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J.P. Morgan Asset Management – Tax Exempt Mutual Fund Commentary YTD 2016

JPMorgan Intermediate Tax Free Bond Fund YTD 2016 (Unless otherwise noted, all data is as of June 30

th, 2016)

Yields declined across the curve and the curve flattened. The fund’s longer duration positioning was the primary driver of outperformance. KEY CONTRIBUTORS:

The fund’s longer duration profile (4.9yrs vs. 4.6yrs) contributed as rates fell 19bps in two years, 37bps in five years, 57bps

in ten years and 64bps in fifteen years.

The fund’s barbell positioning contributed as the curve 2-15 years flattened 45 bps, the fund was overweight to the 0-1

year (18% vs. 6%) and 7+ year (31% vs. 19%) duration buckets.

An overweight to outperforming sectors like Local GO’s (15% vs. 14%), Water & Sewer (10% vs. 7%) and Special Tax (16%

vs. 10%) helped, these sectors returned 3.66%, 3.73% and 3.66% in the index.

Washington (2% vs. 4%) and Pennsylvania (1% vs. 4%) state bonds underperformed, returning 3.15% and 3.28% in the

index; being underweight aided YTD performance.

KEY DETRACTORS:

Our high quality bias hurt as lower quality outperformed, being underweight to the top performing A’s (11% vs. 23%) and

BBB’s (0.4% vs. 4%) detracted. In the index, AAA’s returned 3.05%, AA’s 3.18%, A’s 4.00% and BBB’s 3.88%.

Our allocation to high quality, short duration Prerefunded (11% vs. 11%) bonds hurt, however, these bonds with their high

book yields, are attractive from an income perspective.

Underweight to higher beta states like New Jersey (2% vs. 4%) and Illinois (2% vs. 4%) and sectors like IDR/PCR (1% vs. 2%)

and Hospital (2% vs. 5%) detracted. In the index, these states/sectors returned 4.76%, 4.06%, 3.64% and 3.69% in the index.

Underweight to 3% coupons (0.3% vs. 3%) which outperformed as rated declined detracted; this coupon returned 4.48% in

the index.

Credit quality is preliminary As of June 30

th, 2016, the Fund had a yield to worst of 1.16% vs. 1.36% and an OA duration of 4.9yrs vs. 4.6yrs. The Fund has 30 Day

SEC Yield (institutional share class) of 1.04% and an unsubsidized 30 Day SEC yield of 1.02%.

As of June 30, 2016

17.9%

5.2%

12.1%

6.9%

8.1% 9.4% 9.5%

10.2%

11.9%

4.7% 4.2%

6.1%

14.8% 13.7%

11.2% 11.9% 12.1%

10.8%

9.6%

4.8%

1.8% 3.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

0 to 1 1 to 2 2 to 3 3 to 4 4 to 5 5 to 6 6 to 7 7 to 8 8 to 9 9 to 10 Over 10

Fund Benchmark

as of 6/30/2016 YTD

Intermediate Tax Free Bond - Institutional Shares (Net of Fees) 3.37%

Intermediate Tax Free Bond - Institutional Shares (Gross of Fees) 3.63%

Barclays US 1-15 Year Blend (1-17 year) Municipal Bond Index 3.38%

Duration Distribution


PERFORMANCE

June 30th

, 2016 1 Mo 3 Mo YTD 1 Yr 3Yr 5Yr 10 Yr

Intermediate Tax Free Bond Fund (Institutional Share class at NAV)

1.36% 1.94% 3.37% 6.16% 4.13% 3.64% 4.10%

Barclays US 1-15 Year Blend (1-17 year) Municipal Bond Index

1.24% 1.90% 3.38% 6.12% 4.50% 4.26% 4.75%

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.

ANNUAL OPERATING EXPENSES (%)

Expense cap expiration date 6/30/2017

Expense cap 0.50%

Total annual operating expenses 0.51%

Fee waivers and/or expense reimbursements 0.01%

Net expenses 0.50%

Total annual operating expenses, Net Expenses, Fee waivers and/or expense reimbursements. The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

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. The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

RISKS ASSOCIATED WITH INVESTING IN THE FUND. The Fund’s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund’s investments generally declines. For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. The Fund may invest in futures contracts and derivatives. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives.


The Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. 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. An individual cannot invest directly in an 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. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC.

