JPMorgan Trust II

0001193125-24-008235.txt : 20240116 0001193125-24-008235.hdr.sgml : 20240116 20240116102126 ACCESSION NUMBER: 0001193125-24-008235 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240116 DATE AS OF CHANGE: 20240116 EFFECTIVENESS DATE: 20240116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: JPMORGAN TRUST II CENTRAL INDEX KEY: 0000763852 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 002-95973 FILM NUMBER: 24534024 BUSINESS ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 800-480-4111 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: ONE GROUP MUTUAL FUNDS DATE OF NAME CHANGE: 20000721 FORMER COMPANY: FORMER CONFORMED NAME: ONE GROUP DATE OF NAME CHANGE: 19931105 FORMER COMPANY: FORMER CONFORMED NAME: HELMSMAN FUND DATE OF NAME CHANGE: 19920703

0000763852 S000003499 JPMorgan Short-Intermediate Municipal Bond Fund

C000009692 Class A OSTAX

C000009694 Class C STMCX

C000077258 Class I JIMIX

C000205207 Class R6 OSTSX

0000763852 S000003500 JPMorgan Tax Free Bond Fund

C000009695 Class C JTFCX

C000009696 Class I PRBIX

C000009697 Class A PMBAX

C000205208 Class R6 RUNFX

497 1 d692320d497.htm JPMORGAN TRUST II JPMorgan Trust II

J.P. MORGAN MUNICIPAL BOND FUNDS

JPMORGAN TRUST I

JPMorgan California Tax Free Bond Fund

JPMorgan National Municipal Income Fund

JPMorgan New York Tax Free Bond Fund

JPMORGAN TRUST II

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMORGAN TRUST IV

JPMorgan Ultra-Short Municipal Fund

(All Share Classes)

(each, a “Fund” and collectively, the “Funds”)

Supplement dated January 16, 2024

to the current Summary Prospectuses and Prospectuses, as supplemented

Effective immediately, the portfolio manager information in the “Risk/Return Summary — Management” section of each Fund’s Summary Prospectus and Prospectus is hereby deleted in its entirety and replaced with the following:

JPMorgan California Tax Free Bond Fund

Management

J.P. Morgan Investment Management Inc. (the adviser)



Portfolio Manager		Managed the Fund Since		Primary Title with Investment Adviser
Michelle Hallam		2004		Managing Director
Josh Brunner		2024		Executive Director
Rachel Betton		2024		Managing Director
Kevin M. Ellis¹		2023		Managing Director

1	Effective February 16, 2024, Mr. Ellis will no longer serve as a portfolio manager of the Fund.

JPMorgan New York Tax Free Bond Fund

Management

J.P. Morgan Investment Management Inc. (the adviser)



Portfolio Manager		Managed the Fund Since		Primary Title with Investment Adviser
Rachel Betton		2024		Managing Director
Josh Brunner		2024		Executive Director
Michelle Hallam		2023		Managing Director
Kevin M. Ellis¹		2005		Managing Director

1	Effective February 16, 2024, Mr. Ellis will no longer serve as a portfolio manager of the Fund.

SUP-MBTF-124

JPMorgan National Municipal Income Fund

Management

J.P. Morgan Investment Management Inc. (the adviser)



Portfolio Manager		Managed the Fund Since		Primary Title with Investment Adviser
Michelle Hallam		2024		Managing Director
Michael Myers		2024		Executive Director
Rachel Betton		2024		Managing Director
Richard Taormina¹		2006		Managing Director
Kevin M. Ellis¹		2023		Managing Director

1	Effective February 16, 2024, Messrs. Taormina and Ellis will no longer serve as portfolio managers of the Fund.

JPMorgan Short-Intermediate Municipal Bond Fund

Management

J.P. Morgan Investment Management Inc. (the adviser)



Portfolio Manager		Managed the Fund Since		Primary Title with Investment Adviser
Curtis White		2024		Executive Director
Josh Brunner		2024		Executive Director
Michelle Hallam		2023		Managing Director
Kevin M. Ellis¹		2006		Managing Director

1	Effective February 16, 2024, Mr. Ellis will no longer serve as a portfolio manager of the Fund.

JPMorgan Tax Free Bond Fund

Management

J.P. Morgan Investment Management Inc. (the adviser)



Portfolio Manager		Managed the Fund Since		Primary Title with Investment Adviser
Rachel Betton		2024		Managing Director
Michael Myers		2024		Executive Director
Michelle Hallam		2014		Managing Director
Richard Taormina¹		2005		Managing Director

1	Effective February 16, 2024, Mr. Taormina will no longer serve as a portfolio manager of the Fund.

JPMorgan Ultra-Short Municipal Fund

Management

J.P. Morgan Investment Management Inc. (the adviser)



Portfolio Manager		Managed the Fund Since		Primary Title with Investment Adviser
Curtis White		2023		Executive Director
Josh Brunner		2023		Executive Director
Richard Taormina¹		2016		Managing Director

1	Effective February 16, 2024, Mr. Taormina will no longer serve as a portfolio manager of the Fund.

In addition, within the section titled “The Funds’ Management and Administration — The Portfolio Managers” of the Funds’ Prospectuses, the relevant funds’ subsections are each hereby deleted in their entirety and replaced with the following:

JPMorgan Short-Intermediate Municipal Bond Fund

Curtis White, Josh Brunner, Michelle Hallam and Kevin Ellis are the portfolio managers responsible for the day-to-day management of the JPMorgan Short-Intermediate Municipal Bond Fund.

Mr. White, Executive Director, is a member of the Global Fixed Income, Currency & Commodities (GFICC) group. Based in New York, Mr. White is a portfolio manager for the Municipal Strategies Team and manages mutual funds, and ETFs, as well as separately managed fixed income portfolios. An employee since 1997, Mr. White was previously a portfolio manager for the Global Liquidity team and managed various tax-exempt money market funds as well as individual account portfolios. Prior to this, Mr. White was a performance analyst. Before joining the firm, he worked for BISYS Fund Services as a mutual fund accountant and was a personal financial advisor for American Express Financial Advisors. Mr. White holds a B.S.B.A. in Finance/Business Management from Slippery Rock University.

Mr. Brunner, Executive Director, is a member of the GFICC group. Based in Columbus, Mr. Brunner is a portfolio manager for the Tax Aware Strategies Team and manages mutual funds, as well as fixed income portfolios, for institutional and private clients. An employee since 2000, Mr. Brunner was previously a tax-free trader for the same group. Before joining the firm, he worked in operations and sales support at AIM Mutual Funds. Mr. Brunner holds a B.A. in Psychology from the University of Texas and is a CFA charterholder.

Ms. Hallam, Managing Director, is a member of the GFICC group. Based in New York, Ms. Hallam is a senior portfolio manager for the Municipal Strategies Team and manages mutual funds and ETFs, as well as fixed income portfolios for institutional clients, insurance companies and private clients. In addition to her tax-exempt portfolio management responsibilities, Ms. Hallam is the taxable muni lead portfolio manager, where she and her team provide advisory and execution for GFICC broad market strategies as it relates to taxable munis. An employee since 1999, she previously worked as an analyst in the U.S. Institutional Fixed Income Group. She began her career as an analyst in the Internal Consulting Services program, where she worked on projects in Investment Management and Financial Risk Management. Ms. Hallam holds a B.S. in Economics from Cornell University and is a CFA charterholder.

Mr. Ellis, Managing Director, is a member of the GFICC group. Based in New York, Mr. Ellis is a senior portfolio manager for the Municipal Strategies Team and manages mutual funds and ETFs, as well as fixed income portfolios for private clients. Before joining the firm in 2003, Mr. Ellis worked at Alliance Capital/Sanford Bernstein as a municipal bond trader. Mr. Ellis holds a B.S. in Business Administration from Boston University and is a CFA charterholder.

JPMorgan Tax Free Bond Fund

Rachel Betton, Michael Myers, Michelle Hallam and Richard Taormina are the portfolio managers responsible for the day-to-day management of the JPMorgan Tax Free Bond Fund.

Ms. Betton, Managing Director, is a member of the GFICC group. Based in New York, she is a senior portfolio manager for the for the Municipal Strategies Team. Prior to joining the firm in July 2023, Ms. Betton spent the last 10 years at PIMCO where she was a senior member of the municipal portfolio management team where she managed investment grade funds and ETFs, as well as high yield, interval and state-specific strategies. Before that, she was an institutional municipal trader at Morgan Stanley where she focused on high yield. She has a B. A. in College of Social Studies from Wesleyan University.

