Short + Long term cap. gains distribution $1.067/share
https://doublelinefunds.com/wp-content/uploads/2017_DLFunds_EstimatedCapitalGains.pdf

@MikeM: If I'm not mistaken, Capital Gains Distribution.
Regards,
Ted

FYI: DoubleLine Capital Chief Executive Jeffrey Gundlach, who voted for President Donald Trump, warned on Tuesday that it is a “strange environment” to be cutting U.S. corporate taxes with the economy already in its eighth year of expansion.
Regards,
Ted
https://www.reuters.com/article/us-funds-doubleline-gundlach/gundlach-says-strange-environment-to-be-cutting-u-s-corporate-taxes-idUSKBN1DZ381
On Yellen Legacy:
https://www.bloomberg.com/news/articles/2017-12-06/gundlach-says-yellen-s-legacy-at-fed-is-looking-pretty-good

Looking at the Plumb performance chart, looks like he is always overweight metals. Nice gains into 2011. Terrible performance since 2012.
I've always thought risk parity made sense in tactical allocation between stocks, bonds, commodities and currencies. Plumb's portfolio risk is weighted heavily towards commodities.

Wake me up when inflation starts heating up.
Until then, the S&P at less than 20x forward earnings working on a third straight quarter of 3%+ GDP is not a recipe for a "crash."
Now, the market will NOT post another 13 straight months of gains. There will be ups and downs. The naysayers like Mauldin will pronounce every "down" as "the one."

Maybe it is a good time to sell. Any of you remember how much the market loved the turmoil Nixon brought on? I wish I had an in-house lawyer who would say he was the one speaking when I had put my foot in my mouth. More will be revealed, but it won't be good for the market.

All I remember about RMN’s impact on markets is that he is/was the only Pres. during my lifetime to impose unilaterally an immediate temporary freeze on wages and prices. (Hope I’ve described the 1971 executive order accurately.) I was 20-something at the time and enroute to my first good paying post-college job when the news broke over the radio.
Sell decisions are fraught with peril as several here and at FA have noted over the years. For longer term investors there’s the dilemma of when to get back into the market. It’s a coin-toss at best that they’ll manage to re-enter at lower prices than they sold. Even for older investors with shorter time horizons there’s the risk of forgoing substantial future gains should the markets run hot for several more years. Than there’s the sector issue. An overvalued S&P or high yield market doesn’t necessarily mean that deep value, financials or industrial metals are overvalued. Sometimes the opposite is the case as hot sectors tend to pull money away from more tepid markets. Hope I’ve made clear that despite my misgivings about the current market euphoria, I could never recommend to someone else that they sell.
What I haven’t heard mentioned lately is the Presidential election cycle. But that’s a whole different topic.

@VintageFreak
This fund has been in my portfolio since 2015. Watching to see what happens with current fund management and holdings makes sense. Polen Capital executes a specific process. The remaining managers know that process. The firm has been putting some focus into international investing in recent years. I'll hold on to see how things go in 2018. Given the low turnover rate and small number of holdings, I don't expect there will be any rapid decline in performance over the short term due to the management change. So, I don't feel a need to make a rushed decision.

@David: Sorry to hear about Amazon. Also
7:23AM Flag
For what interest it holds, here's our October 2107 Elevator Talk with manager Ryan Caldwell.
7:29AM edited 7:29AM Flag
@MFO Members: Here's David's October 2017, back to the future, Elevator Talk with Ryan Caldwell.
Regards,
Ted :)
https://www.mutualfundobserver.com/2017/10/elevator-talk-ryan-caldwell-chiron-capital-allocation-fund-ccapx/

@MFO Members: Here's David's October 2017, back to the future, Elevator Talk with Ryan Caldwell.
Regards,
Ted :)
https://www.mutualfundobserver.com/2017/10/elevator-talk-ryan-caldwell-chiron-capital-allocation-fund-ccapx/

For what interest it holds, here's our October 2107 Elevator Talk with manager Ryan Caldwell.
David

