As of April 3, 2017, this fund's Select share class has been renamed to I. Please see the prospectus for more details.
JPMORGAN HIGH YIELD FUND
Income potential with high yield.
Driven by macro insights and bottom-up fundamental credit research, the High Yield Fund aims to deliver greater income and return potential than core bond holdings, with lower risk than stocks.
- Experienced management team has worked together through multiple market cycles over 28 years, including three recessions.
- Combines bottom-up analysis with top-down insight to actively manage credit profile against market risk.
- Consistently delivered lower volatility vs. its benchmark over the long term.
- Top-quartile performance 89% of the time vs. Morningstar High Yield Category over rolling 10-year periods.1
ROLLING 10-YEAR PERCENTILE RETURN RANKING
1For I Shares; High-yield bond category; Bloomberg Barclays U.S. Corporate High Yield-2% Issuer Capped Index. Rolling 10-year periods since fund inception (11/13/1998), as of 3/31/17. Ranked as follows: 1-yr. (332/697), 3-yrs. (229/596), 5-yrs. (191/471) and 10-yrs. (78/318).
Chart source: Morningstar; as of 3/31/17. Shown for illustrative purposes only; calculated using monthly returns since 12/1/08 – 3/31/17. Past performance is no guarantee of future results.
Management and Commentary
Total return assumes reinvestment of income.
The Fund's adviser and/or its affiliates 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 and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 1.00% for A Shares, 1.50% for C Shares, 0.75% for I Shares, 1.30% for R2 Shares, 0.70% for R5 Shares and 0.60% for R6 Shares of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund's investment in such money market funds. This waiver is in effect through 10/31/2018 for A Shares, 10/31/2018 for C Shares, 10/31/2018 for I Shares, 10/31/2018 for R2 Shares, 10/31/2018 for R5 Shares and 10/31/2018 for R6 Shares, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements.
The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.
Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.
The Bloomberg Barclays U.S. Corporate High Yield - 2% Issuer Capped Index is comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%.
The performance of the Lipper High Yield Bond 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 figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100%.
Â©2017, 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.
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.
Securities rated below investment grade are considered "high-yield," "non-investment grade," "below investment-grade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although they can provide higher yields than higher rated securities, they can carry greater risk.
Investments in derivatives may be riskier than other types of investments. They may be more sensitive to changes in economic or market conditions than other types of investments. Many derivatives create leverage, which could lead to greater volatility and losses that significantly exceed the original investment.
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.
The rate of return anticipated on a bond if it is held until the maturity date.
Duration: Measures price sensitivity of fixed income securities to interest rate changes.
Average Life: The length of time the principal of a debt issue is expected to be outstanding.