NOT FDIC INSURED I NO BANK GUARANTEE I MAY LOSE VALUE

NOT FDIC INSURED I NO BANK GUARANTEE I MAY LOSE VALUE JPMorgan Latin America Fund Data as of M n 3L. 2013 A Shares (JLTAX) C Shares (JLTCX) Select Shares (JLTSX) Fund overview Objective the Fund will seek long-term capital growth. Strategy/Investment process • Invests primarily in securities of Latin American issuers and other investments that are tied economically to Latin America. • May occasionally hedge a portion of its foreign currency exposure into the U.S. dollar. • Focuses on active and fundamental research. relying less on published data and more on subjective analysis through company visits by locally based country specialists. Portfolio managers/industry experience LuisCarrillo. 21 years Sophie Bosch. 14 years Sebastian tuparia. 21 years Portfolio characteristics P/E ratio (1 yr. forecast$ 28.0 P/B ratios 2.7 Beta (3 vr.)4 0.94 Sharpe ratio (3 yr.P 0.15 Wtd. avg. market cap (in $14.0 Number of holdings 60 Fund assets (in millions) $133.83 Country breakdown (%)" Brazil 57.0 Mexico 23.4 Peru 42 Chile 13 Panama 2.5 United States 2.1 Canada 1.6 Luxembourg 1.1 Short.rerm Investments 3.9 Other 0.9 Sector breakdown (%)" Consumer Discretionary 10.6 Consumer Staples 14.4 Energy 3.7 Financials 32.6 Health Care 1.9 Industrials 182 Information Technology 0.9 Materials 9.6 Short-Term Investments 3.9 Telecommunication Services 3.0 Utilities 12 "Due to rounchng. values may not total 10036. Insight + Process = Results" Fund performance^ A $10.000 investment in 1PLIorgan Latin America Fund (A Shares) at MV. with dividends and capital gains reinvested. would have grown to $15.017 from inception on 2/28/07 through 3/31/13. The chart is plotted monthly. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. Performance at NAY (%) A Shares C Shares Select Shares MSC i EM Latin America index (net of foreign withholding taxes) Lipper Latin American Funds Average With sales charges (%) A Shares with 525% ma sales charge C Shares wah 1.00% max. MSC Benchmark since inception returns are as of mooth.erd the performance quoted is past performance and a not a guarantee of future results. Calendar-year returns (%) 2008 2009 2010 2011 2012 A Shares at NAV -5729 109.98 22.59 -20.61 14.07 MSC I EM Latin America index (net of foreign withholding taxes) -51.41 103.77 14.65 .19.35 8.E6 Lipper Latin American Funds Average -57.33 113.09 19.97 -21.31 11.25 '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 vatueof an investment will f tactuate so that an investors 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 per (enhance current to the most recent month-end please cal I 1.800-080-0111. Morningstar ratings Overall 3-Year S.Year 10-Year Rating/number of funds in category *****/23 /23 *****/19 Not yet rated Select share class: Latin America Stock Category Morningstar calculates a Morningstar Rating, metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. Annual operating expenses A Shares C Shares Select Shares Expense cap expiation date 2/28/2014 2/28/2014 2/28/2014 Expense cap (%) 1.70 2.20 1.45 'Total annual Fund operating expenses (%) 1.98 2.48 1.73 Fee wa nets and/or expense reimbursements P&P (0.281 (0.28) (0.281 Net expenses (96)1 L70 220 1.45 'the investment Advisor. Administrator and DistriLvitor (the 'Service Providers1 hate contractually agreed to wake fees and/or reimburse expenses to the extern that Total Annuar Operating Expenses (excluding Acquired Fund Fees and Expenses. dividend expenses rearing to short sales. interest. taxes and extraordinary expenses and expenses related to the Board of Trustees deferred compensation pbn)exceed the expense capof the average daily net assets through the expense cap expiration date. This contract continues through that date. at which timer* ServkeProviders win determine whether pram to renew or revise it. Top ten holdings (%) Company name Sector Percentage Rau Unibanco Holding SA. ADR (Baal) Financials 7.0 Fotento Economico Mexkano SAB. de C.V. ADR (Mexico) Consumer Staples 4.0 Banco Bradesco SA ADR (Brazil) Financials 19 Cia de Bebidas das Americas ADR (Brazil) Consumer Staples 3.5 klexichem SAB de CV (Mexico) Materials 3.2 Cred Karp Ltd. (Peru) Financials 2.9 Grupo Financiero Banone SAB. de C.V. (Mexico) Financials 2.7 Companamos S.A.B. de C.V. (Mexico) Financials 2k Cope Holdings S.A.. Class A (Panama) Industrials 2.5 Cemex S.A.B. de C.V. ADR (Mexico) Materials 2.4 Portfolio statistics A Shares C Shares Select Shares Inception date 2/28/2007 2/28/2007 2/28/2007 investment minimum $1.000 $1.000 MM Fund number 3811 3812 3815 CUSIP 4812A3510 48(243494 481243478 Si8.000 515.000 tu.000 19.000 14.000 13.0” Total returns Latest C*I Cr> 10 ll IT Ell Average annual total returns Since QTR YID 1 yr 3 Yrs S yrs inception 2.74 2.74 0.99 3.47 1.35 6.91 2.57 2.57 0.50 2.94 0.84 6.37 2.77 2.77 122 