I believe the equity market can act as its own re-balancing mechanism. Market price conditions change "moment by moment". When you are in the accumulation stage of life you might dollar cost average (dca) into these price conditions and in a sense your "dca" helps you re-balance into the market's price. Dca into investments over a long time horizons (many overbought and oversold changes) usually provide a positive return on investment. This might be considered a component of a re-balancing growth strategy.
When you move from the Accumulation (growth) Stage to the Distribution Stage, re-balancing is often impacted by the spending ("distribution of cash") of your portfolio. Re-balancing as a result of spending comes in many forms - retirement income, RMDs, one time tuition payments, wedding costs, house buying, and divorce to name a few. Most of these involve raising cash from your invested investments.
Raising cash in a portfolio is somewhat a kin to running a farm. Equities are the cows, the hens, the crops. The bonds are the working capital needed to run the farm- the fertilizers, the machinery, the outbuilding, the land, the service costs, etc. Think of cash as the profits from the corn, the hay, the eggs the milk. When a cow needs to be milked...milk it. When the field needs to be hayed, "make hay when the sun shines". Harvesting is part of farm's life and I believe it should also be a dynamic part of a portfolio's inner workings with respect to the cash needs (financial goals) of the portfolio.
Another take on re-balancing:
Using @Catch22 portfolio (50% FCNTX and 50% PIMIX) this farm has hired hands (Danoff and Ivascyn) who help manage the production and the operation of the farm separately. You need to roll up your sleeves and coordinate how these two managers are "running" your farm and "re-balance" their efforts. If your are young and your goal is long term growth, buy more FCNTX, but remember that you may need more land, more equipment, more fertilizer...so also buy some PIMIX. In a growth portfolio (with no need for short term cash) I would own enough PIMIX to cover the downside risks (Maximum Draw Down or MAXDD) of FCNTX. So every dollar you spend for future growth of FCNTX, an additional amount (in MAXDD percent) should be directed at PIMIX to hedge FCNTX's MaxDD risk. This will allow you to not sell FCNTX at the wrong time (in case you did need cash), but might even provide an opportunity to buy more FCNTX during oversold times.
For me, I gauge "overbought and oversold" using my portfolios holdings. I use PIMIX as my "risk off" portfolio indicator comparing it to my "risk on" investments, in this case FCNTX. "Overbought and oversold" conditions of FCNTX are compared against the performance of PIMIX dynamically. . In other words I use PIMIX to tell me when FCNTX is over or under performing PIMIX. Also, using @Old_Skeet's upper bands as a re-balancing trigger (+20% gain on the upside for FCNTX compared to PIMIX) - sell FCNTX and move proceeds (re-balance back into) PIMIX. Conversely, a (-10 percent loss of FCNTX compared to PIMIX) - sell PIMIX and buy (re-balance) into FCNTX
We can hire a manager to do this for us with hybrid/allocation/glide path retirement funds or we can "farm" a portfolio ourselves with individual securities (stocks or bonds) or with additional hired hands (stock or bond mutual fund managers). Either way, we still need to identify a strategy to deal with the spending dynamic and determine how that spending impacts portfolio re-balancing as we move through the distribution stage of life.

The barometer report.
This week saw Old_Skeet's market barometer finish the week with a reading of 140 indicating the S&P 500 Index is overvalued. A reading one point lower and the Index would fall into the overbought area. Generally, a lower reading indicates there is less investment value over a higher reading. Based upon a seasonal investment strategy I am overweight equities at this time over what my equity weighting matrix calls for by about 5%.
Also, at this time, the barometer is not finding any of the major sectors within the Index to be undervalued or oversold from a technical score perspective. With this, I am still with my cash build mode within my portfolio where most of my mutual fund distributions are taken in cash. This in of itself will be a rebalance of sorts as a good number of mutual funds will be making their annual capital gains distributions in December. With this, I'm expecting my allocation in cash to rise and my allocation in equities to fall. Come the end of December or the first part of January I may do some buying. Currently, I'm thinking in the hybrid fund area and looking at convertibles and multialternative funds.
In addition, you might find my comments and those made by others of interest in the thread linked below which centers around methods used to rebalance a portfolio.
https://www.mutualfundobserver.com/discuss/discussion/36992/ping-old-skeet-5-rebalancing-bands-for-your-fund-portfolio#latest
Have a great week and thanks for stopping by and reading.
Old_Skeet

