JPMORGAN TRUST I
JPMorgan Access Funds
JPMorgan Access Balanced Fund
JPMorgan Access Growth Fund
J.P. Morgan Income Funds
JPMorgan Corporate Bond Fund
JPMorgan Emerging Markets Debt Fund
JPMorgan Emerging Markets Strategic Debt Fund
JPMorgan Floating Rate Income Fund
JPMorgan Global Bond Opportunities Fund
JPMorgan Income Fund
JPMorgan Inflation Managed Bond Fund
JPMorgan Managed Income Fund
JPMorgan Short Duration Core Plus Fund
JPMorgan Strategic Income Opportunities Fund
JPMorgan Total Return Fund
JPMorgan Unconstrained Debt Fund
J.P. Morgan International Equity Funds
JPMorgan Emerging Markets Equity Fund
JPMorgan Europe Dynamic Fund
JPMorgan International Equity Fund
JPMorgan International Focus Fund
JPMorgan International Value Fund
J.P. Morgan Funds
JPMorgan Global Allocation Fund
JPMorgan Income Builder Fund
J.P. Morgan Money Market Funds
JPMorgan 100% U.S. Treasury Securities Money Market Fund
JPMorgan California Municipal Money Market Fund
JPMorgan Federal Money Market Fund
JPMorgan New York Municipal Money Market Fund
JPMorgan Prime Money Market Fund
JPMorgan Tax Free Money Market Fund
J.P. Morgan Municipal Bond Funds
JPMorgan California Tax Free Bond Fund
JPMorgan High Yield Municipal Fund
JPMorgan Intermediate Tax Free Bond Fund
JPMorgan New York Tax Free Bond Fund
J.P. Morgan Tax Aware Funds
JPMorgan Tax Aware Equity Fund
JPMorgan Tax Aware Real Return Fund
JPMorgan SmartRetirement Funds
JPMorgan SmartRetirement® Income 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
JPMorgan SmartRetirement® 2050 Fund
JPMorgan SmartRetirement® 2055 Fund
JPMorgan SmartRetirement® 2060 Fund
JPMorgan SmartRetirement Blend Funds
JPMorgan SmartRetirement® Blend Income 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
J.P. Morgan U.S. Equity Funds
JPMorgan Diversified Fund
JPMorgan Equity Focus Fund
JPMorgan Hedged Equity Fund
JPMorgan Mid Cap Equity Fund
JPMorgan Small Cap Blend Fund
JPMorgan Small Cap Equity Fund
JPMorgan Small Cap Sustainable Leaders Fund (formerly JPMorgan Small Cap Core Fund)
JPMorgan U.S. Applied Data Science Value Fund (formerly JPMorgan Intrepid Value Fund)
JPMorgan U.S. Equity Fund
JPMorgan U.S. GARP Equity Fund
(formerly JPMorgan Intrepid Growth 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
J.P. Morgan Specialty Funds
JPMorgan Opportunistic Equity Long/Short Fund
JPMorgan Research Market Neutral Fund
SUP-MFSAI-TRUSTEE-1121
JPMORGAN TRUST II
J.P. Morgan Income Funds
JPMorgan Core Bond Fund
JPMorgan Core Plus Bond Fund
JPMorgan Government Bond Fund
JPMorgan High Yield Fund
JPMorgan Limited Duration Bond Fund
JPMorgan Mortgage-Backed Securities Fund
JPMorgan Short Duration Bond Fund
J.P. Morgan International Equity Funds
JPMorgan International Research Enhanced Equity Fund
J.P. Morgan Investor Funds
JPMorgan Investor Balanced Fund
JPMorgan Investor Conservative Growth Fund
JPMorgan Investor Growth Fund
JPMorgan Investor Growth & Income Fund
J.P. Morgan Money Market Funds
JPMorgan Liquid Assets Money Market Fund
JPMorgan Municipal Money Market Fund
JPMorgan U.S. Government Money Market Fund
JPMorgan U.S. Treasury Plus Money Market Fund
J.P. Morgan Municipal Bond Funds
JPMorgan Short-Intermediate Municipal Bond Fund
JPMorgan Tax Free Bond Fund
JPMorgan Sustainable Municipal Income Fund
J.P. Morgan U.S. Equity Funds
JPMorgan Equity Income Fund
JPMorgan Equity Index Fund
JPMorgan Large Cap Growth Fund
JPMorgan Large Cap Value Fund
JPMorgan Market Expansion Enhanced Index Fund
JPMorgan Mid Cap Growth Fund