J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

©JPMorgan Chase & Co., 2016

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE


JPMorgan Tax Free Bond Fund YTD 2016 (Unless otherwise noted, all data is as of June 30

th, 2016)

The Fund’s outperformance was driven by longer duration and curve positioning. KEY CONTRIBUTORS:

The longer duration profile (6.2yrs vs. 5.6yrs) of the fund aided as rates fell 19bps in two years, 37bps in five years, 57bps in

ten years, 64bps in fifteen years and 80bps in thirty years.

The fund’s higher turnover / relative value trading contributed to performance.

The barbell positioning contributed as the curve 2-30 years flattened 61 bps, the fund was overweight to the 0-1 year (10%

vs. 6%) and 8+ year (36% vs. 21%) duration buckets.

Overweight Water & Sewer (11% vs. 8%) and Electric (9% vs. 6%) sectors helped as these sectors returned 4.66% and 4.63%

in the index.

In the index, Florida (4% vs. 5%) and Massachusetts (0.7% vs. 4%) state bonds underperformed, returning 4.32% and

4.26%, our underweight contributed.

KEY DETRACTORS:

The fund’s underweight to the best performing rating buckets of A’s (18% vs. 26%) and BBB’s (4% vs. 6.0%) detracted. In

the index, A’s and BBB’s returned 5.10% and 5.30%,while AAA’s and AA’s returned 3.74% and 4.00%.

The fund overweight to underperforming high quality, short duration Prerefunded (19% vs. 7%) bonds. However, these

bonds with their high book yields are attractive from an income perspective. Additionally, over the period, as rates fell,

existing positions were prerefunded. Over the period, Prerefunded exposure increased from 16% to 19%.

The IDR/PCR (0.3% vs. 3%) sector was the top performing in the Revenue index, returning 5.02%; being underweight hurt.

Cash 6%.

Credit quality is preliminary

As of June 30

th, 2016, the Fund had a yield to worst of 1.50% vs. 1.62% for the index. The OA duration was 6.2yrs vs. 5.6yrs. The

Fund has 30 Day SEC Yield (select share class) of 1.76% and an unsubsidized 30 Day SEC yield of 1.51%.

As of June 30, 2016

9.5%

3.5%

24.2%

7.5%

3.2%

5.8%

3.2%

7.2%

14.5%

2.8%

18.6%

5.6%

11.6% 11.5% 10.3% 10.4% 10.3% 10.1% 9.1%

6.6%

3.7%

10.6%

0%

5%

10%

15%

20%

25%

30%


Fund Benchmark

as of 6/30/2016 YTD

Tax Free Bond Fund - Select Shares (Net of Fees) 5.07%

Tax Free Bond Fund - Select Shares (Gross of Fees) 5.33%

Barclays Capital Municipal Bond Index 4.33%



PERFORMANCE

June 30th

, 2016 1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 Yr

Tax Free Bond Fund (Select Share class at NAV)

1.91% 3.21% 5.07% 8.55% 6.36% 5.38% 4.75%

Barclays Capital Municipal Bond Index

1.59% 2.61% 4.33% 7.65% 5.58% 5.33% 5.13%

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

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.

RISKS ASSOCIATED WITH INVESTING IN THE FUND. The Fund’s fixed income securities are subject to interest rate risk. If rates

increase, the value of the Fund’s investments generally declines. For some investors, income may be subject to the Alternative

Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. The Fund may invest in

futures contracts and derivatives. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if

it had not used derivatives.

The Barclays Capital Municipal Bond Index is a total return performance benchmark for the long-term, investment-grade tax-exempt

bond market. 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. An individual cannot invest directly in an index.



Expense cap 0.50%



Net expenses 0.50%

Total annual operating expenses, Net Expenses, Fee waivers and/or expense reimbursements. The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise t.


The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

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.






JPMorgan Municipal Income Fund YTD 2016 (Unless otherwise noted, all data is as of June 30

th, 2016)

Performance was driven by portfolio structure.

KEY CONTRIBUTORS

The fund’s longer duration profile (4.9yrs vs. 4.6yrs) contributed as rates fell 19bps in two years, 37bps in five years, 57bps in ten years and 64bps in fifteen years.

The fund’s positioning in higher yielding, short duration sectors like Housing (19% vs. 1%) and IDR/PCR (6% vs. 2%) continued to add value. These sectors in the index returned, 3.96% and 3.64%.

An underweight to underperforming but high quality, short duration Prerefunded (4% vs. 11%) bonds contributed. This sector returned 1.30% in the index.

Overweight to outperforming Leasing (8% vs. 7%) and Water & Sewer (18% vs. 7%) sectors helped as these sectors retuned 4.05% and 3.73% in the index.

KEY DECTRATORS

Underweight to higher beta states like New Jersey (3% vs. 4%) and Illinois (1% vs. 4%) detracted. In the index, these states

returned 4.76% and 4.06%.

A (11% vs. 19%) rated bonds were the best performing in the index, returning 4.00% YTD, our underweight detracted.

Cash (4% vs. 0%).


th, 2016, the Fund had a yield to worst of 1.26% vs. 1.36% for the index. The OA duration was 4.9yrs vs. 4.6 yrs. The

Fund has 30 Day SEC Yield (select share class) of 1.45% and an unsubsidized 30 Day SEC yield of 1.29%.

As of June 30, 2016

10.0%

6.2%

12.1%

8.9%

16.8%

8.6%

13.8%

2.5%

10.0%

5.6% 5.6% 6.1%

14.8% 13.7%

11.2% 11.9%

12.1%

10.8%

9.6%

4.8%

1.8%

3.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Fund Benchmark

as of 6/30/2016 YTD

Municipal Income - Select Shares (Net of Fees) 3.56%

Municipal Income – Select Shares (Gross of Fees) 3.86%




PERFORMANCE

June 30th

, 2016 1 Mo 3 Mo YTD 1 Yr 3 Yr 5 Yr 10 YR

Municipal Income Fund (Select Share class at NAV)

1.39% 1.98% 3.56% 6.55% 4.60% 4.07% 4.26%


1.24% 1.90% 3.38% 6.12% 4.50% 4.26% 4.75%




Expense cap 0.57%



Net expenses 0.60%



RISKS ASSOCIATED WITH INVESTING IN THE FUND. The Fund’s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund’s investments generally declines. Under normal circumstances, the Fund invests at least 80% of its net assets in municipal bonds, the income from which is exempt from federal income tax. This is a fundamental policy. For the purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. The Fund also invests in mortgage-backed securities and asset-backed securities, as well as auction rate securities and restricted securities. The securities in which the Fund invests may have fixed rates of return or floating or variable rates. For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. The Fund may


invest in futures contracts and derivatives. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives.

The Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. 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. An individual cannot invest directly in an 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. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.




JPMorgan Tax Aware Real Return Fund (TARR) YTD 2016 (Unless otherwise noted, all data is as of June 30

th, 2016)

INFLATION HEDGE:

The inflation swap curve flattened year to date as swap rates increased in the 2 year part of the curve but fell in the longer end of the curve. Short swap returns were pulled higher with the recovery in oil prices while longer swaps saw negative returns. Year to date, inflation swap rates increased 36bps in two years, fell 5bps in five years and fell 19bps in ten years.

YTD, the Barclays zero coupon inflation swap indices generated returns in two, five and ten years of +0.42%, -0.57% and -2.58% respectively.

Our overweight in short-dated sectors contributed positively to performance while our small overweight in the long-end of the curve detracted. Additionally, being underweight the intermediate part of the curve and maintaining a slightly lower hedge ratio also contributed positively to performance.

YTD, the hedge ratio decreased from 97% to 91% as we tactically traded around the volatility in the inflation market over the quarter.

INFLATION OUTLOOK:

Our base case is that Core CPI will continue to run at or slightly above 2% for the remainder of 2016. The recent acceleration in the YoY rate from 1.7% in May 2015 to 2.2% in May 2016 has been bolstered by strength in rent and service inflation. In addition, headwinds from the strong dollar appear to be moderating somewhat. Nonetheless, the weak global economic backdrop could serve as a drag on inflation accelerating much further from here.

Headline inflation will remain lower than core inflation over the near term due to declines in energy prices; however, they should converge slowly as the impact from the energy dissipates.

Performance for the cash portion of the portfolio benefitted from duration and curve positioning. KEY CONTRIBUTORS:

The fund’s barbell positioning contributed as the curve 2-15 years flattened 45 bps, the fund was overweight to the 0-1

year (12% vs. 6%) and 7+ year (27% vs. 19%) duration buckets.