FYI: Lead manager Ryan Caldwell uses quant models to allocate the go-anywhere Chiron Capital Allocation Fund.
Regards,
Ted
https://www.google.com/search?source=hp&ei=GXkiWsipEqHH_QaxrrXIDQ&q=Barron's+A+Fund+for+All+Seasons&oq=Barron's+A+Fund+for+All+Seasons&gs_l=psy-ab.3...3247.10560.0.11798.10.10.0.0.0.0.110.789.9j1.10.0....0...1.1j2.64.psy-ab..0.9.678...0j46j0i131k1j0i46k1.0.ZQxygfB-cpk
M* Snapshot CCAPX:
http://www.morningstar.com/funds/XNAS/CCAPX/quote.html
Lipper Snapshot CCAPX:
https://www.marketwatch.com/investing/fund/ccapx
CCAPX Is Unranked In The (WA) Fund Category By U.S. News & World Report:
https://money.usnews.com/funds/mutual-funds/world-allocation/chiron-capital-allocation-fund/ccapx

Hi @Catch22,
Thanks for the question.
Q: What would I personally do?
A: Rebalance, if I wanted to follow the discipline. Beyond this, if I was in the accumulation phase of investing I'd widen the rebalance channel from 5% to 10% perhaps even 20%. If I was in the distribution phase of investing I'd rebalance and follow the strategy. Another thing one might consider is a lower limit rebalance at 5% and an upper limit rebalance at 10% (possibly 20%) on the equity side. In this way you buy the pullback and let the winners run longer than normal.
Currently, for me, within my own portfolio I an overweight equity based upon what my equity weighting matrix is calling for by about five percent. This is based mostly upon a seasonal investment strategy where I generally overweight equities during the fall and winter and begin to lighten up come spring (rebalance). During the summer I generally follow a neutral weighting position. The matrix is driven by my market barometer. In addition, my normal equity allocation ranges from 45% to 55%. Currently, I am at 51% to 52% range as determined by a recent Morningstar Instant Xray analysis putting me somewhere between a 4% to 5% overweight over the matrix's reccomended allocation.
In rebalancing, you are most likely booking profit making unrealized gains realized. In this way, they are less likely to get vaporized in severe market downdrafts. This raise the question. Would you rather pay taxes on your gains (if warranted) or see these unrealized gains get vaporized in severe market declines and downdrafts. I'm of the camp pay the tax (if necessary) and rebalance ... harvest some of the gains along the way and don't let them get vaporized in stock market downdrafts.
The barometer, which follows certain metrics of the S&P 500 Index, as of Friday December 1st market close scored the Index as overvalued and not far from an overbought reading.
In addition, I think @davidrmoran made some good comments about this as well (goals, greed, needs and risk tolerance).
Skeet

Update:
https://www.sec.gov/Archives/edgar/data/890540/000113542817001085/frost-allocation-funds-497.txt
497
1
frost-allocation-funds-497.txt
THE ADVISORS' INNER CIRCLE FUND II (THE "TRUST")
FROST CONSERVATIVE ALLOCATION FUND
FROST MODERATE ALLOCATION FUND
FROST AGGRESSIVE ALLOCATION FUND (THE "FUNDS")
SUPPLEMENT DATED DECEMBER 1, 2017 TO THE
INSTITUTIONAL CLASS SHARES PROSPECTUS AND THE INVESTOR CLASS SHARES PROSPECTUS,
EACH DATED NOVEMBER 28, 2017 (THE "PROSPECTUSES") AND THE STATEMENT OF
ADDITIONAL INFORMATION, DATED NOVEMBER 28, 2017 (THE "SAI")
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUSES AND SAI, AND SHOULD BE READ IN CONJUNCTION WITH THE
PROSPECTUSES AND SAI.
The Board of Trustees of the Trust, at the recommendation of Frost Investment
Advisors, LLC (the "Adviser"), the investment adviser of the Funds, has approved
a plan of liquidation providing for the liquidation of each Fund's assets and
the distribution of the net proceeds pro rata to the Fund's shareholders. In
connection therewith, the Funds are closed to new investments. The Funds are
expected to cease operations and liquidate on or about December 22, 2017 (the
"Liquidation Date").
Prior to the Liquidation Date, shareholders may redeem (sell) their shares in
the manner described in the "How to Redeem Fund Shares" section of each
Prospectus. For those Fund shareholders that do not redeem (sell) their shares
prior to the Liquidation Date, the Funds will distribute to each such
shareholder, on or promptly after the Liquidation Date, a liquidating cash
distribution equal in value to the shareholder's interest in the net assets of
the Funds as of the Liquidation Date.
In anticipation of the liquidation of the Funds, the Adviser may manage each
Fund in a manner intended to facilitate its orderly liquidation, such as by
holding cash or making investments in other highly liquid assets. As a result,
during this time, all or a portion of each Fund may not be invested in a manner
consistent with its stated investment strategies, which may prevent the Fund
from achieving its investment objective.
The liquidation distribution amounts will include any accrued income and capital
gains, will be treated as a payment in exchange for shares and will generally be
a taxable event. You should consult your personal tax advisor concerning your
particular tax situation. Shareholders remaining in a Fund on the Liquidation
Date will not be charged any transaction fees by the Fund. However, the net
asset value of each Fund on the Liquidation Date will reflect costs of
liquidating the Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
FIA-SK-046-0100

