JPHY

The Fund seeks to achieve a return in excess to the benchmark by investing primarily in below investment grade corporate debt securities. A high level of current income is the Fund's primary objective and capital appreciation is a secondary objective. The Fund also may invest in convertible securities, preferred stock, common stock and privately placed securities. Up to 20% of the Fund's total assets may be invested in other securities, including investment grade securities. The Fund's average weighted maturity ordinarily will range between three and ten years, although the Fund may shorten its weighted average maturity to as little as two years if deemed appropriate for temporary defensive purposes. The Fund may have a longer or shorter average weighted maturity under certain market conditions. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation, government or its agencies and instrumentalities.