J.P. Morgan Income Funds

Size: px
Start display at page:

Download "J.P. Morgan Income Funds"

Transcription

1 Annual Report J.P. Morgan Income Funds February 28, 2017 JPMorgan Core Bond Fund JPMorgan Core Plus Bond Fund JPMorgan Government Bond Fund JPMorgan High Yield Fund JPMorgan Inflation Managed Bond Fund JPMorgan Limited Duration Bond Fund JPMorgan Mortgage-Backed Securities Fund JPMorgan Short Duration Bond Fund JPMorgan Short Duration High Yield Fund JPMorgan Treasury & Agency Fund

2 CONTENTS CEO s Letter... 1 Market Overview... 2 Fund Commentaries: JPMorgan Core Bond Fund... 3 JPMorgan Core Plus Bond Fund... 5 JPMorgan Government Bond Fund... 7 JPMorgan High Yield Fund... 9 JPMorgan Inflation Managed Bond Fund JPMorgan Limited Duration Bond Fund JPMorgan Mortgage-Backed Securities Fund JPMorgan Short Duration Bond Fund JPMorgan Short Duration High Yield Fund JPMorgan Treasury & Agency Fund Schedules of Portfolio Investments Financial Statements Financial Highlights Notes to Financial Statements Report of Independent Registered Public Accounting Firm Trustees Officers Schedule of Shareholder Expenses Tax Letter Privacy Policy Located at the back of this Annual Report Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund s share price is lower than when you invested. Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund. Prospective investors should refer to the Funds prospectus for a discussion of the Funds investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

3 CEO S LETTER March 22, 2017 (Unaudited) Dear Shareholders, For most of the past twelve months, the U.S. economy was one of the few bright spots among developed nations as most of Europe and Japan struggled with low or negative economic growth. However, by the end of February 2017 there emerged clear signals that the world s 20 largest economies were moving in a more synchronized fashion that could lead to an accelerating global economy. While the global economy appeared to grow more synchronized during the twelve months ended February 28, 2017, there also emerged political uncertainties in the U.S. and Europe. Indeed, the World Bank has estimated that global economic growth in 2017 will rise by 2.7% compared with 2.3% in 2016 and economists generally expect each of the world s 20 largest economies will see an increase in gross domestic product in In the 19-nation euro zone, manufacturing activity rose in February 2017 for the sixth consecutive month and reached levels not seen in nearly six years. Economic confidence surveys have been the strongest since While unemployment across the euro zone remained nearly twice that of the U.S., the jobless rate fell faster than expected in early 2017 to its lowest level since Importantly, euro zone inflation reached the European Central Bank s target of 2.0% in February 2017, which provided further evidence that the risk of a painful deflationary spiral had receded. Meanwhile, Chinese factory activity was stronger than economists expected in February 2017 and more broadly, Chinese economic stimulus measures initiated in 2016 appeared to bolster trade throughout Asia. In Japan, corporate profits were estimated at record highs even in the face of a stronger yen. South Korean exports grew in February 2017 for the fourth consecutive month. Economic data from Australia and India showed signs of stronger growth. To a certain extent, the healthier global economy was supported by a rebound in global oil prices, which reached 15- month highs in October Prices for other commodities also rose during 2016, helping growth in those emerging market nations reliant on natural resource exports. In the U.S., the pace of economic expansion was sufficient to persuade the Federal Reserve Bank to raise interest rates in December 2016 and again in March Meanwhile, leading stock market indexes hit record highs in late 2016 and early 2017 amid strength in corporate profits and the broader U.S. economy. Investor expectations that the Republican Party s newly-won control of the U.S. presidency along with its majorities in both houses of the U.S. Congress would bolster economic growth while lowering certain taxes further supported U.S. financial assets. While the global economy appeared to grow more synchronized during the twelve months ended February 28, 2017, there also emerged political uncertainties in the U.S. and Europe. In the U.K., a populist drive to exit the European Union won a surprise victory in mid While global financial markets generally rebounded from the sharp sell-off that followed the June 23rd referendum, the ultimate impact of the so-called Brexit remained uncertain and was seen as a drag on the U.K. economy. In November, Donald Trump, who campaigned on a platform that included tighter restrictions on immigration and protective trade policies, won the U.S. presidency. While voters in the Netherlands declined to give the anti-immigrant Party for Freedom a majority in the lower house of Parliament, populist parties were vying for power in France, Germany and elsewhere. Each of these parties and their leaders both in the U.S. and elsewhere share broad policy goals that prioritize restricting immigration and shunning supranational trade agreements. Given that immigration and free trade are key drivers of economic growth in advanced, post-industrial nations, it remains to be seen how much electoral support these shared agendas would earn. In the face of all this, U.S. and foreign financial markets generally rewarded investors with positive returns for the twelve months through February 28, Over time, we believe financial markets will continue to reward those investors who maintain patience and discipline in the context of a properly diversified portfolio. We look forward to managing your investment needs for years to come. Should you have any questions, please visit or contact the J.P. Morgan Funds Service Center at Sincerely yours, George C.W. Gatch CEO, Investment Funds Management, J.P. Morgan Asset Management FEBRUARY 28, 2017 J.P. MORGAN INCOME FUNDS 1

