Mutual Fund Summary Prospectus (497k)
05 4월 2013 - 4:34AM
Edgar (US Regulatory)
JPMORGAN VALUE OPPORTUNITIES FUND, INC.
JPMORGAN TRUST II
JPMorgan Large Cap Value Fund
(All Share Classes)
Supplement dated April 4, 2013
to the Summary Prospectuses dated November 1, 2012
Merger Proposal
The Board of Directors of JPMorgan Value Opportunities Fund, Inc. (the
Acquired Fund) and the Board of Trustees of JPMorgan Trust II, on behalf of the JPMorgan Large Cap Value Fund (the Acquiring Fund), have approved the merger of the Acquired Fund into the Acquiring Fund. The Boards of the
Acquired Fund and the Acquiring Fund approved the merger at meetings that occurred on March 4, 2013 and March 6, 2013, respectively. The merger will only be completed if approved by Acquired Fund shareholders. At these meetings, this
merger was recommended by the Funds adviser, J.P. Morgan Investment Management Inc. (JPMIM) and JPMorgan Funds Management, Inc. (JPMFM), the current administrator for the Acquiring Fund and the business manager for the
Acquired Fund effective on or about April 1, 2013. The merger was recommended in connection with an effort to eliminate overlapping product offerings and in order to take advantage of potential operational and administrative efficiencies that
may result. After determining that (i) participation in the merger is in the best interests of each Fund overseen by that Board and (ii) the interests of the Funds existing shareholders will not be diluted as a result of the merger,
each Board approved the merger.
JPMIM, JPMFM and JPMorgan Distribution Services, Inc. (JPMDS), the distributor for the Funds, have
committed to waive their fees and/or reimburse the expenses of the Acquiring Fund, as needed, in order to maintain the net expense level for each class of shares of the Acquiring Fund following the merger (excluding any fees and expenses associated
with investment in other funds, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) at the level in effect prior to the merger for each acquired class of the Acquired Fund. These contractual fee
waivers and/or expense reimbursements will stay in effect through October 31, 2014 for the Acquiring Fund, and there is no guarantee such waivers/reimbursements will be continued after October 31, 2014.
If the merger is approved, shareholders of the Acquired Fund will generally receive shares of the same class of the Acquiring Fund as they held in the
Acquired Fund, except that Institutional Class shareholders of the Acquired Fund will receive Class R5 Shares of the Acquiring Fund. The Acquiring Funds Class R5 Shares are subject to a shareholder servicing fee that is 5 basis points lower
than the shareholder servicing fee for Institutional Class Shares of the Acquired Fund, and as a result, after the merger, shareholders will hold shares with a lower expense cap than the previously held Institutional Class Shares. Because not all
Institutional Class shareholders of the Acquired Fund would otherwise be eligible to hold Class R5 Shares, the Board of the Acquiring Fund has approved a change in the eligibility for Class R5 Shares of the Acquiring Fund, effective as of the
closing of the merger, so that Class R5 Shares of the Acquiring Fund may be held by all Acquired Fund shareholders who will receive their Class R5 Shares in connection with the proposed merger. Such shareholders will be able to continue to purchase
shares in existing accounts after the merger is completed.
Furthermore, the merger is intended to qualify as a tax-free reorganization for
federal income tax purposes. Completion of the merger is subject to a number of conditions, including approval by the shareholders of the Acquired Fund. Shareholder approval will be sought at a special meeting of shareholders expected to be held on
or about May 30, 2013. If you own shares of the Acquired Fund as of the record date for the special meeting of shareholders, you will receive (i) a Proxy Statement/Prospectus describing in detail both the proposed merger and the Acquiring
Fund, and summarizing the Boards considerations in recommending that shareholders approve the merger and (ii) a proxy card and instructions on how to submit your vote.
If the merger is approved by the shareholders of the Acquired Fund, each holder of a class of shares of the Acquired Fund will receive, following the transfer, on a tax-free basis for federal income tax
purposes, a number of full and fractional shares of the corresponding Class of shares of the Acquiring Fund (except that Institutional Class Shares of the Acquired Fund will receive Class R5 shares of the Acquiring Fund) having an aggregate net
asset value equal to the aggregate net asset value of the shares of the Acquired Fund held by that shareholder as of the close of business of the New York Stock Exchange, usually 4:00 p.m. New York time, on the closing day of the merger. If the
merger is approved by shareholders, it is expected to close on June 14, 2013 or on another date as the parties to the transaction shall agree.
SUP-SPRO-VO-LCV-413
Portfolio Manager Change
The section titled Management is hereby deleted in its entirety and replaced by the following:
Management
J.P. Morgan Investment Management Inc.
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Portfolio
Manager
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Managed the
Fund Since
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Primary Title with
Investment Adviser
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Aryeh Glatter
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2011
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Executive Director
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Scott Blasdell
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2013
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Managing Director
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Effective immediately, the first paragraph of the summary prospectus is hereby deleted and replaced with the following:
Before you invest, you may want to review the Funds Prospectus, which contains more information about the Fund and its
risks. You can find the Funds Prospectus and other information about the Fund, including the Statement of Additional Information, online at www.jpmorganfunds.com/funddocuments. You can also get this information at no cost by calling
1-800-480-4111 or by sending and e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. The Funds Prospectus and Statement of Additional Information, both dated
November 1, 2012, as supplemented, are incorporated by reference into this Summary Prospectus.
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE SUMMARY PROSPECTUS FOR FUTURE
REFERENCE
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