Mutual Fund Summary Prospectus (497k)
March 13 2014 - 4:49PM
Edgar (US Regulatory)
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Summary Prospectus November 1, 2013, as supplemented March 13, 2014
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JPMorgan Growth Advantage Fund
Class/Ticker: R5/JGVRX
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, 2013, as supplemented, are incorporated by reference into this Summary
Prospectus.
What is the goal of the Fund?
The Fund seeks to provide long-term capital growth.
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 R5
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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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0.19
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Shareholder Service Fees
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0.05
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Remainder of Other Expenses
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0.14
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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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0.85
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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 $10,000 in the Fund for the time periods
indicated. The Example also assumes that your investment has a 5% return each year and that the Funds operating expenses remain the same. Your actual costs may be higher or lower.
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WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COST WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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CLASS R5 SHARES ($)
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87
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271
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471
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1,049
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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 76% of the average value of its portfolio.
1
What are the Funds main investment strategies?
The Fund will invest primarily in common stocks of companies across all market capitalizations. The Fund may at any given time invest a significant portion
of its assets in companies of one particular market capitalization category, such as large capitalization companies.
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: The Fund invests in companies that the adviser believes
have strong earnings growth potential. In managing the Fund, the adviser employs a process that combines research, valuation and stock selection to identify companies that have a history of above-average growth or which the adviser believes will
achieve above-average growth in the future. Growth companies purchased for the Fund include those with leading competitive positions, predictable and durable business models and management that can achieve sustained growth.
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.
Growth Investing Risk.
Because growth investing attempts to identify companies that the adviser believes will experience rapid earnings growth relative to value or other types of stocks, growth stocks
may trade at higher multiples of current earnings compared to value or other stocks, leading to inflated prices and thus potentially greater declines in value.
Smaller Cap Company Risk.
Because the Fund may invest in equity investments of companies across all market capitalizations, the Funds risks increase as it invests more heavily in smaller cap
companies (mid cap and small cap companies). Smaller companies may be more volatile and vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities,
especially over the short term.
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.
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.
2
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 R5 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 3000
®
Growth Index and the Lipper
Multi-Cap
Growth 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 Funds performance prior to
8/17/05 may be less pertinent for investors considering whether to purchase shares of the Fund because prior to that time the Fund operated as a mid cap growth fund pursuant to a different investment objective and different investment policies. The
performance for the Class R5 Shares is based on the performance of the Select Class and Class A Shares prior to the inception of the Class R5 Shares. The actual returns of Class R5 Shares would have been different than those shown because Class
R5 Shares have different expenses than Select Class and Class A 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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1st quarter, 2012
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19.79%
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Worst Quarter
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4th quarter, 2008
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22.93%
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The Funds
year-to-date
total return
through 9/30/13 was 31.12%.
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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 R5 SHARES
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Return Before Taxes
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16.36
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%
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2.20
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%
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11.04
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Return After Taxes on Distributions
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16.22
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2.18
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11.02
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Return After Taxes on Distributions and Sale of Fund Shares
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10.81
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1.88
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9.90
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RUSSELL 3000
®
GROWTH INDEX
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(Reflects No Deduction for Fees, Expenses or Taxes)
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15.21
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3.15
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7.69
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LIPPER
MULTI-CAP
GROWTH FUNDS INDEX
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(Reflects No Deduction for Taxes)
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15.88
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1.41
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8.06
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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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Timothy Parton
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2002
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Managing Director
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Purchase and Sale of Fund Shares
There are no minimum or maximum purchase requirements with respect to Class R5 Shares.
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.
3
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-GA-R5-1113-2
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