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JPMorgan Commodities Strategy Fund - A (CSAFX)

JPMorgan Commodities Strategy Fund - A (CSAFX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks total return.

Strategy/Investment process

  • The Fund invests in a diversified portfolio of commodity-linked derivatives.
  • The Fund intends to maintain a net exposure to the commodities market within a range of 70% to 130% of the value of the Fund's net assets.
  • The Fund is actively managed and performs fundamental and quantitative analysis utilizing inputs in the decision to over/underweight individual commodity holdings relative to the Fund's benchmark, the Dow Jones-UBS Commodity Index Total Return.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV -4.25% N/A N/A -5.33%
With 5.25% max. sales charge -9.28% N/A N/A -9.22%
Dow Jones-UBS Commodity Index Total Return -2.10% N/A N/A -2.57%
Lipper Commodities General Funds Average -2.53% N/A N/A -3.40%

Performance Inception Date:12/17/12

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Benchmark since inception returns are as of month-end. The performance quoted is past performance and is not a guarantee of future results.

Annual operating expenses (%)
Expense cap expiration date 02/28/2015
Expense cap 1.25%
Total annual operating expenses 2.77%
Fee waivers and/or expense reimbursements 1.49%
Net expenses 1.28%

Fee waivers and/or expense reimbursements
The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (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 the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

Minimum investments
Minimum investments Minimum subsequent investments
Regular $1000 Regular $25
IRA $1000 IRA $25
Daily stats (as of 4/23/2014)
NAV YTD
$14.32 8.90%
$0.03 | 0.21%  
 
NAV as of:
  • Fri
    Mar 14
    2014
    $14.01
     
  • Mon
    Mar 17
    2014
    $13.92
     
  • Tue
    Mar 18
    2014
    $13.98
     
  • Wed
    Mar 19
    2014
    $13.98
     
  • Thu
    Mar 20
    2014
    $13.83
     
  • Fri
    Mar 21
    2014
    $13.80
     
  • Mon
    Mar 24
    2014
    $13.82
     
  • Tue
    Mar 25
    2014
    $13.88
     
  • Wed
    Mar 26
    2014
    $13.85
     
  • Thu
    Mar 27
    2014
    $13.98
     
  • Fri
    Mar 28
    2014
    $14.00
     
  • Mon
    Mar 31
    2014
    $13.98
     
  • Tue
    Apr 01
    2014
    $13.90
     
  • Wed
    Apr 02
    2014
    $13.87
     
  • Thu
    Apr 03
    2014
    $13.96
     
  • Fri
    Apr 04
    2014
    $14.01
     
  • Mon
    Apr 07
    2014
    $14.01
     
  • Tue
    Apr 08
    2014
    $14.16
     
  • Wed
    Apr 09
    2014
    $14.21
     
  • Thu
    Apr 10
    2014
    $14.26
     
  • Fri
    Apr 11
    2014
    $14.20
     
  • Mon
    Apr 14
    2014
    $14.29
     
  • Tue
    Apr 15
    2014
    $14.24
     
  • Wed
    Apr 16
    2014
    $14.25
     
  • Thu
    Apr 17
    2014
    $14.33
     
  • Mon
    Apr 21
    2014
    $14.24
     
  • Tue
    Apr 22
    2014
    $14.29
     
  • Wed
    Apr 23
    2014
    $14.32
     
 
52 Week High $14.33
(4/17/2014)
52 Week Low $12.79
(1/09/2014)
YTD Total Return w/Load 3.17%
Net Asset Class $143,657.97
Net Asset Fund $131,415,106.35
Basics
Ticker CSAFX
CUSIP 46637K661
Share Class Inception Date 12/17/2012
Fund Number 3856
Asset Class Specialty
Cut-off time1 4:00 P.M.

The Fund will gain exposure to commodity markets primarily by investing up to 25% of its total assets in the JPM Commodities Strategy Fund Ltd a wholly owned subsidiary of the Fund organized under the laws of the Cayman Islands. By investing in the Subsidiary, the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Fund may use derivatives in connection with its investment strategies. Derivatives 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 Fund's original investment. The Subsidiary may use derivatives to obtain long or short exposure in an attempt to increase the Subsidiary's income or gain, to hedge various investments and for risk management. In rising markets, the Fund expects that the value of the long positions will appreciate more rapidly than the short positions, and in declining markets, that the value of the short positions will appreciate more rapidly than the long positions. The techniques and strategies contemplated by the Fund are expected to result in a high degree of portfolio turnover. Portfolio turnover may vary greatly from year to year as well as within a particular year. High portfolio turnover (e.g. over 100%) may involve correspondingly greater expenses to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities.

The Fund's investment in income securities is subject to interest rate risks. Bond prices generally fall when interest rates rise. The Fund will have a significant portion of its assets concentrated in commodity-linked securities. Developments affecting commodities will have a disproportionate impact on the Fund. The Fund's investment in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. Use of leveraged commodity-linked derivatives creates an opportunity for increased return but, at the same time, creates the possibility for greater loss (including the likelihood of greater volatility of the Fund's net asset value), and there can be no assurance that the Fund's use of leverage will be successful.

1Please refer to the prospectus for additional information about cut-off times.

The Dow Jones-UBS Commodity Index Total Return is composed of futures contracts on 22 physical commodities. 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 Commodities General Funds Average 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 for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

©2014, 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.