Fund Description

The fund aims to deliver after-tax total returns through active investments primarily in fixed income securities, focusing on municipal bonds with varied maturities and characteristics. It typically invests at least 80% of its net assets in fixed income securities and associated instruments, with a minimum of 50% in municipal securities whose income is exempt from federal income tax. The portfolio can include both investment-grade and high-yield securities, while also permitting investments in taxable fixed income instruments and derivatives for duration and credit quality management. The investment strategy involves active trading and dynamic asset allocation overseen by J.P. Morgan Private Investments Inc., in coordination with various sub-advisers.