Mutual Fund Summary Prospectus (497k)
01 March 2014 - 7:28AM
Edgar (US Regulatory)
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Summary Prospectus February 28, 2014
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JPMorgan Intrepid International Fund
Class/Ticker: Institutional/JFTIX
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, 2014, are incorporated by reference into this
Summary Prospectus.
What is the goal of the Fund?
The Fund seeks to maximize long-term capital growth by investing primarily in equity securities in developed markets outside the U.S.
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. Acquired Fund Fees and Expenses are expenses incurred indirectly by the Fund through
its ownership of shares in other investment companies, including affiliated money market funds, other mutual funds, exchange-traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total
returns of the Fund. Acquired Fund Fees and Expenses are not direct costs of the Fund, are not used to calculate the Funds net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown
in the Financial Highlights section of the Funds prospectus.
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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
1
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0.80
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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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0.34
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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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0.24
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Acquired Fund Fees and Expenses
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0.01
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Total Annual Fund Operating Expenses
1
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1.15
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Fee Waivers and Expense
Reimbursements
1,2
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(0.24
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)
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1,2
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0.91
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1
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As of September 1, 2013, the Funds advisory fee was reduced; therefore, the Management Fees, Total Annual Fund Operating Expenses, Fee Waivers and Expense
Reimbursements and Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements have been restated to reflect the current fees.
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2
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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 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 0.90% of its average daily net assets. This contract cannot be terminated prior to 3/1/15 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 $10,000 in the Fund for the time periods indicated. The Example also assumes that your
investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the table through 2/28/15 and total annual fund operating
expenses thereafter. Your actual costs may be higher or lower.
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WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COST WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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INSTITUTIONAL CLASS SHARES ($)
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93
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342
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610
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1,376
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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 49% of the average value of its portfolio.
1
What are the Funds main investment strategies?
The Funds assets are invested primarily in equity securities of companies from developed countries other than the U.S. The Funds assets also may be invested, to a limited extent, in equity
securities of companies from emerging markets. Developed countries include Australia, Canada, Japan, New Zealand, Hong Kong, the United Kingdom and most of the countries of Western Europe; emerging markets include most of the other countries in the
world.
The equity securities in which the Fund may invest include, but are not limited to, common stock, preferred stock, convertible securities,
trust or partnership interests, depositary receipts and warrants and rights.
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 Fund will invest in securities across all market
capitalizations, although the Fund may invest a significant portion of its assets in companies of any one particular market capitalization category.
The Fund may utilize currency forwards to manage currency exposure of its foreign investments relative to its benchmark. The Fund may also use exchange-traded futures for the efficient management of
cash flows.
Investment Process: In managing the Fund, the adviser adheres to a disciplined process for security selection and portfolio
construction. A proprietary multifactor model is used to quantitatively rank securities in the Funds investment universe on the basis of value and growth factors. Value is measured by valuation multiples, while momentum is captured by factors
such as relative price strength and earnings revisions. Securities held in the Fund that the adviser believes have become over-valued and/or whose growth signals have deteriorated materially may be sold. Securities that are sold are generally
replaced with the most attractive securities, on the basis of the advisers disciplined investment process.
The portfolio construction
process controls for sector and industry weights, number of securities held, and position size. Risk or factor exposures are actively managed through portfolio construction.
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.
Foreign Securities and Emerging Market Risk. 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. 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.
Derivatives Risk. Derivatives, including forward currency contracts and 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
2
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 or
occur in times of overall market turmoil or declining prices.
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 Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Index (net of foreign withholding taxes) and the Lipper
International
Multi-Cap
Core 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.
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Best Quarter
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2nd quarter, 2009
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24.67%
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Worst Quarter
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3rd quarter, 2011
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22.73%
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AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2013)
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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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23.11
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%
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12.57
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%
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6.26
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Return After Taxes on Distributions
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22.81
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12.43
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6.06
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Return After Taxes on Distributions and Sale of Fund Shares
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13.57
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10.32
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5.33
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MSCI EAFE 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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22.78
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12.44
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6.91
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LIPPER INTERNATIONAL MULTI-CAP CORE FUNDS INDEX
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(Reflects No Deduction for Taxes)
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21.05
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13.76
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7.83
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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.
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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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Sandeep Bhargava
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2005
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Managing Director
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Zenah Shuhaiber
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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 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-INTPI-I-214
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