3.72 1.59 7.17 0.89 0.89 .434 .0.09 0.36 7.19 0.54 0.54 I -2.19 1.80 -0.08 5.39 -2.64 -2.64 I -429 1.62 0.27 5.97 1.57 1.57 -0.50 2.94 0.84 6.37 Please refer to the back of the page for important disclosure information including risks associated with investing in the Fund. JP .Morgan Asset Management EFTA01107681 NOT FDIC INSURED I NO BANK GUARANTEE I MAY LOSE VALUE JPMorgan Latin America Fund A Shares (JLTAX) C Shares (JLTCX) Select Shares (JLTSX) Contact JPMorgan Distribution Services. Inc. at I-800.480-4111 for a fund prospectus. You can also visit us at www.ipmorganfunds.com. Investors should carefully consider the investment obiectives and risks as well aS charoesandexpenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Reid the prospectus carefully before investing. RISKS ASSOCIATED WITH INVESTING IN THE FUND: International investing invoives a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or loner returns. Also. some overseas markets may not be as politically and economically stable as the United States and other nations. The risks associated with foreign securities are magnified in countries in *emergog markets? These countries may have relatively unstable governments and less'established market economies than developed countries. Emerging markets may face greater social. economic. regulatory and political uncertainties These risks make emerging market securities more volatile and less liquid than securities issued in more developed countries. Mutual funds are subject to certain market risk. Investment returns and principal value of an investment will fluctuate so that an investor's shares. when redeemed. may be worth more of less than their original cost. VALUATION RATIOS DEFINED: 2P/E ratio: the number by which earnings per share is multiplied to estimate a stock's value. 'P/B ratio: the relationship between a stock's price and the book value of that stock. RISK MEASURES DEFINED: Risk measures are calculated based upon the Funds' broadbased index as stated in the prospectus. 'Beta: The systematic rnk of a Fund. The beta of a Fund is its sensitivity to a benchmark. A Fund with a beta of 1.0 is as risky as the benchmark and would therefore provide expected returns equal to those of the market during both up and dawn periods. 'Sharpe ratio: A rnk-adjusted measure that determines the reward per unit of risk. The numerator is the difference between the Fund's annualized return and the annualized return of the risk-free instrument (Citigroup 3.1Aonth Treasury Bill Index) and the denominator is the Fund's standard deviation. The Sharpe ratio is calcu fated over a 36 month period based on the Fund's re 'Me Furs greater the F d's Sharpe ratio. the better its risk-adjusted performance has been. A negative Sharpe ratio indicates that a risk-free instrument would perform better than the Fund. The Sharpe ratio shown is based on the Fund'sClass A Shares or the oldest share class. where Class A Shares are not available. TOP 10 HOLDINGS: The top 10 holdings listed reflect only the Fund's longterm 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. MORNINGSTAR DISCLOSURE: 02013. Morningstar. Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed: (3) is not warranted to be accurate. complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. For each hind with a three.year history. Morningstar calculates a Morningstar Rating", metric each month by subtracting the return on a 90.day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive S 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 fora fund is derived from a weighted average of the performance figures associated with its three-. five• and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings. INDEXES DEFINED: The LISCI EM (Emerging Markets) Latin America Index (net of foretn 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 The performance of the Lipper Latin American Funds Average includes expenses asscciatedwith a mutual fund. such as investment management fees. These expenses are not identical to the expenses charged by the Fund. An individual cannot invest directly in an index. 02013. American Bankers Association. CUSIP Database provided by the Standard & Pools CUSIP Service Bureau. a dirision of The McGraw-Hill Companies. Inc. All rights reserved. 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 admnistrathe fees for certain periods since the inception date. If fees had not been waived. performance would have been less favorable. I.P. Morgan Funds are distributed by it:Morgan Distribution Services. Inc.. which is an affiliate of 1PLIorgan Chase &Co. Affiliates of JPMorgan Chase& Co. receive fees for providing various services to the funds. wmorgan Distribution Services. Inc. is a member of FTNRA/SIPC. ciPuorgan Chase & Co.. April 2013 FS-LATAM'FSC'0313 J.P.Morgan Asset Management EFTA01107682