JPMorgan Small Cap Growth Fund
JPMorgan Small Cap Value Fund
JPMorgan SMID Cap Equity Fund
JPMORGAN TRUST IV
J.P. Morgan International Equity Funds
JPMorgan Emerging Markets Research Enhanced Equity Fund
JPMorgan International Equity Plus Fund
JPMorgan International Hedged Equity Fund
J.P. Morgan Funds
JPMorgan SmartSpending 2015SM Fund
JPMorgan SmartSpending 2020SM Fund
J.P. Morgan Money Market Funds
JPMorgan Institutional Tax Free Money Market Fund
JPMorgan Securities Lending Money Market Fund
J.P. Morgan Municipal Bond Funds
JPMorgan Ultra-Short Municipal Fund
J.P. Morgan SMA Funds
JPMorgan Core Focus SMA Fund
JPMorgan Municipal SMA Fund
J.P. Morgan Specialty Funds
JPMorgan Macro Opportunities Fund
J.P. Morgan U.S. Equity Funds
JPMorgan Equity Premium Income Fund
JPMorgan Hedged Equity 2 Fund
JPMorgan Hedged Equity 3 Fund
J.P. MORGAN FLEMING MUTUAL FUND GROUP, INC.
J.P. Morgan U.S. Equity Funds
JPMorgan Mid Cap Value Fund
J.P. MORGAN MUTUAL FUND INVESTMENT TRUST
J.P. Morgan U.S. Equity Funds
JPMorgan Growth Advantage Fund
JPMORGAN INSURANCE TRUST
J.P. Morgan Insurance Trust Portfolios
JPMorgan Insurance Trust Core Bond Portfolio
JPMorgan Insurance Trust Global Allocation Portfolio
JPMorgan Insurance Trust Income Builder Portfolio
JPMorgan Insurance Trust Mid Cap Value Portfolio
JPMorgan Insurance Trust Small Cap Core Portfolio
JPMorgan Insurance Trust U.S. Equity Portfolio
JPMORGAN INSTITUTIONAL TRUST
JPMorgan Intermediate Bond Trust
JPMorgan Core Bond Trust
UNDISCOVERED MANAGERS FUNDS
JPMorgan Realty Income Fund
Undiscovered Managers Behavioral Value Fund
(All Share Classes)
(each, a “Fund” and together, the “Funds”)
Supplement dated November 10, 2021,
to the current Statements of Additional Information
The purpose of this supplement is to announce the results of the recent special meeting of the shareholders held on October 27, 2021 (the “Meeting”), at which the shareholders considered the election of a unified board with common membership across the Funds and the following open-end registered investment company also advised by J.P. Morgan Investment Management Inc. (the “Proposal”):
J.P. Morgan Exchange-Traded Fund Trust (the “ETF Trust”)
On October 27, 2021, the shareholders and their designated proxies convened for the Meeting. The Proposal was passed with regard to every Fund and the ETF Trust, with the exception of JPMorgan Trust I and JPMorgan Trust II, which lacked quorum for the Proposal. Solely with respect to JPMorgan Trust I and JPMorgan Trust II, the Meeting was adjourned and will reconvene on November 23, 2021 to permit shareholders of those two trusts, as of the record date of August 20, 2021, additional time to vote on the Proposal. Shareholders of JPMorgan Trust I and JPMorgan Trust II as of the record date may vote by visiting www.proxyvote.com, returning the proxy card that was included in the proxy materials previously sent to you, or by calling 1-855-737-3175. It is anticipated that, for the ETF Trust and each of the Funds that pass the Proposal, the unified board will be seated on January 1, 2022.
Information regarding the Proposal is contained in the proxy materials as filed with the Securities and Exchange Commission (“SEC”). The proxy statement was mailed to shareholders of record, and you are also able to access the proxy statement from the EDGAR Database on the SEC’s website at http://www.sec.gov.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE
STATEMENTS OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE