J.P. Morgan Funds 2020 Distribution Notice

J.P. Morgan Funds 2020 Distribution Notice

To assist you in preparing your 2020 Income Tax returns, we're pleased to provide this distribution notice for your J.P.Morgan Fund investment. If you are unclear about any of the information in this distribution notice, please call 1-800-480-4111. We also recommend you consult your tax advisor with specific questions about your 2020 return. We appreciate the trust you have placed in us and look forward to serving your investment needs in the future.

Tax-Exempt Income Distributions: Exemptions from Federal and State Taxes

Please note tax-exempt income dividends paid by the tax-free funds in 2020 are exempt from Federal Income Tax and will be reported on Form 1099-DIV. While still exempt from Federal Income Tax, such amounts will be reported to the Internal Revenue Service. Box 11 of the Form 1099-DIV shows your tax-exempt income dividends. A portion of your 2020 income distributions may also be exempt from state income tax. You will need to utilize the state-specific percentages presented in the "2020 Tax-Exempt Income Distribution Information" table to determine this amount. Please consult your tax advisor regarding the tax status of fund distributions in your state. In addition, check with your tax advisor to see if your state exempts interest earned from U.S. possessions, such as Puerto Rico.

Important Alternative Minimum Tax Information

The percentage of your total 2020 tax-exempt income dividends subject to the Alternative Minimum Tax is shown under "Amount Subject to AMT" at the bottom of the "2020 Tax-Exempt Income Distribution Information" table. In addition, any tax-exempt income distributions subject to the AMT are shown in Box 12 of your 1099-DIV.

Important State Tax Information

Depending on the state in which you reside, you may be able to deduct the interest earned on selected government securities from your state income tax return. (Government securities held in your fund in 2020 earned interest that was subsequently paid to you in the form of ordinary dividends.) If the tax law of your state of residence provides an exemption, multiply the ordinary dividends reported in Box 1a of Form 1099-DIV by the respective percentage shown in the "2020 Taxable Investment Income" table. 100% U.S. Treasury Securities Money Market Fund and Federal Money Market Fund have met the quarterly 50% asset test threshold requirements of California, Connecticut and New York. To determine the tax status of distributions in your state, consult your tax advisor.

Foreign Tax Credits

Some of the J.P. Morgan Funds made an election, which may allow you to receive the benefit of a foreign tax credit with respect to foreign taxes paid by the funds. As a result of making this election, monies that were paid out by the funds as foreign taxes must be included in calculating gross income. Foreign taxes paid are shown in Box 7 of your Form 1099-DIV. Accordingly, the total ordinary dividends reported in Box 1a of Form 1099-DIV includes dividends paid plus foreign taxes paid. In computing your U.S. income tax liability, you may be entitled to either a foreign tax credit or an itemized deduction for the foreign taxes paid. Generally, it will be more advantageous to claim this amount as a credit. If you are required to file Form 1116, Foreign Tax Credit, Foreign Source Income and Foreign Qualified Dividend Income can be calculated by multiplying the amount in Box 1a of Form 1099?DIV by the respective percentages shown in the "2020 Foreign Source Income Percentages" table. Please contact your tax advisor for further information.

Corporate Dividends Received Deduction and Section 163(j) Interest Related Dividends

Corporate shareholders should note that a percentage of ordinary dividends (including short-term capital gains) is eligible for the corporate dividends received deduction. Additionally, a portion of the dividends may be designated as Section 163(j) Interest Related Dividends. For 2020, the percentages are presented in the "2020 Corporate Dividends Received Deduction" and "2020 Section 163(j) Interest Related Dividends" tables.

DISCLAIMER/LEGAL INFORMATION

J.P.Morgan Funds, J.P.Morgan Chase & Co. and its affiliates do not provide tax advice. The information is provided for general educational purposes only. The information is not to be relied upon for legal or tax advice. Investors should consult with their legal or tax advisors for personalized assistance, including information regarding any specific state law requirements.

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.

JPMorgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.