4 J.P. Morgan Income Funds MARKET OVERVIEW TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) U.S. financial markets generally provided positive returns for the twelve month reporting period amid continued growth in the U.S. economy and rising domestic interest rates. While U.S. equity outperformed most other asset classes, commodities and corporate bonds also had positive returns. At the end of June 2016, the U.K. s vote to exit from the European Union led to a global sell-off in financial markets. However, U.S. markets rebounded within a month. Commodities prices stabilized during the reporting period and global oil prices reached 15-month highs in October. Oil prices were further bolstered by the Organization of Petroleum Exporting Countries decision to curb production. In the November 8, 2016 elections, the Republican Party won control of the presidency and retained its majority in both houses of the U.S. Congress. In the following months, key U.S. equity benchmarks reached multiple record high closings. While U.S. Treasury bonds underperformed other bond market sectors, corporate bonds and high yield bonds (also known as junk bonds ) posted positive returns as investors sought higher yields on fixed-income assets. For the twelve months ended February 28, 2017, the Bloomberg Barclays U.S. Aggregate Index returned 1.42% and the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index returned 21.83%. 2 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2017

5 JPMorgan Core Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) REPORTING PERIOD RETURN: Fund (Class I Shares) 1 * % Bloomberg Barclays U.S. Aggregate Index (formerly Barclays U.S. Aggregate Index) % Net Assets as of 2/28/2017 (In Thousands)... $27,540,800 Duration as of 2/28/ years INVESTMENT OBJECTIVE** The JPMorgan Core Bond Fund (the Fund ) seeks to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? For the twelve months ended February 28, 2017, the Fund s Class I Shares underperformed the Bloomberg Barclays U.S. Aggregate Index (the Benchmark ). Relative to the Benchmark, the Fund s underweight position in the corporate credit sector was a leading detractor from performance. Within the Fund s allocation to mortgage-backed securities, security selection in pass-through mortgages also detracted from relative performance. Relative to the Benchmark, the Fund s longer duration profile in U.S. Treasury and U.S. agency bonds detracted from performance as interest rates rose in the latter part of the reporting period. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund s security selection in asset-backed securities, commercial mortgaged-backed securities and mortgage-backed securities was a leading contributor to performance relative to the Benchmark. The Fund s underweight position in U.S. Treasury securities and the Fund s overall shorter duration profile relative to the Benchmark also contributed to performance. HOW WAS THE FUND POSITIONED? The Fund s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. At February 28, 2017, the Fund had underweight positions in U.S. Treasury bonds and corporate bonds and had an overweight position in mortgage-backed securities, commercial mortgage-backed securities and asset-backed securities relative to the Benchmark. PORTFOLIO COMPOSITION*** Corporate Bonds % U.S. Treasury Obligations Mortgage-Backed Securities Collateralized Mortgage Obligations Asset-Backed Securities Commercial Mortgage-Backed Securities U.S. Government Agency Securities Foreign Government Securities Others (each less than 1.0%) Short-Term Investment Effective April 3, 2017, the Fund s Select Class Shares were renamed Class I Shares. * The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The adviser seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of February 28, The Fund s portfolio composition is subject to change. FEBRUARY 28, 2017 J.P. MORGAN INCOME FUNDS 3

6 JPMorgan Core Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2017 INCEPTION DATE OF CLASS 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES May 1, 1992 With Sales Charge* (2.90)% 1.24% 3.96% Without Sales Charge CLASS C SHARES March 22, 1999 With CDSC** (0.60) Without CDSC CLASS R2 SHARES November 3, CLASS R3 SHARES September 9, CLASS R4 SHARES September 9, CLASS R5 SHARES May 15, CLASS R6 SHARES February 22, CLASS I SHARES (FORMERLY SELECT CLASS SHARES) June 1, * Sales Charge for Class A Shares is 3.75%. ** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (2/28/07 TO 2/28/17) $2,000,000 1,500,000 $1,558,920 $1,533,682 $1,520,514 1,000, ,000 2/07 2/08 2/09 2/10 2/11 2/12 2/13 2/14 2/15 2/16 2/17 JPMorgan Core Bond Fund - Class I Shares (formerly Select Class Shares) Bloomberg Barclays U.S. Aggregate Index (formerly Barclays U.S. Aggregate Index) 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Returns shown for Class R2, Class R3 and Class R4 Shares prior to their inception are based on the performance of Class I Shares, the original class offered. With respect to Class R2, Class R3 and Class R4 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes. The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Core Bond Fund, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Core Bond Funds Index from February 28, 2007 to February 28, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Core Bond Funds Index includes Lipper Core Bond Funds Index expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Bloomberg 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 Lipper Core Bond Funds Index is an index based on total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Class I Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 4 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2017

