Fund Description

Incepted in December 1996, the fund is managed by J.P. Morgan Fleming Asset Management (USA). The fund seeks to provide monthly dividends, which are excluded from gross income, and to protect the value of the investor's investment by investing primarily in municipal obligations. As a fundamental policy, the fund normally invests at least 80% of its assets in municipal obligations whose interest payments are excluded from gross income for federal income tax purposes and are not subject to the federal alternative minimum tax on individuals. Under normal market conditions, the fund reserves the right to invest up to 20% of its assets in securities that pay interest subject to federal income tax or the federal alternative minimum tax on individuals. To temporarily defend the value of its assets during unusual market conditions, the fund may exceed this limit. The fund invests in securities that are rated as investment-grade. It may also invest in unrated securities of comparable quality. The fund declares dividends daily and pays them monthly. The fund makes net capital gains distributions, if any, once a year.