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ALABAMA ALASKA ARIZONA ARKANSAS CALIFORNIA COLORADO CONNECTICUT DELAWARE DISTRICT OF COLUMBIA FLORIDA GEORGIA GUAM HAWAII IDAHO ILLINOIS INDIANA IOWA KANSAS KENTUCKY LOUISIANA MAINE MARYLAND MASSACHUSETTS MICHIGAN MINNESOTA MISSISSIPPI MISSOURI MONTANA NEBRASKA NEVADA NEW HAMPSHIRE NEW JERSEY NEW MEXICO NEW YORK NORTH CAROLINA NORTH DAKOTA OHIO OKLAHOMA OREGON PENNSYLVANIA PUERTO RICO RHODE ISLAND SOUTH CAROLINA SOUTH DAKOTA TENNESSEE TEXAS UTAH VERMONT US VIRGIN ISLANDS VIRGINIA WASHINGTON WEST VIRGINIA WISCONSIN WYOMING TOTAL Amount Subject to AMT

California Municipal Money Market 100.00%

100.00% 16.03%

2020 Tax-Exempt Income Distribution Information

California Tax Free Bond

100.00%

100.00% 10.22%

Institutional Tax Free Money Market 0.46% 1.43% 1.87%

3.52% 1.92% 3.69% 0.05% 0.89% 6.26% 1.16%

0.41% 3.44% 1.42% 2.57% 0.23% 1.74% 0.71% 0.71% 2.53% 2.61% 2.76% 1.31% 2.79% 3.35%

1.29% 0.81% 0.02% 7.54%

11.62% 1.81%

2.66% 0.02% 0.03% 1.81%

1.64% 2.84% 0.06% 0.48% 14.74% 0.48% 0.01%

2.36% 0.77% 0.37% 0.65% 0.16% 100.00% 0.00%

Intermediate Tax Free Bond

2.56% 0.49% 1.97%

11.29% 2.01% 1.10% 0.66% 1.21% 3.11% 2.59%

0.54% 0.18% 5.56% 1.43% 0.53% 0.63% 0.95% 0.79% 0.12% 4.14% 4.00% 1.68% 0.63% 1.25% 1.72% 0.55% 1.21% 0.59%

2.64% 0.29% 13.55% 1.53% 0.01% 2.37% 0.50% 1.19% 3.74% 0.41% 0.05% 0.35% 0.03% 5.21% 4.84% 0.51% 0.05%

1.84% 5.16% 0.12% 1.53% 0.59% 100.00% 1.51%

Sustainable Municipal Income 0.58% 0.25% 1.72%

1.60% 2.48% 3.82% 1.45% 2.04% 9.76% 1.25% 0.28%

3.47% 3.63% 1.23%

0.31% 0.30% 0.65% 1.03% 6.29% 0.91% 3.47% 0.72% 1.62%

0.97% 0.58% 2.97% 4.11% 0.51% 5.06% 0.92% 1.97% 4.29% 0.09% 0.20% 3.78%

0.79% 1.89% 1.39% 6.66% 3.81% 2.47%

0.03% 5.32%

2.89% 0.44% 100.00% 7.68%

Municipal Money Market

1.02% 0.05% 2.07% 0.50% 2.95% 3.94% 0.72% 0.60% 0.71% 9.38% 1.24%

0.12% 1.20% 1.15% 1.21% 1.86% 2.32% 1.55% 0.02% 2.94% 2.21% 2.95% 0.35% 1.46% 2.50%

0.52% 0.68%

9.28%

8.58% 0.62%

3.67%

2.62% 1.13%

0.87% 1.81% 0.01% 1.90% 16.07% 0.08%

4.51% 1.52% 0.12% 0.25% 0.74% 100.00% 50.50%

New York Municipal Money Market

100.00%

100.00% 11.86%

New York Tax Free Bond

100.00%

100.00% 6.84%

Short-Intermediate Municipal Bond 1.63% 0.27% 3.20% 0.89% 17.68% 2.14% 1.62%

0.28% 1.38% 2.80%

0.73%

10.45% 1.19% 0.48% 1.21% 1.12% 1.28%

0.73% 3.10% 2.04% 0.55% 0.90% 0.85% 0.16% 0.15%

0.46% 4.59% 0.23% 7.92% 1.61%

1.92% 1.83% 0.21% 6.51%

0.03%

0.13% 0.88% 8.87% 1.77% 0.15%

2.94% 1.09% 0.24% 1.79%

100.00% 3.14%

High Yield Municipal

0.05% 0.47% 5.23%

1.93% 9.11% 1.61% 0.22% 0.30% 9.88% 0.27%

0.05% 4.74% 2.11% 0.78% 0.61% 0.36% 1.02%

0.71% 2.02% 3.81% 0.80% 0.50% 1.97% 0.11% 0.23% 0.21% 0.41% 5.07% 0.55% 4.56% 0.47% 0.04% 4.13% 0.60% 0.54% 8.30%