7 JPMorgan Core Plus Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) REPORTING PERIOD RETURN: Fund (Class I Shares) 1 * % Bloomberg Barclays U.S. Aggregate Index (formerly Barclays U.S. Aggregate Index) % Net Assets as of 2/28/2017 (In Thousands)... $8,435,129 Duration as of 2/28/ years INVESTMENT OBJECTIVE** The JPMorgan Core Plus Bond Fund (the Fund ) seeks a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? For the twelve months ended February 28, 2017, the Fund s Class I Shares outperformed the Bloomberg Barclays U.S. Aggregate Index (the Benchmark ). Relative to the Benchmark, the Fund s allocation to high yield bonds (also known as junk bonds ), which outperformed investment grade debt securities during the twelve month reporting period, was a leading contributor to relative performance. The Benchmark did not hold high yield bonds. The Fund s security selection in asset-backed securities, commercial mortgage-backed securities and mortgages, and its underweight position in U.S. Treasury bonds also contributed to relative performance. The Fund s underweight position in investment grade corporate debt securities was a leading detractor from relative performance. The Fund s cash position via money market funds, which was less than 2% of assets under management at the end of the reporting period and was used to maintain adequate liquidity for Fund operations, also detracted from relative performance. HOW WAS THE FUND POSITIONED? The Fund continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. The managers employ a macro-economic analysis to determine asset allocation and positioning on the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. PORTFOLIO COMPOSITION*** Corporate Bonds % U.S. Treasury Obligations Mortgage-Backed Securities Asset-Backed Securities Collateralized Mortgage Obligations Commercial Mortgage-Backed Securities Foreign Government Securities Others (each less than 1.0%) Short-Term Investment Effective April 3, 2017, the Fund s Select Class Shares were renamed Class I Shares. * The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The adviser seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of February 28, The Fund s portfolio composition is subject to change. FEBRUARY 28, 2017 J.P. MORGAN INCOME FUNDS 5

8 JPMorgan Core Plus Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2017 INCEPTION DATE OF CLASS 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES March 5, 1993 With Sales Charge* (0.57)% 2.33% 4.52% Without Sales Charge CLASS C SHARES May 30, 2000 With CDSC** Without CDSC CLASS L SHARES (FORMERLY INSTITUTIONAL CLASS SHARES) June 19, CLASS R2 SHARES November 3, CLASS R3 SHARES September 9, CLASS R4 SHARES September 9, CLASS R5 SHARES September 9, CLASS R6 SHARES February 22, CLASS I SHARES (FORMERLY SELECT CLASS SHARES) March 5, * Sales Charge for Class A Shares is 3.75%. ** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (2/28/07 TO 2/28/17) $2,000,000 1,500,000 $1,641,740 $1,616,589 $1,533,682 1,000, ,000 2/07 2/08 2/09 2/10 2/11 2/12 2/13 2/14 2/15 2/16 2/17 JPMorgan Core Plus Bond Fund - Class I Shares (formerly Select Class Shares) Bloomberg Barclays U.S. Aggregate Index (formerly Barclays U.S. Aggregate Index) 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Effective September 15, 2007, some of the Fund s investment strategies changed. The Fund s past performance would have been different if the Fund was managed using the current strategies. Returns shown for Class L, Class R2, Class R3, Class R4 and Class R5 Shares prior to their inception are based on the performance of Class I Shares, the original class offered. With respect to Class R2, Class R3, Class R4 and Class R5 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes. Class L and Class I Shares would have substantially similar performance because the shares are invested in the same portfolio of securities, and the performance would differ only to the extent that the classes have different expenses. The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Core Plus Bond Fund, the Bloomberg Barclays U.S. Aggregate Index and the Lipper Core Plus Bond Funds Index from February 28, 2007 to February 28, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge Lipper Core Plus Bond Funds Index associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Core Plus Bond Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Bloomberg 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 passthrough securities, and asset-backed securities. The Lipper Core Plus Bond Funds Index is an index based on total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Class I Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 6 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2017

