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JPMorgan Unconstrained Debt Fund - Select (JSISX)

JPMorgan Unconstrained Debt Fund - Select (JSISX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Top ten holdings (as of 6/30/2015)
1. Federal National Mortgage Association, 30 Year, Single Family, 3.50%, 7/25/2044 6.9%
2. Spain Government Bond, 2.75%, 10/31/2024 2.9%
3. Italy Buoni Poliennali Del Tesoro, 3.75%, 9/1/2024 2.6%
4. Federal National Mortgage Association, 30 Year, Single Family, 3.00%, 7/25/2043 1.6%
5. Government of Japan, 2.40%, 3/20/2037 1.2%
6. Virginia Public School Authority, School Financing, 5.00%, 8/1/2027 1.1%
7. Republic of Hungary, 3.00%, 6/26/2024 0.9%
8. Republic of Hungary, 5.50%, 6/24/2025 0.9%
9. BPCE S.A., 0.89%, 6/23/2017 0.6%
10. Federal Home Loan Mortgage Corp. REMIC, Class WF, 0.58%, 1/15/2040 0.5%
Total of top ten 19.2%
Portfolio breakdown* (as of 6/30/2015)
Asset Backed Securities 9.9%
Cash/Cash-Equivalent 7.5%
Corporate (High Yield) 23.5%
Corporate (Investment Grade) 17.8%
Emerging Market Debt 2.8%
Government 7.3%
Mortgage (Non-Call) 7.1%
Mortgage (Prepay Sensitive) 15.9%
Municipals 1.4%
Other 6.8%

* Due to rounding, values may not total 100%.

Average life* (as of 6/30/2015)
Less than one year 17.0%
Years 1-3 13.2%
Years 3-5 20.2%
Years 5-7 11.8%
Years 7-10 28.9%
Years 10-20 3.5%
Years 20+ 5.5%
Duration 2.45 years
Average Maturity 15.31 years
Average Life 4.51 years

* Due to rounding, values may not total 100%.

Country allocation (%)
Cayman Islands 3.5
France 2.0
Hungary 1.8
Italy 4.3
Luxembourg 1.5
Short-Term Investments 14.6
Spain 3.6
United Kingdom 3.6
United States 56.9
Other 8.2
Currency allocation* (% total net assets) (as of 6/30/2015)
USD 100.10
EUR 0.10
GBP -0.10
HUF -0.10

*Due to rounding, values may not total 100%. Net currency exposure is inclusive of the fund's derivative positions.

Contribution to duration (in years) (as of 6/30/2015)
Corporate (Investment Grade) 1.28
Corporate (High Yield) 0.75
Government 0.71
Mortgage (Prepay Sensitive) 0.54
Other 0.30
Asset Backed Securities 0.18
Emerging Market Debt 0.15
Municipals 0.13
Mortgage (Non-Call) 0.11
Portfolio stats (as of 6/30/2015)
Number of Holdings 866
Fund Assets $2.66
(in billions)
Turnover Ratio 179.41%
(Trailing 12 month) (2/28/2015)
Weighted bond equivalent yield 3.29%
Quality* (as of 6/30/2015)
AAA 23.9%
AA 3.2%
A 10.0%
BBB 22.2%
BB 17.5%
B 11.3%
CCC & Lower/Other 12.0%

The manager 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, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.


What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest, without limit, in high yield securities.

The Fund may invest in mortgage-related and asset-backed securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value.

International investing involves special risks, including economic, political, and currency instability - especially in emerging markets. The Fund's investments in emerging markets could lead to more volatility in the value of the Fund's shares. The small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Emerging markets may not provide adequate legal protection for private or foreign investment or private property.

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.

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.

Total return assumes reinvestment of income.