0.08% 1.54% 0.13% 3.48% 5.61% 1.46% 0.14%

4.37% 3.11% 0.54% 5.77%

100.00% 4.75%

Tax Aware Real Return

0.01% 2.74% 0.23%

20.41% 1.31% 0.76% 0.53% 1.19% 4.39% 0.59%

0.53%

1.62% 2.12% 0.02%

1.25%

1.37% 3.38% 0.80% 0.90%

0.08%

0.93%

7.49%

22.18% 0.39%

0.66% 1.14% 1.24% 2.35%

0.12% 0.06%

2.49% 11.25% 0.33%

1.60% 3.52%

0.02%

100.00% 0.01%

Tax Free Bond 0.82% 0.44% 1.82% 0.15% 6.78% 3.32% 1.17% 1.83% 2.08% 2.69% 4.36%

0.43% 0.02% 5.43% 1.78% 0.08% 0.01% 0.47% 1.07% 0.22% 2.08% 2.75% 1.60% 2.41% 0.67% 1.31% 0.26% 0.69% 0.73% 0.01% 5.30% 0.14% 10.14% 2.24% 0.13% 2.93% 0.75% 0.29% 10.72%

0.05% 1.00% 0.45% 5.14% 6.55% 0.19% 1.24%

1.24% 1.48% 0.25% 2.29%

100.00% 4.17%

Tax Free Money Market

0.34% 1.17% 1.35%

3.32% 2.81% 2.08% 0.07% 2.90% 2.41% 1.08%

0.16% 0.48% 5.02% 1.40% 1.26% 1.64% 1.87% 0.87% 0.45% 1.28% 3.53% 2.69% 4.89% 2.85% 4.30%

0.32% 1.23%

1.14% 0.02% 15.08% 1.96%

1.65%

0.14% 3.79%

0.27% 2.62% 0.08% 0.98% 13.55% 0.70% 0.07%

2.42% 1.54% 0.12% 1.57% 0.53% 100.00% 14.18%

Ultra-Short Municipal

1.77% 0.11% 0.64% 0.22% 1.96% 1.64% 2.30% 0.09% 0.14% 2.09% 2.13%

0.03% 0.07% 7.95% 3.58% 0.67% 0.73% 1.69% 2.34%

0.54% 4.12% 1.95% 0.50% 0.46% 1.21% 0.08% 0.11% 1.64% 0.06% 7.21% 0.50% 19.61% 0.78% 0.04% 3.38% 0.79% 0.34% 7.79%

0.37% 0.61% 0.02% 3.05% 6.26% 0.23% 0.02%

2.56% 2.56% 0.33% 2.73%

100.00% 3.70%

2020 Foreign Source Income Percentages

Fund name JPMorgan Access Balanced Fund-A JPMorgan Access Balanced Fund-C JPMorgan Access Balanced Fund-I JPMorgan Access Balanced Fund-L JPMorgan Access Growth Fund-A JPMorgan Access Growth Fund-C JPMorgan Access Growth Fund-I JPMorgan Access Growth Fund-L JPMorgan Emerging Markets Equity Fund-I JPMorgan Emerging Markets Equity Fund-L JPMorgan Emerging Markets Equity Fund-R4 JPMorgan Emerging Markets Equity Fund-R5 JPMorgan Emerging Markets Equity Fund-R6 JPMorgan Emerging Markets Research Enhanced Equity Fund-I JPMorgan Emerging Markets Research Enhanced Equity Fund-R6 JPMorgan Europe Dynamic Fund-A JPMorgan Europe Dynamic Fund-C JPMorgan Europe Dynamic Fund-I JPMorgan Europe Dynamic Fund-L JPMorgan Europe Dynamic Fund-R6 JPMorgan International Advantage Fund-C JPMorgan International Advantage Fund-I JPMorgan International Advantage Fund-R6 JPMorgan International Equity Fund-A JPMorgan International Equity Fund-C JPMorgan International Equity Fund-I JPMorgan International Equity Fund-R2 JPMorgan International Equity Fund-R5 JPMorgan International Equity Fund-R6 JPMorgan International Focus Fund-A JPMorgan International Focus Fund-C JPMorgan International Focus Fund-I JPMorgan International Focus Fund-R2 JPMorgan International Focus Fund-R5 JPMorgan International Focus Fund-R6 JPMorgan International Hedged Equity Fund-A JPMorgan International Hedged Equity Fund-C JPMorgan International Hedged Equity Fund-I JPMorgan International Hedged Equity Fund-R5 JPMorgan International Hedged Equity Fund-R6 JPMorgan International Research Enhanced Equity Fund-A JPMorgan International Research Enhanced Equity Fund-I JPMorgan International Research Enhanced Equity Fund-R6

