JPMorgan Trust II
J.P. MORGAN INCOME FUNDS
STATEMENT OF ADDITIONAL INFORMATION, PART I
July 1, 2023
JPMORGAN TRUST I (“JPMT I”)
JPMorgan Corporate Bond Fund (the “Corporate Bond Fund”)
Class A/CBRAX; Class C/CBRCX; Class I/CBFSX; Class R6/CBFVX
JPMorgan Emerging Markets Debt Fund (the “Emerging Markets Debt Fund”)
Class A/JEDAX; Class C/JEDCX; Class I/JEMDX; Class R5/JEMRX; Class R6/JEMVX
JPMorgan Floating Rate Income Fund (the “Floating Rate Income Fund”)
Class A/JPHAX; Class C/JPHCX; Class I/JPHSX; Class R6/JPHRX
JPMorgan Global Bond Opportunities Fund (the “Global Bond Opportunities Fund”)
Class A/GBOAX; Class C/GBOCX; Class I/GBOSX; Class R6/GBONX
JPMorgan Income Fund (the “Income Fund”)
Class A/JGIAX; Class C/JGCGX; Class I/JMSIX; Class R6/JMSFX
JPMorgan Short Duration Core Plus Fund (the “Short Duration Core Plus Fund”)
Class A/JSDHX; Class C/JSDCX; Class I/JSDSX; Class R6/JSDRX
JPMorgan Strategic Income Opportunities Fund (the “Strategic Income Opportunities Fund”)
Class A/JSOAX; Class C/JSOCX; Class I/JSOSX; Class R5/JSORX; Class R6/JSOZX
JPMorgan Total Return Fund (the “Total Return Fund”)
Class A/JMTAX; Class C/JMTCX; Class I/JMTSX; Class R2/JMTTX; Class R5/JMTRX; Class R6/JMTIX
JPMorgan Unconstrained Debt Fund (the “Unconstrained Debt Fund”)
Class A/JSIAX; Class C/JINCX; Class I/JSISX; Class R2/JISZX; Class R5/JSIRX; Class R6/JSIMX
JPMORGAN TRUST II (“JPMT II”)
JPMorgan Core Bond Fund (the “Core Bond Fund”)
Class A/PGBOX; Class C/OBOCX; Class I/WOBDX; Class R2/JCBZX; Class R3/JCBPX;
Class R4/JCBQX; Class R5/JCBRX; Class R6/JCBUX
JPMorgan Core Plus Bond Fund (the “Core Plus Bond Fund”)
Class A/ONIAX; Class C/OBDCX; Class I/HLIPX;
Class R2/JCPZX; Class R3/JCPPX; Class R4/JCPQX; Class R5/JCPYX; Class R6/JCPUX
JPMorgan Government Bond Fund (the “Government Bond Fund”)
Class A/OGGAX; Class C/OGVCX; Class I/HLGAX; Class R2/JGBZX;
Class R3/OGGPX; Class R4/OGGQX; Class R6/OGGYX
JPMorgan High Yield Fund (the “High Yield Fund”)
Class A/OHYAX; Class C/OGHCX; Class I/OHYFX; Class R2/JHYZX; Class R3/JRJYX;
Class R4/JRJKX; Class R5/JYHRX; Class R6/JHYUX
JPMorgan Limited Duration Bond Fund (the “Limited Duration Bond Fund”)
Class A/ ONUAX; Class C/OGUCX; Class I/HLGFX; Class R6/JUSUX
JPMorgan Mortgage-Backed Securities Fund (the “Mortgage-Backed Securities Fund”)
Class A/OMBAX; Class C/OBBCX; Class I/OMBIX; Class R6/JMBUX
JPMorgan Short Duration Bond Fund (the “Short Duration Bond Fund”)
Class A/OGLVX; Class C/OSTCX; Class I/HLLVX; Class R6/JSDUX
JPMORGAN TRUST IV (“JPMT IV”)
JPMorgan Preferred and Income Securities Fund (the “Preferred and Income Securities Fund”)
Class A/JPDAX; Class C/JPDCX; Class I/JPDIX; Class R6/JPDRX
(each a “Fund” and collectively, the “Funds”)

This Statement of Additional Information (“SAI”) is not a prospectus but contains additional information which should be read in conjunction with the prospectuses for the Funds dated July 1, 2023, as supplemented from time to time (“Prospectuses”). Additionally, this SAI incorporates by reference the financial statements dated February 28, 2023 included in the annual Shareholder Reports (collectively, “Financial Statements”). The Prospectuses and the Financial Statements, including the Independent Registered Public Accounting Firm’s reports, are available without charge upon request by contacting JPMorgan Distribution Services, Inc. (“JPMDS” or the “Distributor”), the Funds’ distributor, at 1111 Polaris Parkway, Columbus, OH 43240.
This SAI is divided into two Parts – Part I and Part II. Part I of this SAI contains information that is particular to each Fund. Part II of this SAI contains information that generally applies to the Funds and other J.P. Morgan Funds. For more information about the Funds or the Financial Statements, simply write or call:
J.P. Morgan Funds Services
P.O. Box 219143
Kansas City, MO 64121-9143
1-800-480-4111
SAI-INC-723

Part I

Table of Contents
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PLEASE SEE PART II OF THIS SAI FOR ITS TABLE OF CONTENTS

GENERAL
The Trusts and the Funds
JPMorgan Trust I (“JPMT I”) is an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 12, 2004, pursuant to a Declaration of Trust dated November 5, 2004, as subsequently amended. The following Funds are series of JPMT I:
JPMorgan Corporate Bond Fund
JPMorgan Emerging Markets Debt Fund
JPMorgan Floating Rate Income Fund
JPMorgan Global Bond Opportunities Fund
JPMorgan Income Fund
JPMorgan Short Duration Core Plus Fund
JPMorgan Strategic Income Opportunities Fund
JPMorgan Total Return Fund
JPMorgan Unconstrained Debt Fund
JPMorgan Emerging Markets Debt Fund is a successor mutual fund to a Fund that was a series of J.P. Morgan Funds (the “Predecessor Fund”) prior to February 18, 2005. The Predecessor Fund operated as a series of another legal entity prior to reorganizing and redomiciling as series of J.P. Morgan Mutual Fund Series (“JPMMFS”) on February 18, 2005.
JPMorgan Emerging Markets Debt Fund was formerly a series of a business trust called J.P. Morgan Funds (“JPMF” or the “Predecessor Trust”).
Shareholders of the Predecessor Fund approved an Agreement and Plan of Reorganization and Redomiciliation (“Shell Reorganization Agreements”) between the Predecessor Trust (other than JPMMFS), on behalf of the Predecessor Fund (other than the series of JPMMFS), and JPMMFS, on behalf of its series. Pursuant to the Shell Reorganization Agreements, the Predecessor Fund (other than the series of JPMMFS) was reorganized into the corresponding series of JPMMFS effective after the close of business on February 18, 2005 (“Closing Date”). With respect to events that occurred or payments that were made prior to the Closing Date, any reference to the JPMorgan Emerging Markets Debt Fund in this SAI prior to the Closing Date refers to the Predecessor Fund.
On January 20, 2005, shareholders of JPMMFS approved the redomiciliation of JPMMFS as a Delaware statutory trust to be called “JPMorgan Trust I” (“Redomiciliation”). The Redomiciliation took place after the close of business on the Closing Date, at which time the Predecessor Fund became a series of JPMorgan Trust I. The Redomiciliation was effective after each of the reorganizations pursuant to the Shell Reorganization Agreements.
The remaining Funds (with the exception of the JPMorgan Preferred and Income Securities Fund) in this SAI are series of JPMorgan Trust II (“JPMT II”). JPMT II is an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 12, 2004, pursuant to a Declaration of Trust dated November 5, 2004. Each of the Funds which are a series of JPMT II was formerly a series of One Group Mutual Funds, a Massachusetts business trust which was formed on May 23, 1985. At shareholder meetings held on January 20, 2005 and February 3, 2005, shareholders of One Group Mutual Funds approved the redomiciliation of One Group Mutual Funds as a Delaware statutory trust to be called JPMorgan Trust II. The redomiciliation was effective after the close of business on February 18, 2005. The JPMorgan Preferred and Income Securities Fund is a series of JPMorgan Trust IV (“JPMT IV”). JPMT IV is an open-end, management investment company formed as a statutory trust under the laws of the State of Delaware on November 11, 2015, pursuant to a Declaration of Trust dated November 11, 2015, as subsequently amended. In addition to the Fund, the Trust consists of other series representing separate investment funds (each a “J.P. Morgan Fund”). Effective June 30, 2023, the Board of the JPMorgan Preferred and Income Securities Fund has approved a change to the Fund’s fiscal year end, from the last day of February to June 30.
2005 J.P. Morgan Funds Mergers. After the close of business on February 18, 2005, two series of the J.P. Morgan Funds merged with and into the Funds listed below. The following list identifies the target funds and the surviving funds.
Target Funds
Surviving Funds
JPMorgan Bond Fund II
One Group Bond Fund (now known as JPMorgan
Core Bond Fund)
Part I - 2

