Fund Description

Incepted in March 1997, the fund is managed by J.P. Morgan Investment Management, Inc. The fund's goal is to provide long-term capital appreciation from a broadly diversified portfolio of U.S. stocks while neutralizing the general risks associated with stock market investing. The fund takes long and short positions in different stocks, selecting from a universe of mid to large capitalization stocks with characteristics similar to those of the Russell 1000 and/or Standard & Poor's 500 (S&P 500) Indexes, in an effort to insulate the fund's performance from the effects of general stock market movements. In rising markets, the fund's adviser expects that the long positions will appreciate more rapidly than the short positions, and in declining markets, that the short positions will decline faster than the long positions. The adviser expects that this difference in rates of appreciation, along with any returns on cash generated by short sales, will generate a positive return. The fund pursues returns exceeding those of 90-day U.S. Treasury Bills. The fund declares dividends four times a year. Net capital gains are distributed annually.