Fund Description

Incepted in June 1993, the fund is managed by J.P. Morgan Investment Management, Inc. The fund seeks to provide high total return from a portfolio of foreign company equity securities. The fund invests primarily in equity securities from developed countries included in the Salomon Smith Barney PMI Value EPAC Index, which is the fund's benchmark. The fund typically does not invest in U.S. companies. While the fund invests primarily in equities, it may also invest in debt securities rated as investment grade by Moody's Investors Service, Inc., Standard & Poor's Corporation, Fitch Investor's Service Inc., or the equivalent by another national rating organization, or in securities that are unrated but are deemed by the adviser to be of comparable quality. To temporarily defend its assets, the fund may invest any amount of its assets in high quality short-term instruments. Where the capital markets in certain countries are either less developed or not easy to access, the fund may invest in these countries by investing in closed-end investment companies that are authorized to invest in those countries. The fund may invest in derivatives, which are financial instruments whose value is based on another security, index or exchange rate. The fund may use derivatives to hedge various investments and for risk management and the derivatives may also be used as substitutes for securities in which the fund can invest. The fund employs a global network of research analysts to find the most attractive investment opportunities. The analysts minimize risk through stock selection, country allocation and currency management. The fund distributes dividends and net capital gains, if any, annually.