Target Funds
Surviving Funds
JPMorgan U.S. Treasury Income Fund
One Group Government Bond Fund (now known as
JPMorgan Government Bond Fund)
Fund Names. Prior to February 19, 2005, certain JPMT I and JPMT II Funds had the following names listed below corresponding to their current names:
Former Name
Current Name
JPMorgan Fleming Emerging Markets Debt Fund
JPMorgan Emerging Markets Debt Fund
One Group Bond Fund
JPMorgan Core Bond Fund
One Group Income Bond Fund
JPMorgan Core Plus Bond Fund
One Group Government Bond Fund
JPMorgan Government Bond Fund
One Group High Yield Bond Fund
JPMorgan High Yield Fund*
One Group Ultra Short-Term Bond Fund
JPMorgan Limited Duration Bond Fund**
One Group Mortgage-Backed Securities Fund
JPMorgan Mortgage-Backed Securities Fund
One Group Short-Term Bond Fund
JPMorgan Short Duration Bond Fund
*
Prior to September 14, 2009, the JPMorgan High Yield Fund was named the JPMorgan High Yield Bond Fund.
**
Prior to August 31, 2009, the JPMorgan Limited Duration Bond Fund was named the JPMorgan Ultra Short Duration Bond Fund and prior to July 1, 2006, the JPMorgan Ultra Short Duration Bond Fund was named the JPMorgan Ultra Short Term Bond Fund.
2009 J.P. Morgan Funds Mergers. After the close of business on June 26, 2009, two series of the J.P. Morgan Funds merged with and into the Funds listed below. The following list identifies the target funds and the surviving funds.
Target Funds
Surviving Funds
JPMorgan Bond Fund
JPMorgan Core Plus Bond Fund
JPMorgan Intermediate Bond Fund
JPMorgan Core Bond Fund
Share Classes
Share Classes. Shares in the Funds of the Trusts are generally offered in multiple classes. The following chart shows the share classes offered by each of the Funds as of the date of this SAI:
Fund
Class A
Class C
Class I
Class R2
Class R3
Class R4
Class R5
Class R6
Core Bond Fund
X
X
X
X
X
X
X
X
Core Plus Bond Fund
X
X
X
X
X
X
X
X
Corporate Bond Fund
X
X
X
 
 
 
 
X
Emerging Markets Debt Fund
X
X
X
 
 
 
X
X
Floating Rate Income Fund
X
X
X
 
 
 
 
X
Global Bond Opportunities Fund
X
X
X
 
 
 
 
X
Government Bond Fund
X
X
X
X
X
X
 
X
High Yield Fund
X
X
X
X
X
X
X
X
Income Fund
X
X
X
 
 
 
 
X
Limited Duration Bond Fund
X
X
X
 
 
 
 
X
Mortgage-Backed Securities Fund
X
X
X
 
 
 
 
X
Preferred and Income Securities Fund
X
X
X
 
 
 
 
X
Short Duration Bond Fund
X
X
X
 
 
 
 
X
Short Duration Core Plus Fund
X
X
X
 
 
 
 
X
Strategic Income Opportunities Fund
X
X
X
 
 
 
X
X
Total Return Fund
X
X
X
X
 
 
X
X
Unconstrained Debt Fund
X
X
X
X
 
 
X
X
The shares of the Funds are collectively referred to in this SAI as the “Shares.”
Miscellaneous
This SAI describes the financial history, investment strategies and policies, management and operation of each of the Funds in order to enable investors to select the Fund or Funds which best suit their needs.
Capitalized terms not otherwise defined herein have the meanings accorded to them in the applicable Prospectus. The Funds’ executive offices are located at 277 Park Avenue, New York, NY 10172.
Part I - 3

This SAI is divided into two Parts – Part I and Part II. Part I of this SAI contains information that is particular to each Fund. Part II of this SAI contains information that generally applies to the Funds and other series representing separate investment funds or portfolios of JPMT I, JPMT II, JPMorgan Trust IV (“JPMT IV”), J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”), J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG”) and Undiscovered Managers Funds (“UMF”), (each a “J.P. Morgan Fund”, and together with the Funds, the “J.P. Morgan Funds”). Throughout this SAI, JPMT I, JPMT II, JPMT IV, JPMMFIT, JPMFMFG and UMF are each referred to as a “Trust” and collectively, as the “Trusts.” Each Trust’s Board of Trustees, or Board of Directors in the case of JPMFMFG, is referred to herein as the “Board of Trustees,” and each trustee or director is referred to as a “Trustee.”
The Funds are advised by J.P. Morgan Investment Management Inc. (“JPMIM”). Certain other of the J.P. Morgan Funds are sub-advised by J.P. Morgan Private Investments Inc. (“JPMPI”) or Fuller & Thaler Asset Management, Inc. (“Fuller & Thaler”). JPMIM is also referred to herein as the “Adviser.” JPMPI and Fuller & Thaler are also referred to herein as the “Sub-Advisers” and, individually, as the “Sub-Adviser.”
Investments in the Funds are not deposits or obligations of, nor guaranteed or endorsed by, JPMorgan Chase Bank, N.A. (“JPMorgan Chase Bank”), an affiliate of the Adviser, or any other bank. Shares of the Funds are not federally insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other governmental agency. An investment in a Fund is subject to risk that may cause the value of the investment to fluctuate, and when the investment is redeemed, the value may be higher or lower than the amount originally invested by the investor.
The Funds, except the Global Bond Opportunities Fund, the Income Fund, the Strategic Income Opportunities Fund and the Unconstrained Debt Fund, are not subject to registration or regulation as a “commodity pool operator” as defined in the Commodity Exchange Act because the Funds have claimed an exclusion from that definition. The Global Bond Opportunities Fund, the Income Fund, the Strategic Income Opportunities Fund and the Unconstrained Debt Fund are subject to regulation under the Commodity Exchange Act.
The Adviser, with respect to each Fund (except the Global Bond Opportunities Fund, the Income Fund, the Strategic Income Opportunities Fund and the Unconstrained Debt Fund), has filed a notice of eligibility with the National Futures Association (“NFA”) claiming an exclusion from the definition of the term Commodity Pool Operator (“CPO”) with respect to the Fund’s operations. Therefore, each Fund (except the Global Bond Opportunities Fund, the Income Fund, the Strategic Income Opportunities Fund and the Unconstrained Debt Fund) and the Adviser with respect to each such Fund are not subject to registration or regulation as a commodity pool or CPO under the Commodity Exchange Act, as amended. Changes to a Fund’s investment strategies or investments may cause the Fund to lose the benefits of this exclusion and may trigger additional CFTC requirements. If the Adviser or a Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses.
INVESTMENT POLICIES
The following investment policies have been adopted by each Trust with respect to the applicable Funds. The investment policies listed below under the heading “Fundamental Investment Policies” are “fundamental” policies which, under the Investment Company Act of 1940, as amended (the “1940 Act”), may not be changed without the vote of a majority of the outstanding voting securities of a Fund, as such term is defined in “Additional Information” in Part II of this SAI. All other investment policies of a Fund (including, with respect to series of JPMT I, the Fund’s investment objectives) are non-fundamental, unless otherwise designated in the Prospectuses or herein, and may be changed by the Trustees of the Fund without shareholder approval. In this respect, certain Funds have an 80% investment policy which is described in such Fund’s Prospectuses. In calculating assets for purposes of each Fund’s 80% investment policy, assets are net assets plus the amount of borrowings for investment purposes. This policy may be changed by the Board of Trustees without shareholder approval unless such policy is specifically identified as a fundamental policy. However, the applicable Fund will provide shareholders with written notice at least 60 days prior to a change in a non-fundamental 80% investment policy.
Except for the restriction on borrowings set forth in fundamental investment policies (3)(a) and (b) under “Investment Policies of Funds that are Series of JPMT I” and fundamental investment policies and policy (8) under “Investment Policies of Funds that are Series of JPMT II” (collectively, the “Borrowing Policies”), the percentage limitations contained in the policies below apply at the time of purchase of the securities. If a percentage or rating restriction on investment or use of assets set forth in a fundamental investment policy or a non-fundamental investment policy or in a Prospectus is adhered to at the time of
Part I - 4

investment, later changes in percentage resulting from any cause other than actions by the Fund will not be considered a violation. With respect to the Borrowing Policies, a Fund may borrow from any bank, provided that immediately after any such borrowing there is an asset coverage of at least 300% for all borrowings by a Fund and provided further, that in the event that such asset coverage shall at any time fall below 300%, a Fund shall, within three days (not including Sundays and holidays) thereafter or such longer period as the Securities and Exchange Commission (“SEC”) may prescribe by rules and regulations, reduce the amount of its borrowings to such an extent that the asset coverage of such borrowing shall be at least 300%. If the value of the Fund’s holdings of illiquid securities at any time exceeds the percentage limitation applicable at the time of acquisition due to subsequent fluctuations in value or other reasons, the Funds’ Adviser will consider what actions, if any, are appropriate to maintain adequate liquidity.
Fundamental investment policies (2)(a) and (b) under “Investment Policies of Funds that are Series of JPMT I” and fundamental investment policies and policy (10) under “Investment Policies of Funds that are Series of JPMT II” shall be interpreted based upon no-action letters and other pronouncements of the staff of the SEC. Generally, the 1940 Act limits a Fund’s ability to borrow money on a non-temporary basis if such borrowings constitute “senior securities.” As noted in “Investment Strategies and Policies – Miscellaneous Investment Strategies and Risks — Borrowings” in SAI Part II, in addition to temporary borrowing, a Fund may borrow from any bank, provided that immediately after any such borrowing there is an asset coverage of at least 300% for all borrowings by a Fund and provided further, that in the event that such asset coverage shall at any time fall below 300%, a Fund shall, within three days (not including Sundays and holidays) thereafter or such longer period as the SEC may prescribe by rules and regulations, reduce the amount of its borrowings to such an extent that the asset coverage of such borrowing shall be at least 300%. A Fund may also borrow money if such borrowing does not constitute “senior securities” under the 1940 Act or engage in economically similar transactions if those transactions comply with the applicable requirements of the SEC under the 1940 Act.
For purposes of fundamental investment restrictions regarding industry concentration, a Fund may not invest more than 25% of its total assets, taken at market value, in the securities of issuers primarily engaged in any particular industry (other than securities issued or guaranteed by the U.S. government, any state or territory of the U.S., its agencies, instrumentalities or political subdivisions). For purposes of fundamental investment policies regarding industry concentration, each Fund currently utilizes any one or more of the industry and/or sub-industry classifications used by one or more widely recognized market indexes or rating group indexes, and/or as defined by the Adviser. The Adviser may classify and re-classify companies in a particular industry or sub-industry and define and re-define industries and sub-industries in any reasonable manner , consistent with SEC guidance. Accordingly, the composition of an industry or group of industries may change from time to time. The policy will be interpreted to give broad authority to the Adviser as to how to classify issuers. For purposes of fundamental investment policies involving industry concentration, “group of industries” means a group of related industries, as determined in good faith by the Adviser, based on published classifications or other sources.
Pursuant to fundamental policy (10) under “Investment Policies of Funds that are series of JPMT I” and fundamental policy (3) under “Investment Policies of Funds that are series of JPMT II”, the Funds may lend to other J.P. Morgan Funds as described under “Interfund Lending” in Part II of this SAI. In addition, certain Funds may invest in types of investments and engage in transactions that are considered lending transactions. For example, as disclosed in the Prospectuses, certain Funds, either alone or in conjunction with other creditors, may provide financing to a debtor-in-possession by making a loan to the entity. The types of investments and strategies that a Fund may use are described in further detail in the Prospectuses and this SAI.
Investment Policies of Funds that are Series of JPMT I
Fundamental Investment Policies
(1) (a) The Emerging Markets Debt Fund may not purchase any security which would cause the Fund to concentrate its investments in the securities of issuers primarily engaged in any particular industry except as permitted by the SEC.
(b) The Strategic Income Opportunities Fund and the Total Return Fund may not purchase the securities of any issuer if, as a result more than 25% of the Fund’s total assets would be invested in securities of one or more issuers whose principal business activities are in the same industry. This policy does not apply to investments in other registered investment companies in the same “group of investment companies” as that term is defined in Section 12(d)(1)(G) of the 1940 Act, securities
Part I - 5

