Mutual Fund Summary Prospectus (497k)
28 Junio 2013 - 3:06PM
Edgar (US Regulatory)
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Summary Prospectus July 1, 2013
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JPMorgan Limited Duration Bond Fund
Class/Ticker: A/ONUAX B/ONUBX C/OGUCX
Select/HLGFX
Before you invest, you may want to review the Funds Prospectus, which contains more information about
the Fund and its risks. You can find the Funds Prospectus and other information about the Fund, including the Statement of Additional Information, online at www.jpmorganfunds.com/funddocuments. You can also get this information at no cost by
calling 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. The Funds Prospectus and Statement of Additional Information, both dated
July 1, 2013, are incorporated by reference into this Summary Prospectus.
What is the goal of the Fund?
The Fund seeks a high level of current income consistent with low volatility of principal.
Fees and Expenses of the Fund
The following tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on purchases of Class A Shares if you and your
family invest, or agree to invest in the future, at least $100,000 in the J.P. Morgan Funds.
More information about these and other discounts is available from your financial intermediary and in How to Do Business with the Funds
SALES CHARGES on page 105 of the prospectus and in PURCHASES, REDEMPTIONS AND EXCHANGES in Appendix A to Part II of the Statement of Additional Information.
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SHAREHOLDER FEES
(Fees paid directly from your investment)
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Class A
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Class B
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Class C
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Select
Class
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Maximum Sales Charge (Load) Imposed on Purchases % of the Offering Price
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2.25%
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NONE
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NONE
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NONE
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Maximum Deferred
Sales Charge (Load) as
% of Original Cost of the Shares
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NONE
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3.00%
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NONE
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NONE
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(under
$500,000)
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ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value
of your investment)
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Class A
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Class B
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Class C
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Select
Class
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Management Fees
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0.25
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%
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0.25
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%
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0.25
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%
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0.25
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Distribution (Rule 12b-1) Fees
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0.25
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0.75
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0.75
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NONE
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Other Expenses
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0.45
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0.46
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0.45
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0.45
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Shareholder Service
Fees
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0.25
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0.25
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0.25
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0.25
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Remainder of Other Expenses
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0.20
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0.21
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0.20
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0.20
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Acquired Fund Fees and Expenses
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0.03
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0.03
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0.03
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0.03
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Total Annual Fund Operating Expenses
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0.98
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1.49
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1.48
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0.73
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Fee Waivers and Expense Reimbursements
1
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(0.25
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(0.26
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(0.25
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(0.25
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1
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0.73
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1.23
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1.23
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0.48
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1
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The Funds adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual
Fund Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of
Trustees deferred compensation plan) exceed 0.70%, 1.20%, 1.20% and 0.45% of the average daily net assets of Class A, Class B, Class C and Select Class Shares, respectively. This contract cannot be terminated prior to 7/1/14, at
which time the Service Providers will determine whether or not to renew or revise it.
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Example
This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you
invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers
and expense reimbursements shown in the fee table through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
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IF YOU SELL YOUR SHARES, YOUR COSTS WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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CLASS A SHARES ($)
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298
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506
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731
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1,377
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CLASS B SHARES ($)
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425
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646
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789
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1,493
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CLASS C SHARES ($)
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125
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443
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784
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1,747
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SELECT CLASS SHARES ($)
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49
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208
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381
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883
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IF YOU DO NOT SELL YOUR SHARES, YOUR COSTS
WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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CLASS A SHARES ($)
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298
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506
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731
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1,377
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CLASS B SHARES ($)
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125
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446
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789
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1,493
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CLASS C SHARES ($)
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125
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443
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784
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1,747
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SELECT CLASS SHARES ($)
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49
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208
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381
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883
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Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and
may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Funds performance. During the Funds most recent fiscal year,
the Funds portfolio turnover rate was 24% of the average value of its portfolio.
What are the Funds main investment strategies?