9 JPMorgan Government Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) REPORTING PERIOD RETURN: Fund (Class I Shares) 1 *... (0.38)% Bloomberg Barclays U.S. Government Bond Index (formerly Barclays U.S. Government Bond Index)... (1.15)% Net Assets as of 2/28/2017 (In Thousands)... $1,359,940 Duration as of 2/28/ years INVESTMENT OBJECTIVE** The JPMorgan Government Bond Fund (the Fund ) seeks a high level of current income with liquidity and safety of principal. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? For the twelve months ended February 28, 2017, the Fund s Class I Shares outperformed the Bloomberg Barclays U.S. Government Bond Index (the Benchmark ). During the reporting period, U.S. government bonds generally underperformed other sectors of the bond market. Relative to the Benchmark, the Fund s shorter duration profile was a leading contributor to performance as U.S interest rates rose during the latter part of the reporting period. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund s out-of-benchmark positions in mortgage bonds and U.S. Treasury Inflation Protected Securities also contributed to performance relative to the Benchmark. Within the Fund s allocation to U.S. agency debentures, the Fund s longer duration profile detracted from performance relative to the Benchmark. During the latter part of the reporting period, bonds in the shorter end of the yield curve generally outperformed other portions of the curve and the Fund s underweight position in the short end of the yield curve detracted from relative performance. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. HOW WAS THE FUND POSITIONED? During the period, the Fund s portfolio managers aimed to keep the duration of the Fund in a range of 5.00 to 5.50 years. The Fund s portfolio managers focused on security selection, using bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. PORTFOLIO COMPOSITION*** Collateralized Mortgage Obligations % U.S. Treasury Obligations U.S. Government Agency Securities Mortgage-Backed Securities Commercial Mortgage-Backed Securities Foreign Government Security Short-Term Investment Effective April 3, 2017, the Fund s Select Class Shares were renamed Class I Shares. * The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The adviser seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of February 28, The Fund s portfolio composition is subject to change. FEBRUARY 28, 2017 J.P. MORGAN INCOME FUNDS 7

10 JPMorgan Government Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2017 INCEPTION DATE OF CLASS 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES March 5, 1993 With Sales Charge* (4.28)% 0.58% 3.63% Without Sales Charge (0.57) CLASS C SHARES March 22, 1999 With CDSC** (2.36) Without CDSC (1.36) CLASS R2 SHARES November 3, 2008 (0.82) CLASS R3 SHARES September 9, 2016 (0.76) CLASS R4 SHARES September 9, 2016 (0.54) CLASS R6 SHARES August 1, 2016 (0.32) CLASS I SHARES (FORMERLY SELECT CLASS SHARES) February 8, 1993 (0.38) * Sales Charge for Class A Shares is 3.75%. ** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (2/28/07 TO 2/28/17) $2,000,000 1,500,000 $1,522,698 $1,465,085 $1,438,766 1,000, ,000 2/07 2/08 2/09 2/10 2/11 2/12 2/13 2/14 2/15 2/16 2/17 JPMorgan Government Bond Fund - Class I Shares (formerly Select Class Shares) Bloomberg Barclays U.S. Government Bond Index (formerly Barclays U.S. Government Bond Index) 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Returns shown for Class R2, Class R3, Class R4 and Class R6 Shares prior to their inception are based on the performance of Class I Shares, the original class offered. Prior performance of Class R2, Class R3, Class R4 and Class R6 Shares have been adjusted to reflect the differences in expenses between classes. The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Government Bond Fund, the Bloomberg Barclays U.S. Government Bond Index and the Lipper General U.S. Government Funds Index from February 28, 2007 to February 28, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Government Bond Index does not include expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities Lipper General U.S. Government Funds Index included in the benchmark, if applicable. The performance of the Lipper General U.S. Government Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to expenses incurred by the Fund. The Bloomberg Barclays U.S. Government Bond Index is an unmanaged index composed of securities issued by the U.S. Government. The Lipper General U.S. Government Funds Index is an index based on the total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Class I Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 8 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2017

11 JPMorgan High Yield Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) REPORTING PERIOD RETURN: Fund (Class I Shares) 1 * % Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index (formerly Barclays U.S. Corporate High Yield 2% Issuer Capped Index) % Net Assets as of 2/28/2017 (In Thousands)... $13,262,047 Duration as of 2/28/ years INVESTMENT OBJECTIVE** The JPMorgan High Yield Fund (the Fund ) seeks a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? For the twelve months ended February 28, 2017, the Fund s Class I Shares underperformed the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index (the Benchmark ). During the reporting period, high yield bonds (also known as junk bonds ) generally outperformed other sectors of the bond market. Relative to the Benchmark, the Fund s underweight position in the energy sector and its overweight position and security selection in the consumer non-cyclical sector were leading detractors from performance. The Fund s underweight position in bonds rated B and CCC detracted from relative performance as securities of lower credit quality outperformed the market during the reporting period. Relative to the Benchmark, the Fund s security selection in the finance sector, which includes banks, insurers and asset managers, and its overweight position in the utilities sector, which was not held in the Benchmark, helped performance. The Fund s underweight position in bonds rated AAA and AA also contributed to relative performance. HOW WAS THE FUND POSITIONED? The Fund s portfolio managers sought to take specific, targeted credit risk based on the portfolio managers analysis of favorable risk/reward opportunities, while continuing to build a core of improving below investment grade investments. The portfolio managers moved the portfolio into higher quality below investment grade debt securities. In the energy sector, the managers continued to seek value in higher quality below investment grade debt securities of companies with strong balance sheets. PORTFOLIO COMPOSITION*** Corporate Bonds % Loan Assignments Others (each less than 1.0%) Short-Term Investments Effective April 3, 2017, the Fund s Select Class Shares were renamed Class I Shares. * The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The adviser seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of February 28, The Fund s portfolio composition is subject to change. FEBRUARY 28, 2017 J.P. MORGAN INCOME FUNDS 9

