Frequently Asked Questions (F.A.Q.)

1. What is the settlement about?

   On June 29, 2004, Banc One Investment Advisors reached a settlement with The United States Securities and Exchange Commission and the New York State Attorney General. The allegations concerned certain issues related to market timing transactions in One Group Mutual Funds, for which Banc One Investment Advisors provided investment management services.

2. What were the allegations against Banc One Investment Advisors?

   The allegations against Banc One Investment Advisors involved issues related to excessive short-term trading that took place in several One Group mutual funds that was inconsistent with the terms of the funds' prospectuses and that was potentially harmful to the funds. The order also alleged that Banc One Investment Advisors failed to charge those executing these short-term trades any redemption fees as required by the funds' prospectuses.

   The specific allegations against Banc One Investment Advisors can be found in the SEC Order posted on the SEC website, www.sec.gov, or by accessing the "Links & Related Documents" page of this website.

3. What is market timing?

   Market timing is the rapid buying and selling of mutual fund shares in order to exploit inefficiencies in mutual fund pricing. This practice can harm other mutual fund shareholders because it can dilute the value of their shares or it can disrupt the management of the mutual fund's investment portfolio, which can cause the specific mutual fund to incur costs borne by other shareholders to accommodate the timer's frequent buying and selling.

4. What were the terms of the settlement agreed upon with the SEC?

   The settlement terms that were agreed to include:

   Banc One Investment Advisors, its affiliates and successors paid $50 million to an escrow account to compensate eligible One Group shareholders.

   A reduction of advisory fees of at least $8 million a year for 5 years on selected One Group mutual funds.

   Banc One Investment Advisors, now as JP Morgan, are committed to rigorous reviews of their mutual fund policies and procedures and strive to promote the highest levels of integrity and business practices in serving their mutual fund investors.

5. Who is included/eligible for this settlement?

   You are part of the settlement if you held any of the affected One Group funds between June 1,1999 and May 31, 2003 and the Independent Distribution Consultant determined that you were adversely affected by the alleged market timing. The affected One Group funds can be viewed on the "Settlement Summary" page of this website.

6. Who is the Independent Distribution Consultant (IDC)?

   The Independent Distribution Consultant is Joseph A. Grundfest, Professor of Law and Business at Stanford Law School and a former commissioner of the SEC.

7. What is the role of the Independent Distribution Consultant?

   The role of the Independent Distribution Consultant is to develop a Distribution Plan for the distribution of the $50 million settlement plus interest provided for in the SEC Order. The Plan includes:

   1. An explanation of the methodology used to calculate the payments to eligible shareholders;

   2. The procedures for locating eligible shareholders, and;

   3. The procedures for distributing the proceeds and interest to eligible shareholders.

   The Modified Plan of Distribution, approved May 9, 2007, may be viewed at the SEC website, www.sec.gov, or by accessing the "Links & Related Documents" page on this website.

8. Is this check/payment authentic?

   The check you have received is from the Banc One Investment Advisors Fair Fund Settlement. You received your payment because the Independent Distribution Consultant identified you as an eligible shareholder of one or more of the funds involved in this settlement. On June 29, 2004, Banc One Investment Advisors reached a settlement with The United States Securities and Exchange Commission and New York State Attorney General regarding issues related to market timing. The check you received will require no further action on your part.

9. If I received a distribution check, what happens if I do not cash it?

   The check will expire 90 days from the distribution date. All unclaimed funds will be deposited into the mutual funds covered by the settlement in the same ratio as the harm suffered by investors (or adverse affect of the market timers) in those funds.

10. Can I exclude myself from this settlement?

    As this settlement is an SEC settlement and not a class action settlement there is not an option to exclude you.

11. Can I reinvest the payment I have received?

    You may invest the proceeds of the settlement check into your JPMorgan fund, but you must deposit your settlement check in your personal checking account and issue a new check payable to the JPMorgan fund in which you are investing. JPMorgan cannot accept third-party checks.

12. I received a check made payable to the custodian of my retirement account. What do I do with this check?

    You have 3 options with this check:

    1. If your retirement account is still with the custodian listed on the check, forward this check with a letter of instruction to your current custodian and the funds will be deposited into your retirement account. Be sure to include your current account number with the correspondence.

    2. If your retirement account is with another custodian, return the check with the word void written across the front and include a letter of instruction indicating:

       1. Your new custodian,

       2. Your current account number.

       3. We will return the new check to you so you can forward it to your new custodian with a letter of instruction explaining that the check is a "return of capital" and you want the funds deposited into your retirement account.

    3. If you wish to have this check made payable to yourself, you will need to do the following:

       1. Please return the check with the word void written across the front and a letter of instruction requesting it be made payable to you.