issued or guaranteed by the U.S. government or any of its agencies or instrumentalities, or repurchase agreements secured thereby, and futures and options transactions issued or guaranteed by the U.S. government or any of its agencies or instrumentalities.
(c) The Corporate Bond Fund may not purchase any security that would cause the Fund to invest more than 25% of the total assets of the Fund to be invested in the securities of issuers primarily engaged in any particular industry or group of industries except as permitted by the SEC, except that the Fund may invest up to 35% of its total assets in the securities of issuers primarily conducting their principal business activities in the same industry or group of industries if, at the time of investment, such industry or group of industries represents 20% or more of the Fund’s benchmark.
(d) The Global Bond Opportunities Fund, the Short Duration Core Plus Fund and the Income Fund may not purchase any security which would cause the Fund to concentrate more than 25% of the Fund’s investments in the securities of issuers primarily engaged in any particular industry or group of industries.
(e) The Floating Rate Income Fund and the Unconstrained Debt Fund may not purchase any security which would cause the Fund to concentrate its investments in the securities of issuers primarily engaged in any particular industry or group of industries except as permitted by the SEC. This restriction does not apply to investments in securities issued or guaranteed by the U.S. government, any state or territory of the U.S. its agencies, instrumentalities, or political subdivisions, or repurchase agreements secured thereby, and futures and options transactions issued or guaranteed by any of the foregoing.
(2) (a) The Corporate Bond Fund, the Emerging Markets Debt Fund, the Floating Rate Income Fund, the Global Bond Opportunities Fund, the Income Fund, the Short Duration Core Plus Fund and the Unconstrained Debt Fund may not issue senior securities, except as permitted under the 1940 Act or any rule, order or interpretation thereunder.
(b) The Strategic Income Opportunities Fund and the Total Return Fund may not issue senior securities (as defined in the 1940 Act) except with respect to any permissible borrowings.
(3) (a) The Emerging Markets Debt Fund may not borrow money, except to the extent permitted under the 1940 Act or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time or as permitted by order or interpretation of the SEC.
(b) The Corporate Bond Fund, the Floating Rate Income Fund, the Global Bond Opportunities Fund, the Income Fund, the Short Duration Core Plus Fund, the Strategic Income Opportunities Fund, the Total Return Fund and the Unconstrained Debt Fund may not borrow money, except to the extent permitted by applicable law.
(4) (a) The Funds, except the Corporate Bond Fund, the Global Bond Opportunities Fund, the Income Fund, the Short Duration Core Plus Fund, the Strategic Income Opportunities Fund and the Total Return Fund, may not underwrite securities of other issuers, except to the extent that a Fund, in disposing of portfolio securities, may be deemed an underwriter within the meaning of the Securities Act of 1933 Act (the “1933 Act”), as amended.
(b) The Strategic Income Opportunities Fund and the Total Return Fund may not underwrite the securities of other issuers except to the extent that the Fund may be deemed to be an underwriter under certain securities laws in the disposition of “restricted securities.”
(c) The Corporate Bond Fund, the Global Bond Opportunities Fund, the Income Fund and the Short Duration Core Plus Fund may not underwrite the securities of other issuers, except to the extent that a Fund, in disposing of portfolio securities, may be deemed an underwriter under certain securities laws.
(5) (a) The Emerging Markets Debt Fund may not purchase or sell real estate, except that, to the extent permitted by applicable law, the Fund may (a) invest in securities or other instruments directly or indirectly secured by real estate, (b) invest in securities or other instruments issued by issuers that invest in real estate, and (c) may make direct investments in mortgages.
(b) The Floating Rate Income Fund and the Unconstrained Debt Fund may not purchase or sell real estate, except that, to the extent permitted by applicable law, a Fund may: (a) invest in securities or other instruments directly or indirectly secured by real estate, and (b) invest in securities or other instruments issued by issuers that invest in real estate.
Part I - 6

(c) The Strategic Income Opportunities Fund and the Total Return Fund may not purchase or sell real estate; however, the Fund may, to the extent consistent with its investment objective, purchase securities secured by real estate or interests therein or securities issued by companies investing in real estate or interests therein.
(d) The Corporate Bond Fund, the Global Bond Opportunities Fund, the Income Fund and the Short Duration Core Plus Fund may not invest directly in real estate unless it is acquired as a result of ownership of securities or other instruments. This restriction shall not prevent the Fund from investing in securities or other instruments (a) issued by companies that invest, deal or otherwise engage in transactions in real estate, or (b) backed or secured by real estate or interests in real estate.
(6)(a) The Emerging Markets Debt Fund may not purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent the Emerging Markets Debt Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments that are not related to physical commodities.
(b) The Global Bond Opportunities Fund may not purchase or sell commodities or commodity contracts except as may be permitted by the 1940 Act or unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent the Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments including derivatives related to physical commodities.
(7) The Floating Rate Income Fund and the Unconstrained Debt Fund may not purchase or sell commodities or commodity contracts unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent the Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments including derivatives related to physical commodities or investments in exchange traded funds, investment companies, and pooled investment vehicles that invest in commodities or commodity futures including those structured as grantor trusts.
(8) The Corporate Bond Fund, the Income Fund and the Short Duration Core Plus Fund may not purchase or sell commodities or commodity contracts except as may be permitted by the 1940 Act or unless acquired as a result of ownership of securities or other instruments issued by persons that purchase or sell commodities or commodities contracts; but this shall not prevent the Fund from purchasing, selling and entering into financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), options on financial futures contracts (including futures contracts on indices of securities, interest rates and currencies), warrants, swaps, forward contracts, foreign currency spot and forward contracts or other derivative instruments including derivatives related to physical commodities.
(9) The Strategic Income Opportunities Fund and the Total Return Fund may not purchase physical commodities or contracts relating to physical commodities, except as permitted under the 1940 Act, or operate as a commodity pool, in each case as interpreted or modified by regulatory authority having jurisdiction, from time to time.
(10) The Corporate Bond Fund, the Floating Rate Income Fund, the Global Bond Opportunities Fund, the Income Fund, the Emerging Markets Debt Fund, the Short Duration Core Plus Fund, the Strategic Income Opportunities Fund, the Total Return Fund and the Unconstrained Debt Fund may make loans to other persons, in accordance with a Fund’s investment objective and policies and to the extent permitted by applicable law.
(11) (a) The Emerging Markets Debt Fund and the Global Bond Opportunities Fund may not make any investment inconsistent with their classification as a diversified investment company under the 1940 Act.
Part I - 7

(b) The Corporate Bond Fund, the Income Fund, the Short Duration Core Plus Fund, the Strategic Income Opportunities Fund and the Total Return Fund may not purchase securities of any issuer if such purchase would not be consistent with the maintenance of the Fund’s status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time.
Non-Fundamental Investment Policies.
The investment policies described below are non-fundamental policies of the Funds, other than the Corporate Bond Fund, the Floating Rate Income Fund, the Global Bond Opportunities Fund, the Short Duration Core Plus Fund, the Strategic Income Opportunities Fund and the Total Return Fund, and may be changed by the Trustees of the Funds without shareholder approval. These non-fundamental investment policies require that the Funds:
(1) May not make short sales of securities other than short sales “against the box”, maintain a short position, or purchase securities on margin except for short-term credits necessary for clearance of portfolio transactions, provided that this policy will not be applied to limit the use of options, futures contracts and relation options, in the manner otherwise permitted by the investment restrictions, policies and investment program of a Fund. No Fund has the current intention of making short sales against the box. This policy shall not be deemed to be applicable to the purchase or sale of when-issued or delayed delivery securities, or to short sales that are covered in accordance with SEC rules;
(2) May not acquire securities of other investment companies, except as permitted by the 1940 Act or any order pursuant thereto;
(3) May not purchase or sell interests in oil, gas or mineral leases;
(4) May not acquire the securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act; and
(5) Emerging Markets Debt Fund has an 80% investment policy which may be changed by the Fund’s Board of Trustees without shareholder approval. However, the Fund will provide shareholders with written notice at least 60 days prior to a change in its 80% investment policy.
The investment policies described below are non-fundamental policies of the Strategic Income Opportunities Fund, the Total Return Fund and the Unconstrained Debt Fund and may be changed by the Board of Trustees without shareholder approval.
The Floating Rate Income Fund, the Global Bond Opportunities Fund, the Strategic Income Opportunities Fund, the Total Return Fund and the Unconstrained Debt Fund:
(1) May not purchase or sell interests in oil, gas or mineral leases; and
(2) May not acquire the securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.
The investment policies described below are non-fundamental policies of the Corporate Bond Fund and may be changed by the Board of Trustees without shareholder approval.
The JPMorgan Corporate Bond Fund:
(1) May not acquire securities of any other investment company or company relying on section 3(c)(1) or 3(c)(7) in excess of the limits contained in Section 12(d)(1)(A) of the 1940 Act, except to the extent it:
(i) invests in affiliated money market funds for short-term cash management purposes,
(ii) engages in interfund borrowing and lending transactions, or
(iii) receives securities of another investment company as a dividend or as a result of a plan of reorganization of a company.
The investment policies described below are non-fundamental policies of the Corporate Bond Fund and the Short Duration Core Plus Fund and may be changed by the Board of Trustees without shareholder approval.
The Corporate Bond Fund and the Short Duration Core Plus Fund:
(1) May not acquire securities of other investment companies, except as permitted by the 1940 Act or any order pursuant thereto; and
Part I - 8

(2) May not acquire the securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.
The investment policies described below are non-fundamental policies of the Income Fund and may be changed by the Board of trustees without shareholder approval.
The Income Fund:
(1) May not acquire securities of other investment companies, except as permitted by the 1940 Act or any order pursuant thereto; and
(2) May not acquire the securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.
For the purposes of the Funds’ investment policies, the issuer of a tax-exempt security is deemed to be the entity (public or private) ultimately responsible for the payment of the principal of and interest on the security.
Investment Policies of Funds that are Series of JPMT II
Fundamental Investment Policies
(1) Each of the Funds may not purchase securities of any issuer if such purchase would not be consistent with the maintenance of the Fund’s status as a diversified company under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time.
(2) (a) JPMorgan Core Bond Fund, JPMorgan Core Plus Bond Fund, JPMorgan Government Bond Fund, JPMorgan High Yield Fund, JPMorgan Short Duration Bond Fund and JPMorgan Limited Duration Bond Fund may not purchase any securities that would cause more than 25% of the total assets of a Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in the obligations issued or guaranteed by the U.S. government or its agencies and instrumentalities and repurchase agreements involving such securities. For purposes of this limitation (i) utilities will be divided according to their services (for example, gas, gas transmission, electric and telephone will each be considered a separate industry); and (ii) wholly-owned finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of their parents.
(b) JPMorgan Mortgage-Backed Securities Fund may not purchase any securities that would cause more than 25% of the total assets of the Fund to be invested in the securities of one or more issuers conducting their principal business activities in the same industry, provided that this limitation does not apply to investments in (i) mortgage-backed securities; or (ii) the obligations issued or guaranteed by the U.S. government or its agencies and instrumentalities and repurchase agreements involving such securities. For purposes of this limitation (i) utilities will be divided according to their services (for example, gas, gas transmission, electric and telephone will each be considered a separate industry); and (ii) wholly-owned finance companies will be considered to be in the industries of their parents if their activities are primarily related to financing the activities of their parents.
(3) Each of the Funds may not make loans, except that a Fund may (i) purchase or hold debt instruments in accordance with its investment objective and policies; (ii) enter into repurchase agreements; (iii) engage in securities lending as described in the Prospectuses and the Statement of Additional Information; and (iv) make loans to the extent permitted by an order issued by the SEC.
(4) Each of the Funds may not purchase securities on margin or sell securities short.
(5) Each of the Funds may not underwrite the securities of other issuers except to the extent that a Fund may be deemed to be an underwriter under certain securities laws in the disposition of “restricted securities.”
(6) Each of the Funds may not purchase physical commodities or contracts relating to physical commodities, except as permitted under the 1940 Act, or operate as a commodity pool, in each case as interpreted or modified by regulatory authority having jurisdiction, from time to time.
(7) Each of the Funds may not purchase participation or other direct interests in oil, gas or mineral exploration or development programs (although investments by all Funds in marketable securities of companies engaged in such activities are not hereby precluded).
Part I - 9

(8) Each of the Funds may not borrow money, except to the extent permitted under the 1940 Act, or the rules or regulations thereunder, as such statute, rules or regulations may be amended from time to time or as permitted by order or interpretation of the SEC.
(9) Each of the Funds may not purchase securities of other investment companies except as permitted by the 1940 Act and rules, regulations and applicable exemptive relief thereunder.
(10) Each of the Funds may not issue senior securities except with respect to any permissible borrowings.
(11) Each of the Funds may not purchase or sell real estate (however, each Fund may, to the extent appropriate to its investment objective, purchase securities secured by real estate or interests therein or securities issued by companies investing in real estate or interests therein).
Non-Fundamental Investment Policies
The following investment policy is non-fundamental except as noted otherwise and therefore can be changed by the Board of Trustees without prior shareholder approval.
No Fund may:
(1) Acquire the securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.
Investment Policies of the JPMorgan Preferred and Income Securities Fund
Fundamental Investment Policies.
The Fund:
(1) Except as otherwise permitted by the 1940 Act or any applicable law, rule, order or interpretation, may not purchase any security which would cause the Fund to concentrate its investments in the securities of issuers primary engaged in any particular industry or group of industries, except the Fund will concentrate its investments in an industry or group of industries which includes the banking, diversified financials, real estate (including real estate investment trusts (“REITs”)) and insurance industries;
(2) May issue senior securities, to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;
(3) May borrow money, to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;
(4) May not underwrite the securities of other issuers, except to the extent that the Fund, may be deemed an underwriter under certain securities laws in disposing of portfolio securities or in connection with investments in other investment companies;
(5) May purchase or sell real estate or any interest therein (such as securities or instruments backed by or related to real estate) to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;
(6) May purchase and sell commodities to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation;
(7) May make loans to the extent permitted by the 1940 Act or any applicable law, rule, order or interpretation; and
(8) May not make any investment inconsistent with its classification as a diversified investment company as that term is defined in the 1940 Act or as interpreted, modified or applied by the SEC or its staff.
Non-Fundamental Investment Policies.
The Fund:
(1) May not acquire the securities of registered open-end investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.
Part I - 10

INVESTMENT PRACTICES
The Funds invest in a variety of securities and employ a number of investment techniques. What follows is a list of some of the securities and techniques which may be utilized by the Funds. For a more complete discussion, see the “Investment Strategies and Policies” section in Part II of this SAI.
FUND NAME
FUND CODE
Core Bond Fund
1
Core Plus Bond Fund
2
Corporate Bond Fund
3
Emerging Markets Debt Fund
4
Floating Rate Income Fund
5
Global Bond Opportunities Fund
6
Government Bond Fund
7
High Yield Fund
8
Income Fund
9
Limited Duration Bond Fund
10
Mortgage-Backed Securities Fund
11
Preferred and Income Securities Fund
12
Short Duration Bond Fund
13
Short Duration Core Plus Fund
14
Strategic Income Opportunities Fund
15
Total Return Fund
16
Unconstrained Debt Fund
17
Instrument
Fund Code
Part II
Section Reference
Adjustable Rate Mortgage Loans (“ARMs”): Loans in a
mortgage pool which provide for a fixed initial mortgage
interest rate for a specified period of time, after which the
rate may be subject to periodic adjustments.
1, 2, 6, 7,
9-11, 13-17
Mortgage-Related
Securities
Asset-Backed Securities: Securities secured by company
receivables, home equity loans, truck and auto loans, leases
and credit card receivables or other securities backed by
other types of receivables or other assets.
1, 2, 4, 6,
8-17
Asset-Backed
Securities
Auction Rate Securities: Auction rate municipal securities
and auction rate preferred securities issued by closed-end
investment companies.
6, 9, 10,
12-17
Auction Rate
Securities
Bank Obligations: Bankers’ acceptances, certificates of
deposit and time deposits. Bankers’ acceptances are bills of
exchange or time drafts drawn on and accepted by a
commercial bank. Maturities are generally six months or
less. Certificates of deposit are negotiable certificates issued
by a bank for a specified period of time and earning a
specified return. Time deposits are non-negotiable receipts
issued by a bank in exchange for the deposit of funds.
1-6, 8, 11-17
Bank Obligations
Borrowings: A Fund may borrow for temporary purposes
and/or for investment purposes. Such a practice will result
in leveraging of a Fund’s assets and may cause a Fund to
liquidate portfolio positions when it would not be
advantageous to do so. A Fund must maintain continuous
asset coverage of 300% of the amount borrowed, with the
exception for borrowings not in excess of 5% of the Fund’s
total assets made for temporary administrative purposes.
1-17
Miscellaneous
Investment
Strategies and Risks
Brady Bonds: Securities created through the exchange of
existing commercial bank loans to public and private entities
in certain emerging markets for new bonds in connection
with debt restructurings.
2, 4, 6, 9,
10, 15-17
Foreign Investments
(including Foreign
Currencies)
Part I - 11

