Fund Description

Incepted in January 1997, the fund is managed by J.P. Morgan Investment Management, Inc. The fund's goal is to provide high after tax total return from a portfolio of selected equity securities. Under normal circumstances, the fund invests at least 80% of the value of its assets in equity securities of large and medium-capitalization U.S. companies. The fund seeks to reduce, but not eliminate, the taxes incurred by shareholders in connection with the fund's investment income and realized capital gains. In doing so, the fund typically sells securities when the anticipated performance benefit justifies the resulting tax liability. This strategy often includes minimizing the sale of securities with large accumulated capital gains, holding securities long enough to avoid short term capital gains taxes, selling securities with a higher cost basis first and offsetting capital gains realized in one security by selling another security at a capital loss. In addition, the fund seeks to minimize distributions that are taxed as ordinary income. The fund declares dividends four times a year. The fund makes net capital gains distributions, if any, once a year.