On August 11, 2020, 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, 2020.

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 2020 meeting. The Board considered this information in connection with the 2020 annual approval of the investment advisory contracts. You can access the summary of the 2020 Senior Officer's fee evaluation, as well as the summary of the prior year, by clicking on the separate PDF link by Fund below.