Instrument
Fund Code
Part II
Section Reference
Call and Put Options: A call option gives the buyer the right
to buy, and obligates the seller of the option to sell a security
at a specified price at a future date. A put option gives the
buyer the right to sell, and obligates the seller of the option
to buy a security at a specified price at a future date. A Fund
will sell only covered call and secured put options.
1-4, 6-17
Options and Futures
Transactions
Commercial Paper: Secured and unsecured short-term
promissory notes issued by corporations and other entities.
Maturities generally vary from a few days to nine months.
1-4, 6, 8-17
Commercial Paper
Commodity-Linked Derivatives: Securities whose value
derives from the price of a commodity, including
commodity futures and commodity options.
6, 15-17
Miscellaneous
Investment
Strategies
and Risk
Commodity-Related Pooled Investment Vehicles: Ownership
interests in grantor trusts and other pooled investment
vehicles, including commodity pools, that hold tangible
assets such as gold, silver and other commodities or invest in
commodities futures. Grantor trusts are typically traded on
an exchange.
6
Commodity-Related
Pooled Investment
Vehicles
Common Stock: Shares of ownership of a company.
2, 3, 5, 6, 8,
9, 12, 14-17
Equity Securities,
Warrants and Rights
Common Stock Warrants and Rights: Securities, typically
issued with preferred stock or bonds, that give the holder the
right to buy a proportionate amount of common stock at a
specified price.
2, 3, 5, 6, 8,
9, 14-17
Equity Securities,
Warrants and Rights
Convertible Securities: Bonds or preferred stock that can
convert to common stock including contingent convertible
securities.
1-3, 5, 6,
8-17
Convertible
Securities
Corporate Debt Securities: May include bonds and other
debt securities of domestic and foreign issuers, including
obligations of industrial, utility, banking and other corporate
issuers.
1-6, 8-17
Debt Instruments
Credit Default Swaps (“CDSs”): A swap agreement
between two parties pursuant to which one party pays the
other a fixed periodic coupon for the specified life of the
agreement. The other party makes no payment unless a
credit event, relating to a predetermined reference asset,
occurs. If such an event occurs, the party will then make a
payment to the first party, and the swap will terminate.
1-6, 8-17
Swaps and Related
Swap Products
Custodial Receipts: A Fund may acquire securities in the
form of custodial receipts that evidence ownership of future
interest payments, principal payments or both on certain
U.S. Treasury notes or bonds in connection with programs
sponsored by banks and brokerage firms. These are not
considered to be U.S. government securities. These notes
and bonds are held in custody by a bank on behalf of the
owners of the receipts.
1, 2, 6-11,
13-17
Custodial Receipts
Demand Features: Securities that are subject to puts and
standby commitments to purchase the securities at a fixed
price (usually with accrued interest) within a fixed period of
time following demand by a Fund.
1, 2, 4,
6, 8-11,
13-15
Demand Features
Emerging Market Securities: Securities issued by issuers or
governments in countries with emerging economies or
securities markets which may be undergoing significant
evolution or rapid development.
1-6, 8-17
Foreign Investments
(including Foreign
Currencies)
Part I - 12

Instrument
Fund Code
Part II
Section Reference
Exchange Traded Funds (“ETFs”): Ownership interest in
unit investment trusts, depositary receipts, and other pooled
investment vehicles that hold a portfolio of securities or
stocks designed to track the price performance and dividend
yield of a particular broad-based, sector or international
index. ETFs include a wide range of investments.
1, 2, 4-6,
8-17
Investment
Company Securities
and Exchange
Traded Funds
Foreign Currency Transactions: Strategies used to hedge
against interest rate and currency risks, for other risk
management purposes or to increase income or gain to a
Fund. These strategies may consist of use of any of the
following: options on currencies, currency futures, options
on such futures, forward foreign currency transactions
(including non-deliverable forwards (“NDFs”)), forward rate
agreements and currency swaps, caps and floors. Certain
Funds may engage in such transactions in both U.S. and
non-U.S. markets.
2-4, 6, 9,
12, 14-17
Foreign Investments
(including Foreign
Currencies)
Foreign Investments: Equity and debt securities (e.g., bonds
and commercial paper) of foreign entities and obligations of
foreign branches of U.S. banks and foreign banks. Foreign
securities may also include American Depositary Receipts
(“ADRs”), Global Depositary Receipts (“GDRs”), European
Depositary Receipts (“EDRs”) and American Depositary
Securities.
1-6, 8-17
Foreign Investments
(including Foreign
Currencies)
High Yield/High Risk Securities/Junk Bonds: Securities that
are generally rated below investment grade by the primary
rating agencies or are unrated but deemed by a Fund’s
Adviser to be of comparable quality.
2-6, 8, 9,
12, 14-17
Debt Instruments
Inflation-Linked Debt Securities: Fixed and floating rate
debt securities of varying maturities issued by the U.S.
government as well as securities issued by other entities
such as corporations, foreign governments and foreign
issuers.
1-4, 6, 7,
9-17
Debt Instruments
Initial Public Offerings (“IPO”): A transaction in which a
previously private company makes its first sale of stock to
the public.
5, 6, 9, 12,
17
Equity Securities,
Warrants and Rights
Interfund Lending: Involves lending money and borrowing
money for temporary purposes through a credit facility.
1-17
Miscellaneous
Investment
Strategies and Risks
Inverse Floating Rate Instruments: Leveraged variable debt
instruments with interest rates that reset in the opposite
direction from the market rate of interest to which the
inverse floater is indexed.
1, 2, 4, 6-17
Inverse Floaters and
Interest Rate Caps
Investment Company Securities: Shares of other investment
companies, including money market funds for which the
adviser and/or its affiliates serve as investment adviser or
administrator. The adviser will waive certain fees when
investing in funds for which it serves as investment adviser,
to the extent required by law or by contract.
1-17
Investment
Company Securities
and Exchange
Traded Funds
Loan Assignment and Participations: Assignments of, and
participations in, all or a portion of loans to corporations or
to governments, including governments of less developed
countries.
1-6,
8-11, 13-17
Loans
Master Limited Partnerships (“MLPs”): Limited
partnerships that are publicly traded on a securities
exchange.
3, 5, 6, 8, 9,
12, 14, 17
Master Limited
Partnerships
Mortgages (Directly Held): Debt instruments secured by
real property.
1, 2, 4-11,
13-17
Mortgage-Related
Securities
Part I - 13

Instrument
Fund Code
Part II
Section Reference
Mortgage-Backed Securities: Debt obligations secured by
real estate loans and pools of loans such as collateralized
mortgage obligations (“CMOs”), commercial mortgage-
backed securities (“CMBS”), and other asset-backed
structures.
1, 2, 6-17
Mortgage-Related
Securities
Mortgage Dollar Rolls: A transaction in which a Fund sells
securities for delivery in a current month and
simultaneously contracts with the same party to repurchase
similar but not identical securities on a specified future date.
1, 2, 6, 7,
9-11, 13-17
Mortgage-Related
Securities
Municipal Securities: Securities issued by a state or political
subdivision to obtain funds for various public purposes.
Municipal securities include, among others, private activity
bonds and industrial development bonds, as well as general
obligation notes, tax anticipation notes, bond anticipation
notes, revenue anticipation notes, other short-term tax-
exempt obligations, municipal leases, obligations of
municipal housing authorities and single family revenue
bonds.
1-3, 6, 8-17
Municipal Securities
New Financial Products: New options and futures contracts
and other financial products continue to be developed and a
Fund may invest in such options, contracts and products.
1-17
Miscellaneous
Investment
Strategies and Risks
Obligations of Supranational Agencies: Obligations which
are chartered to promote economic development and are
supported by various governments and governmental
agencies.
1-4, 6, 8-10,
12-17
Foreign Investments
(including Foreign
Currencies)
Options and Futures Transactions: A Fund may purchase
and sell (a) exchange traded and over-the-counter put and
call options on securities, indexes of securities and futures
contracts on securities and indexes of securities, and interest
rate futures contracts and interest rate swaps and (b) futures
contracts on securities and indexes of securities.
1-17
Options and Futures
Transactions
Preferred Stock: A class of stock that generally pays a
dividend at a specified rate and has preference over common
stock in the payment of dividends and in liquidation.
1-3, 5, 6, 8,
9, 11-17
Equity Securities,
Warrants and Rights
Private Placements, Restricted Securities and Other
Unregistered Securities: Securities not registered under the
Securities Act of 1933, such as privately placed commercial
paper and Rule 144A securities.
1-6, 8-17
Miscellaneous
Investment
Strategies and Risks
Real Estate Investment Trusts (“REITs”): Pooled investment
vehicles which invest primarily in income producing real
estate or real estate related loans or interest.
1-6, 8-17
Real Estate
Investment Trusts
Repurchase Agreements: The purchase of a security and the
simultaneous commitment to return the security to the seller
at an agreed upon price on an agreed upon date. This is
treated as a loan.
1-4, 6-17
Repurchase
Agreements
Reverse Repurchase Agreements: The sale of a security and
the simultaneous commitment to buy the security back at an
agreed upon price on an agreed upon date. This is treated as
a borrowing by a Fund.
1, 2, 4, 6-17
Reverse Repurchase
Agreements
Securities Issued in Connection with Reorganizations and
Corporate Restructurings: In connection with reorganizing
or restructuring of an issuer, an issuer may issue common
stock or other securities to holders of its debt securities.
1-17
Miscellaneous
Investment
Strategies and Risks
Securities Lending: The lending of up to 33 13% of a Fund’s
total assets. In return, a Fund will receive cash, other
securities, and/or letters of credit as collateral.
1-17
Securities Lending
Part I - 14

