JPMorgan seeks shareholder OK to merge several state municipal funds

By Toni Weeks

San Luis Obispo, Calif., March 6 - The board of trustees of JPMorgan Trust II approved on Feb. 12 the merger of three JPMorgan state municipal funds into the JPMorgan Intermediate Tax Free Bond Fund, a series of JPMorgan Trust I, according to a 497 filing with the Securities and Exchange Commission.

The affected funds are the JPMorgan Arizona Municipal Bond Fund, JPMorgan Ohio Municipal Bond Fund and JPMorgan Michigan Municipal Bond Fund.

According to the filing, 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.

Completion of the mergers is subject to several conditions, including shareholder approval. No merger is contingent upon the approval of any other merger.

If approved, the mergers will be completed by June 13.

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