       2. Please include in your letter of instruction your date of birth.

       3. Complete and return the appropriate reissue form (substitute W-4P/W-9) that can be found on the "Tax Information" page of this website. If you do not have access to the Internet we will fax or mail the form to you.

       4. All applicable federal taxes and penalties will be deducted from your check as well as any required state taxes. The W-4P form is completed and submitted with your request if you wish to forgo tax withholding. A W-9 form is used to certify your Social Security # or Tax ID.

       5. Send this information to the following address:

          Banc One Settlement Administration
          PO Box 859226
          Braintree, MA 02185-9226

    You should consult with your financial advisor or tax professional prior to cashing this check to determine the potential tax consequences and appropriate tax treatment for your particular situation.

13. I received an IRA check made payable to my deceased wife/husband. How can I have it made payable to myself?

    If you wish to have this check made payable to yourself and you are the beneficiary, you will need to do the following:

    1. Please return the check with void written across the front. Include a letter of instruction requesting it be made payable to you. You must also include a copy of the deceased death certificate. (If the check is over $100 it must be a certified copy of the death certificate.)

    2. Complete and return the appropriate reissue forms ("Beneficiary Substitute W-4P/W-9") that can be found on the "Tax Information" page of this website. If you do not have access to the Internet we will fax or mail the form to you.

    3. All applicable federal taxes and penalties will be deducted from your check as well as any required state taxes. The W-4P form is completed and submitted with your request if you wish to forgo tax withholding. A W-9 form is used to certify your Social Security # or Tax ID.

    4. Send this information to the following address:

       Banc One Settlement Administration
       PO Box 859226
       Braintree, MA 02185-9226

    You should consult with your financial advisor or tax professional prior to cashing this check to determine the potential tax consequences and appropriate tax treatment for your particular situation.

14. What is a signature or a medallion guarantee and where can I get one?

    A signature guarantee is a stamp that literally bears the phrase "signature guarantee" and it guarantees that the person signing the document is actually who they say they are. Please note that a notary is not the same as a signature guarantee. You can get a signature guarantee at most commercial banks, savings banks, credit unions or broker dealers. It is important that you do not sign your letter or document until the guarantor instructs you to do so.

    A medallion guarantee is a unique signature guarantee for securities that may be obtained through a financial firm like a broker, bank, or credit union that participates in one of the following Medallion Guarantee programs:

    STAMP
    Securities Transfer Agents Medallion Program

    SEMP
    Stock Exchange Medallion Program

    MSP
    New York Stock Exchange, Inc. Medallion Signature Program

15. Does the integration of the One Group funds with the JPMorgan funds effect the settlement?

    No. On February 19, 2005, the One Group Mutual Funds integrated with the JPMorgan Funds, and the new, combined fund family began using the name JPMorgan Funds. While some similar funds were merged, the eligible shareholders of One Group funds involved in the settlement distribution have been identified and notified regardless of whether the fund(s) were merged into JPMorgan funds.

16. Who will pay the costs associated with the settlement and restitution?

    Banc One Investment Advisors and its successors and affiliates will pay all costs associated with this settlement, including restitution, penalties and associated legal fees. No shareholder assets will be used to pay these settlements, nor will these payments affect fees charged to investors.

17. What are the tax consequences from this settlement?

    The SEC and the Tax Administrator have drafted a notice entitled "Banc One Fair Fund Statement to Eligible Investors." It is available in the "Tax Information" page of this website.

    You should consult with your financial advisor or tax professional prior to cashing this check to determine the potential tax consequences and appropriate tax treatment for your particular situation.

18. Will I receive a Form 1099 to use when filing my taxes?

    No. You will not receive a Form 1099 for the distribution as currently registered, as these proceeds are non-reportable to the IRS.

19. My check has a Dilution component as well as an Advisory Fee component. Is either of these considered taxable?

    According to the Statement to Eligible Investors (SEI), which can be accessed via the "Tax Information" page on this website, the "dilution payment" is intended to compensate you for harm to the value of your mutual fund investment caused by market timing in certain One Group funds. In your case, the dilution component is a non-reportable event and is considered a "return of capital". The payment is not income to you to the extent of your tax basis in your investment."

    The "advisory fee" component of your payment is intended to compensate you for improper advisory fees paid by the mutual fund and may constitute ordinary income to you. Whether the advisory fee component is income to you depends on several factors including whether the mutual fund(s) made a distribution taxable as ordinary income (as opposed to taxable as capital gain) in a year(s) in which the mutual fund paid improper fees. The Statement to Eligible Investors has this information available.

    You should consult with your financial advisor or tax professional prior to cashing the check to determine the potential tax consequences and appropriate tax treatment for your situation.

This concludes the FAQ section of the Banc One settlement website.