12 JPMorgan High Yield Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) (continued) AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2017 INCEPTION DATE OF CLASS 1 YEAR 5 YEAR 10 YEAR CLASS A SHARES November 13, 1998 With Sales Charge* 13.60% 4.94% 5.92% Without Sales Charge CLASS C SHARES March 22, 1999 With CDSC** Without CDSC CLASS R2 SHARES November 3, CLASS R5 SHARES May 15, CLASS R6 SHARES February 22, CLASS I SHARES (FORMERLY SELECT CLASS SHARES) November 13, * Sales Charge for Class A Shares is 3.75%. ** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. TEN YEAR PERFORMANCE (2/28/07 TO 2/28/17) $2,500,000 2,000,000 $2,077,368 $1,890,663 $1,786,784 1,500,000 1,000, ,000 2/07 2/08 2/09 2/10 2/11 2/12 2/13 2/14 2/15 2/16 2/17 JPMorgan High Yield Fund - Class I Shares (formerly Select Class Shares) Bloomberg Barclays U.S. Corporate High Yield - 2% Issuer Capped Index (formerly Barclays U.S. Corporate High Yield - 2% Issuer Capped Index) Lipper High Yield Bond Index 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call Effective September 14, 2009, some of the Fund s investment strategies changed. The Fund s past performance would have been different if the Fund was managed using the current strategies. Returns shown for Class R2 Shares prior to its inception are based on the performance of Class I Shares, the original class offered. With respect to Class R2 Shares, prior Class performance has been adjusted to reflect the differences in expenses between classes. The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan High Yield Fund, the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index and the Lipper High Yield Bond Index from February 28, 2007 to February 28, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. 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 expenses incurred by the Fund. The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged index 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 Lipper High Yield Bond Index is an index based on total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Class I Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 10 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2017

13 JPMorgan Inflation Managed Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) Reporting Period Return: Fund (Class I Shares) 1 * % Bloomberg Barclays 1-10 Year U.S. TIPS Index (formerly Barclays 1-10 Year U.S. TIPS Index) % Bloomberg Barclays U.S. Intermediate Aggregate Index (formerly Barclays U.S. Intermediate Aggregate Index) % Inflation Managed Bond Composite Benchmark % Net Assets as of 2/28/2017 (In Thousands)... $1,447,223 Duration as of 2/28/ years INVESTMENT OBJECTIVE** The JPMorgan Inflation Managed Bond Fund (the Fund ) seeks to maximize inflation protected total return. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? For the twelve months ended February 28, 2017, the Fund s Class I Shares outperformed the Bloomberg Barclays 1-10 Year U.S. TIPS (Treasury Inflation Protected Securities) Index (the Index ) and the Bloomberg Barclays U.S. Intermediate Aggregate Index but underperformed the Inflation Managed Bond Composite Benchmark (the Composite Benchmark ). Amid investor expectations for rising inflation, the Fund s inflation hedge, which included CPI-U swaps and TIPS, contributed to both absolute performance and performance relative to the Index. Relative to the Composite Benchmark, the Fund s longer duration profile in U.S. agency bonds detracted from performance as U.S. interest rates rose during the latter part of the reporting period. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. The Fund s allocation to U.S. agency mortgage bonds, which were not held in the Composite Benchmark, also detracted from relative performance. Relative to the Composite Benchmark, the Fund s allocations to asset-backed securities, commercial mortgage-backed securities and non-agency mortgages none of which were held in the Composite Benchmark also contributed to relative performance. During the latter part of the reporting period, corporate bonds outperformed U.S. Treasury bonds and the Fund s underweight position in Treasury bonds also helped performance relative to the Composite Benchmark. HOW WAS THE FUND POSITIONED? Among the Fund s fixed income holdings, the Fund s portfolio managers continued to focus on security selection and relative value, which seeks to exploit pricing discrepancies between individual securities or market sectors. The Fund s portfolio managers used bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. The Fund s portfolio managers sought to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying core bonds is used as the general basis for the Fund s inflation swap positioning. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time. The Fund s portfolio managers manage the duration of the inflation protection versus the duration of the underlying bonds to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. The inflation protection was actively managed using CPU-I swaps and TIPS. Generally, the swaps were structured so that a counterparty agrees to pay the cumulative percentage change in the U.S. Consumer Price Index for All Urban Consumers over the duration of the swap. In turn, the Fund pays a compounded fixed rate. U.S. Treasury TIPS adjust the principal of the underlying bond so that it increases with inflation as measured by the U.S. Consumer Price Index, and decreases with deflation. At maturity, a TIPS investor is paid either the adjusted or the original principal, whichever is greater. During the first half of the reporting period, the portfolio managers reduced the Fund s overall inflation exposure but increased the level of inflation exposure over the final four months of the reporting period. FEBRUARY 28, 2017 J.P. MORGAN INCOME FUNDS 11

