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  1. Summary of Senior Officer Fee Evaluation

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Summary of Senior Officer Fee Evaluation

On August 22, 2024, the J.P. Morgan Funds' Boards of Trustees considered the renewal of the investment advisory agreement for the Funds. The Trustees determined that the overall arrangement between each Fund and its respective advisor, as provided in the advisory agreement, was fair and reasonable, and that the continuance of the investment advisory contract was in the best interests of each Fund and its shareholders. The matters discussed and considered by the Trustees in reaching their conclusions will be summarized in shareholder reports for fiscal periods on, or after, August 31, 2024.

In connection with the renewal of the investment advisory agreements, the Funds listed below retained a Senior Officer to assist the Board of Trustees in reviewing and determining that management fees are reasonable. Stephen M. Ungerman, who also serves as the Chief Compliance Officer for the J.P. Morgan Funds, has served as the Funds' Senior Officer since 2005. The appointment of the Senior Officer is required by Banc One Investment Advisors Corporation's (subsequently known as JPMorgan Investment Advisors, Inc.) settlement with the New York Attorney General in 2004. JPMorgan Investment Advisors, Inc. transferred its business to J.P. Morgan Investment Management Inc. effective January 1, 2010. The Senior Officer provided an independent fee evaluation for the Funds listed below to the J.P. Morgan Funds’ Board at its August 2024 meeting. The Board considered this information in connection with the 2024 annual approval of the investment advisory contracts. You can access the summary of the 2024 Senior Officer's fee evaluation, as well as the summary of the prior year, by clicking on the separate PDF link by Fund below.

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J.P. Morgan Fund
2024 Senior Officer Fee Summary
2023 Senior Officer Fee Summary
100% U.S. Treasury Securities Money Market Fund
PDF
PDF
Core Bond Fund
PDF
PDF
Core Plus Bond Fund
PDF
PDF
Diversified Fund
PDF
PDF
Equity Income Fund
PDF
PDF
Equity Index Fund
PDF
PDF
Government Bond Fund
PDF
PDF
High Yield Fund
PDF
PDF
International Equity Fund
PDF
PDF
International Research Enhanced Equity ETF*
PDF
PDF
Investor Balanced Fund
PDF
PDF
Investor Conservative Growth Fund
PDF
PDF
Investor Growth & Income Fund
PDF
PDF
Investor Growth Fund
PDF
PDF
Large Cap Growth Fund
PDF
PDF
Large Cap Value Fund
PDF
PDF
Limited Duration Bond ETF*
PDF
PDF
Liquid Assets Money Market Fund
PDF
PDF
Market Expansion Enhanced Equity ETF*
PDF
PDF
Mid Cap Growth Fund
PDF
PDF
Mid Cap Value Fund
PDF
PDF
Mortgage-Backed Securities Fund
PDF
PDF
Municipal Money Market Fund
PDF
PDF
JPMorgan National Municipal Income Fund (formally known as JPMorgan Intermediate Tax Free Bond Fund)
PDF
PDF
Prime Money Market Fund
PDF
PDF
Short Duration Bond Fund
PDF
PDF
Short-Intermediate Municipal Bond Fund
PDF
PDF
Small Cap Growth Fund
PDF
PDF
Small Cap Value Fund
PDF
PDF
SMID Cap Equity Fund
PDF
PDF
Sustainable Municipal Income ETF*
PDF
PDF
Tax Free Bond Fund
PDF
PDF
U.S. Equity Fund
PDF
PDF
U.S. Government Money Market Fund
PDF
PDF
U.S. Treasury Plus Money Market Fund
PDF
PDF
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    *The ETFs listed below are successors to mutual funds that were subject to the Senior Officer Fee Summary:

    Name of ETF Name of Predecessor Mutual Fund
    JPMorgan International Research Enhanced Equity ETF JPMorgan International Research Enhanced Equity Fund
    JPMorgan Market Expansion Enhanced Equity ETF JPMorgan Market Expansion Enhanced Index Fund
    JPMorgan Limited Duration Bond ETF JPMorgan Limited Duration Bond Fund
    JPMorgan Sustainable Municipal Income ETF JPMorgan Sustainable Municipal Income Fund