The fund’s modestly longer duration (4.8yrs vs. 4.6yrs) contributed as rates fell 19bps in two years, 37bps in five years,

57bps in ten years and 64bps in fifteen years.

Overweight to outperforming sectors like Electric (7% vs. 6%), Water & Sewer (9% vs. 7%) and Special Tax (17% vs. 10%)

aided, these sectors in the index returned 3.47%, 3.73% and 3.66%.

An underweight to short duration, high quality Prerefunded (8% vs. 11%) bonds contributed. This sector returned 1.30% in

the index.

KEY DETRACTORS:

YTD lower quality outperformed; underweight to A’s (8% vs. 23%) and BBB’s (0.5% vs. 4%) hurt. In the index A’s and BBB’s

returned 4.00% and 3.88%, while AAA’s and AA’s returned 3.05% and 3.18%.

Underweight to higher beta states like New Jersey (2% vs. 4%) and Illinois (1% vs. 4%) and sectors like IDR/PCR (1% vs. 2%)

and Hospital (0.3% vs. 5%) detracted. In the index, these states/sectors returned 4.76%, 4.06%, 3.64% and 3.69% in the

index.

Underweight to 3% coupons (0.3% vs. 3%) which outperformed as rated declined detracted; this coupon returned 4.48% in

the index.

Cash (9.5%)


as of 6/30/2016 YTD

Tax Aware Real Return - Institutional Shares (Net of Fees) 2.23%

Tax Aware Real Return - Institutional Shares (Gross of Fees) 2.49%


Tax Aware Real Return Composite Benchmark 2.81%


As of June 30th

, 2016, the bond portion of the Fund has a yield to worst of 1.14% vs. 1.36% for the index, and an OA duration of 4.8yrs vs. 4.6yrs. The Fund has 30 Day SEC Yield (institutional share class) of 1.04% and an unsubsidized 30 Day SEC yield of 0.97%.

As of June 30, 2016

PERFORMANCE

June 30th


Tax Aware Real Return Fund (Institutional Share class at NAV)

0.84% 1.19% 2.23% 3.39% 1.73% 1.52% 2.64%


1.24% 1.90% 3.38% 6.12% 4.50% 4.26% 4.75%




Expense cap 0.50%



Net expenses 0.50%


11.8%

5.8%

16.6%

9.2% 9.2% 10.2% 10.2%

10.9%

9.1%

5.0%

2.0%

6.1%

14.8% 13.7%

11.2% 11.9%

12.1%

10.8%

9.6%

4.8%

1.8%

3.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Fund Benchmark




RISKS ASSOCIATED WITH INVESTING IN THE FUND. The Fund is designed to maximize inflation-protected return, which means

maximizing the "real return." Real return is the total of a security less the actual rate of inflation. The Fund’s fixed income securities

are subject to interest rate risk. If rates increase, the value of the Fund’s investments generally declines. The Fund has the ability to

invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally

depends on the financial and credit status of the issuer. The Fund may invest in securities that are below investment grade (i.e.

“high yield” or “junk bonds”) that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's

Investors Service. Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the

Fund’s share price will decline. The Fund may invest in derivatives which may be riskier than other types of investments because

they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses

that significantly exceed the Fund’s original investment. Many derivatives create leverage thereby causing the Fund to be more

volatile than it would be if it had not used derivatives. The Fund may invest in mortgage-related and asset-backed securities that

may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of

these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the

asset-backed securities may decline in value. The Fund’s tax aware strategies may reduce the amount of taxable income that you

recognize as a result of your investment in the Fund but will not eliminate it. These strategies may require trade-offs that reduce

pre-tax income. The Fund primarily invests in inflation-linked securities and inflation and non-inflation lined derivatives. Unlike

conventional bonds, the principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specific rate of

inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.

The Fund may be subject to the risk that its inflation-linked derivative contracts will be with a limited number of counterparties. This

may result in certain concentration risk including counterparty liquidity, deflation and pricing risk. The Fund may engage in short

sales. There is no guarantee that the use of long and short positions will succeed in limiting the Fund’s exposure to domestic stock

market movements, capitalization, sector-swings or other risk factors. Investment in a portfolio involved in long and short selling

may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks,

including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

The Fund may invest in futures contracts and other derivatives. This may make the Fund more volatile. The derivative positions are

not included in the holdings-related calculations. For some investors, income may be subject to the Alternative Minimum Tax.

Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Barclays US 1-15 Year Blend (1-17 year) Municipal Bond Index represents the performance of municipal bonds with maturities

from 1 to 17 years. 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. An individual cannot invest directly in an index.

The Tax Aware Real Return Composite Benchmark is determined by adding the Barclays US 1-15 Year Blend (1-17 year) Municipal

Bond Index and the Barclays Inflation Swap 5 Year Zero Coupon 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.


JPMorgan Short Intermediate Municipal Bond Fund YTD 2016 (Unless otherwise noted, all data is as of June 30

th, 2016)

The Fund’s primary drivers of performance was duration and curve positioning as the curve flattened YTD. KEY CONTRIBUTORS

The fund’s longer duration profile (3.5yrs vs. 2.7yrs) contributed as rates fell 19bps in two years, 37bps in five years and 57bps in ten years.

The portfolio’s barbell (37% vs. 0%) positioning contributed to performance as the curve flattened.

An underweight to high quality, short duration Prerefunded (5% vs. 25%) bonds contributed as this sector returned 1.03% in

the index.

Overweight to outperforming sectors such as Local GO’s (19% vs. 11%), Hospital (8% vs. 3%) and Water & Sewer (9% vs. 5%)

helped, these sectors returned 1.63%, 1.83% and 1.61% in the index.

Our overweight in Illinois state bonds (5% vs. 4%) contributed, this state returned 2.06% in the index. Our Illinois exposure is

highly diversified over 17 issuers.

KEY DETRACTORS

In the index, A’s (20% vs. 21%) and BBB’s (2% vs. 4%) was the best performing rating buckets, returning 1.90% and 2.01% in the index, our slight underweight marginally detracted.

Underweight to higher beta states like New Jersey (2% vs. 3%) and sectors like IDR/PCR (1% vs. 3%) detracted; In the index, they returned 2.44% and 1.98% respectively.

Cash (2%)


th, 2016, the Fund had a yield to worst of 1.01% vs. 0.94% for the index. The OA duration was 3.5yrs vs. 2.7yrs. The

fund has 30 Day SEC Yield (institutional share class) of 1.04% and an unsubsidized 30 Day SEC yield of 0.81%.

As of June 30, 2016

22.2%

13.4% 15.2%

11.4%

7.3% 7.4% 7.0% 9.1%

5.1%

1.3% 0.7%

7.3%

29.8%

26.1%

18.3%

15.7%

2.7% 0.0% 0.0% 0.0% 0.0% 0.0%

0%

5%

10%

15%

20%

25%

30%

35%


Fund Benchmark

as of 6/30/2016 YTD

Short Intermediate Municipal Bond Fund – Institutional Shares (Net of Fees) 2.09%

Short Intermediate Municipal Bond Fund - Institutional Shares ( Gross of Fees) 2.22%

Barclays Capital 1-5 Year Municipal Blend Index 1.55%



PERFORMANCE

June 30th


Short-Intermediate Municipal Bond Fund (Institutional Share class at NAV)

0.86% 1.19% 2.09% 3.64% 2.13% 1.68% 2.55%

Barclays Capital 1-5 Year Municipal Blend Index

0.55% 0.75% 1.55% 2.60% 2.03% 1.93% 3.30%


ANNUAL OPERATING EXPENSES


Expense cap 0.25%



Net expenses 0.25%



The Fund’s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund’s investments generally declines. For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. The Fund may invest in futures contracts and derivatives. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives.

The Barclays Capital 1-5 Municipal Blend Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. 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. An individual cannot invest directly in an 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.






JPMorgan Ohio Municipal Bond Fund YTD 2016 (Unless otherwise noted, all data is as of June 30

th, 2016)

Performance was driven principally by curve positioning as rates fell across the curve YTD.

KEY CONTRIBUTORS .

The fund’s barbell positioning contributed as the curve 2-15 years flattened 45 bps, the fund was overweight to the 7+ year

(28% vs. 19%) duration buckets.

Longer duration positioning in Local GO’s (5.7yrs vs. 5.1yrs), Education (6.3yrs vs. 5.1yrs) and Water & Sewer (6.6yrs vs.

5.2yrs) helped the fund outperform the index returns of 3.66%, 3.73% and 3.73%.

An overweight (64% vs. 57%) along with a longer OAD (5.0yrs vs. 4.6yrs) in the AA rated sector contributed to the

outperformance versus the index. AA rated bonds returned 3.18% in the index.

