FACT SHEET | June 30, 2020 JPMorgan Tax Aware Real Return Fund A Shares: TXRAX C Shares: TXRCX I Shares: TXRIX R6 Shares: TXRRX Designed to maximize after-tax returns while minimizing the potential impact of inflation. APPROACH &#149; Invests primarily in a portfolio of municipal obligations whose interest payments are excluded from federal income taxes &#149; Utilizes inflation swaps in combination with core portfolio of municipal bonds &#149; Actively manages inflation swap portfolio and tactically trades to deliver incremental returns EXPERTISE Portfolio manager(s) and years of experience David Rooney, 12 yrs Richard Taormina, 30 yrs FUND INFORMATION Class launch Aug 31, 2005 Fund number 993 CUSIP 4812A2538 Fund assets $375.70 mn Annual expenses (%) Net Expenses: 0.50 Gross Expenses: 0.73 Minimum initial investment $1M RATINGS Morningstar Star Rating 6/30/20 Overall Morningstar Rating™ ★★★★ Morningstar Category™ Muni National Short Overall Morningstar ratings 4 stars; 188 funds. Three year rating 2 stars; 188 funds. Five year rating 4 stars; 173 funds. Ten year rating 4 stars; 127 funds. Ratings reflect risk-adjusted performance. Different share classes may have different ratings. Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. PERFORMANCE DISCLOSURES Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. Call 1-800-480-4111 for most recent month-end performance. Return After Taxes on Distributions are adjusted for federal income taxes associated with fund distributions but do not reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Although these returns assume that an investor continued to hold shares for the purposes of reflecting the federal income tax impact of sale of fund shares, they assume that an investor sold the shares for purposes of reflecting deduction of fees and charges payable upon sale. Return After Taxes on Distributions and Sale of Fund Shares are adjusted for federal income taxes associated with fund distributions and reflect the federal income tax impact of gains or losses recognized when fund shares are sold. These returns reflect deductions of fees and charges payable upon a redemption of fund shares, such as sales charges or redemption fees. † 12-month rolling dividend yield is calculated by dividing the dividend per share by the net asset value per share as of the reported date. 12-month rolling dividend yields represent the sum of the monthly dividend yields for the previous 12 months. Must be preceded or accompanied by a prospectus. PERFORMANCE Benchmark 2: Tax Aware Real Return Composite Benchmark B2 Benchmark 1: Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index B1 Fund : Class I Shares F GROWTH OF $100,000 8/31/2005 (Launch) 6/30/2020 19 17 15 13 11 09 07 100 90 120 150 Ending Value $136,366 F Since inception with dividends and capital gains reinvested. There is no direct correlation between a hypothetical investment and the anticipated performance of the Fund. CALENDAR YEAR PERFORMANCE (%) 6.44 1.58 4.33 0.01 2.83 6.36 -1.05 4.72 8.79 2.94 B1 5.54 -0.75 2.74 1.63 1.12 0.85 -2.80 4.76 6.75 1.79 F 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 -5 0 5 10 15 YIELD (%) 2.47 12-month rolling dividend yield † 0.51 30-day SEC yield (unsubsidized) 0.77 30-day SEC yield I Shares As of 6/30/20 RETURN (%) 2.62 2.54 2.38 0.84 -1.47 5.49 B2 3.59 3.42 3.75 4.18 2.18 2.69 B1 1.89 1.58 1.23 0.07 -1.67 3.04 After-tax on distribution/sale of fund shares F 1.64 1.24 0.79 -1.56 -3.62 4.80 After-tax on distribution F 1.66 1.29 0.84 -1.56 -3.62 4.80 at NAV F 10 yrs 5 yrs 3 yrs 1 yr YTD 3 mos AVERAGE ANNUAL RETURN TOTAL RETURN 

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Tax Aware Real Return I (TXRIX).pdf

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