(PUB) Investing 2015

23

September 2015

Morningstar FundInvestor

Data through August 31, 2015 FINRA members: For internal or institutional use only. JPMorgan Income Builder A

Ticker JNBAX

Yield 4.4%

Total Assets $12,357 mil

Mstar Category Conservative Allocation

Benchmark 1: Morningstar Moderately Cons Target Risk Benchmark 2: Morningstar Moderate Target Risk Morningstar Analyst Rating 05-12-15 ´

Investment Style Equity

Historical Profile Return Risk Rating Average High QQQ Neutral

1 1 1 1 1 1 1 1

12.0 14.0 16.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

10.0

¶ Neutral ∞ Positive ∞ Positive ∞ Positive ∞ Positive

Performance

8.0

People Parent

Performance Quartile (within Category)

) & & ) & * ( *

Price

History

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 08-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

. .

9.47 6.66 8.71 9.39 8.88 9.85 10.29 10.18 9.82 -25.50 39.51 12.83 -0.39 17.01 9.19 3.79 -0.96 -12.45 24.20 3.18 -2.98 7.35 0.36 -0.51 0.42 -3.31 17.74 0.50 -0.98 4.97 -5.12 -1.10 1.27 5.11 7.83 4.78 5.26 5.86 4.63 4.78 2.70 -30.62 31.68 8.06 -5.65 11.15 4.55 -1.00 -3.66 0.33 0.47 0.51 0.41 0.48 0.51 0.45 0.48 0.27 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 3.18 2.21 2.34 1.37 1.14 1.15 1.13 1.12 0.75 5.85 6.38 6.49 5.36 5.43 5.48 4.55 4.60 4.04 89 1 11 84 1 32 56 31

NAV

. . . . . . . . . . . . . . . . . .

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

. .

. . .

Performance 08-31-15 1st Qtr 2nd Qtr

. . . . . . . .

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

3.29 1.39 -10.48 6.25 -0.39 7.06 0.41 5.25 3.42 17.01 3.41 -1.31 3.24 3.64 9.19 2.34 3.95 -2.63 0.20 3.79

.

30

82

81

49

38

40

41

41

0

0

0

314

752 1,679 3,370 4,107 4,221

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 07-31-15 Total Stocks: 348 Share change since 06-30-15 T JPMorgan Prime Money Mark

2.37 -1.16

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets — 1.66 — 0.77 -4.31 0.74 -0.71 0.74 12.07 0.71

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

—

1 Yr 3 Yr 5 Yr

-7.72 4.10 6.42

3 Mo 6 Mo

-4.20 -1.11 0.56 -4.07 -1.15 0.23 -3.37 -0.89 0.29 5.71 1.09 -0.88 7.40 1.09 -0.82

67 9,580 69 9,593 72 9,663 23 11,812 19 14,290

T Unibail-Rodamco SE Y Microsoft Corp Y Wells Fargo & Co Y Home Depot Inc Y Vodafone Group PLC

Real Est

High QQQ High QQQ

Avg Avg

Technology Finan Svcs Cnsmr Cyc Comm Svcs Hlth Care Finan Svcs Hlth Care

1 Yr

10 Yr Incept

— — — —

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

4.48

— 0.62 -3.59 0.61 — 0.58 — 0.53

— — — — — — — — — —

Y Merck & Co Inc T ING Groep N.V.

Other Measures

Standard Index

Best Fit Index

Alpha

-0.6 0.96

0.1

T GlaxoSmithKline PLC

Beta

0.89

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

R-Squared

86

90

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

2.12 4.49

66 55

1.90 1.81

87 92

Date of Maturity

Amount 000

Value $000

% Assets

Total Fixed Income: 1847

Standard Deviation

6.15 5.71 0.93

— — — —

Mean

Equity Style Style:

Fixed-Income Style Duration: — Quality: — Avg Eff Duration 1 Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs

Sharpe Ratio

Potential Capital Gain Exposure: -1% of assets

Value

Size:

Large-Cap

Morningstar's Take by Leo Acheson 05-12-15 JPMorgan Income Builder's advantages begin with its proven management team. Four skippers from J.P. Morgan's global multiasset group run the strategy, with Mike Schoenhaut taking the lead. The managers also run the firm's SmartRetirement target-date funds; they won Morningstar's 2014 Allocation Fund Manager of the Year award for earning outstanding results on that series. The group's asset-allocation acumen has helped this fund earn its Morningstar Analyst Rating of Bronze. The team positions the portfolio with a high degree of flexibility. It opportunistically shifts across a wide array of asset classes and regions to deliver high income; capital appreciation remains an important, though secondary, objective. High-yield bonds and global equities (including REITs) have each ranged from 25% to 50% of assets. Indeed, the fund has significantly more credit risk than most conservative-allocation peers. Preferred stock, convertibles, emerging-markets debt, and nonagency mortgages typically fill out the remainder of the portfolio. The group has generally executed the strategy well, delivering attractive results on a number of fronts. The

— — —

Value Measures

Rel Category

fund's trailing 12-month yield stands at 4.5%, well above the typical rival's. Total returns look impressive, too: From the fund's May 2007 inception through April 2015, it gained 5.9% annualized, outpacing the Morningstar Category norm by nearly 200 basis points. The strategy's volatility consistently runs high compared with peers thanks to itsboldportfolio, though the fund finishedahead of the pack on a risk-adjusted basis during that stretch. That track record, along with rock-bottom interest rates, has drawn investor attention, helping the strategy grow to roughly $32 billion across all of its vehicles. That might limit the fund's ability to take meaningful positions in less liquid pockets of the market, such as convertibles and nonagency mortgages, which have taken up to 5% and 10% of assets, respectively. Still, for the time being, the fund remains a fine choice for strong-stomached yield-seekers, who can access the A share class at a bargain price of 0.74%.

Price/Earnings 16.80

0.92 0.86 1.01 1.02 1.25 0.89 1.11 7.14 0.24 -2.54

Price/Book Price/Sales

1.84 1.56

5.71% 1 figure provided by fund as of 07-31-15

Price/Cash Flow 8.78 Dividend Yield % 3.62

% of Stocks

Rel Bmark 1

Growth Measures

% Rel Category

Long-Term Erngs 8.52

55.23 1.44 2.68 0.58 8.10 0.70 24.93 1.39 19.52 4.58 25.32 0.71 7.69 2.03 4.87 0.74 6.58 0.56 6.18 0.45 19.45 0.76 6.88 0.76 9.18 0.72 3.39 0.86

Book Value

2.34 -6.14 0.67

Sales

Cash Flow

Historical Erngs 5.08

Market Cap % Giant

43.7 Small

2.0 0.0

Large 39.1 Micro

o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Mid

15.2 Avg $mil:

34,812

Composition - Net

Cash 2.9 Stocks 43.9 Bonds 48.8 Other 4.5 Foreign 64.0 (% of Stock)

Address:

JPMorgan Trust I

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000 4.50%L

Add: $50 IRA: —

Columbus OH 43240

Add: $50

800-480-4111

Sales Fees:

Web Address:

www.jpmorganfunds.com

Management Fee:

0.45%, 0.15%A

Inception:

05-31-07

Actual Fees:

Mgt:0.45% Dist:0.25%

Advisor:

J.P. Morgan Investment Management Inc.

Expense Projections: Income Distribution:

3Yr:$753 5Yr:$1001 10Yr:$1710

Subadvisor:

None

Monthly

A

ß ® Mutual Funds

©2015Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.