KEY DECTRATORS

Underweight (9% vs. 14%) along with a shorter OAD (3.9yrs vs, 5.0yrs) in Transportation hurt, this sector returned 3.87% in

the index.

During a period of falling rates and a flattening curve, the fund’s short duration Prerefunded (18% vs. 11%) bonds hindered

performance, Prere’s returned 1.30% in the index.

An underweight to the lower quality A (21% vs. 23%) and BBB (0% vs. 4%) rated bonds detracted. In the index, A’s and BBB’s

returned 4.00% and 3.88%.


As of June 30th

, 2016, the Fund had a yield to worst of 1.27% vs. 1.36% for the index, and an OA duration of 4.6yrs vs. 4.6yrs. The Fund has 30 Day SEC Yield (select share class) of 1.15% and an unsubsidized 30 Day SEC yield of 0.96%.

As of June 30, 2016

8.3%

11.6%

16.5%

10.2%

13.5%

5.0%

6.4%

9.3%

14.7%

4.4%

0.0%

6.1%

14.8% 13.7%

11.2% 11.9%

12.1%

10.8%

9.6%

4.8%

1.8%

3.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Fund Benchmark

as of 6/30/2016 YTD

Ohio Municipal Bond Fund - Select Shares (Net of Fees) 3.24%

Ohio Municipal Bond Fund - Select Shares (Gross of Fees) 3.56%




PERFORMANCE

June 30th


Ohio Municipal Bond Fund (Select Share class at NAV)

1.34% 1.75% 3.24% 5.56% 3.95% 3.65% 4.09%


1.24% 1.90% 3.38% 6.12% 4.50% 4.26% 4.75%




Expense cap 0.63%



Net expenses 0.63%

Total annual operating expenses, Net Expenses, Fee waivers and/or expense reimbursements. The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it. 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.

The Fund’s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund’s investments generally declines. Most of the Fund's investments will be concentrated within one state and its performance will be affected by the fiscal and economic health of that state. Therefore, the Fund could experience more volatility. For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. The Fund may invest in futures contracts and derivatives. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives.


The Barclays US 1-15 Year Blend (1-17 year) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. 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. An individual cannot invest directly in an index. The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.







JPMorgan New York Tax Free Bond Fund YTD 2016 (Unless otherwise noted, all data is as of June 30

th, 2016)

Performance was driven principally by curve positioning as rates fell across the curve.

KEY CONTRIBUTORS

An overweight to the 8+ year (17% vs. 6%) duration bucket contributed, this portion of the curve returned 6.93% YTD.

A longer relative duration coupled with an overweight in Leasing (8% vs. 5%) and Water & Sewer (7.4% vs. 6.4%) helped these

sectors outperform. These sectors returned 2.44% and 3.46% in the index.

The modest overweight in the high performing Special Tax (30% vs. 29%) aided as this sector returned 3.86% in the index.

KEY DETRACTORS

The shorter OAD (3.4yrs vs. 4.4yrs) in the broad GO hurt; this sector returned 2.78% in the index.

Underweight to high performing Transportation (15% vs. 23%) and A (11% vs. 19%) rated bonds hindered performance as

they returned 3.73% and 3.67% in the index.

Overweight to underperforming, high quality short duration Prerefunded (13% vs. 5%) hindered performance, Prere’s

returned 1.21% in the index.


th, 2016, the Fund has a yield to worst of 1.12% vs. 1.23% for the index, and an OA duration of 4.5yrs vs. 4.5 yrs. The

Fund has 30 Day SEC Yield (select share class) of 1.00% and an unsubsidized 30 Day SEC yield of 0.95%

As of June 30, 2016

6.5%

19.4%

21.8%

7.0% 6.5%

4.6%

2.8%

14.2%

9.5%

6.1%

1.8%

5.0%

14.2% 14.8%

10.4%

12.5%

15.5%

11.2% 10.2%

3.7%

0.8% 1.8%

0%

5%

10%

15%

20%

25%


Fund Benchmark

as of 6/30/2016 YTD

New York Municipal Bond Fund - Institutional Shares (Net of Fees) 3.12%

New York Municipal Bond Fund - Institutional Share (Gross of Fees) 3.37%

Barclays NY Capital Intermediate Municipal index 1-17 Years 3.35%



PERFORMANCE

June 30th


New York Tax Free Bond Fund (Institutional Share class at NAV)

1.22% 1.73% 3.12% 5.46% 3.82% 3.58% 4.16%

Barclays NY Capital Intermediate Municipal index 1-17 Years

1.17% 1.89% 3.35% 6.00% 4.52% 4.07% 4.69%




Expense cap 0.50%



Net expenses 0.50%

Total annual operating expenses, Net Expenses, Fee waivers and/or expense reimbursements. The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes and extraordinary expenses and expenses related to the Board of Trustees’ deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it. 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.