Instrument
Fund Code
Part II
Section Reference
Short Selling: A Fund sells a security it does not own in
anticipation of a decline in the market value of the security.
To complete the transaction, a Fund must borrow the
security to make delivery to the buyer. A Fund is obligated
to replace the security borrowed by purchasing it
subsequently at the market price at the time of replacement.
4, 6, 15-17
Short Selling
Short-Term Funding Agreements: Agreements issued by
banks and highly rated U.S. insurance companies such as
Guaranteed Investment Contracts (“GICs”) and Bank
Investment Contracts (“BICs”).
1-4, 6, 8-17
Short-Term Funding
Agreements
Sovereign Obligations: Investments in debt obligations
issued or guaranteed by a foreign sovereign government or
its agencies, authorities or political subdivisions.
1-4, 6, 9, 10,
12-17
Foreign Investments
(including Foreign
Currencies)
Stripped Mortgage-Backed Securities: Derivative multi-
class mortgage securities which are usually structured with
two classes of shares that receive different proportions of the
interest and principal from a pool of mortgage assets. These
include Interest- Only (“IO”) and Principal-Only (“PO”)
securities issued outside a Real Estate Mortgage Investment
Conduit (“REMIC”) or CMO structure.
1, 2, 6, 9-11,
13-17
Mortgage-Related
Securities
Structured Investments: A security having a return tied to an
underlying index or other security or asset class. Structured
investments generally are individually negotiated
agreements and may be traded over-the-counter. Structured
investments are organized and operated to restructure the
investment characteristics of the underlying security.
1, 2, 4, 6-17
Structured
Investments
Swaps and Related Swap Products: Swaps involve an
exchange of obligations by two parties. Caps and floors
entitle a purchaser to a principal amount from the seller of
the cap or floor to the extent that a specified index exceeds
or falls below a predetermined interest rate or amount. A
Fund may enter into these transactions to manage its
exposure to changing interest rates and other factors.
1-17
Swaps and Related
Swap Products
Synthetic Variable Rate Instruments: Instruments that
generally involve the deposit of a long-term tax exempt
bond in a custody or trust arrangement and the creation of a
mechanism to adjust the long-term interest rate on the bond
to a variable short-term rate and a right (subject to certain
conditions) on the part of the purchaser to tender it
periodically to a third party at par.
2, 4, 6, 9,
10, 12,
14-17
Swaps and Related
Swap Products
Temporary Defensive Positions: To respond to unusual
circumstances a Fund may invest in cash and cash
equivalents for temporary defensive purposes.
1-17
Miscellaneous
Investment
Strategies and Risks
Treasury Receipts: A Fund may purchase interests in
separately traded interest and principal component parts of
U.S. Treasury obligations that are issued by banks or
brokerage firms and that are created by depositing U.S.
Treasury notes and U.S. Treasury bonds into a special
account at a custodian bank. Receipts include Treasury
Receipts (“TRs”), Treasury Investment Growth Receipts
(“TIGRs”), and Certificates of Accrual on Treasury
Securities (“CATS”).
1-17
Treasury Receipts
Trust Preferreds: Securities with characteristics of both
subordinated debt and preferred stock. Trust preferreds are
generally long term securities that make periodic fixed or
variable interest payments.
1-6, 8-17
Trust Preferred
Part I - 15

Instrument
Fund Code
Part II
Section Reference
U.S. Government Agency Securities: Securities issued by
agencies and instrumentalities of the U.S. government.
These include all types of securities issued by the
Government National Mortgage Association (“Ginnie
Mae”), the Federal National Mortgage Association (“Fannie
Mae”) and the Federal Home Loan Mortgage Corporation
(“Freddie Mac”), including funding notes, subordinated
benchmark notes, CMOs and REMICs.
1-17
Mortgage-Related
Securities
U.S. Government Obligations: May include direct
obligations of the U.S. Treasury, including Treasury bills,
notes and bonds, all of which are backed as to principal and
interest payments by the full faith and credit of the United
States, and separately traded principal and interest
component parts of such obligations that are transferable
through the Federal book-entry system known as Separate
Trading of Registered Interest and Principal of Securities
(“STRIPS”) and Coupons Under-Book Entry Safekeeping
(“CUBES”).
1-17
U.S. Government
Obligations
Variable and Floating Rate Instruments: Obligations with
interest rates which are reset daily, weekly, quarterly or some
other frequency and which may be payable to a Fund on
demand or at the expiration of a specified term.
1-17
Debt Instruments
When-Issued Securities, Delayed Delivery Securities and
Forward Commitments: Purchase or contract to purchase
securities at a fixed price for delivery at a future date.
1-17
When-Issued
Securities, Delayed
Delivery Securities
and Forward
Commitments
Zero-Coupon, Pay-in-Kind and Deferred Payment
Securities: Zero-coupon securities are securities that are
sold at a discount to par value and on which interest
payments are not made during the life of the security. Pay-
in-kind securities are securities that have interest payable by
delivery of additional securities. Deferred payment
securities are zero-coupon debt securities which convert on
a specified date to interest bearing debt securities.
1-17
Debt Instruments
ADDITIONAL INFORMATION REGARDING FUND INVESTMENT PRACTICES
Investments in Foreign Obligations. Investments in all types of foreign obligations or securities will not exceed 25% of the net assets of the Limited Duration Bond Fund, the High Yield Fund, the Core Bond Fund, the Short Duration Bond Fund and the Mortgage-Backed Securities Fund. Investments in all types of foreign obligations or securities will not exceed 35% of the net assets of the Core Plus Bond Fund.
Investments in Equity Securities. Equity Securities such as common stock will generally comprise no more than 10% of the High Yield Fund’s total assets.
QUALITY DESCRIPTION
Various Nationally Recognized Statistical Rating Organizations (“NRSROs”) assign ratings to securities. Generally, ratings are divided into two main categories: “Investment Grade Securities” and “Non-Investment Grade Securities.” Although there is always a risk of default, rating agencies believe that issuers of Investment Grade Securities have a high probability of making payments on such securities. Non-Investment Grade Securities include securities that, in the opinion of the rating agencies, are more likely to default than Investment Grade Securities.
The Funds only purchase securities that meet the rating criteria described below or in a Prospectus. The Adviser will look at a security’s rating at the time of investment. If the securities are unrated, the Adviser must determine that they are of comparable quality to rated securities. Subsequent to its purchase by a Fund, a security may cease to be rated or its rating may be reduced below the minimum rating required for purchase by a Fund. The Adviser will consider such an event in determining whether a Fund
Part I - 16

should continue to hold the security and is not required to sell a security in the event of a downgrade. Securities issued by the U.S. Government and its agencies and instrumentalities are not rated by NRSROs and so the rating of such securities is determined based on the ratings assigned to the issuer by the NRSRO(s) or if unrated, based on the Adviser’s determination of the issuer’s credit quality. The Adviser may also use the ratings assigned by NRSROs to issuers that are issued by non-U.S. governments and their agencies and instrumentalities to determine the rating of such securities.
From time to time, NRSROs may not agree on the credit quality of a security and issuer and assign different ratings. The Funds use the NRSROs and methodology described in their Prospectuses to determine the credit quality of their investments including whether a security is in a particular rating category for purposes of the credit quality requirements specified below. For securities that are not rated by the applicable NRSROs, the Adviser must determine that they are of comparable quality to rated securities.
Debt Securities. The Government Bond Fund may invest in debt securities rated in any of the three highest investment grade rating categories. The Limited Duration Bond Fund, the Core Bond Fund, the Short Duration Bond Fund, and the Mortgage-Backed Securities Fund may invest in debt securities rated in any of the four investment grade rating categories. The High Yield Fund and the Core Plus Bond Fund may purchase securities in any rating category.
Preferred Stock. The Short Duration Bond Fund and the Core Bond Fund may only invest in preferred stock rated in any of the four highest rating categories. The Mortgage-Backed Securities Fund may invest only in preferred stock rated in any of the three highest rating categories. The Core Plus Bond Fund and the High Yield Fund may invest in preferred stock in any rating category.
Municipal Securities. The Limited Duration Bond Fund, the Short Duration Bond Fund, and the Core Bond Fund may only invest in municipal bonds rated in any of the four highest rating categories. The Mortgage-Backed Securities Fund may only invest in municipal bonds rated in any of the three highest rating categories. The Limited Duration Bond Fund, the Core Bond Fund and the Mortgage-Backed Securities Fund may only invest in other municipal securities, such as tax-exempt commercial paper, notes and variable rate demand obligations which are rated in the highest or second highest rating categories. The Short Duration Bond Fund may invest in such securities only if they are rated in the highest rating category. The Core Plus Bond Fund and the High Yield Fund may invest in municipal securities rated in any category.
Commercial Paper. The Limited Duration Bond Fund, the Short Duration Bond Fund, the Core Bond Fund, and the Mortgage-Backed Securities Fund may purchase commercial paper consisting of issues rated at the time of purchase in the highest or second highest rating category. The High Yield Fund and the Core Plus Bond Fund may purchase commercial paper rated in any category.
Mortgage-Backed Securities. The Government Bond Fund may only invest in mortgage-backed securities issued or guaranteed by the U.S. government, or its agencies or instrumentalities. The other JPMT II Funds that invest in mortgage-backed securities may invest in mortgage-backed securities issued by private issuers including Guaranteed CMOs and REMIC pass-through securities. The Government Bond Fund may invest in mortgage-backed securities that are rated in one of the three highest rating categories. The Limited Duration Bond Fund, the Short Duration Bond Fund, the Mortgage-Backed Securities Fund, and the Core Bond Fund may invest in mortgage-backed securities that are rated in one of the four highest rating categories. The High Yield Fund and the Core Plus Bond Fund can invest in mortgage-backed securities in any rating category.
DIVERSIFICATION
JPMT I, JPMT II and JPMT IV are registered management investment companies and all of the Funds are diversified series of JPMT I, JPMT II and JPMT IV. For a more complete discussion, see the “Diversification” section in Part II of this SAI.
PORTFOLIO TURNOVER
A portfolio turnover rate is, in summary, the percentage computed by dividing the lesser of a Fund’s purchases or sales of securities (excluding short-term securities) by the average market value of the Fund. The Adviser intends to manage each Fund’s assets by buying and selling securities to help attain its investment objective. A rate of 100% indicates that the equivalent of all of a Fund’s assets have been sold and reinvested in a year. Higher portfolio turnover may affect the amount, timing and character of distributions, and, as a result, may increase the amount of taxes payable by shareholders. High portfolio
Part I - 17

turnover also results in higher transaction costs. To the extent that net short-term capital gains are realized by a Fund, any distributions resulting from such gains are considered ordinary income for federal income tax purposes. For a more complete discussion, see the “Distributions and Tax Matters” section in Part II of this SAI.
The table below sets forth the Funds' portfolio turnover rate (excluding short sales) for the two most recently completed fiscal years:
 