Foreign Source Income 23.02% 24.05% 22.88% 22.88% 26.55% 27.53% 26.37% 26.37% 100.00% 100.00% 100.00% 100.00% 100.00% 88.85% 88.82% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 93.36% 93.75% 93.33% 93.28% 93.25% 100.00% 100.00% 100.00%

Foreign Qualified Dividend Income 15.21% 15.21% 15.21% 15.21% 21.66% 21.66% 21.66% 21.66%

100.00% 100.00% 100.00% 100.00% 100.00% 79.40% 79.40% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 93.36% 93.75% 93.33% 93.28% 93.25% 95.21% 95.21% 95.21%

2020 Foreign Source Income Percentages

Fund name JPMorgan International Value Fund-A JPMorgan International Value Fund-C JPMorgan International Value Fund-I JPMorgan International Value Fund-L JPMorgan International Value Fund-R2 JPMorgan International Value Fund-R5 JPMorgan International Value Fund-R6 JPMorgan Investor Balanced Fund-A JPMorgan Investor Balanced Fund-C JPMorgan Investor Balanced Fund-I JPMorgan Investor Balanced Fund-R6 JPMorgan Investor Conservative Growth Fund-A JPMorgan Investor Conservative Growth Fund-C JPMorgan Investor Conservative Growth Fund-I JPMorgan Investor Conservative Growth Fund-R6 JPMorgan Investor Growth & Income Fund-A JPMorgan Investor Growth & Income Fund-C JPMorgan Investor Growth & Income Fund-I JPMorgan Investor Growth & Income Fund-R6 JPMorgan Investor Growth Fund-A JPMorgan Investor Growth Fund-C JPMorgan Investor Growth Fund-I JPMorgan Investor Growth Fund-R6 JPMorgan SmartRetirement 2020 Fund-A JPMorgan SmartRetirement 2020 Fund-C JPMorgan SmartRetirement 2020 Fund-I JPMorgan SmartRetirement 2020 Fund-R2 JPMorgan SmartRetirement 2020 Fund-R3 JPMorgan SmartRetirement 2020 Fund-R4 JPMorgan SmartRetirement 2020 Fund-R5 JPMorgan SmartRetirement 2020 Fund-R6 JPMorgan SmartRetirement 2025 Fund-A JPMorgan SmartRetirement 2025 Fund-C JPMorgan SmartRetirement 2025 Fund-I JPMorgan SmartRetirement 2025 Fund-R2 JPMorgan SmartRetirement 2025 Fund-R3 JPMorgan SmartRetirement 2025 Fund-R4 JPMorgan SmartRetirement 2025 Fund-R5 JPMorgan SmartRetirement 2025 Fund-R6 JPMorgan SmartRetirement 2030 Fund-A JPMorgan SmartRetirement 2030 Fund-C JPMorgan SmartRetirement 2030 Fund-I JPMorgan SmartRetirement 2030 Fund-R2

Foreign Source Income 96.31% 96.40% 96.29% 96.29% 96.35% 96.27% 96.27% 7.19% 7.12% 7.27% 7.44% 5.47% 5.65% 5.37% 5.32% 9.13% 8.74% 9.37% 9.40% 13.63% 12.32% 13.98% 14.08% 8.38% 9.08% 8.28% 8.72% 8.48% 8.28% 8.19% 8.14% 13.01% 13.90% 12.86% 13.46% 13.10% 12.84% 12.72% 12.64% 17.59% 19.00% 17.38% 18.24%

Foreign Qualified Dividend Income 96.31% 96.40% 96.29% 96.29% 96.35% 96.27% 96.27% 7.19% 7.12% 7.27% 7.44% 5.47% 5.65% 5.37% 5.32% 9.13% 8.74% 9.37% 9.40% 13.63% 12.32% 13.98% 14.08% 8.38% 8.78% 8.28% 8.72% 8.48% 8.28% 8.19% 8.14% 13.01% 13.67% 12.86% 13.46% 13.10% 12.84% 12.72% 12.64% 17.59% 18.67% 17.38% 18.24%

