Mutual Fund Summary Prospectus (497k)
25 Fevereiro 2013 - 2:11PM
Edgar (US Regulatory)
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Summary Prospectus November 1, 2012, as supplemented February 25, 2013
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JPMorgan Mid Cap Value Fund
Class/Ticker: Institutional/FLMVX
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 November 1, 2012, as supplemented, are incorporated by reference into this Summary Prospectus.
Currently, the Fund is publicly offered on a limited basis. (See the January 25, 2013 supplement to the
Funds statutory prospectus for more information.)
What is the goal of the Fund?
The Fund seeks growth from capital appreciation.
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.
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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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Institutional
Class
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Management Fees
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0.65
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%
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Distribution (Rule 12b-1) Fees
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NONE
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Other Expenses
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0.36
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Shareholder Service Fees
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0.10
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Remainder of Other Expenses
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0.26
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Acquired Fund Fees and Expenses
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0.01
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Total Annual Fund Operating Expenses
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1.02
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Fee Waivers and Expense Reimbursements
1
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(0.26
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1
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0.76
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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 of Institutional Class Shares (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) exceeds 0.75% of their average daily net assets. This contract cannot be terminated prior to 11/1/13 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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table
through 10/31/13 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
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WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COST WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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INSTITUTIONAL CLASS SHARES ($)
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78
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299
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538
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1,224
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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 30% of the average value of its portfolio.
1
What are the Funds main investment strategies?
Under normal circumstances, the Fund invests at least 80% of its Assets in equity securities of mid cap companies. Assets means net assets, plus
the amount of borrowings for investment purposes. Mid cap companies are companies with market capitalizations between $1 billion and $20 billion at the time of purchase. In implementing its main strategies, the Funds investments are primarily
in common stocks and real estate investment trusts (REITs).
Derivatives, which are instruments that have a value based on another instrument,
exchange rate or index, may be used as substitutes for securities in which the Fund can invest. To the extent the Fund uses derivatives, the Fund will primarily use futures contracts to more effectively gain targeted equity exposure from its cash
positions.
Investment Process: In managing the Fund, the adviser employs a bottom-up approach to stock selection, constructing portfolios based
on company fundamentals, quantitative screening and proprietary fundamental analysis. The adviser looks for quality companies, which appear to be undervalued and to have the potential to grow intrinsic value per share. Quality companies generally
have a sustainable competitive position, relatively lower levels of business cyclicality, high returns on invested capital and strong experienced management teams.
The adviser may sell a security for several reasons. A security may be sold due to a change in the companys fundamentals or if the adviser believes the security is no longer attractively valued.
Investments may also be sold if the adviser identifies a stock that it believes offers a better investment opportunity.
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.
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.
Equity Market
Risk.
The price of equity securities may rise or fall because of changes in the broad market or changes in a companys financial condition, sometimes rapidly or unpredictably. These price movements may result from factors affecting
individual companies, sectors or industries selected
for the Funds portfolio or the securities market as a whole, such as changes in economic or political conditions. When the value of the Funds securities goes down, your investment in
the Fund decreases in value.
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.
Mid Cap Company Risk.
Investments in mid cap companies may be riskier, more volatile and more vulnerable to economic, market and industry changes than investments in larger, more established
companies. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term.
Value Investing Risk.
A value stock may decrease in price or may not increase in price as anticipated by the adviser if other investors fail to recognize the companys value or the factors that
the adviser believes will cause the stock price to increase do not occur.
Derivative Risk.
Derivatives, including futures, 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. 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 or other risk being hedged. In
addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation.
Real Estate Securities Risk.
The Funds investments in real estate securities, including REITs, are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying real estate interests. These
risks include default, prepayments, changes in value resulting from changes in interest rates and demand for real and rental property, and the management skill and credit-worthiness of REIT issuers. The Fund will indirectly bear its proportionate
share of expenses, including management fees, paid by each REIT in which it invests in addition to the expenses of the Fund.
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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 Institutional Class Shares has varied from year to year for the past
ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The table compares that performance to the Russell Midcap
®
Value Index and the Lipper Mid-Cap Value Funds Index and Lipper Multi-Cap Core Funds Index, which are indexes based on the total returns of certain mutual funds
within mid cap and multi cap fund categories, respectively, as determined by Lipper. Unlike the other index, the Lipper indexes includes the expenses of the mutual funds included in the indexes. 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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18.15%
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Worst Quarter
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4th quarter, 2008
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21.62%
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The Funds year-to-date total return through 9/30/12 was 17.18%.
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AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2011)
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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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INSTITUTIONAL CLASS SHARES
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Return Before Taxes
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2.42
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%
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2.01
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%
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8.75
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Return After Taxes on Distributions
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2.23
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1.43
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8.16
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Return After Taxes on Distributions and Sale of Fund Shares
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1.81
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1.62
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7.61
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RUSSELL MIDCAP
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VALUE FUNDS INDEX
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(Reflects No Deduction for Fees, Expenses or Taxes)
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(1.38
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0.04
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7.67
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LIPPER MID-CAP VALUE FUNDS INDEX
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(Reflects No Deduction for Taxes)
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(4.51
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0.28
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6.11
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LIPPER MULTI-CAP CORE FUNDS INDEX
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(Reflects No Deduction for Taxes)
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(2.81
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(0.32
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3.45
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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. 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 the
Fund
Since
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Primary Title with
Investment Adviser
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Jonathan Simon
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1997
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Managing Director
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Lawrence Playford
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2004
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Managing Director
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Gloria Fu
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2006
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Executive Director
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Purchase and Sale of Fund Shares
Shares of the Fund are no longer generally available to new purchasers. Existing shareholders can still purchase additional shares, reinvest their dividends and exchange into the Fund from other J.P. Morgan
Funds. In addition, certain group employer benefits plans, fee-based advisory programs and J.P. Morgan Funds can to continue to purchase Fund share as described in the January 25, 2013 supplement to the Funds statutory prospectus.
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Purchase minimums
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For Institutional Class Shares
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To establish an account
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$3,000,000
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To add to an account
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No minimum levels
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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.
SPRO-MCV-I-1112-2
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