This share class currently has a limited offering, please see prospectus for more details on the offering.

Overview

Objective

The Fund aims to provide the highest possible level of current income while still maintaining liquidity and preserving capital.

Permissible Investments

The Fund will comply with SEC rules applicable to all money market funds, including Rule 2a-7 under the Investment Company Act of 1940.
The Fund invests in high-quality, short-term obligations that present minimal credit risk including: 1) Securities issued by the U.S. government and its agencies 2) Floating rate and variable rate demand notes of U.S. and foreign corporations 3) Commercial paper - in the highest category by Moody's Investor Services (P1) and Standard & Poor's (A1) 4) Certificates of Deposit and time deposits 5) Asset-backed securities 6) Repurchase agreements

Performance basics

	Annualized returns (as of 4/30/2013)
	1 Year	3 Year	5 Year	10 Year
at NAV	0.01%	0.01%	0.25%	1.33%
With 5.00% max. CDSC	-4.99%	-1.00%	-0.15%	1.33%

	Annualized returns (as of 3/31/2013)
	1 Year	3 Year	5 Year	10 Year
at NAV	0.01%	0.01%	0.28%	1.34%
With 5.00% max. CDSC	-4.99%	-1.00%	-0.11%	1.34%

The performance quoted is past performance and is not a guarantee of future results. 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.

30 day average yield
Nov 12	Dec 12	Jan 13	Feb 13	Mar 13	Apr 13
0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
7-day SEC yield as of April 30, 2013 was 0.01%

An investment in a money market fund is not insured or guaranteed by the FDIC or any other government agency. Although money market funds strive to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in a money market fund. Performance may reflect the waiver of a portion of the fund's fees. If fees had not been waived, the 7-day SEC yield would have been -0.90%.

Money market ratings

S&P Rating**	AAAm
Moody's Rating**	Aaa-mf
Fitch Rating**	AAAmmf

** Moody's defines Money Market Funds with an 'Aaa-mf' rating as having a very strong ability to meet the dual objectives of providing liquidity and preserving capital. S&P defines Money Market Funds that have an 'AAAm' rating as demonstrating extremely strong capacity to maintain principal stability and to limit exposure to credit risk. The ratings do not eliminate the risks associated with investing in the Fund. For information on rating methodologies, please visit the agency websites at http://www.moodys.com/ and http://www.standardandpoors.com/ratings/en/us/.

Minimum investments

Minimum investments		Minimum subsequent investments
Regular	$1000	Regular	$25
IRA	$1000	IRA	$25

Daily stats (as of 5/23/2013)

NAV	7 Day SEC Yield
$1.00	0.01%
0.00 \| 0.00%

YTD

0.00%

YTD Total Return w/Load

-5.00%

Unsubsidized 7 Day SEC Yield

-0.91%

7 day average yield

0.01%

Net Asset Class

$1,328,103.81

Net Asset Fund

$107,724,278,425.72

Daily Dividend Factor

2.71E-7

Daily Yield

0.01%

30 Day Avg Yield

0.01%

WAM(days)

WAL(days)

Basics

Ticker	CPBXX
CUSIP	4812A2876
Share Class Inception Date	04/21/1994
Fund Number	352
Asset Class	Money Market
Cut-off time¹	5:00 P.M.

¹Please refer to the prospectus for additional information about cut-off times.

²The distribution factor displayed is a one day factor except for the business day preceding weekends and holidays, in which case a multiple day distribution factor will be displayed. For additional details, please refer to the Daily Rates Blastfax.

The Net Assets, Weighted Average Maturity (WAM (days)) and Weighted Average Life (WAL (days)) are based on calculations as of 3pm EST.

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.

Performance and Ratings

Performance basics

	Total returns (as of 4/30/2013)			Annualized returns (as of 4/30/2013)
	1 Month	3 Month	YTD	1 Year	3 Year	5 Year	10 Year
at NAV	0.00%	0.00%	0.00%	0.01%	0.01%	0.25%	1.33%
With 5.00% max. CDSC	-5.00%	-5.00%	-5.00%	-4.99%	-1.00%	-0.15%	1.33%

	Annualized returns (as of 3/31/2013)
	1 Year	3 Year	5 Year	10 Year
at NAV	0.01%	0.01%	0.28%	1.34%
With 5.00% max. CDSC	-4.99%	-1.00%	-0.11%	1.34%

30 day average yield
May 12	Jun 12	Jul 12	Aug 12	Sept 12	Oct 12	Nov 12	Dec 12	Jan 13	Feb 13	Mar 13	Apr 13
0.01%	0.01%	0.02%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
7-day SEC yield as of April 30, 2013 was 0.01%

Cumulative returns (as of 4/30/2013)

	1 Year	3 Year	5 Year	10 Year
at NAV	0.01%	0.03%	1.25%	14.18%
With 5.00% max. CDSC	-4.99%	-2.97%	-0.75%	14.18%

Calendar year returns

at NAV

2003	2004	2005	2006	2007	2008	2009	2010	2011	2012
0.11%	0.32%	2.31%	4.15%	4.43%	2.13%	0.07%	0.01%	0.01%	0.01%

Browse your yearly returns:

2003

2012

N/A: Not available at this time

Holdings and Details

Portfolio characteristics (as of 4/30/2013)