Fiscal Year Ended February 28,
Fund
2022
2023
Core Bond Fund
59%
46%
Core Plus Bond Fund
64%
41%
Corporate Bond Fund
71%
119%
Emerging Markets Debt Fund
37%
72%
Floating Rate Income Fund
40%
11%
Global Bond Opportunities Fund
51%
52%
Government Bond Fund
7%
14%
High Yield Fund
27%
34%
Income Fund1
54%
166%
Limited Duration Bond Fund
24%
26%
Mortgage-Backed Securities Fund2
132%
57%
Preferred and Income Securities Fund3
N/A
29%
Short Duration Bond Fund
83%
74%
Short Duration Core Plus Fund
129%
130%
Strategic Income Opportunities Fund4
134%
410%
Total Return Fund
475%
483%
Unconstrained Debt Fund
103%
45%
1
The JPMorgan Income Fund's higher portfolio turnover for the fiscal year ending 2/28/23 is attributable to the Fund's increasd allocations to mortgage dollar rolls and TBA transactons in the most recent fuscal year. Excluding the increased allocations to mortgage dollar rolls and TBA transactions, the Fund's portfolio turnover would have been 28% for the fiscal year ending 2/28/23.
2
The JPMorgan Mortgage-Backed Securities Fund's portfolio turnover for the fiscal year ended 2/28/23 is attributable to a decrease in TBA transactions and mortgage dollar rolls.
3
The Fund commenced operations on 3/31/22.
4
The increase in portfolio turnover was mainly due to an increase in trading of agency mortgage backed securities, related to increased volatility in the interest rate market.
Part I - 18

TRUSTEES
Standing Committees
As of the fiscal year ended February 28, 2023, there were seven standing committees of the Board of Trustees: (i) the Audit and Valuation Committee, (ii) the Compliance Committee, (iii) the Governance Committee, (iv) the Equity Committee, (v) the ETF Committee, (vi) the Fixed Income Committee, and (vii) the Money Market and Alternative Products Committee. The following table shows how often each Committee met during the fiscal year ended February 28, 2023:
Committee
Fiscal Year Ended
February 28, 2023
Audit and Valuation Committee
4
Compliance Committee
4
Governance Committee
4
Equity Committee
6
ETF Committee
4
Fixed Income Committee
5
Money Market and Alternative Products Committee
8
For a more complete discussion, see the “Trustees” section in Part II of this SAI.
Ownership of Securities
The following table shows the dollar range of each Trustee’s beneficial ownership of equity securities in the Funds and each Trustee’s aggregate dollar range of ownership in the J.P. Morgan Funds as of December 31, 2022:
Name of Trustee
Dollar Range
of Equity
Securities in
Core Bond
Fund
Dollar Range
of Equity
Securities in
Core Plus
Bond
Fund
Dollar Range
of Equity
Securities in
Corporate
Bond Fund
Dollar Range
of Equity
Securities in
Emerging
Markets
Debt Fund
Independent Trustees
John F. Finn
None
None
None
None
Stephen P. Fisher
None
None
None
None
Gary L. French
None
None
$10,001– $50,000
None
Kathleen M. Gallagher
None
None
None
None
Robert J. Grassi
None
None
None
None
Frankie D. Hughes
None
None
None
None
Raymond Kanner
None
None
None
None
Thomas P. Lemke
None
None
None
None
Lawrence R. Maffia
None
None
None
None
Mary E. Martinez
None
None
None
None
Marilyn McCoy
None
None
None
None
Dr. Robert A. Oden, Jr.
Over $100,000
None
None
None
Marian U. Pardo
None
None
None
None
Emily A. Youssouf
None
None
None
None
Interested Trustees
Robert Deutsch
None
None
None
None
Nina O. Shenker
None
None
None
None
Name of Trustee
Dollar Range
of Equity
Securities in
Floating
Rate
Income
Fund
Dollar Range
of Equity
Securities in
Global
Bond
Opportunities
Fund
Dollar Range
of Equity
Securities in
Government
Bond Fund
Dollar Range
of Equity
Securities in
High Yield
Fund
Dollar Range
of Equity
Securities in
Income Fund
Independent Trustees
 
 
 
 
 
John F. Finn
None
None
None
None
None
Stephen P. Fisher
None
None
None
None
None
Gary L. French
None
None
None
None
None
Kathleen M. Gallagher
None
None
None
None
None
Robert J. Grassi
None
None
None
None
None
Frankie D. Hughes
None
None
None
None
None
Part I - 19

Name of Trustee
Dollar Range
of Equity
Securities in
Floating
Rate
Income
Fund
Dollar Range
of Equity
Securities in
Global
Bond
Opportunities
Fund
Dollar Range
of Equity
Securities in
Government
Bond Fund
Dollar Range
of Equity
Securities in
High Yield
Fund
Dollar Range
of Equity
Securities in
Income Fund
Raymond Kanner
None
None
None
None
None
Thomas P. Lemke
None
None
None
None
None
Lawrence R. Maffia
None
None
None
None
None
Mary E. Martinez
None
None
None
None
None
Marilyn McCoy
None
None
None
None
None
Dr. Robert A. Oden, Jr.
None
None
None
None
None
Marian U. Pardo
None
None
None
None
None
Emily A. Youssouf
None
None
None
None
None
Interested Trustees
 
 
 
 
 
Robert Deutsch
None
None
None
None
None
Nina O. Shenker
None
None
None
None
None
Name of Trustee
Dollar Range
of Equity
Securities in
Limited
Duration
Bond Fund
Dollar Range
of Equity
Securities in
Mortgage-
Backed
Securities
Fund
Dollar Range
of Equity
Securities in
Preferred and
Income
Securities
Fund
Dollar Range
of Equity
Securities in
Short Duration
Bond Fund
Dollar Range
of Equity
Securities in
Short Duration
Core Plus Fund
Independent Trustees
 
 
 
 
 
John F. Finn
None
None
None
None
None
Stephen P. Fisher
None
None
None
None
None
Gary L. French
None
None
None
None
None
Kathleen M. Gallagher
None
None
None
None
None
Robert J. Grassi
None
None
None
None
None
Frankie D. Hughes
None
None
None
None
None
Raymond Kanner
None
None
None
None
None
Thomas P. Lemke
None
None
None
None
None
Lawrence R. Maffia
None
None
None
None
None
Mary E. Martinez
None
None
None
None
None
Marilyn McCoy
None
None
None
None
None
Dr. Robert A. Oden, Jr.
None
None
None
None
None
Marian U. Pardo
None
None
None
None
None
Emily A. Youssouf
None
None
None
None
None
Interested Trustees
 
 
 
 
 
Robert Deutsch
None
None
None
None
None
Nina O. Shenker
None
None
None
None
None
Name of Trustee
Dollar Range
of Equity
Securities in
Strategic
Income
Opportunities
Fund
Dollar Range
of Equity
Securities in
Total
Return
Fund
Dollar Range
of Equity
Securities in
Unconstrained
Debt Fund
Aggregate
Dollar Range
of Equity
Securities
in All
Registered
Investment
Companies
Overseen by the
Trustee in
Family of
Investment
Companies1,2
Independent Trustees
John F. Finn
Over $100,000
None
None
Over $100,000
Stephen P. Fisher
None
None
None
Over $100,000
Gary L. French
None
None
None
Over $100,000
Kathleen M. Gallagher
None
None
None
Over $100,000
Robert J. Grassi
None
None
None
Over $100,000
Frankie D. Hughes
None
None
None
Over $100,000
Raymond Kanner
None
None
None
Over $100,000
Thomas P. Lemke
$50,001– $100,000
None
None
Over $100,000
Part I - 20