The Fund mainly invests in mortgage-backed securities, asset-backed securities, mortgage-related securities, adjustable rate mortgages, money market
instruments, and structured investments. These investments may be structured as collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, commercial mortgage-backed securities, and mortgage pass-through
securities. These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. Under normal circumstances, the Fund will invest at least 80% of its Assets in bonds. For purposes of
this policy, Assets means net assets plus the amount of borrowings for investment purposes.
The Fund seeks to maintain a duration of
three years or less, although, under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Funds duration may be longer than three years. Duration is a measure of the price sensitivity of a
debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of three means that a securitys or portfolios price
would be expected to decrease by approximately 3% with a 1% increase in interest rates (assuming a parallel shift in yield curve).
The Fund invests in fixed and floating rate debt securities representing an interest in or secured by residential mortgage loans. These securities often are issued or guaranteed by the U.S. government, its
agencies or instrumentalities such as the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac). However, the Fund may also purchase
mortgage-backed securities and asset-backed securities that are issued by nongovernmental entities. Such securities may or may not have private insurer guarantees of timely payments.
Securities purchased by the Fund will be rated investment grade (or the unrated equivalent) at the time of purchase. In addition, all securities will be U.S. dollar-denominated although they may be issued by
a foreign corporation, or a U.S. affiliate of a foreign corporation or a foreign government or its agencies and instrumentalities. The Fund may invest a significant portion or all of its assets in mortgage-related and mortgage-backed securities at
the advisers discretion. The Fund may invest up to 25% of its assets in sub-prime mortgage-related securities at the time of purchase.
The Fund has flexibility to invest in derivatives and may use such instruments to manage duration, sector and yield curve exposure, credit and spread volatility and to respond to volatile market conditions.
Derivatives, which are instruments which have a value based on another instrument, exchange rate or index, may also be used as substitutes for securities in which the Fund can invest. The Fund may use futures contracts, options, and swaps in
connection with its principal strategies in order to hedge various investments, for risk management purposes and/or to increase income or gain to the Fund.
The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income
investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of
interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction.
The Funds Main
Investment Risks
The Fund is subject to management risk and may not achieve its objective if the advisers expectations regarding
particular securities or markets are not met.
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An investment in this Fund or any other fund may not provide a complete investment program. The suitability
of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial
goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.
General Market
Risk.
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or
regions.
Interest Rate Risk.
The Funds investments in bonds and other debt securities will change in value based on changes in
interest rates. If rates rise, the value of these investments generally drops. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate
instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Given the historically low interest rate environment, risks associated with rising
rates are heightened.
Credit Risk.
The Funds investments are subject to the risk that a counterparty will fail to make payments when
due or default completely. If an issuers financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.
Government Securities Risk.
The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as Ginnie Mae, Fannie Mae, or Freddie Mac). U.S.
government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed
only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances
could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full
faith and credit of the U.S. government and no assurance can be given that the U.S. government would provide financial support. Therefore, U.S. government-related organizations may not have the funds to meet their payment obligations in the future.
Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk.
The Fund may invest in
asset-backed, mortgage-related and mortgage-backed securities including so-called sub-prime mortgages that are subject to certain other risks including prepayment and call risks. When mortgages and other obligations are prepaid and when
securities are called, the Fund may have to reinvest in securities with a lower yield or fail to recover additional amounts (i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss and/or a decrease in
the amount of dividends and yield. In periods of rising interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional
volatility. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become
illiquid.
Collateralized mortgage obligations (CMOs) and stripped mortgage-backed securities, including those structured as IOs and POs, are more
volatile and may be more sensitive to the rate of prepayments than other mortgage-related securities. The risk of default, as described under
Credit Risk
, for sub-prime mortgages is generally higher than other types of
mortgage-backed securities. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.
Foreign Issuer Risks.
U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include
political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, and regulatory issues facing issuers in such foreign countries. Events and evolving conditions in certain economies or markets may
alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.