2020 Foreign Source Income Percentages

Fund name JPMorgan SmartRetirement 2030 Fund-R3 JPMorgan SmartRetirement 2030 Fund-R4 JPMorgan SmartRetirement 2030 Fund-R5 JPMorgan SmartRetirement 2030 Fund-R6 JPMorgan SmartRetirement 2035 Fund-A JPMorgan SmartRetirement 2035 Fund-C JPMorgan SmartRetirement 2035 Fund-I JPMorgan SmartRetirement 2035 Fund-R2 JPMorgan SmartRetirement 2035 Fund-R3 JPMorgan SmartRetirement 2035 Fund-R4 JPMorgan SmartRetirement 2035 Fund-R5 JPMorgan SmartRetirement 2035 Fund-R6 JPMorgan SmartRetirement 2040 Fund-A JPMorgan SmartRetirement 2040 Fund-C JPMorgan SmartRetirement 2040 Fund-I JPMorgan SmartRetirement 2040 Fund-R2 JPMorgan SmartRetirement 2040 Fund-R3 JPMorgan SmartRetirement 2040 Fund-R4 JPMorgan SmartRetirement 2040 Fund-R5 JPMorgan SmartRetirement 2040 Fund-R6 JPMorgan SmartRetirement 2045 Fund-A JPMorgan SmartRetirement 2045 Fund-C JPMorgan SmartRetirement 2045 Fund-I JPMorgan SmartRetirement 2045 Fund-R2 JPMorgan SmartRetirement 2045 Fund-R3 JPMorgan SmartRetirement 2045 Fund-R4 JPMorgan SmartRetirement 2045 Fund-R5 JPMorgan SmartRetirement 2045 Fund-R6 JPMorgan SmartRetirement 2050 Fund-A JPMorgan SmartRetirement 2050 Fund-C JPMorgan SmartRetirement 2050 Fund-I JPMorgan SmartRetirement 2050 Fund-R2 JPMorgan SmartRetirement 2050 Fund-R3 JPMorgan SmartRetirement 2050 Fund-R4 JPMorgan SmartRetirement 2050 Fund-R5 JPMorgan SmartRetirement 2050 Fund-R6 JPMorgan SmartRetirement 2055 Fund-A JPMorgan SmartRetirement 2055 Fund-C JPMorgan SmartRetirement 2055 Fund-I JPMorgan SmartRetirement 2055 Fund-R2 JPMorgan SmartRetirement 2055 Fund-R3 JPMorgan SmartRetirement 2055 Fund-R4

Foreign Source Income 17.71% 17.35% 17.19% 17.08% 25.61% 26.36% 25.45% 26.09% 25.68% 25.43% 25.31% 25.23% 30.53% 30.54% 30.32% 30.90% 30.59% 30.30% 30.15% 30.07% 35.38% 35.34% 35.16% 35.24% 35.47% 35.12% 34.97% 34.87% 35.89% 35.96% 35.78% 35.85% 35.94% 35.74% 35.59% 35.49% 35.99% 35.98% 35.79% 35.88% 35.99% 35.77%

Foreign Qualified Dividend Income 17.71% 17.35% 17.19% 17.08% 25.61% 26.36% 25.45% 26.09% 25.68% 25.43% 25.31% 25.23% 30.53% 30.54% 30.32% 30.90% 30.59% 30.30% 30.15% 30.07% 35.38% 35.34% 35.16% 35.24% 35.47% 35.12% 34.97% 34.87% 35.89% 35.96% 35.78% 35.85% 35.94% 35.74% 35.59% 35.49% 35.99% 35.98% 35.79% 35.88% 35.99% 35.77%

2020 Foreign Source Income Percentages

Fund name JPMorgan SmartRetirement 2055 Fund-R5 JPMorgan SmartRetirement 2055 Fund-R6 JPMorgan SmartRetirement 2060 Fund-A JPMorgan SmartRetirement 2060 Fund-C JPMorgan SmartRetirement 2060 Fund-I JPMorgan SmartRetirement 2060 Fund-R2 JPMorgan SmartRetirement 2060 Fund-R3 JPMorgan SmartRetirement 2060 Fund-R4 JPMorgan SmartRetirement 2060 Fund-R5 JPMorgan SmartRetirement 2060 Fund-R6 JPMorgan SmartRetirement Income Fund-A JPMorgan SmartRetirement Income Fund-C JPMorgan SmartRetirement Income Fund-I JPMorgan SmartRetirement Income Fund-R2 JPMorgan SmartRetirement Income Fund-R3 JPMorgan SmartRetirement Income Fund-R4 JPMorgan SmartRetirement Income Fund-R5 JPMorgan SmartRetirement Income Fund-R6

