Mutual Fund Summary Prospectus (497k)
01 3월 2013 - 6:00AM
Edgar (US Regulatory)
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Summary Prospectus February 28, 2013
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JPMorgan Intrepid European Fund
Class/Ticker: A/VEUAX B/VEUBX C/VEUCX
Select/JFESX
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
February 28, 2013, are incorporated by reference into this Summary Prospectus.
What is the goal of the Fund?
The Fund seeks total return from long-term capital growth. Total return consists of capital growth and current income.
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 $50,000 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 68 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 as % of the Offering Price
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5.25%
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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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5.00%
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1.00%
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NONE
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(under
$1 million)
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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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0.65
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%
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0.65
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%
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0.65
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%
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0.65
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%
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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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0.84
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0.86
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0.86
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0.86
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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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0.59
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0.61
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0.61
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0.61
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Total Annual Fund Operating Expenses
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1.74
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2.26
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2.26
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1.51
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Fee Waivers and Expense Reimbursements
1
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(0.24
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(0.26
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(0.26
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(0.26
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursement
1
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1.50
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2.00
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2.00
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1.25
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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 Class A, Class B, Class C and Select Class Shares (excluding acquired fund fees and expenses, dividend expenses relating 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 1.50%, 2.00%, 2.00% and 1.25%, respectively, of their average daily net assets. This contract cannot be terminated prior to 3/1/14, 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 $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers
and expense reimbursements shown in the table through 2/28/14 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.
1
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IF YOU SELL YOUR SHARES, YOUR COST WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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CLASS A SHARES ($)
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670
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1,022
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1,398
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2,450
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CLASS B SHARES ($)
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703
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981
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1,386
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2,444
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CLASS C SHARES ($)
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303
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681
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1,186
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2,575
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SELECT CLASS SHARES ($)
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127
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452
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799
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1,779
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IF YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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CLASS A SHARES ($)
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670
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1,022
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1,398
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2,450
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CLASS B SHARES ($)
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203
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681
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1,186
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2,444
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CLASS C SHARES ($)
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203
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681
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1,186
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2,575
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SELECT CLASS SHARES ($)
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127
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452
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799
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1,779
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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 297% of the average value of its portfolio.
What are the Funds main investment strategies?
The Fund invests primarily in equity securities issued by companies with principal business activities in Western Europe. Under normal market
conditions, the Fund invests at least 80% of the value of its Assets in equity securities of European issuers. Assets means net assets, plus the amount of borrowings for investment purposes.
The Fund may utilize exchange-traded futures for the efficient management of cash flows.
Investment Process: In managing the Fund, the adviser uses a bottom-up stock selection process that focuses on the value, quality and momentum characteristics to decide which stocks to buy and sell.
The Fund may invest in Austria, Belgium, Denmark, Germany, Finland, France, Greece, Ireland, Italy, Luxembourg, the Nether-lands, Norway,
Portugal, Spain, Sweden, Switzerland, and the United Kingdom, as well as other Western European countries which the adviser believes are appropriate. In addition, the Fund may invest up to 8% of its Assets in equity securities of
emerging market European issuers. These countries may include Poland, the Czech Republic, Hungary and other countries with similar economic profiles which the adviser believes are appropriate.
The Fund may invest in securities denominated in U.S. dollars, major reserve currencies and currencies of other countries in which it can invest.
The adviser may adjust the Funds exposure to each currency based on its view of the markets and issuers. It may increase or decrease the emphasis on a type of security, sector, country or currency, based on its analysis of a variety of
economic factors, including fundamental economic strength, earnings growth, quality of management, sector growth, credit quality and interest rate trends. The Fund may purchase securities where the issuer is located in one country but the security
is denominated in the currency of another.
While the Funds assets will usually be invested in a number of different Western European
countries, the Fund may at times invest most or all of the assets in a limited number of these countries. The Fund will, however, try to choose a wide range of industries and companies of varying sizes.
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.
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Foreign Securities and Emerging Market Risks.
Investments in foreign issuers and foreign securities
(including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, currency fluctuations, higher transaction costs, delayed
settlement, possible foreign controls on investment, and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded delivery versus payment,
the Fund may not receive timely payment for securities or other instruments it has delivered and may be subject to increased risk that the counterparty will fail to make payments when due or default completely
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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. These risks are magnified in emerging
markets.
European Market Risk.
The Funds performance will be affected by political, social and economic conditions in Europe,
such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the resource self-sufficiency of European countries and interest and monetary exchange rates
between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, the future of the euro as a common currency, possible restructuring of government debt and
other government measures responding to those concerns. In addition, if one or more countries were to abandon the use of the euro as a currency, the value of investments tied to those countries or the euro could decline significantly and
unpredictably.
Derivatives Risk.
Derivatives, including futures, may be riskier than other types of investments because they may be more
sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Funds original investment. Many derivatives create leverage thereby causing the Fund to be more
volatile than it would be if it had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative
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.
Currency Risk.
Changes in foreign currency exchange rates will affect the value of the Funds securities and the
price of the Funds shares. Generally, when the value of the U.S. dollar rises
in value relative to a foreign currency, an investment in that country loses value because that currency is worth fewer U.S. dollars. Devaluation of a currency by a countrys government or
banking authority also will have a significant impact on the value of any investments denominated in that currency. Currency markets generally are not as regulated as securities markets.
High Portfolio Turnover Risk.
The Fund will likely engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility of increased capital
gains, including short-term capital gains that will generally be taxable to shareholders as ordinary income.
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 A 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 Morgan Stanley Capital International (MSCI) Europe Index (net of foreign withholding taxes) and the Lipper European Region 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. Past performance (before
and after taxes) is not necessarily an indication of how the Fund will perform in the future.
Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The performance figures in the bar
chart do not reflect any deduction for the front-end sales charge, which is assessed on Class A Shares. If the sales charge were reflected, the performance figures would have been lower.
3
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Best Quarter
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2nd quarter, 2009
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23.96%
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Worst Quarter
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3rd quarter, 2008
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23.67%
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AVERAGE ANNUAL TOTAL RETURNS
(For the period 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 A SHARES
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Return Before Taxes
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19.48
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%
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(5.65
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)%
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9.19
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Return After Taxes on Distributions
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19.41
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(6.03
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7.87
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Return After Taxes on Distributions and Sale of Fund Shares
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13.10
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(4.75
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7.63
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CLASS B SHARES
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Return Before Taxes
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20.41
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(5.61
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9.32
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CLASS C SHARES
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Return Before Taxes
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24.41
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(5.10
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9.21
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SELECT CLASS SHARES
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Return Before Taxes
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26.36
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(4.38
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10.06
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MSCI EUROPE INDEX
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(Net of Foreign Withholding Taxes)
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(Reflects No Deduction for Fees, Expenses or Taxes, Except Foreign Withholding Taxes)
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19.12
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(4.34
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8.37
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LIPPER EUROPEAN REGION FUNDS INDEX
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(Reflects No Deduction for Taxes)
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22.07
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(2.86
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10.12
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After-tax returns are shown only for the Class A 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 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 the
Fund
Since
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Primary Title with
Investment Adviser
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John Baker
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2005
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Managing Director
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Jonathan Ingram
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2007
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Managing Director
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Anis LahlouAbid
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2012
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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.
4
SPRO-INTPE-ABCS-213
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