Global Liquidity

October 10, 2013

J.P. Morgan takes action in light of possible U.S. Government default Although J.P. Morgan Investment Management Inc (JPMIM) continues to believe that the probability of a U.S. Government default is low, it has taken certain precautionary measures with respect to the money markets (the Funds)

These actions were taken in an attempt to manage the Funds in line with their objectives to seek to maintain a net asset value of $1.00 per share.

As of October 9, 2013, the funds did not own any securities issued by the U.S. Treasury that mature or have scheduled coupon payments between October 16, 2013 and November 6, 2013.

In addition, JPMIM has increased liquidity positions in the Funds

In addition to the month end holdings which are regularly posted on the Funds website, in light of these events, current holdings for certain government and treasury Funds have been posted on the Funds website. The daily and weekly liquidity levels, as applicable, as well as the marketbased NAVs for our funds are posted daily on Funds website.

Contact your JPMorgan Global Liquidity Client Advisor or the Global Liquidity help desk at 1-800766-7722 for a fund prospectus.