Mutual Fund Summary Prospectus (497k)
28 Junho 2013 - 6:01PM
Edgar (US Regulatory)
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Summary Prospectus July 1, 2013
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JPMorgan Mortgage-Backed Securities Fund
Class/Ticker: R6/JMBUX
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 to maximize total return by investing primarily in a diversified portfolio of debt securities backed by pools of residential and/or commercial mortgages.
Fees and Expenses of the Fund
The following table describes 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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Class R6
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Management Fees
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0.35
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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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0.13
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Shareholder Service Fees
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NONE
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Remainder of Other Expenses
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0.13
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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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0.49
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Fee Waivers and Expense
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Reimbursements
1
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(0.23
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1
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0.26
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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 0.25% of the average daily net assets of Class R6 Shares. 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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table
through 6/30/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
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WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COSTS WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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CLASS R6 SHARES ($)
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27
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134
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251
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594
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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 19% of the average value of its portfolio.
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What are the Funds main investment strategies?
The Fund invests mainly in investment grade mortgage-backed securities or unrated mortgage-backed securities which the adviser determines to be of comparable
quality. Under normal circumstances, the Fund invests at least 80% of its Assets in mortgage-backed securities. For purposes of this policy, Assets means net assets plus the amount of borrowings for investment purposes.
As part of its principal investment strategy, the Fund may invest in securities issued or guaranteed by U.S. government 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) or non-governmental securities, commercial mortgage securities,
collateralized mortgage obligations (agency and non-agency), stripped mortgage-backed securities, mortgage pass-through securities and other securities representing an interest in or secured by mortgages including asset-backed securities backed by
home equity loans. These securities may be structured such that payments consist of interest-only (IO), principal-only (PO) or principal and interest. The Fund may invest a significant portion or all of its assets in mortgage-backed securities in
the advisers discretion. The Fund expects to invest no more than 10% of its assets in sub-prime mortgage-related securities at the time of purchase. 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. As a matter of fundamental policy, at least 65% of the Funds total assets will consist of bonds.
The Funds average weighted maturity will normally range between two and ten years. The Fund may have a longer or shorter average weighted maturity
under certain market conditions and the Fund may shorten or lengthen its average weighted maturity if deemed appropriate for temporary defensive purposes. Because of the Funds holdings in asset-backed, mortgage-backed and similar securities,
the Funds average weighted maturity is equivalent to the average weighted maturity of the cash flows in the securities held by the Fund given certain prepayment assumptions (also known as weighted average life).
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.
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.
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 interest-only (IOs) and principal-only
(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.
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The Fund will be exposed to additional risk to the extent that it uses inverse floaters and inverse IOs, which
are debt securities with interest rates that reset in the opposite direction from the market rate to which the security is indexed. These securities are more volatile and more sensitive to interest rate changes than other types of debt securities.
If interest rates move in a manner not anticipated by the adviser, the Fund could lose all or substantially all of its investment in inverse IOs.
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 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.
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.
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 Class R6 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 U.S. MBS Index and the Lipper U.S. Mortgage Funds Index, an index based on the total returns of certain mutual funds within the Funds
designated category as determined by Lipper. Unlike the other index, the Lipper index includes the expenses of the mutual funds included in the index. The performance of Class R6 Shares is based on the performance of Select Class Shares prior to the
inception of Class R6 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Select Class Shares. 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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4.66%
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Worst Quarter
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2nd quarter, 2004
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1.28%
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The Funds year-to-date total return through 3/31/13 was 0.41%.
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AVERAGE ANNUAL TOTAL RETURNS
(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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CLASS R6
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Return Before Taxes
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5.29
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%
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7.58
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5.98
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Return After Taxes on Distributions
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4.04
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5.57
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4.08
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Return After Taxes on Distributions and Sale of Fund Shares
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3.42
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5.30
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3.98
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BARCLAYS U.S. MBS INDEX
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(Reflects No Deduction for Fees, Expenses or Taxes)
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1.92
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5.24
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4.96
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LIPPER U.S. MORTGAGE FUNDS INDEX
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(Reflects No Deduction for Taxes)
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4.60
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5.56
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4.60
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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 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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Douglas Swanson
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2000
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Managing Director
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Michael Sais
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2005
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Managing Director
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Purchase and Sale of Fund Shares
Purchase minimums
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For Class R6 Shares
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To establish an account
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$15,000,000 for Direct Investors
$5,000,000 for Discretionary Accounts
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To add to an account
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No minimum levels
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There is no investment minimum for other eligible investors.
In general, you may purchase or redeem shares on any business day
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Through your Financial Intermediary or the eligible retirement plan or college savings plan through which you invest in the Fund
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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 a 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-MBS-R6-713
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