Foreign Source Income 35.63% 35.54% 35.96% 36.03% 35.86% 35.94% 35.99% 35.89% 35.77% 35.71% 7.57% 8.13% 7.51% 7.89% 7.68% 7.53% 7.46% 7.41%

Foreign Qualified Dividend Income 35.63% 35.54% 35.96% 36.03% 35.86% 35.94% 35.99% 35.89% 35.77% 35.71% 7.57% 7.96% 7.51% 7.89% 7.68% 7.53% 7.46% 7.41%

2020 Corporate Dividends Received Deduction

Fund name JPMorgan Diversified Fund JPMorgan Equity Focus Fund JPMorgan Equity Income Fund JPMorgan Equity Index Fund JPMorgan Equity Premium Income Fund JPMorgan Global Allocation Fund JPMorgan Growth Advantage Fund JPMorgan Hedged Equity Fund JPMorgan Income Builder Fund JPMorgan Intrepid Growth Fund JPMorgan Intrepid Value Fund JPMorgan Investor Balanced Fund JPMorgan Investor Conservative Growth Fund JPMorgan Investor Growth & Income Fund JPMorgan Investor Growth Fund JPMorgan Large Cap Growth Fund JPMorgan Large Cap Value Fund JPMorgan Market Expansion Enhanced Index Fund JPMorgan Mid Cap Equity Fund JPMorgan Mid Cap Growth Fund JPMorgan Mid Cap Value Fund JPMorgan Opportunistic Equity Long/Short Fund JPMorgan Research Market Neutral Fund JPMorgan Small Cap Blend Fund JPMorgan Small Cap Core Fund JPMorgan Small Cap Equity Fund JPMorgan Small Cap Growth Fund JPMorgan Small Cap Value Fund JPMorgan SmartRetirement 2020 Fund JPMorgan SmartRetirement 2025 Fund JPMorgan SmartRetirement 2030 Fund JPMorgan SmartRetirement 2035 Fund JPMorgan SmartRetirement 2040 Fund JPMorgan SmartRetirement 2045 Fund

Dividend Received Deduction 17.38% 32.53% 100.00% 84.66% 11.53% 13.84% 37.89% 100.00% 13.06% 39.51% 82.30% 20.24% 14.04% 28.84% 41.83% 62.49% 100.00% 98.86% 47.85% 20.62% 100.00% 7.34% 48.85% 100.00% 98.36% 100.00% 14.52% 100.00% 11.10% 16.44% 22.64% 22.47% 27.37% 31.98%

2020 Corporate Dividends Received Deduction

Fund name JPMorgan SmartRetirement 2050 Fund JPMorgan SmartRetirement 2055 Fund JPMorgan SmartRetirement 2060 Fund JPMorgan SmartRetirement Blend 2020 Fund JPMorgan SmartRetirement Blend 2025 Fund JPMorgan SmartRetirement Blend 2030 Fund JPMorgan SmartRetirement Blend 2035 Fund JPMorgan SmartRetirement Blend 2040 Fund JPMorgan SmartRetirement Blend 2045 Fund JPMorgan SmartRetirement Blend 2050 Fund JPMorgan SmartRetirement Blend 2055 Fund JPMorgan SmartRetirement Blend 2060 Fund JPMorgan SmartRetirement Blend Income Fund JPMorgan SmartRetirement Income Fund JPMorgan SmartSpending 2015 Fund JPMorgan SmartSpending 2020 Fund JPMorgan SMID Cap Equity Fund JPMorgan Tax Aware Equity Fund JPMorgan U.S. Equity Fund JPMorgan U.S. Large Cap Core Plus Fund JPMorgan U.S. Research Enhanced Equity Fund JPMorgan U.S. Small Company Fund JPMorgan U.S. Sustainable Leaders Fund JPMorgan U.S.Value Fund JPMorgan Value Advantage Fund Undiscovered Managers Behavioral Value Fund

Dividend Received Deduction 32.65% 32.50% 32.55% 11.51% 16.43% 22.46% 25.59% 31.68% 36.49% 36.76% 37.78% 36.20% 10.84% 10.04% 11.19% 9.67% 85.92%

100.00% 66.49% 53.25% 94.00% 92.62% 100.00% 100.00% 100.00% 100.00%

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