Name of Trustee
Dollar Range
of Equity
Securities in
Strategic
Income
Opportunities
Fund
Dollar Range
of Equity
Securities in
Total
Return
Fund
Dollar Range
of Equity
Securities in
Unconstrained
Debt Fund
Aggregate
Dollar Range
of Equity
Securities
in All
Registered
Investment
Companies
Overseen by the
Trustee in
Family of
Investment
Companies1,2
Lawrence R. Maffia
None
None
None
Over $100,000
Mary E. Martinez
None
None
None
Over $100,000
Marilyn McCoy
None
None
None
Over $100,000
Dr. Robert A. Oden, Jr.
None
None
None
Over $100,000
Marian U. Pardo
None
None
None
Over $100,000
Emily A. Youssouf
None
None
None
Over $100,000
Interested Trustees
Robert Deutsch
None
None
None
Over $100,000
Nina O. Shenker
None
None
None
Over $100,000
1
A Family of Investment Companies means any two or more registered investment companies that share the same investment adviser or principal underwriter and hold themselves out to investors as related companies for purposes of investment and investor services. The Family of Investment Companies for which the Board of Trustees currently serves includes nine registered investment companies (176 J.P. Morgan Funds).
2
For Mses. Gallagher and McCoy and Messrs. Finn, Fisher, Kanner and Oden, these amounts include deferred compensation balances, as of 12/31/22, through participation in the J.P. Morgan Funds’ Deferred Compensation Plan for Eligible Trustees. For a more complete discussion, see the “Trustee Compensation” section in Part II of this SAI.
As of December 31, 2022, none of the Independent Trustees or their immediate family members owned securities of the Adviser or JPMDS or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or JPMDS.
Trustee Compensation
Effective January 1, 2023, the Trustees are paid an annual fee of $420,000 (with any new trustees receiving a pro rata portion of the base fee depending on when each became a trustee) and are reimbursed for expenses incurred in connection with service as a Trustee. Committee chairs who are not already receiving an additional fee are each paid $65,000 annually in addition to their base fee. In addition to the base fee, the Chair of the Board of Trustees receives $240,000 annually and is reimbursed expenses in the amount of $4,000 per month. The Chair receives no additional compensation for service as committee chair. In addition to the base fee, the Vice Chair of the Board of Trustees receives $140,000 annually. Prior to January 1, 2023, the Trustees were paid an annual fee of $395,000 (with any new trustees receiving a pro rata portion of the base fee depending on when each became a trustee) and reimbursed for expenses incurred in connection with service as a Trustee. Committee chairs who were not already receiving an additional fee were each paid $50,000 annually in addition to their base fee. In addition to the base fee, the Chair of the Board received $225,000 annually and was reimbursed expenses in the amount of $4,000 per month. The Chair received no additional compensation for service as committee chair. In addition to the base fee, the Vice Chair of the Board received $125,000 annually.
For funds that are series of the J.P. Morgan Exchange-Traded Fund Trust and which have a unitary management fee, Trustee compensation for the Funds is paid from the management fee by JPMIM. For all other funds, Trustee compensation is paid by the fund. Aggregate Trustee compensation for each Trustee paid by a Fund and all funds in the Fund Complex for the calendar year ended December 31, 2022, is set forth below:
Name of Trustee
Core Bond
Fund
Core Plus
Bond
Fund
Corporate
Bond Fund
Emerging
Markets
Debt Fund
Floating Rate
Income Fund
Independent Trustees
 
 
 
 
 
John F. Finn
$14,069
$7,485
$1,664
$1,889
$1,777
Stephen P. Fisher
8,091
4,654
1,616
1,733
1,675
Gary L. French
6,382
3,845
1,602
1,688
1,645
Kathleen M. Gallagher
8,091
4,654
1,616
1,733
1,675
Robert J. Grassi
6,382
3,845
1,602
1,688
1,645
Part I - 21

Name of Trustee
Core Bond
Fund
Core Plus
Bond
Fund
Corporate
Bond Fund
Emerging
Markets
Debt Fund
Floating Rate
Income Fund
Frankie D. Hughes
$6,382
$3,845
$1,602
$1,688
$1,645
Raymond Kanner
8,091
4,654
1,616
1,733
1,675
Thomas P. Lemke
6,382
3,845
1,602
1,688
1,645
Lawrence R. Maffia
6,382
3,845
1,602
1,688
1,645
Mary E. Martinez
10,653
5,867
1,637
1,800
1,719
Marilyn McCoy
6,382
3,845
1,602
1,688
1,645
Dr. Robert A. Oden, Jr.
8,091
4,654
1,616
1,733
1,675
Marian U. Pardo
8,091
4,654
1,616
1,733
1,675
Emily A. Youssouf
6,382
3,845
1,602
1,688
1,645
Interested Trustees
 
 
 
 
 
Robert Deutsch
8,091
4,654
1,616
1,733
1,675
Nina O. Shenker9
6,382
3,845
1,602
1,688
1,645
Name of Trustee
Global Bond
Opportunities
Fund
Government
Bond
Fund
High Yield
Fund
Income Fund
Limited
Duration
Bond Fund
Independent Trustees
 
 
 
 
 
John F. Finn
$2,826
$2,380
$3,440
$5,748
$2,024
Stephen P. Fisher
2,222
1,989
2,543
3,748
1,804
Gary L. French
2,050
1,878
2,286
3,176
1,741
Kathleen M. Gallagher
2,222
1,989
2,543
3,748
1,804
Robert J. Grassi
2,050
1,878
2,286
3,176
1,740
Frankie D. Hughes
2,050
1,878
2,286
3,176
1,740
Raymond Kanner
2,222
1,989
2,543
3,748
1,804
Thomas P. Lemke
2,050
1,878
2,286
3,176
1,741
Lawrence R. Maffia
2,050
1,878
2,286
3,176
1,740
Mary E. Martinez
2,481
2,156
2,927
4,605
1,898
Marilyn McCoy
2,050
1,878
2,286
3,176
1,740
Dr. Robert A. Oden, Jr.
2,222
1,989
2,543
3,748
1,804
Marian U. Pardo
2,222
1,989
2,543
3,748
1,804
Emily A. Youssouf
2,050
1,878
2,286
3,176
1,741
Interested Trustees
 
 
 
 
 
Robert Deutsch
2,222
1,989
2,543
3,748
1,804
Nina O. Shenker9
2,050
1,878
2,286
3,176
1,740
Name of Trustee
Mortgage-
Backed
Securities
Fund
Preferred and Income
Securities Fund
Short
Duration Bond
Fund
Short
Duration
Core Plus
Fund
Strategic
Income
Opportunities
Fund
Independent Trustees
 
 
 
 
 
John F. Finn
$3,154
$1,106
$4,915
$4,173
$5,021
Stephen P. Fisher
2,393
1,075
3,313
2,926
3,368
Gary L. French
2,176
1,066
2,855
2,570
2,895
Kathleen M. Gallagher
2,393
1,075
3,313
2,926
3,368
Robert J. Grassi
2,176
1,066
2,855
2,570
2,895
Frankie D. Hughes
2,176
1,066
2,855
2,570
2,895
Raymond Kanner
2,393
1,075
3,313
2,926
3,368
Thomas P. Lemke
2,176
1,066
2,855
2,570
2,895
Lawrence R. Maffia
2,176
1,066
2,855
2,570
2,895
Mary E. Martinez
2,719
1,089
3,999
3,461
4,076
Marilyn McCoy
2,176
1,066
2,855
2,570
2,895
Dr. Robert A. Oden, Jr.
2,393
1,075
3,313
2,926
3,368
Marian U. Pardo
2,393
1,075
3,313
2,926
3,368
Emily A. Youssouf
2,176
1,066
2,855
2,570
2,895
Interested Trustees
 
 
 
 
 
Robert Deutsch
2,393
1,075
3,313
2,926
3,368
Nina O. Shenker9
2,176
1,066
2,855
2,570
2,895
Part I - 22

Name of Trustee
Total
Return
Fund
Unconstrained
Debt
Fund
Total
Compensation
Paid From
Fund
Complex1
Independent Trustees
 
 
 
John F. Finn
$1,670
$1,948
$620,000
Stephen P. Fisher
1,618
1,764
445,000
Gary L. French
1,604
1,711
395,0002
Kathleen M. Gallagher
1,618
1,764
445,0003
Robert J. Grassi
1,604
1,711
395,000
Frankie D. Hughes
1,604
1,711
395,000
Raymond Kanner
1,618
1,764
445,0004
Thomas P. Lemke
1,604
1,711
395,0005
Lawrence R. Maffia
1,604
1,711
395,000
Mary E. Martinez
1,640
1,843
520,000
Marilyn McCoy
1,604
1,711
395,0006
Dr. Robert A. Oden, Jr.
1,618
1,764
445,000
Marian U. Pardo
1,618
1,764
445,000
Emily A. Youssouf
1,604
1,711
395,0007
Interested Trustees
 
 
 
Robert Deutsch
1,618
1,764
445,0008
Nina O. Shenker9
1,604
1,711
395,0006
1
A Fund Complex means two or more registered investment companies that (i) hold themselves out to investors as related companies for purposes of investment and investor services or (ii) have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees currently serves includes nine registered investment companies (176 J.P. Morgan Funds).
2
Includes $118,500 of Deferred Compensation.
3
Includes $133,500 of Deferred Compensation.
4
Includes $445,000 of Deferred Compensation.
5
Includes $276,500 of Deferred Compensation.
6
Includes $395,000 of Deferred Compensation.
7
Includes $108,625 of Deferred Compensation.
8
Includes $163,167 of Deferred Compensation.
9
The compensation Ms. Shenker receives from the Funds will be reimbursed by JPMIM.
For a more complete discussion, see the “Trustee Compensation” section in Part II of this SAI.
INVESTMENT ADVISER
Investment Advisory Fees
The table below sets forth the investment advisory fees paid by the following Funds to JPMIM (waived amounts are in parentheses), respectively, as applicable with respect to the fiscal periods indicated (amounts in thousands):
 
Fiscal Year Ended
 
February 28, 2021
February 28, 2022
February 28, 2023
Fund
Paid
Waived
Paid
Waived
Paid
Waived
Core Bond Fund
$91,513
$(3,476)
$97,164
$(2,689)
$91,198
$(1,891)
Core Plus Bond Fund
42,630
(1,792)
47,649
(1,568)
46,308
(1,334)
Corporate Bond Fund
6,544
(236)
1,749
(184)
571
(179)
Emerging Markets Debt Fund
4,637
(411)
7,202
(522)
4,357
(539)
Floating Rate Income Fund
3,693
(53)
3,451
(32)