14 JPMorgan Inflation Managed Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) (continued) PORTFOLIO COMPOSITION*** Corporate Bonds % U.S. Treasury Obligations Collateralized Mortgage Obligations U.S. Government Agency Securities Mortgage-Backed Securities Asset-Backed Securities Commercial Mortgage-Backed Securities Foreign Government Securities Short-Term Investments Effective April 3, 2017, the Fund s Select Class Shares were renamed Class I Shares. 2 The Fund s composite benchmark is determined by adding the performance return of the Bloomberg Barclays Intermediate Government/Credit Index and 80% of the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. * The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The adviser seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of February 28, The Fund s portfolio composition is subject to change. 12 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2017

15 JPMorgan Inflation Managed Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) AVERAGE ANNUAL TOTAL RETURNS AS OF FEBRUARY 28, 2017 INCEPTION DATE OF CLASS 1 YEAR 5 YEAR SINCE INCEPTION CLASS A SHARES March 31, 2010 With Sales Charge* (0.30)% (0.08)% 1.65% Without Sales Charge CLASS C SHARES March 31, 2010 With CDSC** Without CDSC CLASS R5 SHARES March 31, CLASS R6 SHARES November 30, CLASS I SHARES (FORMERLY SELECT CLASS SHARES) March 31, * Sales Charge for Class A Shares is 3.75%. ** Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. LIFE OF FUND PERFORMANCE (3/31/10 TO 2/28/17) $1,400,000 1,200,000 $1,231,036 $1,219,007 $1,185,561 $1,174,694 $1,156,927 1,000, ,000 3/31/10 2/11 2/12 2/13 2/14 2/15 2/16 2/17 JPMorgan Inflation Managed Bond Fund - Class I Shares (formerly Select Class Shares) Bloomberg Barclays 1-10 Year U.S. TIPS Index (formerly Barclays 1-10 Year U.S. TIPS Index) Bloomberg Barclays U.S. Intermediate Aggregate Index (formerly Barclays U.S. Intermediate Aggregate Index) 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 their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date, month-end performance information please call The Fund commenced operations on March 31, Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares. The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Inflation Managed Bond Fund, the Bloomberg Barclays 1 10 Year U.S. TIPS Index, the Bloomberg Barclays U.S. Intermediate Aggregate Index, the Inflation Managed Bond Composite Benchmark and the Lipper Inflation-Protected Bond Funds Index from March 31, 2010 to February 28, The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays 1 10 Year U.S. TIPS Index and the Bloomberg Barclays U.S. Intermediate Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The Inflation Managed Bond Composite Benchmark Lipper Inflation-Protected Bond Funds Index performance of the Lipper Inflation-Protected Bond Funds Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg Barclays 1 10 Year U.S. TIPS Index represents the performance of intermediate (1 10 year) U.S. Treasury Inflation Protection Securities. The Bloomberg Barclays U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. government, mortgage, corporate and asset-backed securities with maturities of one to 10 years. The Inflation Managed Bond Composite Benchmark is determined by adding the Bloomberg Barclays Intermediate Government/Credit Index and 80% of the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index. The Lipper Inflation-Protected Bond Funds Index is an index based on total returns of certain mutual funds within the Fund s designated category as determined by Lipper, Inc. Investors cannot invest directly in an index. Class I Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund s fees and reimbursement of expenses for certain periods since the inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemptions of Fund shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. FEBRUARY 28, 2017 J.P. MORGAN INCOME FUNDS 13