Mr. Myers, Executive Director, is a member of the GFICC group. Based in Columbus, Mr. Myers is a senior portfolio manager for the Municipal Strategies Team and is responsible for managing mutual funds and ETF’s, as well as fixed income portfolios for private clients. Prior to joining the firm in 2005, Mr. Myers was a financial consultant at Smith Barney/Citigroup. He also worked at Morgan Stanley Dean Witter as both a senior liaison – product specialist on the Midwest Municipal Trading Desk and financial advisor. He holds a B.S. in Finance from the University of Akron.

Ms. Hallam has participated in the management of the JPMorgan Tax Free Bond Fund since 2014. Biographical information on Ms. Hallam is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

Mr. Taormina, Managing Director, has been a portfolio manager responsible for the day-to-day management of the JPMorgan Tax Free Bond Fund since February 2005. Mr. Taormina is a portfolio manager in the GFICC group. An employee since 1997, Mr. Taormina is responsible for managing municipal and tax-aware mutual funds, high net worth and institutional fixed income accounts, and quantitative analysis.

JPMorgan Ultra-Short Municipal Fund

Curtis White, Josh Brunner, and Richard Taormina are the portfolio managers responsible for the day-to-day management of the JPMorgan Ultra-Short Municipal Fund.

Mr. White has participated in the management of the JPMorgan Ultra-Short Municipal Fund since 2023. Biographical information on Mr. White is described under the JPMorgan Short-Term Intermediate Municipal Bond Fund section.

Mr. Brunner has participated in the management of the JPMorgan Ultra-Short Municipal Fund since 2023. Biographical information on Mr. Brunner is described under the JPMorgan Short-Term Intermediate Municipal Bond Fund section.

Mr. Taormina has participated in the management of the JPMorgan Ultra-Short Municipal Fund since 2016. Biographical information on Mr. Taormina is described under the JPMorgan Tax Free Bond Fund section.

JPMorgan California Tax Free Bond Fund

Michelle Hallam, Josh Brunner, Rachel Betton and Kevin Ellis are the portfolio managers responsible for the day-to-day management of the JPMorgan California Tax Free Bond Fund.

Ms. Hallam has participated in the management of the JPMorgan California Tax Free Bond Fund since 2004. Biographical information on Ms. Hallam is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

Mr. Brunner has participated in the management of the JPMorgan California Tax Free Bond Fund since 2024. Biographical information on Mr. Brunner is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

Ms. Betton has participated in the management of the JPMorgan California Tax Free Bond Fund since 2024. Biographical information on Ms. Betton is described under the JPMorgan Tax Free Bond Fund section.

Mr. Ellis has participated in the management of the JPMorgan California Tax Free Bond Fund since 2023. Biographical information on Mr. Ellis is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

JPMorgan New York Tax Free Bond Fund

Rachel Betton, Josh Brunner, Michelle Hallam and Kevin Ellis are the portfolio managers responsible for the day-to-day management of the JPMorgan New York Tax Free Bond Fund.

Ms. Betton has participated in the management of the JPMorgan New York Tax Free Bond Fund since 2024. Biographical information on Ms. Betton is described under the JPMorgan Tax Free Bond Fund section.

Mr. Brunner has participated in the management of the JPMorgan New York Tax Free Bond Fund since 2024. Biographical information on Mr. Brunner is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

Ms. Hallam has participated in the management of the JPMorgan New York Tax Free Bond Fund since 2023. Biographical information on Ms. Hallam is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

Mr. Ellis has participated in the management of the JPMorgan New York Tax Free Bond Fund since 2005. Biographical information on Mr. Ellis is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

JPMorgan National Municipal Income Fund

Michelle Hallam, Michael Myers, Rachel Betton, Richard Taormina and Kevin Ellis are the portfolio managers responsible for the day-to-day management of the JPMorgan National Municipal Income Fund.

Ms. Hallam has participated in the management of the JPMorgan National Municipal Income Fund since 2024. Biographical information on Ms. Hallam is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

Mr. Myers has participated in the management of the JPMorgan National Municipal Income Fund since 2024. Biographical information on Mr. Myers is described under the JPMorgan Tax Free Bond Fund section.

Ms. Betton has participated in the management of the JPMorgan National Municipal Income Fund since 2024. Biographical information on Ms. Betton is described under the JPMorgan Tax Free Bond Fund section.

Mr. Taormina has participated in the management of the JPMorgan National Municipal Income Fund since 2006. Biographical information on Mr. Taormina is described under the JPMorgan Tax Free Bond Fund section.

