Data through February 29, 2016

JPMorgan Equity Income A

Morningstar Analyst Rating 06-24-15

Ticker
OIEIX

Status
Open

Yield
1.9%

Total Assets
$10,375 mil

Mstar Category
Large Value

Return Above Avg

Risk
Below Avg
Rating
Above Avg

97%

98%

97%

96%

97%

97%

99%

98%

98%

Morningstar Pillars

19.6

Process
Performance
People
Parent
Price

13.0
10.0

Performance Quartile
(within Category)

Analyst Rating Spectrum

Pillar Spectrum

Positive

Negative

Neutral

Performance 02-29-16
2012
2013
2014
2015
2016
Trailing

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

6.04
9.36
10.94
2.45
-0.04

1.38
-1.78
4.01
4.37
-1.28

-11.49
5.23
4.30
-0.22
-6.13

12.86
0.08
9.04
6.34
.

13.13
31.22
13.46
-2.51
.

Total
Return%

+/-

3 Mo
-5.80
6 Mo
-0.42
1 Yr
-7.26
3 Yr Avg 9.51
5 Yr Avg 10.14
10 Yr Avg 7.07
15 Yr Avg 5.71

0.79
0.50
-1.07
-1.24
0.01
0.63
0.65

Tax Analysis Tax-Adj Rtn%

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

6.31
7.92
5.08

+/- Russ
1000 Vl

%Rank
Cat

Growth of
$10,000

1.43
2.45
2.15
1.24
1.33
1.94
0.05

26
20
22
15
7
5
30

9,420
9,958
9,274
13,133
16,208
19,801
23,001

%Rank Cat Tax-Cost Rat %Rank Cat

32
15
12

Investment Values of
Fund
Investment Values of

7.0

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.

Manager Change
Partial Manager Change

16.0 Growth of $10,000

Positive
Positive
Positive
Positive
Positive

Morningstar Analyst Rating

Investment Style
Equity
Stock %

Historical Profile

1.16
0.96
1.33

34
37
74

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

02-16

History

11.64
5.91
1.00
-1.14
2.05
3.86
45
0.30
4.22
1.24
1.36
.
94

11.80
20.62
4.83
-1.63
2.32
18.30
19
0.26
1.94
1.12
1.93
68
122

10.51
1.24
-4.25
1.41
2.39
-1.15
55
0.27
1.16
1.19
2.05
21
134

6.69
-29.92
7.08
6.93
2.24
-32.16
8
0.23
0.47
1.18
2.13
23
160

7.62
17.31
-9.15
-2.38
2.87
14.44
84
0.19
0.00
1.18
2.61
49
70

8.81
18.37
3.31
2.86
2.46
15.91
7
0.19
0.00
1.23
3.13
54
81

9.25
7.39
5.28
7.00
1.89
5.50
6
0.16
0.04
1.20
2.29
43
107

10.16
13.13
-2.87
-4.38
2.46
10.67
71
0.23
0.07
1.05
2.16
37
353

12.87
31.22
-1.17
-1.31
2.13
29.09
51
0.21
0.22
1.04
2.22
44
787

14.06
13.46
-0.23
0.01
1.93
11.53
10
0.24
0.28
1.03
2.22
34
1,841

13.37
-2.51
-3.89
1.32
1.66
-4.17
31
0.23
0.10
1.04
1.68
20
2,763

12.84
-3.71
1.38
1.48
0.26
-3.97
22
0.03
0.00
.
.
.
2,960

NAV
Total Return %
+/+/-Russ 1000 Vl
Income Return %
Capital Return %
Total Rtn % Rank Cat
Income $
Capital Gains $
Expense Ratio %
Income Ratio %
Turnover Rate %
Net Assets $mil

Portfolio Analysis 01-31-16

Rating and Risk

Time
Period

1 Yr
3 Yr
5 Yr
10 Yr
Incept

Load-Adj
Return %

Morningstar
Rtn vs Cat

Morningstar
Risk vs Cat

-12.13
7.56
8.96
6.50
8.07

Avg
+Avg
+Avg

-Avg
-Avg
Low

Other Measures

Alpha
Beta
R-Squared
Standard Deviation
Mean
Sharpe Ratio

Morningstar
Risk-Adj Rating

Standard Index

Best Fit Index

Russ 3000 Vl

-0.4
0.92
95

2.0
0.92
96

10.36
9.51
0.92

Potential Capital Gain Exposure: 10% of assets

Morningstars Take by Laura Lallos 06-24-15

of funds in the category that yielded close to or even
more than 3.0%. What the fund gives up in yield,
however, it has gained in total return. Since Hart took
over in August 2004, the fund has handily beaten its
benchmark and category peers. It also compares
favorably with other large-value funds with "Income"
in their names, with an annualized 8.8% 10-year
return through May 2015 compared with that groups
7.5% average.
The fund also has Below Average Morningstar Risk
scores, which penalize downside volatility. That is the
result of a high-quality portfolio: Hart seeks firms with
consistent earnings, high returns on invested capital,
durable franchises, and strong management. The
funds only bottom-quartile calendar year during her
tenure was in 2009s low-quality rally.
While assets in the strategy have increased
steadily, Hart has not altered her strategy and cash
has remained low.

Address:

Minimum Purchase:
Min Auto Inv Plan:
Sales Fees:
Management Fee:
Actual Fees:
Expense Projections:
Income Distribution:

Web Address:
Inception:
Advisor:
Subadvisor:

Jpmorgan Trust II
New York, NY 10167
800-480-4111
www.jpmorganfunds.com
02-18-92
J.P. Morgan Investment Management Inc
None

NTF Plans:

N/A

$1000
Add: $50
IRA: $1000
$1000
Add: $50
5.25%L,
0.39%, 0.15%A
Mgt:0.40%
Dist:0.25%
3Yr:$849
5Yr:$1090 10Yr:$1780
Monthly

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

Wells Fargo & Co

Johnson & Johnson
Exxon Mobil Corporation
Apple Inc
PNC Financial Services G
Pfizer Inc
Merck & Co Inc
Altria Group Inc
CME Group Inc Class A
JPMorgan Liquid Assets M
BlackRock Inc
Home Depot Inc
United Technologies Corp
Travelers Companies Inc
Occidental Petroleum Cor
Verizon Communications I
Time Warner Inc
Illinois Tool Works Inc
Honeywell International
ConocoPhillips
Current Investment Style
Value Blnd Growth
Market Cap
Large Mid Small

JPMorgan Equity Income owes its Morningstar Analyst

Rating of Silver to a long-tenured manager who has
consistently applied a thoughtful strategy. Clare Hart,
who has run the fund since mid-2004, focuses on
companies with attractive dividend yields (generally at
least 2% at purchase) but places equal weight on low
payout ratios. Her research indicates that companies
boasting both of these virtues have outperformed over
the long term--companies that pay out too much in
dividends arent able to grow cash flows and earnings.
The portfolio is distinctive. While by some measures
it has higher valuations than its benchmark Russell
1000 Value Index, it also showed stronger earnings
growth and a higher net margin and return on equity as
of April 2015. The fund has been underweight REITs in
recent years, and Hart has found better values among
consumer discretionary picks than the staples names
that are typical equity-income fodder.
The funds trailing 12-month yield of 2.0% as of
May 2015 exceeds the large-cap value Morningstar
Category average of 1.4%, but trails those of a number

Share change since 12-15 Total Stocks:99 Sector

Giant
Large
Mid
Small
Micro
Avg $mil:
52,236

Value Measures

Price/Earnings
16.09
Price/Book
2.28
Price/Sales
1.94
Price/Cash Flow
9.61
Dividend Yield % 3.01
Growth Measures

Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
Profitability

8.77
0.77
-1.41
-4.00
7.37
%

Return on Equity 20.82

Return on Assets 6.30
Net Margin
14.34

Finan Svs
Hlth care
Energy
Technology
Finan Svs
Hlth care
Hlth care
Cnsmr Def
Finan Svs
.
Finan Svs
Cnsmr Cyc
Industrl
Finan Svs
Energy
Comm Svs
Cnsmr Cyc
Industrl
Industrl
Energy
%

36.6
45.8
16.2
1.4
0.0

Sector
Weightings

h
r
t
y
u

PE Tot Ret% % Assets

11.4
19.2
20.8
10.3
11.0
26.7
32.1
23.1
24.8
.
15.8
23.3
21.3
9.9
.
11.6
14.4
18.4
16.8
.
% of
Stocks

-13.00
3.15
3.76
-7.65
-14.15
-7.16
-4.94
5.77
0.93
.
-8.39
-6.15
1.24
-4.73
1.83
10.98
2.99
1.69
-1.57
-27.01

4.63
3.32
2.81
2.41
2.18
2.11
2.08
2.02
2.00
2.00
1.94
1.90
1.77
1.75
1.70
1.58
1.49
1.46
1.40
1.37

Rel

3 Year
High Low

Cyclical 40.98
BasicMat 3.42
CnsmrCyc 9.15
FinanSvs 25.28
Real Est 3.13

.
. 4 2
. 12 9
. 26 22
. 3 1

j Sensitive 31.14
.
i CommSrvs 2.64
. 3 2
Rel Category
8.77
o Energy
. 11 8
1.22 p Industrl 11.05
. 13 11
1.34 a Technlgy 8.68
. 10 9
1.67
Defensive27.89
k
.
1.59
. 11 7
1.09 s CnsmrDef10.87
d Hlthcare 11.75
. 13 11
Rel Category f Utilities 5.27
. 8 4
1.00
0.15
NMF Composition - Net
Cash
2.1
NMF
Stocks 97.8
2.11
Bonds
0.0
Other
0.0
Rel Category
1.28
Foreign 0.8
(% of Stock)
1.05
1.20

Mutual Funds

EQ