16 JPMorgan Limited Duration Bond Fund FUND COMMENTARY TWELVE MONTHS ENDED FEBRUARY 28, 2017 (Unaudited) (continued) REPORTING PERIOD RETURN: Fund (Class I Shares) 1 * % Bloomberg Barclays 1 3 Year U.S. Government/Credit Bond Index (formerly Barclays 1 3 Year U.S. Government/ Credit Bond Index) % Net Assets as of 2/28/2017 (In Thousands)... $1,186,641 Duration as of 2/28/ years INVESTMENT OBJECTIVE** The JPMorgan Limited Duration Bond Fund (the Fund ) seeks a high level of current income consistent with low volatility of principal. WHAT WERE THE MAIN DRIVERS OF THE FUND S PERFORMANCE? For the twelve months ended February 28, 2017, the Fund s Class I Shares outperformed the Bloomberg Barclays 1 3 Year U.S. Government/Credit Bond Index (the Benchmark ). The Fund s allocations to mortgage-backed securities, assetbacked securities and commercial mortgage-backed securities, none of which were held in the Benchmark, were leading contributors to performance relative to the Benchmark. The Fund held no U.S. Treasury bonds or U.S. agency debentures during the reporting period, which also contributed to relative performance. During the latter portion of the reporting period, interest rates rose and the Fund s overall shorter duration profile relative to the Benchmark helped performance. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. Generally, bonds with longer duration will experience a larger increase or decrease in price as interest rates fall or rise, respectively, versus bonds with shorter duration. During the latter part of the reporting period, corporate credit generally outperformed other sectors of the bond market and the Fund s underweight position in corporate credit detracted from relative performance. The Fund s cash position via money market funds, which was used to maintain adequate liquidity for Fund operations, detracted slightly from relative performance. HOW WAS THE FUND POSITIONED? During the twelve month period, the Fund s portfolio managers continued to focus on security selection, using bottom-up fundamental research to construct, in their view, a portfolio of undervalued fixed income securities. During the reporting period, the Fund s portfolio managers used a money market fund to maintain a degree of liquidity for the Fund. During the reporting period, the Fund s overall duration increased to 1.7 years at February 28, 2017, from 0.98 years at February 29, PORTFOLIO COMPOSITION*** Collateralized Mortgage Obligations % Asset-Backed Securities Corporate Bonds Mortgage-Backed Securities Commercial Mortgage-Backed Securities Municipal Bond Short-Term Investment Effective April 3, 2017, the Fund s Select Class Shares were renamed Class I Shares. * The return shown is based on the net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. ** The adviser seeks to achieve the Fund s objective. There can be no guarantee it will be achieved. *** Percentages indicated are based on total investments as of February 28, The Fund s portfolio composition is subject to change. 14 J.P. MORGAN INCOME FUNDS FEBRUARY 28, 2017

J.P. Morgan Municipal Bond Funds

J.P. Morgan Municipal Bond Funds Annual Report J.P. Morgan Municipal Bond Funds February 28, 2017 JPMorgan Municipal Income Fund JPMorgan Ohio Municipal Bond Fund JPMorgan Short-Intermediate Municipal Bond Fund JPMorgan Tax Free Bond

More information

JPMorgan SmartRetirement Funds

JPMorgan SmartRetirement Funds Semi-Annual Report JPMorgan SmartRetirement Funds December 31, 2016 (Unaudited) JPMorgan SmartRetirement Income Fund JPMorgan SmartRetirement 2015 Fund JPMorgan SmartRetirement 2020 Fund JPMorgan SmartRetirement

More information

J.P. Morgan Municipal Bond Funds

J.P. Morgan Municipal Bond Funds Semi-Annual Report J.P. Morgan Municipal Bond Funds August 31, 2017 (Unaudited) JPMorgan Municipal Income Fund JPMorgan Ohio Municipal Bond Fund JPMorgan Short-Intermediate Municipal Bond Fund JPMorgan

More information

PACE Select Advisors Trust. Annual Report July 31, 2017

PACE Select Advisors Trust. Annual Report July 31, 2017 PACE Select Advisors Trust Annual Report July 31, 2017 Table of contents Page Introduction 3 Portfolio Advisor s and Subadvisors commentaries and Portfolios of investments PACE Government Money Market

More information

Franklin Fund Allocator Series

Franklin Fund Allocator Series Annual Report May 31, 2017 Fund Allocator Series Payout 2017 Fund Payout 2018 Fund Payout 2019 Fund Payout 2020 Fund Payout 2021 Fund Templeton Investments Gain From Our Perspective At Templeton Investments,

More information

J.P. Morgan Income Funds

J.P. Morgan Income Funds Prospectus J.P. Morgan Income Funds Class A, Class B*, Class C & Select Class Shares July 1, 2010 JPMorgan Limited Duration Bond Fund (formerly JPMorgan Ultra Short Duration Bond Fund) Class/Ticker: A/ONUAX;

More information

WILSHIRE MUTUAL FUNDS

WILSHIRE MUTUAL FUNDS WILSHIRE MUTUAL FUNDS SEMI-ANNUAL REPORT (Unaudited) LARGE COMPANY GROWTH PORTFOLIO LARGE COMPANY VALUE PORTFOLIO SMALL COMPANY GROWTH PORTFOLIO SMALL COMPANY VALUE PORTFOLIO WILSHIRE 5000 INDEX SM FUND

More information

Annual Report 1/31/2017. Oppenheimer Portfolio Series Active Allocation Fund

Annual Report 1/31/2017. Oppenheimer Portfolio Series Active Allocation Fund Annual Report 1/31/2017 Oppenheimer Portfolio Series Active Allocation Fund Table of Contents Fund Performance Discussion 3 Top Holdings and Allocations 7 Fund Expenses 10 Statement of Investments 12 Statement

