Fund Description

Incepted in November 1995, the fund is managed by J.P. Morgan Fleming Asset Management (London). The fund seeks total return from long-term capital growth. Total return consists of capital growth and current income. The fund invests primarily in equity securities issued by companies with principal business activities in Western Europe. Under normal market conditions, the fund invests at least 80% of its assets in equity securities of European issuers. The fund invests in established companies located in developed European countries. While the fund invests primarily in equities, it may also invest in debt securities. No more than 20% of the fund's assets will be invested in debt securities denominated in a currency other than the U.S. dollar and no more than 20% of the fund's assets will be invested in debt securities issued by a single foreign government or international organization, such as the World Bank. Under normal market conditions the fund is also permitted to invest up to 20% of its assets in high-quality money market instruments and repurchase agreements. The fund distributes dividends and net capital gains, if any, annually.