JPMorgan Intermediate Tax Free Bond Fund to absorb Michigan fund

By Toni Weeks

San Luis Obispo, Calif., Aug. 14 – Shareholders of the JPMorgan Michigan Municipal Bond Fund approved a proposal at a meeting on Wednesday to merge the fund into the JPMorgan Intermediate Tax Free Bond Fund, according to a 497 filing with the Securities and Exchange Commission.

The reorganization is expected to take place on Aug. 29.

Wednesday’s shareholder meeting was adjourned with regard to two other proposals, which would merge both the JPMorgan Arizona Municipal Bond Fund and the JPMorgan Ohio Municipal Bond Fund into the same fund that is acquiring the Michigan fund. Those two reorganizations will be reconsidered at a meeting on Aug. 26 and, if approved, will take place on Aug. 29.

The reorganization of each fund is not contingent on the approval of the reorganization of any other fund.

As previously reported, the mergers of the three state funds into the intermediate fund were recommended by J.P. Morgan Investment Management, Inc., the fund's New York-based investment adviser, as well as administrator JPMorgan Funds Management, Inc. to eliminate relatively small funds with limited opportunities for future growth and to take advantage of the potential operational and administrative efficiencies that may result.

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