TYD Leveraged Credit Mutual Fund Commentary

J.P. Morgan Asset Management – Leveraged Credit Mutual Fund Commentary YTD 2021

JPMorgan High Yield Fund – I Shares – June 2021

as of 6/30/2021 YTD High Yield Fund – I Shares (Net of Fees) 5.48% Barclays Capital High Yield 2% Issuer Index 3.61%

KEY CONTRIBUTORS  Strong security selection in the Independent Energy, Transportation Services and Retailers sectors contributed to performance.  Recovering restructuring securities contributed, led by Hertz Global Holdings Inc., Oasis Petroleum, EP Energy, Exela Technologies and Advanz Pharma Corporation.

KEY DETRACTORS  The primary detractors from relative returns was an underweight to Oil Field Services as oil prices rebounded, and overweights to the defensive Healthcare and Cable Satellite sectors.  Issuer Intelsat SA was the largest detractor from relative performance, followed by Occidental Petroleum, Transocean, Bausch Health and Weatherford International.

as of 6/30/2021 3 Mos YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs High Yield Fund – I Shares (Net of Fees) 3.29% 5.48% 16.26% 6.13% 6.21% 5.56% Barclays Capital High Yield 2% Issuer Index 2.74% 3.61% 15.37% 7.43% 7.48% 6.65%

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.

All market values are the average throughout the period

Annual Expenses (%) I Share class Gross expenses 0.98% Net expenses2 0.75%

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 0.75% of the average daily net assets.

Contact JPMorgan Distribution Services 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.

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 J.P. Morgan Asset Management – Leveraged Credit Mutual Fund Commentary YTD 2021

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 Securities rated below investment grade are considered "high-yield," "non-investment grade," "below investment grade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although they can provide higher yields than higher rated securities, they can carry greater risk.

Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops.

Investments in derivatives may be riskier than other types of investments. They may be more sensitive to changes in economic or market conditions than other types of investments. Derivatives may create leverage, which could lead to greater volatility and losses that significantly exceed the original investment.

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.

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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co and its affiliates worldwide.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

J.P. Morgan Asset Management – Leveraged Credit Mutual Fund Commentary YTD 2021

JPMorgan Floating Rate Income Fund – I Shares – June 2021

as of 6/30/2021 YTD Floating Rate Income – I Shares (Net of Fees) 3.12% Benchmark (Credit Suisse Leveraged Loan Index) 3.48%

KEY CONTRIBUTORS  First quarter performance of the Fund benefitted from security selection in the Retailers, Media Entertainment and Supermarkets sectors.  Conviction holdings in iHeartMedia, Claire’s and Neiman Marcus Group, as well as positioning in supermarkets which have been resilient through the Covid-19 crisis, boosted performance.

KEY DETRACTORS  Performance was impacted by our positioning in the Technology, Consumer Cyclical Services and Diversified Manufacturing sector relative to the benchmark.  Specifically the fund was not positioned in Chesapeake Energy, Travelport Worldwide and American Airlines, all of which benefitted from the ‘re-open’ trade, and was underweight AMC Entertainment.

as of 6/30/2021 3 Mos YTD 1 Yr 3 Yr 5 yr Since Inc** Floating Rate Income – I Shares (Net of Fees) 1.53% 3.12% 10.09% 3.20% 3.79% 3.30% Benchmark (Credit Suisse Leveraged Loan Index) 1.44% 3.48% 11.67% 4.35% 5.06% 4.52%

**June 2011

All market values are the average throughout the period

Annual Expenses (%) I Share class Gross expenses 0.93% Net expenses2 0.75%

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.

J.P. Morgan Asset Management – Leveraged Credit Mutual Fund Commentary YTD 2021

Selected risks The Fund may invest all of its assets in Loans that are rated below investment grade. Like other high yield, corporate debt instruments, such Loans are subject to an increased risk of default in the payment of principal and interest as well as the other risks described in the prospectus.

Leveraged loans settlement periods will generally be prolonged relative to securities. In order to maintain adequate short-term liquidity, the Fund will generally hold cash and below-investment grade bonds.

Securities rated below investment grade are considered "high-yield," "non-investment grade," "below investmentgrade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although they can provide higher yields than higher rated securities, they can carry greater risk.

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.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co and its affiliates worldwide.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE