(PUB) Investing 2015

March 2015

Morningstar FundInvestor

23

Data through February 28, 2015 JPMorgan Value Advantage A

Ticker

Status Yield Total Assets

Mstar Category

JVAAX Open

0.8% $10,513 mil

Large Value

Morningstar Analyst Rating 01-14-15

Investment Style Equity Stock %

Historical Profile Return Risk Rating Above Avg Average Above Avg

98% 96% 96% 94% 97% 95% 94% 92% 92%

„

Manager Change Partial Manager Change

14.0 18.0 22.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Positive

∞ ∞ ∞ ∞ ∞

Investment Values of Fund Investment Values of S&P 500

10.0

People Parent Price

6.0

Performance Quartile (within Category) History

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 02-15

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 „ ´ˇ ¨

15.88

18.98

18.28

11.45

15.27 35.07

18.19 20.22

18.19 1.11 -1.00 0.72 1.09 0.02

21.24 18.32

27.06 31.59 -0.80 -0.94

29.67 13.30 -0.39 -0.15

30.25 1.95 -0.62 -2.78 0.00 1.95

NAV

.

22.02 . . 6.23 . . -0.23 . . 1.48 . . 20.54 . . 5 . .

-35.78 2.91

Total Return %

-2.58 3.08 1.31

1.22 1.07 1.11

8.61

5.16 4.71 1.08

2.32 0.81 1.09

+/-S&P 500

15.38

+/-Russ 1000 Vl Income Return % Capital Return %

1.70

0.76

0.99

-36.89 1.60

33.37

19.14

17.23

30.83

12.31

33

39

46

69

14

12

46

11

31

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.14 0.10 1.25 1.02

0.23 0.16 1.25 1.16

0.24 0.99 1.25 1.36

0.20 0.07 1.25 1.87 103 115

0.19 0.00 1.25 2.45

0.17 0.00 1.24 1.52

0.20 0.00 1.24 1.28

0.20 0.09 1.25 1.34

0.16 0.70 1.24 0.98

0.26 0.71 1.24 1.26

0.00 0.00

Income $

. . . . . .

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 02-28-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

90 45

55

77

70

45

33

49

22

36

2010 2011 2012 2013 2014

8.19 -7.87

8.34 11.33 20.22

124

180

152

213

201

498

1,210

2,148

2,302

5.06 -0.21 -14.84 13.25

1.11

11.21 -1.33 11.91 3.66 3.62 3.96

6.21 1.52 18.32 3.45 9.65 31.59 -0.58 5.79 13.30

Portfolio Analysis 01-31-15 Share change since 12-14 Total Stocks:115 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

JPMorgan Prime Money Mar

7.95 3.27

. . . Finan Svs 13.4

1 Yr 3 Yr 5 Yr

7.54

Trailing

Total

+/-

+/- Russ %Rank Growth of

Wells Fargo & Co

.

Return% S&P 500 1000 Vl

Cat

$10,000

16.35 15.16

Avg

-Avg -Avg +Avg

Exxon Mobil Corporation

Energy

11.7 -3.48 2.42

3 Mo 6 Mo 1 Yr

2.52 0.21 5.85 -0.27 13.50 -2.01 18.46 0.46 16.40 0.22 9.85 1.86

-5.29 -3.16 6.33 0.86 -1.33 0.65

17 10,252 11 10,585 20 11,350 10 16,623 5 21,368

+Avg High

Pfizer Inc

Hlth care 24.3 11.08 2.17

10 Yr Incept

9.26 9.26

Johnson & Johnson

Hlth care 18.0 Finan Svs 16.3 Finan Svs 10.4 Comm Svs 36.8

1.94 1.74 1.64 1.58

. . . .

Loews Corp Merck & Co Inc

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

Hlth care 14.4 3.08 1.68

Other Measures

Standard Index

Best Fit Index Russ 1000 Vl

Capital One Financial Co DISH Network Corp Bank of America Corporat

S&P 500

2 25,586 . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Alpha

1.1

1.4

Finan Svs 44.3 -11.63 1.50 Cnsmr Cyc 18.4 20.90 1.44

Beta

0.96

0.94

Kohl’s Corp

R-Squared

92

96

American International G

Finan Svs 10.6 Cnsmr Cyc 30.7 Cnsmr Def 22.6

1.40 1.35 1.33

. . .

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

15.37 14.46

31 12

0.84 0.60 0.71

32 29 21

Standard Deviation

9.44

Expedia Inc

Procter & Gamble Co T. Rowe Price Group Inc UnitedHealth Group Inc United Technologies Corp

Mean

18.46

Finan Svs 17.9 -3.80 1.29 Hlth care 19.9 12.40 1.20

8.48

2

Sharpe Ratio

1.85

Potential Capital Gain Exposure: 17% of assets

Industrl

17.9

1.20 1.14 1.13 1.11

. . . .

Morningstar’s Take by Laura Lallos 01-14-15 JPMorgan Value Advantage has gained a considerable following since manager Jonathan Simon’s JPMorgan Mid Cap Value FLMVX closed to new investors two years ago, but it isn’t a substitute for that fund. While its asset base has more than quintupled since the end of 2012, to about $10 billion, capacity is not yet a concern. The fund has a smattering of small-cap exposure and a significant mid-cap chunk, but Simon expects it to remain in the large-cap camp overall. This all-cap approach isn’t the only difference between the two strategies. At the core of this portfolio are the kinds of high-quality picks that constitute JPMorgan Mid Cap Value (which Simon has run since its 1997 inception); the funds have more than 40 holdings in common, out of about 110. But this is a more aggressive approach: Simon also invests opportunistically in companies with weaker (but improving) business fundamentals when their valuations are compelling. This fund could be more contrarian going forward if Simon deems higher-quality opportunities to be overvalued. He notes its tracking

Cisco Systems Inc

Technology 17.6

Dover Corp Citigroup Inc

Industrl

15.6

error, which has been fairly low, could increase as well. Another difference is that Simon is the primary stock-picker here, whereas comanagers Lawrence Playford and Gloria Fu control the sectors they cover at JPMorgan Mid Cap Value. One of the biggest contributors to the fund’s strong performance has been financials, one of Simon’s responsibilities at JPMorgan Mid Cap Value. (Simon notes this fund has had a heavier financials stake recently because of better opportunities among large-cap names.) However, Morningstar’s performance attribution analysis of this fund shows that Simon’s stock-picking, backed by Playford’s and Fu’s research, has been strong across the board. While the fund has not been unduly risky, its risk profile might not be as stable as JPMorgan Mid Cap Value’s going forward, given this strategy’s flexibility. However, Simon so far has compensated shareholders willing to go with it, and this fund continues to merit a Morningstar Analyst Rating of Silver.

Finan Svs 23.8

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 30.9 Large 31.4 Mid 31.6 Small 4.3 Micro 1.7 Avg $mil: 29,009

Value Blnd Growth

Large Mid Small

Cyclical 53.81 BasicMat 3.84 CnsmrCyc16.14 FinanSvs 29.67 Real Est 4.16 Sensitive 24.60 CommSrvs 3.15 Energy 8.13 Technlgy 5.08 Defensive21.59 CnsmrDef 4.57 Hlthcare 10.58 Utilities 6.44 Industrl 8.24

. .

h r t y u j i o p a k s d f

4 2

. 17 14 . 34 28

4 3

. . . . . . .

5 3

Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Growth Measures

Rel Category

. 11 8

15.70 1.73 1.23 9.09 2.16 10.04 5.07 0.72 3.90 9.98

1.19 1.02 1.06 1.50 0.79 1.14 0.98 0.48 0.71 2.86

8 5 7 4

7 4

. 11 9

% Rel Category

7 6

.

Composition - Net

Cash 8.0 Stocks 92.0 Bonds 0.0 Other 0.0 Foreign 2.0

Address:

JPMorgan Trust I Columbus, OH 43240 800-480-4111 www.jpmorganfunds.com

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000

Add: $50 IRA: $1000

Add: $50

Profitability

% Rel Category

Sales Fees:

5.25%L,

Return on Equity Return on Assets Net Margin

17.06 5.69 11.82

1.05 0.95 0.99

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.61%, 0.15%A

(% of Stock)

02-28-05

Actual Fees:

Mgt:0.65% Dist:0.25%

J.P. Morgan Investment Management Inc.

Expense Projections: Income Distribution:

3Yr:$949 Annually

5Yr:$1272 10Yr:$2184

None

N/A

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

EQ