Fund Description

Managed day to day by J.P. Morgan Investment Management Inc., the fund seeks to maximize total return by investing in investment grade intermediate- and long-term debt securities. Under normal circumstances, it invests at least 80% of assets (net assets plus borrowings for investment purposes) in bonds, generally with intermediate to long maturities, and an average weighted maturity ordinarily of four to 12 years (weighted average life for certain holdings). It may invest principally in corporate bonds, U.S. Treasuries and other U.S. government and agency securities, and asset-backed and mortgage-related securities, and payments may consist of interest-only (IO), principal-only (PO) or principal and interest, and expects to invest no more than 10% in sub-prime mortgage-related securities at purchase. Security selection is value oriented, based on risk/reward analysis, and may assess ESG factors. The fund's investment objective and 80% policy are not fundamental, may be changed without shareholder approval, and shareholders would be given at least 60 days' notice before any such change becomes effective.