Derivatives Risk.
Derivatives, including futures contracts, options and swaps, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive
to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Funds original investment. Derivatives expose the Fund to counterparty risk, which is the risk that the derivative
counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard
to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk.
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Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the
security being hedged. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Certain of the Funds transactions in derivatives could also affect the amount, timing and character of
distributions to shareholders which may result in the Fund realizing more short-term capital gain and ordinary income subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the
Funds after-tax returns.
Redemption Risk.
The Fund could experience a loss when selling securities to meet redemption requests by
shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to
sell are illiquid.
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are
not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.
You could lose money investing in the Fund.
The Funds Past Performance
This section
provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds Select Class Shares has varied from year to year over the past ten calendar years. The table shows the average annual total
returns for the past one year, five years, and ten years. The table compares that performance to the Barclays 13 Year U.S. Government/Credit Bond Index and Lipper Short-Intermediate Investment Grade Debt Funds Index. The Lipper index is based
on the total returns of certain mutual funds within the designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. Past performance (before and after taxes)
is not necessarily an indication of how any class of the Fund will perform in the future.
Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
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Best Quarter
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3rd quarter, 2009
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6.74%
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Worst Quarter
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4th quarter, 2008
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7.77%
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The Funds year-to-date total return through 3/31/13 was 0.92%.
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AVERAGE ANNUAL TOTAL RETURNS
(WITH MAXIMUM SALES CHARGES)
(For periods ended December 31, 2012)
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Past
1 Year
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Past
5 Years
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Past
10 Years
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SELECT CLASS SHARES
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Return Before Taxes
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6.44
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%
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3.87
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%
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3.22
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Return After Taxes on Distributions
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5.83
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2.81
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2.01
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Return After Taxes on Distributions and Sale of Fund Shares
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4.18
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2.67
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2.02
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CLASS A SHARES
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Return Before Taxes
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3.73
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3.12
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2.72
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CLASS B SHARES
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Return Before Taxes
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2.61
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3.08
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2.65
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CLASS C SHARES
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Return Before Taxes
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5.73
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3.08
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2.45
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BARCLAYS 13 YEAR
U.S. GOVERNMENT/CREDIT
BOND INDEX
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(Reflects No Deduction for Fees, Expenses or Taxes)
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1.06
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2.38
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3.08
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LIPPER SHORT-INTERMEDIATE INVESTMENT GRADE DEBT FUNDS INDEX
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(Reflects No Deduction for Taxes)
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5.02
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4.72
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4.08
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After-tax returns are shown for only the Select Class Shares and after-tax returns for the other classes will vary. After-tax
returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact
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of state and local taxes. Actual after-tax returns depend on the investors tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who
hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
Management
J.P. Morgan Investment Management Inc.
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Portfolio
Manager
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Managed
Fund
Since
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Primary Title with
Investment Adviser
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Michael Sais
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1995
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Managing Director
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Robert Manning
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2013
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Executive Director
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Purchase and Sale of Fund Shares
Purchase minimums
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For Class A and Class C Shares
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To establish an account
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$1,000
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To add to an account
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$25
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For Select Class Shares
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To establish an account
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$1,000,000
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To add to an account
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No minimum levels
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Class B Shares are no longer available for new purchases. Existing shareholders can still reinvest their dividends and
exchange their Class B Shares for Class B Shares of other Funds.
In general, you may purchase or redeem shares on any business day
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Through your Financial Intermediary
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By writing to J.P. Morgan Funds Services, P.O. Box 8528, Boston, MA 02266-8528
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After you open an account, by calling J.P. Morgan Funds Services at 1-800-480-4111
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Tax Information
The Fund intends to make
distributions that may be taxed as ordinary income or capital gains, except when your investment is in an IRA, 401(k) plan or other tax-advantaged investment plan in which case you may be subject to federal income tax upon withdrawal from the
tax-advantaged investment plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the
financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediarys website for more information.
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