Mr. Ellis has participated in the management of the JPMorgan National Municipal Income Fund since 2023. Biographical information on Mr. Ellis is described under the JPMorgan Short-Intermediate Municipal Bond Fund section.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE

SUMMARY PROSPECTUSES AND PROSPECTUSES FOR FUTURE REFERENCE

J.P. MORGAN MUNICIPAL BOND FUNDS

J.P. MORGAN TRUST I

JPMorgan California Tax Free Bond Fund

JPMorgan National Municipal Income Fund

JPMorgan New York Tax Free Bond Fund

JPMORGAN TRUST II

JPMorgan Short-Intermediate Municipal Bond Fund

JPMorgan Tax Free Bond Fund

JPMORGAN TRUST IV

JPMorgan Ultra-Short Municipal Fund

(All Share Classes)

(each, a “Fund” and collectively, the “Funds”)

Supplement dated January 16, 2024

to the current Statement of Additional Information, as supplemented

Effective immediately, the information in the “Portfolio Managers — Portfolio Managers’ Other Accounts Managed” section of the Statement of Additional Information with respect to the Funds is deleted in its entirety and replaced with the following:

The following table shows information regarding all of the other accounts managed for which advisory fees are not based on the performance of the accounts that are managed by each portfolio manager as of November 30, 2023:


		Non-Performance Based Fee Advisory Accounts
		Registered Investment Companies								Other Pooled Investment Vehicles								Other Accounts
Fund		Number of Accounts				Total Assets ($thousands)				Number of Accounts				Total Assets ($thousands)				Number of Accounts				Total Assets ($thousands)
Short-Intermediate Municipal Bond Fund
Curtis White			2			$	4,306,172				0			$	0				12			$	316,696
Josh Brunner			2				4,306,172				0				0				45				6,934,625
Michelle Hallam¹			3				1,236,929				0				0				92				3,006,574
Kevin M. Ellis^{1, 2}			7				6,009,454				0				0				107				2,757,201

Tax Free Bond Fund
Rachel Betton			0				0				0				0				0				0
Michael Myers			1				859,226				0				0				12				621,840
Michelle Hallam¹			2				688,416				0				0				92				3,006,574
Richard Taormina^{1, 2}			7				9,738,071				0				0				4				490,731

Ultra-Short Municipal Fund
Curtis White¹			1				2,535,634				0				0				31				399,269
Josh Brunner¹			1				2,535,634				0				0				43				510,166
Richard Taormina^{1, 2}			7				7,948,564				0				0				4				490,731

California Tax Free Bond Fund
Michelle Hallam¹			2				956,721				0				0				92				3,006,574
Josh Brunner			2				4,306,172				0				0				45				6,934,625
Rachel Betton			0				0				0				0				0				0
Kevin M. Ellis^{2, 3}			9				5,918,945				0				0				33				2,082,832

SUP-SAI-MBTF-PM-124


		Non-Performance Based Fee Advisory Accounts
		Registered Investment Companies								Other Pooled Investment Vehicles								Other Accounts
Fund		Number of Accounts				Total Assets ($thousands)				Number of Accounts				Total Assets ($thousands)				Number of Accounts				Total Assets ($thousands)
National Municipal Income Fund
Michelle Hallam			5			$	3,252,332				0			$	0				70			$	2,376,399
Michael Myers			1				859,226				0				0				12				621,840
Rachel Betton			0				0				0				0				0				0
Richard Taormina^{1, 2}			7				6,728,550				0				0				4				490,731
Kevin M. Ellis^{1, 2}			6				2,451,419				0				0				107				2,757,201

New York Tax Free Bond Fund
Rachel Betton			0				0				0				0				0				0
Josh Brunner			2				4,306,172				0				0				45				6,934,625
Michelle Hallam³			4				2,567,809				0				0				71				2,569,800
Kevin M. Ellis^{1, 2}			6				5,647,854				0				0				107				2,757,201

1	As of February 28, 2023.

2	Effective February 16, 2024, Messrs. Taormina and Ellis will no longer serve as portfolio managers of the Funds.

3	As of July 31, 2023.

The following table shows information on the other accounts managed by each portfolio manager that have advisory fees wholly or partly based on performance as of November 30, 2023:


