Fund Description

Incepted in December 1996, the fund is managed by J.P. Morgan Fleming Asset Management (USA). The fund seeks total return from long-term capital growth and income. Total return consists of capital growth and current income. Under normal conditions, the fund invests at least 80% of its assets in equity investments. The fund primarily invests in foreign companies of various sizes, including foreign subsidiaries of U.S. companies. The fund's advisers seek to diversify the fund's portfolio by investing in at least three issuers in several countries other than the United States. However, the fund may invest a substantial part of its assets in just one country. The fund intends to invest in companies (or governments) in the following countries or regions: the Far East (including Japan, Hong Kong, Singapore and Malaysia), Western Europe (including the United Kingdom, Germany, Netherlands, France, Switzerland, Italy, Scandinavia and Spain), Australia, Canada and other countries or areas that the advisers may select from time to time. A substantial part of the fund's assets may be invested in U.S. companies based in countries that are represented in the Morgan Stanley Capital International, Europe, Australia and Far East Index. However, the fund may also invest in companies or governments in developing markets. The fund's advisers blend growth and value style investment techniques and diversify investments across a broad range of countries and industrial sectors to insure appropriate diversification. The fund distributes dividends and net capital gains, if any, quarterly.