Hi @Puddnhead, If you are referring to Eric Cinnamond, I believe he was part of the ICMBX team but I don't think he was ever the lead manager. I could be wrong. I think he was lead manager for Intrepid's small cap fund. You know, I was in his River Road small cap fund when it opened when he went out on his own. It really wasn't his deep value theme that turned me away. It was his persistence to be heavy in mining companies and energy when those sectors were collapsing. I believe he succumbed to the term "value trap", which to me is a sin for a mutual fund manager. In any case, below is what I found from M* in a Google search for "ICMBX Cinnamond".

Eric K. Cinnamond
01/28/2010 — 09/02/2010: Mr. Cinnamond serves as Portfolio Manager for River Road’s Independent Value Portfolio. Prior to joining River Road in 2010, Mr. Cinnamond served as Lead Portfolio Manager of Intrepid Capital Management’s small cap strategy, Co-Portfolio Manager and Analyst at Evergreen Asset Management, and Portfolio Manager at First Union National Bank of Florida. Mr. Cinnamond holds a B.B.A. in Finance from Stetson University and an M.B.A. from the University of Florida. He earned the Chartered Financial Analyst® designation in 1996 and is a member of the CFA Institute.

updated:
https://www.sec.gov/Archives/edgar/data/1217286/000119312517355827/d450598d497.htm
497 1 d450598d497.htm 497 TRUST I
JPMORGAN TRUST I
JPMorgan Tax Aware Income Opportunities Fund
(All Share Classes)
JPMORGAN TRUST II
JPMorgan Tax Free Bond Fund
(All Share Classes)
Supplement dated November 29, 2017
to the Summary Prospectuses, Prospectuses and
Statements of Additional Information dated July 1, 2017, as supplemented
Merger Proposal
At a meeting held on November 15, 2017, the Board of Trustees of JPMorgan Trust I (“Trust I”), on behalf of JPMorgan Tax Aware Income Opportunities Fund (the “Acquired Fund”), and the Board of Trustees of JPMorgan Trust II (“Trust II”), on behalf of JPMorgan Tax Free Bond Fund (the “Acquiring Fund” and together with the Acquired Fund, the “Funds”), approved the merger of the Acquired Fund with and into the Acquiring Fund. The merger will only be completed if approved by the Acquired Fund’s shareholders. This merger was recommended by the Funds’ adviser, J.P. Morgan Investment Management, Inc. (“JPMIM”), based on the belief that the Acquired Fund has limited opportunities for future growth and, as a result, the proposed merger has the potential to take advantage of operational and administrative efficiencies that may result from the reorganization of the Acquired Fund with and into the Acquiring Fund. After determining that (1) participation in the merger is in the best interests of the Funds and (2) the interests of each Fund’s existing shareholders would not be diluted as a result of the merger, each Board of Trustees approved the merger.
Operating expenses vary between the Funds and distribution and service fees differ among share classes. In connection with the proposed merger, JPMIM and JPMorgan Distribution Services, Inc. (“JPMDS”), the distributor for the Acquired Fund and the Acquiring Fund, have contractually agreed to waive their fees and/or reimburse the expenses of the Acquiring Fund, as needed, in order to maintain the total annual fund operating expenses after fee waivers and expense reimbursements (excluding acquired fund fees and expenses other than certain money market fund fees, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) of each class of shares of the Acquiring Fund at or below the level in effect immediately prior to the merger for the corresponding class of shares of the Acquired Fund. These contractual fee waivers and/or reimbursements will stay in effect until May 4, 2019 for the Acquiring Fund. There is no guarantee that such waivers and/or reimbursements will be continued after May 4, 2019. The expenses of the Acquiring Fund’s classes may be higher than disclosed if the expense limitation expires after May 4, 2019.
It is anticipated that the merger will qualify as a tax-free reorganization for federal income tax purposes. Prior to Closing, any net investment income and/or net realized capital gains will be distributed to shareholders of the Acquired Fund and may be distributed to shareholders of the Acquiring Fund in order to seek to avoid any negative tax impact to any of the Funds’ shareholders as a result of the reorganization.