		Performance Based Fee Advisory Accounts*
		Registered Investment Companies								Other Pooled Investment Vehicles								Other Accounts
Fund		Number of Accounts				Total Assets ($thousands)				Number of Accounts				Total Assets ($thousands)				Number of Accounts				Total Assets ($thousands)
Short-Intermediate Municipal Bond Fund
Curtis White			0			$	0				0			$	0				0			$	0
Josh Brunner			0				0				0				0				0				0
Michelle Hallam¹			0				0				0				0				0				0
Kevin M. Ellis^{1, 2}			7				6,009,454				0				0				107				2,757,201

Tax Free Bond Fund
Rachel Betton			0				0				0				0				0				0
Michael Myers			0				0				0				0				0				0
Michelle Hallam¹			0				0				0				0				0				0
Richard Taormina^{1, 2}			0				0				0				0				0				0

Ultra-Short Municipal Fund
Curtis White¹			0				0				0				0				0				0
Josh Brunner¹			0				0				0				0				0				0
Richard Taormina^{1, 2}			0				0				0				0				0				0

California Tax Free Bond Fund
Michelle Hallam¹			0				0				0				0				0				0
Josh Brunner			0				0				0				0				0				0
Rachel Betton			0				0				0				0				0				0
Kevin M. Ellis^{2, 3}			0				0				0				0				0				0

National Municipal Income Fund
Michelle Hallam			0				0				0				0				0				0
Michael Myers			0				0				0				0				0				0
Rachel Betton			0				0				0				0				0				0
Richard Taormina^{1, 2}			0				0				0				0				0				0
Kevin M. Ellis^{1, 2}			0				0				0				0				0				0


		Performance Based Fee Advisory Accounts*
		Registered Investment Companies								Other Pooled Investment Vehicles								Other Accounts
Fund		Number of Accounts				Total Assets ($thousands)				Number of Accounts				Total Assets ($thousands)				Number of Accounts				Total Assets ($thousands)
New York Tax Free Bond Fund
Rachel Betton			0				0				0				0				0				0
Josh Brunner			0				0				0				0				0				0
Michelle Hallam³			0				0				0				0				0				0
Kevin M. Ellis^{1, 2}			0				0				0				0				0				0

*	The total value and number of accounts managed by a portfolio manager may include sub-accounts of asset allocation, multi-managed and other accounts.

1	As of February 28, 2023.

2	Effective February 16, 2024, Messrs. Taormina and Ellis will no longer serve as portfolio managers of the Funds.

3	As of July 31, 2023.

In addition, effective immediately, the information in the “Portfolio Managers — Portfolio Managers’ Ownership of Securities” section of the Statement of Additional Information with respect to each Fund is deleted in its entirety and replaced with the following:

The following table indicates the dollar range of securities beneficially owned by each portfolio manager, as of November 30, 2023. Aggregate Dollar Range, if applicable, includes each portfolio manager’s deferred compensation balance attributable to the Fund through participation in the Adviser’s deferred compensation plan. If applicable, this reflects an obligation of the Adviser to pay deferred compensation to the portfolio manager at a future date in an amount based on the performance of that Fund and accordingly, is the economic equivalent of an investment in Fund shares.

Aggregate Dollar Range of Securities in the Fund

Fund

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

Over
$1,000,000

Short-Intermediate Municipal Bond Fund

Curtis White

X

Josh Brunner

X

Michelle Hallam¹

X

Kevin M. Ellis^{1, 2}

X

Tax Free Bond Fund

Rachel Betton

X

Michael Myers

X

Michelle Hallam¹

X

Richard Taormina^{1, 2}

X

Ultra-Short Municipal Fund

Curtis White¹

X

Josh Brunner¹

X

Richard Taormina^{1, 2}

X

California Tax Free Bond Fund

Michelle Hallam¹

X

Josh Brunner

X

Rachel Betton

X

Kevin M. Ellis^{2, 3}

X

National Municipal Income Fund

Michelle Hallam

X

Michael Myers

X

Rachel Betton

X

Richard Taormina^{1, 2}

X

Kevin M. Ellis^{1, 2}

X

Aggregate Dollar Range of Securities in the Fund

Fund

None

$1-
$10,000

$10,001-
$50,000

$50,001-
$100,000

$100,001-
$500,000

$500,001-
$1,000,000

Over
$1,000,000

New York Tax Free Bond Fund

Rachel Betton

X

Josh Brunner

X

Michelle Hallam³

X

Kevin M. Ellis^{1, 2}

X

1	As of February 28, 2023.

2	Effective February 16, 2024, Messrs. Taormina and Ellis will no longer serve as portfolio managers of the Funds.

3	As of July 31, 2023.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THE

STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE