April 5 - Standard & Poor's Ratings Services today said it assigned its 'AAf' fund credit quality and 'S1+' volatility ratings on the JPMorgan Funds - Managed Reserves Fund. The 'AAf' fund credit quality rating is based on our analysis of the credit quality of the fund's eligible investments and the counterparties, as well as the overall management of the fund. The rating signifies that the fund's portfolio holdings provide very strong protection against losses from credit defaults. The fund invests in securities with a minimum credit quality of 'BBB' and overall average credit quality of 'AA'. As part of its volatility analysis, Standard & Poor's assessed the management, portfolio level risk, target durations, and comparable return strategies of the JPMorgan Funds - Managed Reserves Fund. The 'S1+' volatility rating signifies that a fund has extremely low sensitivity to changing market conditions and an aggregate level of risk that is less than or equal to that of a portfolio that comprises the highest-quality fixed-income instruments with an average maturity of one year or less. J.P. Morgan Investment Management Inc. is the fund's investment manager, and J.P. Morgan Bank Luxembourg S.A. is the custodian. JPMorgan Funds has been authorized under Part I of the Luxembourg law of Dec. 17, 2010, relating to collective investment undertakings. It qualifies as an Undertaking for Collective Investments in Transferable Securities (UCITS) under the EC Directive 2009/65 (dated July 13, 2009) and therefore may be offered for sale in the EU. The JPMorgan Fund is an open-ended investment company organized as a "societe anonyme" subject to the laws of the Grand Duchy of Luxembourg and qualifies as a Societe d'Investissement a Capital Variable (SICAV). The fund operates separate subfunds, and each subfund corresponds to a separate portfolio of the assets and liabilities of the fund. Each subfund is represented by one or more share classes. The JPMorgan Funds - Managed Reserves Fund is one subfund and aims to achieve a return in excess of U.S. money markets by investing primarily in U.S. dollar-denominated short-term fixed- and floating-rate debt securities. The JPMorgan Funds - Managed Reserves Fund is an offshore clone of the 'AA+f/S1+' rated JPMorgan Managed Income Fund. The fund is denominated in U.S. dollars but does offer hedged share classes in euro, British pound sterling, Swedish krona, and Singapore dollar. The fund seeks to achieve its objective by investing in fixed- and floating-rate debt securities, including U.S. Treasury securities, securities issued or guaranteed by the U.S. government or by its agencies, corporate securities, and asset-backed securities. For efficient portfolio management purposes, the fund may also enter into repurchase agreements with highly rated counterparties. The fund will have a weighted-average duration that will not exceed one year and will hold fixed- and floating-rate securities that have an initial or remaining maturity of no more than three years from the date of settlement. The fund's benchmark is the BofA Merrill Lynch 3-Month Treasury Bill Index. Our credit quality and volatility ratings are based on our analysis of a fund's eligible portfolio investments and strategy, historical return volatility, and management. The seven-category credit quality rating scale ranges from 'AAAf' (highest level of protection) to 'CCCf' (least protection). The ratings from 'AAAf' to 'CCCf' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Volatility ratings range from lowest volatility ('S1', with certain funds designated a plus sign to indicate their extremely low sensitivity to changing market conditions) to highest volatility ('S6'). We monitor fixed-income funds monthly to ensure the consistency of the funds' credit quality and volatility profiles with the assigned ratings.