Completion of the merger is subject to a number of conditions, including approval by the shareholders of the Acquired Fund. The merger is not contingent upon the approval of any other merger of JPMorgan Funds. Shareholder approval will be sought at a special meeting of shareholders expected to be held on or about March 28, 2018. If you own shares of the Acquired Fund as of the record date for the special meeting for shareholders, you will receive (i) a Proxy Statement/Prospectus describing in detail both the proposed merger and the Acquiring Fund (including, among other things, any differences in strategies, risks and fees between the Acquiring Fund and the Acquired Fund), and summarizing each Board of Trustee’s considerations in recommending that shareholders approve the merger and (ii) a proxy card and instructions on how to submit your vote.
If the merger is approved by the shareholders of the Acquired Fund, each holder of a class of shares of the Acquired Fund will receive, following the transfer, on a tax-free basis for federal income tax purposes, a number of full and fractional shares of the corresponding class of shares of the Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of the Acquired Fund held by that shareholder as of the close of business of the New York Stock Exchange, usually 4:00 p.m. Eastern time, on the closing day of the merger. The merger, if approved by shareholders, is expected to close after the close of business on May 4, 2018 or on another date as the parties to the transaction shall agree.
SUP-TAIO-1117
The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the Funds, nor is it a solicitation of any proxy. The Proxy Statement/Prospectus will be available for free on the Securities and Exchange Commission’s website (www.sec.gov), once it is available. Please read the Proxy Statement/Prospectus (when available) carefully before making any decision to invest in the Funds or when considering the merger. For additional information relating to each Fund, please refer to the Fund’s prospectus, which is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE SUMMARY PROSPECTUSES, PROSPECTUSES AND
STATEMENTS OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

FYI: Bitcoin exhibited its trademark volatility Wednesday, plunging back toward $9,000 just hours after topping the $11,000 milestone for the first time.
A single bitcoin BTCUSD, -0.94% changed hands in recent action at $9,428.54, according to tracking site CoinDesk, a decline of 4.1% from Monday.
Earlier, bitcoin traded as high as $11,377.33. The move came just a day after the cryptocurrency hit $10,000 for the first time, adding to a rally that saw its year-to-date gains briefly exceed 1,000%. It’s still up sharply from its 2016 finish just below $1,000.
Regards,
Ted
https://www.marketwatch.com/story/bitcoin-within-touching-distance-of-11000-just-one-day-after-taking-out-10000-milestone-2017-11-29/print

Hi @MikeM,
Wishing you the very best in your coming retirement.
If my memory is correct from viewing the now removed whoops portfolio the yield was at about 1.56% per my Instant Xray analysis; and, it was geared towards growth over income. Since, I am in retirement myself the yield is a little low for me. I take no more distribution than 1/2 of what my five year average return has been. In this way, my portfolio grows over time. In addition, you can (I believe) get your broker to set your account to where you can take all mutual fund distributions (interest, dividends and capital gains) in cash. This should raise your portfolio's income stream and prevent you from having to, perhaps, sell securities (piecemeal) to raise cash. I have found Morningstar's portfolio manager a good way to track a consolidated portfolio of multiple accounts. And, I have found it to be most reliable in tracking long term investment performance. Sure, it may have some short term glitches but overall it has been a good investment management tool.
Again, wishing you the very best as you approach retirement.
Old_Skeet

