JPMorgan Funds Launches New JPMorgan Value Advantage Fund

NEW YORK, March 7 /PRNewswire/ --

- New all-cap strategy will be managed by Jonathan Simon, manager of the JPMorgan Mid Cap Value Fund -

- Mid Cap Value to Limit Purchases by New Investors next month -

JPMorgan Funds, the U.S. mutual fund business of JPMorgan Asset Management, launched a new U.S. equity fund, JPMorgan Value Advantage. The Fund will seek to deliver consistent returns by investing in a range of stocks across all capitalization levels. The fund is managed by Jonathan Simon, who was named a top manager in Barron's annual "Top 100 Fund Managers" issue in 2004, 2003 and 2002.(i)

"We think this is an opportune time to launch a product that seeks to identify undervalued companies across all capitalization levels," said Andrew Spencer, Chief Investment Officer for JPMorgan Asset Management's U.S. Equity products. "Jonathan has demonstrated exceptional skill at identifying quality companies that are undervalued and producing consistent returns for shareholders over the past 16 years."

Value Advantage Strategy

The Fund seeks to identify attractive opportunities in all market capitalizations. Its strategy is to focus on companies with durable market franchises, strong cash flows, attractive valuation and quality management. In addition, it will leverage the insight of the firm's team of over 200 global buy-side equity analysts to support individual stock selection.

Fund Facts The Fund: -- Uses the Russell 3000 Value Index as a benchmark, -- Is an SEC-registered investment company, -- Is offered in A (JVAAX), C (JVACX), Select (JVASX) and Institutional (JVAIX) share classes, and -- Has a US$1,000 minimum investment (A shares)

Jonathan Simon

This insight-driven portfolio will be managed by Jonathan Simon, who brings extensive experience in managing large and mid cap value funds to his role as portfolio manager of the Fund. Jonathan is currently the manager of the Mid Cap Value Fund, which has earned an excellent reputation among investors. He has over 24 years of industry experience, all of them with JPMorgan Asset Management.

JPMorgan Mid Cap Value Limits Public Offering

The JPMorgan Mid Cap Value Fund will only be available on a limited basis effective close of business on March 31, 2005. The Fund is nearing capacity and the firm believes it is in the best interest of current shareholders to limit its availability to new investors, thereby preserving the ability to achieve the Funds' objectives.

The JPMorgan Mid Cap Value Fund has outperformed the S&P 500 for the 1, 3 and 5 year periods (as of 12/31/04): JPMorgan Mid Cap Value (annualized, A shares at NAV): 1 yr: 20.32; 3 year: 17.13; 5 yrs 18.94; since inception: 18.75; S&P 500: 1 yr. 10.88; 3 yr: 3.59; 5 yr. -2.30; since inception: 12.07. Performance of the benchmark over the same timeframe: Russell Mid Cap Value Index, 1 yr: 23.71; 3 yr: 15.56: 5 yr: 13.48; since inception: 10.67.

Investors with questions regarding Mid Cap Value should visit http://www.jpmorganfunds.com, or call +1-800-480-4111

JPMorgan Funds, with US$208 billion in assets under management, is the 5th largest U.S. fund family(ii), under the banner of one of the leading global asset managers, JPMorgan Asset Management.

NEW YORK, March 7 /PRNewswire/ --

The performance quoted is past performance and is not a guarantee of future results. Investment returns will fluctuate so that an investor's shares when redeemed may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call +1-800-480-4111.

NEW YORK, March 7 /PRNewswire/ --

Performance information is shown without maximum sales charges. If charges were included returns would be lower

(i)Source: Value Line. To come up with the ranking, more than 6,000 equity funds were scanned. Those with more than two managers were screened out. It then gave managers scores reflecting how much value they had added to their funds versus their peers in the same investment sector. The manager's ranking is based on the fund's performance and volatility relative to its peers. Value Line looked at 10 diversified stock categories not including specialized funds. Value Line judges not just performance, but risk. Risk is measured as the standard deviation of monthly returns since the manager took over the fund. A manager with an average performance and volatility gets a score of zero. Superior managers receive positive scores and inferior ones negative scores. The ranking does not protect against loss of capital or the risk associated with investing in a mutual fund. (ii)Hypothetical estimate based on figures from FRC (as of 12/31/04)

Mid Cap funds typically carry more risk than stock funds investing in well-established "blue-chip" companies. Historically, mid cap companies' stock has experienced a greater degree of market volatility than the average stock.

The Fund commenced operations on 11/13/97. Class A, B and C Shares were introduced on 4/30/01. Investors should note that the performance information presented for A, B and C Shares prior to their introduction is based upon historical performance of the predecessor Institutional Shares, whose expenses are lower than those of the A, B and C shares. If the expenses of the Class A, B and C Shares were included prior to their introduction, the performance would have been lower. Additionally, annualized figures have been restated to reflect the maximum 5.25% front end sales charge that applies to Class A shares, the maximum 5% contingent deferred sales charge (CDSC) that applies to the Fund's B shares and the 1% CDSC that applies to class C shares. The Fund is currently waiving certain fees. Please note that the removal of the waiver would reduce returns.

Investors should carefully read the Fund prospectus which includes information on the Fund's investment objectives, risk, as well as charges and expenses along with other information before investing or sending money. To receive a JPMorgan Fund prospectus please call the JPMorgan Funds Service Center at +1-800-348-4782. Please read carefully before investing or spending money.

JPMorgan Funds are distributed by JPMorgan Fund Distributors, Inc. which is a subsidiary of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the fund.

JPMorgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co (NYSE: JPM). Those businesses include J.P. Morgan Investment Management Inc. and its affiliates, including, without limitation, JPMorgan Investment Advisors Inc., JPMorgan High yield Partners, LLC, Security Capital Research & Management Incorporated, and J.P. Morgan Alternative Asset Management, Inc.

Web site: http://www.jpmorganfunds.com http://www.jpmorganchase.com