Fund Description

Incepted in April 2001, the fund is managed by J.P. Morgan Investment Management, Inc. The fund seeks to provide high after-tax total return by investing in equity securities of foreign companies in developed and, to a lesser extent, emerging markets. The fund's assets are invested primarily in equity securities of companies from developed countries other than the U.S., including Australia, Canada, Japan, New Zealand, the United Kingdom and most of the countries of western Europe. The fund's assets may also be invested, to a limited extent, in equity securities of companies from emerging markets. The fund employs a global network of research analysts to find the most attractive international investment opportunities. The fund focuses on individual equity selection, emphasizing those equity securities that are ranked as undervalued according to the proprietary research of the fund's adviser. The fund is not constrained by capitalization, style or geographic limits and is broadly diversified across industries. The fund's adviser minimizes capital gain distributions through a proprietary tax-aware optimizer. The fund distributes dividends and net capital gains, if any, annually.