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JPMorgan Alternative Strategies Fund - A (JASAX)

JPMorgan Alternative Strategies Fund - A (JASAX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks to provide capital appreciation.

Strategy/Investment process

  • Designed to complement and diversify traditional stock and bond portfolios by providing access to a broad range of alternative and non-traditional asset classes.
  • Seeks to manage volatility and inflation risk in the overall portfolio.
  • Invests primarily in J.P. Morgan Funds, exchange-traded funds, and individual securities to achieve its objectives.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV 0.86% 0.90% N/A 1.18%
With 4.50% max. sales charge -3.70% -0.64% N/A -0.06%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 0.07% 0.08% N/A 0.10%
Consumer Price Index for All Urban Consumers-Seasonally Adjusted N/A N/A N/A N/A
S&P 500 Index 21.86% 14.66% N/A 19.79%**
Barclays U.S. Aggregate Index -0.10% 3.75% N/A 3.42%**

Performance Inception Date:7/1/10

Effective August 1, 2013, the Fund's investment objective and some of the Fund's investment strategies changed. The Fund's past performance would have been different if the Fund were managed using the current strategies.

**Returns are calculated starting from the month end previous to the performance inception date. The performance quoted is past performance and is not a guarantee of future results.

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.

Annual operating expenses (%)
Expense cap expiration date 10/31/2014
Expense cap 1.25%
Total annual operating expenses 4.19%
Fee waivers and/or expense reimbursements 2.26%
Net expenses 1.93%

Net Expenses,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 Total Annual Operating Expenses (excluding (1) dividend expenses related 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 incurred by the Fund and any underlying fund and (2) Acquired Fund Fees incurred by an underlying fund) 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.

Ratings (as of 3/31/2014)
Morningstar overall rating: (160 funds)
Morningstar category: Multialternative

Overall rating A Shares; Multialternative Category; 160 funds. Three year rating 2 stars; 160 funds. Five year period not yet rated; 10 year period not yet rated.

2014, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (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 damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

Minimum investments
Minimum investments Minimum subsequent investments
Regular $1000 Regular $25
IRA $1000 IRA $25
Daily stats (as of 4/17/2014)
NAV YTD
$15.20 0.52%
$0.01 | 0.07%  
 
NAV as of:
  • Mon
    Mar 10
    2014
    $15.19
     
  • Tue
    Mar 11
    2014
    $15.16
     
  • Wed
    Mar 12
    2014
    $15.16
     
  • Thu
    Mar 13
    2014
    $15.11
     
  • Fri
    Mar 14
    2014
    $15.10
     
  • Mon
    Mar 17
    2014
    $15.14
     
  • Tue
    Mar 18
    2014
    $15.17
     
  • Wed
    Mar 19
    2014
    $15.14
     
  • Thu
    Mar 20
    2014
    $15.15
     
  • Fri
    Mar 21
    2014
    $15.14
     
  • Mon
    Mar 24
    2014
    $15.13
     
  • Tue
    Mar 25
    2014
    $15.17
     
  • Wed
    Mar 26
    2014
    $15.15
     
  • Thu
    Mar 27
    2014
    $15.14
     
  • Fri
    Mar 28
    2014
    $15.18
     
  • Mon
    Mar 31
    2014
    $15.20
     
  • Tue
    Apr 01
    2014
    $15.24
     
  • Wed
    Apr 02
    2014
    $15.25
     
  • Thu
    Apr 03
    2014
    $15.25
     
  • Fri
    Apr 04
    2014
    $15.21
     
  • Mon
    Apr 07
    2014
    $15.17
     
  • Tue
    Apr 08
    2014
    $15.17
     
  • Wed
    Apr 09
    2014
    $15.23
     
  • Thu
    Apr 10
    2014
    $15.15
     
  • Fri
    Apr 11
    2014
    $15.11
     
  • Mon
    Apr 14
    2014
    $15.14
     
  • Tue
    Apr 15
    2014
    $15.15
     
  • Wed
    Apr 16
    2014
    $15.19
     
  • Thu
    Apr 17
    2014
    $15.20
     
 
52 Week High $15.33
(5/20/2013)
52 Week Low $14.67
(8/30/2013)
YTD Total Return w/Load -3.98%
Net Asset Class $74,221.39
Net Asset Fund $10,871,852.16
Basics
Ticker JASAX
CUSIP 48121A464
Share Class Inception Date 07/01/2010
Fund Number 2113
Asset Class Asset Allocation
Cut-off time1 4:00 P.M.

Unlike conventional bonds, the principal or interest of inflation-protected securities is adjusted periodically to a specified rate of inflation. There can be no assurance that the inflation index used will accurately measure the actual rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index.

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.

Real estate investing may be subject to a higher degree of market risk because of concentration in a specific industry, sector or geographical sector. Real estate investing may be subject to risks including, but not limited to, declines in the value of real estate, risks related to general and economic conditions, changes in the value of the underlying property owned by the trust and defaults by borrower.

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.

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the United States and other nations. The Fund's investments in emerging markets could lead to more volatility in the value of the Fund's shares. As mentioned above, the normal risks of investing in foreign countries are heightened when investing in emerging markets. In addition, the small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Also, emerging markets may not provide adequate legal protection for private or foreign investment or private property.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

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

The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. 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 Consumer Price Index (CPI) for All Urban Consumers - Seasonally Adjusted of the Bureau of Labor Statistics (BLS) is a measure of the change in prices of goods and services purchased by urban consumers. Seasonal adjustment removes the effects of recurring seasonal influences from many economic series, including consumer prices. The adjustment process quantifies seasonal patterns and then factors them out of the series to permit analysis of non-seasonal price movements. Changing climactic conditions, production cycles, model changeovers, holidays, and sales can cause seasonal variation in prices. 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 S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Index levels are in total return USD. The performance of the index does not reflect the deduction of expenses associated with a fund, such as 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 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.

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.