The materials are being mailed to shareholders on or about April 24, 2009 in preparation for the special shareholder meeting to be held on June 15, 2009, concerning the election of Trustees and other changes to certain J.P. Morgan Funds.
Yes, all of these changes are included in the Proxy Statement (Schedule 14A) that is being mailed to shareholders of record as of March 23, 2009. The proposals are as follows:
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Material Title | Funds Affected | Proposals for Shareholder Vote |
Proxy Statement (Schedule 14A) | JPMorgan Trust II (41 Funds) (A complete listing of Funds electing trustees is included at the end of this Q&A) | 1 proposal to approve: · Election of 13 Trustees |
Proxy Statement (Schedule 14A) | JPMorgan Investor Conservative Growth Fund JPMorgan Investor Balanced Fund JPMorgan Investor Growth & Income Fund JPMorgan Investor Growth Fund | 3 proposals to approve: · Election of 13 Trustees · Replacement of fundamental investment objectives with new non-fundamental investment objectives. · Elimination of a fundamental investment restriction for these Funds, which currently allows them only to invest in other J.P. Morgan Funds. |
Proxy Statement (Schedule 14A) | JPMorgan Diversified Mid Cap Growth Fund JPMorgan Large Cap Growth Fund JPMorgan Government Bond Fund | 2 proposals to approve: · Election of 13 Trustees · Replacement of fundamental investment objectives with new non-fundamental investment objectives. |
Proxy Statement (Schedule 14A) | JPMorgan High Yield Bond Fund | 3 proposals to approve: · Election of 13 Trustees · Replacement of a fundamental investment objective with a new non-fundamental investment objective. · Elimination of a fundamental investment policy that requires the Fund to invest at least 80% of its assets in bonds. |
Are there additional proxy items being mailed?
In addition to Schedule 14A, there is a Combined Prospectus/Proxy Statement (N-14) for two (2) equity mergers and a Combined Prospectus/Proxy Statement (N-14) for eight (8) fixed income mergers. These Combined Prospectus/Proxy Statements (N-14) will be mailed to shareholders on or about April 24, 2009.
Why do the Trustees for JPMorgan Trust II need to be elected?
Pursuant to an order of the Securities and Exchange Commission, every five years, JPMorgan Trust II must hold a meeting of Trust shareholders at which the Board of Trustees will be elected. Since the Trustees were last elected in February 2005, we are presenting the Board for election at the meeting on June 15, 2009.
Will the replacement of fundamental investment objectives and other changes affect the way the Fund(s) are managed?
The investment objective changes for the JPMorgan Diversified Mid Cap Growth Fund, JPMorgan Large Cap Growth Fund and JPMorgan Government Bond Fund are not expected to change the way the Funds are managed. If approved, the change to the JPMorgan Government Bond Fund investment objective will be effective July 1, 2009, concurrent with the Fund’s annual update. The changes for the JPMorgan Diversified Mid Cap Growth Fund and JPMorgan Large Cap Growth Fund will take effect on or about June 19, 2009.
The changes to the investment objective and elimination of the fundamental investment policy for the Investor Funds will take effect on or about June 19, 2009 and are not expected to have an immediate effect on the way the Investor Funds are managed. At some future date, the Investor Funds may seek to invest in securities and other instruments in addition to mutual funds.
The changes for the JPMorgan High Yield Bond Fund will permit the Fund to invest a greater percentage of assets in bank loans and investment-grade securities. These changes will take effect on the later of September 1, 2009, or 60 days after notice is sent to shareholders.
What happens if the shareholders do not vote their proxy?
All Shareholders are encouraged to vote their shares. ComputerShare Fund Services, the Proxy Solicitor, has been retained to assist us with this process. Shareholders who do not vote their shares may receive a telephone call or additional mailings from the solicitor encouraging them to vote their shares.
What happens if a shareholder needs a copy of a Combined Prospectus/Proxy Statement, a proxy card or other proxy materials?
Shareholders can receive additional copies of any proxy materials, including Combined Prospectus/Proxy Statements, proxy cards and voting instructions, by calling 1-866-963-6135.
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What happens if the proposals concerning investment objective changes are not approved by shareholders?
If the proposals are not approved for a particular Fund, the investment objective of such Fund will remain the same, and the Board may consider other courses of action.
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Funds Electing Trustees* |
| Fund Name |
| JPMorgan Arizona Municipal Bond Fund |
| JPMorgan Core Bond Fund |
| JPMorgan Core Plus Bond Fund |
| JPMorgan Diversified Mid Cap Growth Fund |
| JPMorgan Diversified Mid Cap Value Fund |
| JPMorgan Equity Income Fund |
| JPMorgan Equity Index Fund |
| JPMorgan Government Bond Fund |
| JPMorgan High Yield Bond Fund |
| JPMorgan Intermediate Bond Fund |
| JPMorgan International Equity Index Fund |
| JPMorgan Intrepid Mid Cap Fund |
| JPMorgan Investor Balanced Fund |
| JPMorgan Investor Conservative Growth Fund |
| JPMorgan Investor Growth Fund |
| JPMorgan Investor Growth & Income Fund |
| JPMorgan Kentucky Municipal Bond Fund |
| JPMorgan Large Cap Growth Fund |
| JPMorgan Large Cap Value Fund |
| JPMorgan Liquid Assets Money Market Fund |
| JPMorgan Louisiana Municipal Bond Fund |
| JPMorgan Market Expansion Index Fund |
| JPMorgan Michigan Municipal Bond Fund |
| JPMorgan Michigan Municipal Money Market Fund |
| JPMorgan Mortgage-Backed Securities Fund |
| JPMorgan Multi-Cap Market Neutral Fund |
| JPMorgan Municipal Income Fund |
| JPMorgan Municipal Money Market Fund |
| JPMorgan Ohio Municipal Bond Fund |
| JPMorgan Ohio Municipal Money Market Fund |
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Funds Electing Trustees* |
| Fund Name |
| JPMorgan Short Duration Bond Fund |
| JPMorgan Short Term Municipal Bond Fund (to be renamed JPMorgan Short-Intermediate Short Term Municipal Bond Fund on April 30, 2009) |
| JPMorgan Small Cap Growth Fund |
| JPMorgan Small Cap Value Fund |
| JPMorgan Tax Free Bond Fund |
| JPMorgan Treasury & Agency Fund |
| JPMorgan U.S. Government Money Market Fund |
| JPMorgan U.S. Real Estate Fund |
| JPMorgan U.S. Treasury Plus Money Market Fund |
| JPMorgan Ultra Short Duration Bond Fund |
| JPMorgan West Virginia Municipal Bond Fund |
*Note that the effective date for the election of Trustees is the date of the shareholder meeting.
Contact JPMorgan Funds Distribution Services at (1-800-480-4111) for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
J. P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds. Products and services are offered by JPMorgan Distribution Services, Inc.
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