Quality at the Core.

A value-driven approach that emphasizes intermediate bonds of the highest quality, the Core Bond Fund serves as a foundation to investors seeking a well-diversified portfolio.



Source: Morningstar as of 3/31/16. Benchmark: Barclays U.S. Aggregate Index. Sharpe ratio is a measurement of a fund’s returns relative to its risks. Higher numbers for risk-adjusted returns are better.

Key points

  • Uses bottom-up security selection to construct a portfolio of high-quality, U.S. investment-grade bonds.
  • Portfolio manager Barb Miller and team have delivered consistently higher risk-adjusted returns with meaningfully lower volatility.1
  • Strong performance in both periods of rate volatility and down markets (3.96% in 2008).2

1 Outperformed its benchmark and Morningstar peer group over the 10 and 15-year periods.
2 Outperformed Barclays Index in all six of the most recent rising-rate environments.

A high-quality, time-tested approach

With a bias towards high-quality bonds, the portfolio team employs the same process that has been used consistently for over 20 years to identify undervalued sectors and securities within defined allocation guidelines.

Combining this value-driven approach with embedded risk management has enabled the Fund to deliver consistently higher risk-adjusted returns relative to the benchmark and Morningstar peer group over one-, five-, 10- and 15-year periods* while serving as a portfolio anchor during periods of market volatility.

*Source: Morningstar, as of 03/31/16.


Chart source: J.P. Morgan Asset Management, Morningstar as of 3/31/16. J.P. Morgan Investment Management (JPMIM) receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody’s and Fitch. When calculating the credit quality breakdown, JPMIM selects the middle rating of the agencies when all three agencies rate a security. JPMIM will use the lower of the two ratings if only two agencies rate a security and JPMIM will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.


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Fees and Investment Minimums

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Fund Managers

For more information about this fund, please see the commentary posted below. 
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Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper Core Bond Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, performance would have been less favorable.

©2016, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.
©2016, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar Rating™ metrics are calculated monthly by subtracting 90-day Treasury return from the fund's load-adjusted return and adjusting for risk. Stars are awarded as follows: top 10% of funds, 5 stars; next 22.5%, 4 stars; next 35%, 3 stars; next 22.5%, 2 stars; bottom 10%, 1 star. Morningstar Ratings are based on 3, 5 and 10 year metrics. Different share classes may have different ratings.
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.

Ordinarily, the Fund will invest at least 80% of its total assets in bonds, both domestic and foreign.

International investing involves a greater degree of risk and increased volatility due to political and economic instability of some overseas markets. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can affect returns.

The Fund may invest up to 5% of its assets in "sub-prime" mortgage-related securities. The risk of defaults is generally higher in the case of mortgage-backed investments that include so-called "sub-prime" mortgages. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.
Total return assumes reinvestment of income.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.