Weighted average maturity in days
May 12	Jun 12	Jul 12	Aug 12	Sept 12	Oct 12	Nov 12	Dec 12	Jan 13	Feb 13	Mar 13	Apr 13
46	40	46	50	56	54	56	50	55	57	52	57

Weighted average life in days
May 12	Jun 12	Jul 12	Aug 12	Sept 12	Oct 12	Nov 12	Dec 12	Jan 13	Feb 13	Mar 13	Apr 13
73	66	69	71	77	72	75	68	72	72	72	82

Portfolio breakdown (as of 4/30/2013)

Maturity*
1 Day	20.3%
2-7 Days	8.0%
8-30 Days	22.8%
31-60 Days	15.0%
61-90 Days	11.4%
91-180 Days	16.0%
181+ Days	6.5%
* Due to rounding, values may not total 100%.

Sector breakdown*
Certificate of Deposit	43.7%
Financial Company Commercial Paper	13.9%
Other Instrument (Time Deposit)	13.5%
Treasury Debt	8.9%
Asset Backed Commercial Paper	5.3%
Other Repo Agreement	4.5%
Other Commercial Paper	3.7%
Government Agency Debt	3.0%
Other Note	2.3%
Government Agency Repo Agreement	0.9%
Treasury Repo Agreement	0.2%
* Due to rounding, values may not total 100%.

Portfolio stats (as of 4/30/2013)

Fund Assets	$105.82
(in billions)

What's this? Mouse over an underlined word to see its definition. Check out our glossary

Weighted Average Maturity: The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

Weighted Average Life: The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

Management

John Tobin| Managing Director Biography

John Tobin, is the head of portfolio management and lead portfolio manager for the global liquidity business. An employee since 2001, John's team is responsible for the management of all liquidity strategies globally. John is also co-chair of the Global Cash Investment Policy Committee. Prior to joining the firm, he was a principal and senior portfolio manager at State Street Global Advisors for three years. Prior to that, John spent eight years at The Dreyfus Corporation trading money market securities.

Education

B.B.A., Finance, Hofstra University

Experience

Industry Experience, 21 Years
Firm Experience, 12 Years
Fund Experience, 12 Years

Other funds managed by John Tobin:

Doris Grillo| Executive Director Biography

Doris J. Grillo, executive director, is a portfolio manager and trader for the U.S. Global Liquidity business. An employee since 2001, Doris is responsible for the management and trading of taxable money market mutual funds and liquidity separate accounts, with a focus on credit portfolios. Previously, she worked for UBS Paine Webber where she spent five years as a money market mutual fund portfolio manager. Prior to UBS, Doris worked as a liquidity portfolio manager for eleven years at Chemical Bank Portfolio Group which eventually merged into Chase Investment Management. Doris received a B.B.A. in finance from Pace University.

Education

B.B.A., Finance, Pace University

Experience

Industry Experience, 28 Years
Firm Experience, 12 Years
Fund Experience, 12 Years

Other funds managed by Doris Grillo:

Christopher Tufts| Managing Director Biography

Christopher M. Tufts is head of U.S. taxable portfolio management and trading for the Global Liquidity business. An employee since 1997, Chris's team is responsible for the management of all taxable money market mutual funds and liquidity separate accounts in the U.S. Chris was formerly a portfolio manager for Global Liquidity's Sterling and Euro liquidity funds in London and also traded 2-5 year maturity corporate and U.S. Agency securities for U.S. short term fixed income mandates. Previously, Chris was a defined contribution plan analyst in the Investment Advisory Group of J.P. Morgan American Century Retirement Plan Services and a sales analyst in the Institutional business at JPMAM. Chris holds a B.A. in Economics and French from the College of the Holy Cross and spent his Junior year abroad at the University of St. Andrews, Scotland.

Education

B.A. in Economics and French from the College of the Holy Cross

Experience

Industry Experience, 16 Years
Firm Experience, 16 Years
Fund Experience, 10 Years

Other funds managed by Christopher Tufts:

Dividends and Capital Gains

Dividends

Ex-date	Reinvest NAV	Dividend paid
4/30/2013	$1.00	0.000008179
3/28/2013	$1.00	0.000008456
2/28/2013	$1.00	0.000007681
1/31/2013	$1.00	0.000008517
12/31/2012	$1.00	0.000008456
11/30/2012	$1.00	0.000008210
10/31/2012	$1.00	0.000008462
9/28/2012	$1.00	0.000008217
8/31/2012	$1.00	0.000013211
7/31/2012	$1.00	0.000015875
6/29/2012	$1.00	0.000008226
5/31/2012	$1.00	0.000008490

Daily stats (as of 5/23/2013)

Daily Dividend Factor

2.71E-7

Daily Yield

0.01%

Schedule

Dividends	Daily
Capital gains	Annually

Fees and Expenses

Fee calculator

Fund balance
Expense cap	0.97%

J.P. Morgan Asset Management / Terms of use / Privacy and security / Site disclaimer / RSS

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

This site is intended for U.S. institutional investors only.

Contact Global Liquidity help desk at 1-800-766-7722 for a fund prospectus. Investors should carefully consider the investment objectives and risks, as well as charges and expenses, of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.

Total return assumes reinvestment of dividends. 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 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.

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds. JPMorgan Distribution Services, Inc, member FINRA/SIPC, www.finra.org.

NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE