Fund Description

Incepted in December 1996, the fund is managed by J.P. Morgan Fleming Asset Management (USA). The fund's objective is long-term capital growth. Under normal market conditions, the fund invests at least 80% of its assets in equity investments of mid-capitalization companies. Mid-capitalization companies are companies with market capitalizations equal to those within the universe of the Russell Midcap Index securities at the time of purchase. The fund's adviser uses an active equity management style focused on investing in mid-sized companies that are increasing their market share with strong earnings prospects. The fund emphasizes companies with strong revenue gains, positive earnings trends, value-added or niche products, dependable product or services and/or superior earnings per share compared to other mid-sized companies. The fund may invest up to 20% of its assets in foreign securities. These investments may take the form of depositary receipts. The fund may also invest up to 20% of its assets in convertible securities, which generally pay interest or dividends and which can be converted into common or preferred stock. The fund's equity investments may also include real estate investment trusts (REITs), which are pooled investment vehicles which invest primarily in income-producing real estate or loans related to real estate. Although the fund intends to invest primarily in equity securities, under normal market conditions, it may invest up to 20% of its assets in high quality money market instruments and repurchase agreements. To temporarily defend its assets, the fund may invest any amount of its assets in these instruments. During unusual market conditions, the fund may invest up to 20% of its total assets in U.S. government debt securities. The fund distributes dividends quarterly. Net capital gains, if any, are distributed annually.