https://www.sec.gov/Archives/edgar/data/1217286/000119312517353626/d450598d497.htm
497 1 d450598d497.htm 497 TRUST I
JPMORGAN TRUST I
JPMorgan Tax Aware Income Opportunities Fund
(All Share Classes)
JPMORGAN TRUST II
JPMorgan Tax Free Bond Fund
(All Share Classes)
Supplement dated November 28, 2017
to the Summary Prospectuses, Prospectuses and
Statements of Additional Information dated July 1, 2017, as supplemented
Merger Proposal
At a meeting held on November 15, 2017, the Board of Trustees of JPMorgan Trust I (“Trust I”), on behalf of JPMorgan Tax Aware Income Opportunities Fund (the “Acquired Fund”), and the Board of Trustees of JPMorgan Trust II (“Trust II”), on behalf of JPMorgan Tax Free Bond Fund (the “Acquiring Fund” and together with the Acquired Fund, the “Funds”), approved the merger of the Acquired Fund with and into the Acquiring Fund. The merger will only be completed if approved by the Acquired Fund’s shareholders. This merger was recommended by the Funds’ adviser, J.P. Morgan Investment Management, Inc. (“JPMIM”), based on the belief that the Acquired Fund has limited opportunities for future growth and, as a result, the proposed merger has the potential to take advantage of operational and administrative efficiencies that may result from the reorganization of the Acquired Fund with and into the Acquiring Fund. After determining that (1) participation in the merger is in the best interests of the Funds and (2) the interests of each Fund’s existing shareholders would not be diluted as a result of the merger, each Board of Trustees approved the merger.
Operating expenses vary between the Funds and distribution and service fees differ among share classes. In connection with the proposed merger, JPMIM and JPMorgan Distribution Services, Inc. (“JPMDS”), the distributor for the Acquired Fund and the Acquiring Fund, have contractually agreed to waive their fees and/or reimburse the expenses of the Acquiring Fund, as needed, in order to maintain the total annual fund operating expenses after fee waivers and expense reimbursements (excluding acquired fund fees and expenses other than certain money market fund fees, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) of each class of shares of the Acquiring Fund at or below the level in effect immediately prior to the merger for the corresponding class of shares of the Acquired Fund. These contractual fee waivers and/or reimbursements will stay in effect until May 4, 2019 for the Acquiring Fund. There is no guarantee that such waivers and/or reimbursements will be continued after May 4, 2019. The expenses of the Acquiring Fund’s classes may be higher than disclosed if the expense limitation expires after May 4, 2019.
It is anticipated that the merger will qualify as a tax-free reorganization for federal income tax purposes. Prior to Closing, any net investment income and/or net realized capital gains will be distributed to shareholders of the Acquired Fund and may be distributed to shareholders of the Acquiring Fund in order to seek to avoid any negative tax impact to any of the Funds’ shareholders as a result of the reorganization.
Completion of the merger is subject to a number of conditions, including approval by the shareholders of the Acquired Fund. The merger is not contingent upon the approval of any other merger of JPMorgan Funds. Shareholder approval will be sought at a special meeting of shareholders expected to be held on or about March 28, 2018. If you own shares of the Acquired Fund as of the record date for the special meeting for shareholders, you will receive (i) a Proxy Statement/Prospectus describing in detail both the proposed merger and the Acquiring Fund (including, among other things, any differences in strategies, risks and fees between the Acquiring Fund and the Acquired Fund), and summarizing each Board of Trustee’s considerations in recommending that shareholders approve the merger and (ii) a proxy card and instructions on how to submit your vote.
If the merger is approved by the shareholders of the Acquired Fund, each holder of a class of shares of the Acquired Fund will receive, following the transfer, on a tax-free basis for federal income tax purposes, a number of full and fractional shares of the corresponding class of shares of the Acquiring Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of the Acquired Fund held by that shareholder as of the close of business of the New York Stock Exchange, usually 4:00 p.m. Eastern time, on the closing day of the merger. The merger, if approved by shareholders, is expected to close after the close of business on May 4, 2018 or on another date as the parties to the transaction shall agree.
SUP-TAIO-1117
The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of the Funds, nor is it a solicitation of any proxy. The Proxy Statement/Prospectus will be available for free on the Securities and Exchange Commission’s website (www.sec.gov), once it is available. Please read the Proxy Statement/Prospectus (when available) carefully before making any decision to invest in the Funds or when considering the merger. For additional information relating to each Fund, please refer to the Fund’s prospectus, which is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE SUMMARY PROSPECTUSES, PROSPECTUSES AND
STATEMENTS OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE