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Proxy Voting Policy

Proxy Overview Proxy Voting Policy Proxy Voting Procedures and Guidelines
Each investment adviser within the J.P. Morgan Asset Management group, (each referred to individually as a "JPMAM Entity" and collectively as "JPMAM"), may be granted by its clients the authority to vote the proxies of the securities held in client portfolios. To ensure that the proxies are voted in the best interests of its clients, JPMAM has adopted detailed proxy voting procedures ("Procedures") that incorporate detailed proxy guidelines ("Guidelines") for voting proxies on specific types of issues. Each of the investment advisers listed on Exhibit A below acts as investment adviser or sub-adviser to a fund in the J.P. Morgan Funds. Each J.P. Morgan Fund, with the exception of Undiscovered Managers Behavioral Value Fund and Highbridge Statistical Market Neutral Fund has granted its adviser the authority to vote proxies for the Funds in accordance with these Procedures and Guidelines. The Undiscovered Managers Behavioral Value Fund and the Highbridge Statistical Market Neutral Fund vote proxies in accordance with the voting policies of their sub-advisers.

JPMAM currently has separate guidelines for each of the following regions: (1) North America, (2) Europe, Middle East, Africa, Central America and South America, (3) Asia (ex-Japan) and (4) Japan. As a general rule, in voting proxies of a particular security, each JPMAM Entity will apply the guidelines of the region in which the issuer of such security is organized.

Pursuant to the Procedures, most routine proxy matters will be voted in accordance with the Guidelines, which been developed with the objective of encouraging corporate action that enhances shareholder value. For proxy matters that are not covered by the Guidelines, matters that require a case-by-case determination or matters where a vote contrary to the Guidelines is considered appropriate, the Procedures require a certification and review process to be completed before the vote is cast. That process is designed to identify actual or potential material conflicts of interest and ensure that the proxy vote is cast in the best interests of clients.

To oversee and monitor the proxy-voting process, each JPMAM advisory entity has established a proxy committee and appointed a proxy administrator in each global location where proxies are voted. Each proxy committee will meet periodically to review general proxy-voting matters, review and approve the Guidelines annually, and provide advice and recommendations on general proxy-voting matters as well as on specific voting issues presented by the relevant JPMAM entity. The Procedures permit an independent proxy voting service to perform certain services otherwise carried out or coordinated by the proxy administrator.

A copy of the JPMAM Global Proxy Voting Procedures and Guidelines, and the policies of the sub- advisers to the Undiscovered Managers Behavioral Value Fund and Highbridge Statistical Market Neutral Fund can be found on the Proxy Voting Procedures and Guidelines tab or upon request by contacting our Service Center at 1-800-480-4111.