Strategy. The Fund may invest in a wide range of investments and asset classes based on what J.P. Morgan Investment Management Inc. (the adviser) believes are mispricings of investment opportunities due to the markets reaction to macro-economic trends. Macro-economic trends are economy-wide factors such as the business cycle, government and central bank policy, and demographic shifts. The adviser seeks to assess the impact of these macro-economic trends on investments and asset classes to take advantage of what it believes are investment opportunities. For example, the adviser may position the Fund based on its forecast of the impacts of changes in economic policy or market sentiment that are not fully priced into the market. The Fund seeks to provide attractive risk-adjusted returns … Show more… The Fund may invest in a wide range of investments and asset classes based on what J.P. Morgan Investment Management Inc. (the adviser) believes are mispricings of investment opportunities due to the markets reaction to macro-economic trends. Macro-economic trends are economy-wide factors such as the business cycle, government and central bank policy, and demographic shifts. The adviser seeks to assess the impact of these macro-economic trends on investments and asset classes to take advantage of what it believes are investment opportunities. For example, the adviser may position the Fund based on its forecast of the impacts of changes in economic policy or market sentiment that are not fully priced into the market. The Fund seeks to provide attractive risk-adjusted returns for investors in varying market environments. The Fund utilizes a flexible approach to asset allocation and may use both long and short positions (which may be achieved through the use of derivatives) to vary exposure to different asset classes and markets based on the advisers macro-economic views. Allocations may vary significantly over time and the Fund may limit its exposure to one or more asset classes, markets, sectors, countries or currencies from time to time. The Fund may invest in any region or country, including emerging markets, and may invest in securities denominated in any currency. The Fund is not subject to any maturity, market capitalization, or credit quality restrictions. The Fund may invest, either directly or through the use of derivatives, in equity investments, fixed income investments, currencies, and cash and cash equivalents. The adviser may make use of derivatives in implementing the Funds investment strategy. Derivatives are instruments that have a value based on another instrument, exchange rate or index and the Funds use of them may include, but are not limited to, futures, options and swaps. The Fund may use derivatives for both hedging and non-hedging (investment) purposes, although the Fund is not required to hedge any of its positions. The Funds equity investments may include common stock, depositary receipts and real estate investment trusts (REITs). The Funds fixed-income investments may include bank obligations, U.S. government securities, mortgage-backed and mortgage-related securities (which may include securities that are issued by non-governmental entities), domestic and foreign corporate bonds, high yield securities (junk bonds), debt obligations issued or guaranteed by a foreign sovereign government or its agencies, authorities or political subdivisions, inflation-indexed bonds and inflation-linked securities such as Treasury Inflation Protected Securities (TIPS). The adviser may make a significant allocation to cash and cash equivalents in implementing the Funds strategy as an active allocation, to de-risk the Funds portfolio or to serve as collateral for the Funds investments in derivative instruments. With respect to its cash investments, the Fund may invest in U.S. Treasury obligations, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and other short-term investments, including commercial paper, time deposits and money market funds. The Fund may invest in exchange-traded funds (ETFs), including J.P. Morgan ETFs, in order to gain exposure to particular asset classes, sectors or markets. The Fund may also invest in ETFs and other exchange-traded products that provide long or short exposure to indexes that measure market volatility. The Fund expects that, to the extent it invests in ETFs, it will generally invest in passive ETFs. A passive ETF is a registered investment company that generally seeks to track the performance of a particular market index or security. These indexes include not only broad-based market indexes but more specific indexes as well, including those relating to particular sectors, markets, regions or industries. Investment Process: The Fund uses an investment process based on macroeconomic research to identify global investment themes and opportunities. The advisers dedicated global macro investment team collaborates with its multi-asset strategists, economists and research analysts to arrive at a set of macro themes to provide an efficient framework for focusing research and the basis for positioning the Fund. Macro themes capture trends and changes in the global environment that might be cyclical or structural in nature. The adviser typically develops between six and ten themes under which it positions the Funds portfolio. The team implements these themes through focused investment strategies and can adjust portfolio exposures as the macro landscape and market environment evolve. As a part of this analysis, the adviser seeks to assess the risks presented by certain environmental, social and governance factors. While these particular risks are considered, securities of issuers presenting such risks may be purchased and retained by the Fund. The Fund may unwind or reverse its long or short positions if the advisers conviction changes or the adviser wants to reposition the Funds overall portfolio. Show less