Fund Description

Incepted in September 2001, the fund is managed by J.P. Morgan Investment Management, Inc. The fund seeks to provide high total return from a portfolio of fixed income securities of foreign and domestic issuers. The fund invests in a wide range of debt securities from the U.S. and other markets, both developed and emerging. Issuers may include governments, corporations, financial institutions, and supranational organizations that the fund believes have the potential to provide a high total return over time. At least 40% of total assets must be invested in securities that, at the time of purchase, are rated investment grade or better or in securities that are unrated but are deemed by the adviser to be of comparable quality. The balance of assets must be invested in securities rated B or higher at the time of purchase (or the unrated equivalent), except that the fund's emerging market component has no minimum quality rating and may invest without limit in securities that are in the lowest rating categories (or the unrated equivalent). The adviser allocates investments within five extended sectors of the market. They are 12% international non-dollar (range 0-25%), 35% public/private mortgages (range 20-45%), 15% public/private corporates (range 5-25%), 15% emerging markets (range 0-25%) and 23% high yield corporates (range 13-33%). Within each sector, a dedicated team handles securities selection. The fund typically hedges its non-dollar investments in developed countries back to the U.S. dollar. The fund declares dividends daily and pays them monthly. The fund makes net capital gains distributions, if any, once a year.