The Fund’s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund’s investments generally declines. Most of the Fund's investments will be concentrated within one state and its performance will be affected by the fiscal and economic health of that state. Therefore, the Fund could experience more volatility. For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. The Fund may invest in futures contracts and derivatives. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives.

Barclays NY Capital Intermediate Municipal index 1-17 Years represents the performance of municipal bonds with maturities from 1 to 17 years. 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. An individual cannot invest directly in an index.


JPMorgan California Tax Free Bond Fund YTD 2016 (Unless otherwise noted, all data is as June 30

th, 2016)

Performance was driven principally by curve positioning as interest rates fell and the curve flattened YTD.

KEY CONTRIBUTORS

The longer duration profile (4.7yrs vs. 4.4yrs) of the fund aided as rates fell 19bps in two years, 37bps in five years, 57bps in

ten years and 64bps in fifteen years.

Longer relative duration in Local GO’s (6.8yrs vs. 5.8yrs),Water & Sewer (6.4yrs vs. 5.3yrs) and Special Tax (4.7yrs vs. 3.9yrs)

helped the sectors outperform the index returns of 4.42%, 3.68% and 2.98% for these sectors.

Longer duration profile in AA’s (5.3yrs vs. 4.5yrs) helped an outperformance versus the index’s return of 3.07%.

Transportation (11% vs. 7%) bonds returned 3.22% in the index, the overweight contributed.

KEY DECTRATORS

Short relative duration (4.8yrs vs. 5.0yrs) in the Leasing sector hurt; this sector returned 3.68% in the index.

Our high quality bias hurt as lower quality outperformed, as a shorter relative duration and an underweight to the top

performing A’s (12% vs. 16%) and BBB’s (0.5% vs. 3%) detracted. In the index, AAA’s returned 3.08%, AA’s 3.07%, A’s 3.66%

and BBB’s 3.95%.

Cash (8% vs. 0%)


th, 2016 the Fund has a yield to worst of 1.12% vs. 1.18% for the index, and an OA duration of 4.7 years vs. 4.4 years.

The Fund has 30 Day SEC Yield (institutional share class) of 1.07% and an unsubsidized 30 Day SEC yield of 0.99%.

As of June 30, 2016

16.0%

7.6%

13.7%

11.8%

4.3%

8.1% 9.4%

6.8%

10.4%

8.6%

3.4%

7.8%

15.8% 14.9%

10.7% 10.6% 10.8%

11.3%

8.8%

3.9%

1.7%

3.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Fund Benchmark

as of 6/30/2016 YTD

California Tax Free Bond Fund - Institutional Shares (Net of Fees) 3.47%

California Tax Free Bond Fund - Institutional Shares (Gross of Fees) 3.72%

BC California Competitive Intermediate Municipal Bond (1-17 Year) Index 3.19%



PERFORMANCE

June 30th


California Tax Free Bond Fund (Institutional Share class at NAV)

1.39% 1.94% 3.47% 6.19% 4.64% 4.36% 4.47%

BC California Competitive Intermediate Municipal Bond (1-17 Year) Index

1.14% 1.79% 3.19% 5.92% 4.88% 4.64% 4.93%




Expense cap 0.50%



Net expenses 0.50%



RISKS ASSOCIATED WITH INVESTING IN THE FUND. The Fund’s fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund’s investments generally declines. Most of the Fund's investments will be concentrated within one state and its performance will be affected by the fiscal and economic health of that state. Therefore, the Fund could experience more volatility. For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. The Fund may invest in futures contracts and derivatives. Many derivatives create leverage thereby causing the Fund to be more volatile than it would be if it had not used derivatives.

The Barclays Capital California Competitive Intermediate Municipal Bond (1-17 Year) Index represents the performance of California municipal bonds with maturities from 1-17 years. 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. An individual cannot invest directly in an index.







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