benchmark. The over or underperformance of the portfolio is weighted by the benchmark weight, therefore, selection is not affected by the manager’s allocation to the segment. • Interaction Effect – measures the combined impact of a manager’s selection and allocation decisions within a segment. If a manager had superior selection and overweighted that particular segment, the interaction effect is positive, whereas, if an investment manager had superior selection, but underweighted that segment, the interaction effect is negative. The total effect can be used to determine the amount an investment manager has added to a portfolio’s return. If the total effect is positive, the manager has contributed positively to the portfolio’s return. If the total effect is negative, the manager has not contributed positively to the portfolio’s return.

15 STATISTICS REPORT: INTERNATIONAL VALUE FUND NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. Total return figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100%. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. If you are a person with a disability and need additional support in viewing the material, please call us at 1-800-343-1113 for assistance. ©JPMorgan Chase & Co., September 2021

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