JPMorgan Hedged Equity 3 Fd USD Class R6 (JHTRX) Exchange: NMFQS

Under normal market conditions, the fund invests at least 65% of its net assets in a diversified portfolio of fixed-income instruments of varying maturities, which may be represented by forwards or derivatives, such as options, futures contracts, or swap agreements.In selecting securities for the fund, the manager utilizes economic forecasting, interest rate anticipation, credit and call risk analysis, foreign currency exchange rate forecasting, and other security selection techniques. The proportion of the fund's assets committed to investment in securities with particular characteristics (such as maturity, type and coupon rate) will vary based on the manager's outlook for the U.S. and foreign economies, the financial markets, and other factors.The types of fixed-income securities in which the fund may invest include the following securities which, unless otherwise noted, may be issued by domestic or foreign issuers and may be denominated in U.S. dollars or foreign currencies:securities issued or guaranteed by the U.S. government, its agencies or government-sponsored enterprises;corporate debt securities of U.S. and foreign issuers, including convertible securities and corporate commercial paper;mortgage-backed and other asset-backed securities;inflation-indexed bonds issued by both governments and corporations;structured notes, including hybrid or "indexed" securities, event-linked bonds, bank capital and trust preferred securities;loan participations and assignments;delayed funding loans and revolving credit facilities;bank certificates of deposit, fixed time deposits and bankers' acceptances;debt securities issued by states or local governments and their agencies, authorities and other government-sponsored enterprises;repurchase agreements and reverse repurchase agreements;obligations of foreign governments or their subdivisions, agencies and government-sponsored enterprises; andobligations of international agencies or supranational entities.Fixed-income securities may have fixed, variable, or floating rates of interest, including rates of interest that vary inversely at a multiple of a designated or floating rate, or that vary according to change in relative values of currencies.The fund invests primarily in investment-grade securities, but may invest up to 10% of its total assets in high yield securities ("junk bonds") rated B or higher by Moody's Investors Service, Inc. or equivalently rated by Standard and Poor's Ratings Services or Fitch Ratings Inc., or, if unrated, determined by the manager to be of comparable quality (except that within such limitations, the fund may invest in mortgage-related securities and variable rate master demand notes rated below B). The fund may also invest up to 30% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The fund may invest in baskets of foreign currencies (such as the euro) and direct currency. The fund will normally limit its foreign currency exposure (from foreign-currency denominated securities or currencies) to 20% of its total assets. The fund may invest up to 15% of its total assets in securities and instruments that are economically tied to emerging market countries. This limitation does not apply to investment grade sovereign debt denominated in the local currency with less than one year remaining to maturity. The fund's investment policies are based on credit ratings at the time of purchase.The fund may invest up to 10% of its total assets in preferred stocks, convertible securities, and other equity related securities.The average portfolio duration of the fund normally varies within two years (plus or minus) of the duration of the benchmark index, as calculated by the manager.The fund's investment process may, at times, result in a higher than average portfolio turnover ratio and increased trading expenses.The fund may make short sales of a security, including short sales "against the box."The fund may:purchase and sell options on domestic and foreign securities, securities indexes and currencies,purchase and sell futures and options on futures,purchase and sell currency or securities on a forward basis, andenter into interest rate, index, equity, total return, currency, and credit default swap agreements.