More information

Pioneer Multi-Asset Ultrashort Income Fund

Pioneer Multi-Asset Ultrashort Income Fund Pioneer Multi-Asset Ultrashort Income Fund Performance Analysis & Commentary December 2017 COMMENTARY Fund Ticker Symbol: MAFRX (Class A); MYFRX (Class Y) amundipioneer.com Fourth Quarter Review The Fund

More information

NORTHERN TAX-EXEMPT FIXED INCOME FUNDS

NORTHERN TAX-EXEMPT FIXED INCOME FUNDS NORTHERN TAX-EXEMPT FIXED INCOME FUNDS ANNUAL REPORT MARCH 31, 2017 MANAGED BY A MESSAGE FROM BOB BROWNE CHIEF INVESTMENT OFFICER The 12-month period ended March 31, 2017 (the Period ), brought a wide

More information

AIG 2017 SEMI-ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund High Watermark Fund

AIG 2017 SEMI-ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund High Watermark Fund 2017 SEMI-ANNUAL REPORT SunAmerica Specialty Series High Watermark Fund 2020 High Watermark Fund AIG Commodity Strategy Fund ESG Dividend Fund Focused Alpha Large-Cap Fund Focused Multi-Cap Growth Fund

More information

LORD ABBETT ANNUAL REPORT

LORD ABBETT ANNUAL REPORT LORD ABBETT ANNUAL REPORT Lord Abbett Municipal Income Fund Short Duration Tax Free Fund Intermediate Tax Free Fund AMT Free Municipal Bond Fund National Tax Free Fund High Yield Municipal Bond Fund Short

More information

Core Plus Fixed Income Portfolio

Core Plus Fixed Income Portfolio MORGAN STANLEY INSTITUTIONAL FUND TRUST Core Plus Fixed Income Portfolio FIXED INCOME GLOBAL FIXED INCOME TEAM COMMENTARY SEPTEMBER 30, 2017 Market Review and Outlook The biggest macroeconomic event for

More information

Semiannual Report December 31, 2017

Semiannual Report December 31, 2017 PIMCO ETF Trust Semiannual Report December 31, 2017 Index Exchange-Traded Funds PIMCO 1-3 Year U.S. Treasury Index Exchange-Traded Fund PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund

More information

Semiannual Report 7/31/2017. Oppenheimer Portfolio Series Active Allocation Fund

Semiannual Report 7/31/2017. Oppenheimer Portfolio Series Active Allocation Fund Semiannual Report 7/31/2017 Oppenheimer Portfolio Series Active Allocation Fund Table of Contents Fund Performance Discussion 3 Top Holdings and Allocations 6 Fund Expenses 9 Statement of Investments 11

More information

Annual Report. PIMCO Funds. March 31, 2018

Annual Report. PIMCO Funds. March 31, 2018 PIMCO Funds Annual Report March 31, 2018 Asset Allocation Funds PIMCO Multi-Strategy Alternative Fund PIMCO REALPATH 2020 Fund PIMCO REALPATH 2025 Fund PIMCO REALPATH 2030 Fund PIMCO REALPATH 2035 Fund

More information

Franklin Fund Allocator Series

Franklin Fund Allocator Series Annual Report and Shareholder Letter December 31, 2017 Franklin Fund Allocator Series Franklin Conservative Franklin Moderate Franklin Growth Sign up for electronic delivery at franklintempleton.com/edelivery

More information

Short exposure to US equities, used as a risk hedge. Exposure to commodities

Short exposure to US equities, used as a risk hedge. Exposure to commodities Portfolio performance The Fund is designed to serve as a Third Pillar strategy, aiming to provide a diversified return stream versus traditional stock/bond-centric approaches. In seeking a long-term real

More information

TRANSAMERICA FUNDS ANNUAL REPORT

TRANSAMERICA FUNDS ANNUAL REPORT TRANSAMERICA FUNDS ANNUAL REPORT OCTOBER 31, 2017 ASSET ALLOCATION FUNDS TRANSAMERICA ASSET ALLOCATION CONSERVATIVE PORTFOLIO TRANSAMERICA ASSET ALLOCATION MODERATE GROWTH PORTFOLIO TRANSAMERICA ASSET

More information

Eaton Vance Global Macro Absolute Return Funds

Eaton Vance Global Macro Absolute Return Funds Monthly Review March 208 Eaton Vance Funds Market Update Markets across the world were mixed throughout the month of March as global equities experienced negative performance while global bond markets

More information

PACE Select Advisors Trust. Semiannual Report January 31, 2018

PACE Select Advisors Trust. Semiannual Report January 31, 2018 PACE Select Advisors Trust Semiannual Report January 31, 2018 Table of contents Page Introduction 3 Management Process 5 Portfolio Advisor s and Subadvisors commentaries and Portfolios of investments PACE

More information

Tactical exposure to emerging markets Underweight to healthcare/pharmaceuticals Underweight to utilities

Tactical exposure to emerging markets Underweight to healthcare/pharmaceuticals Underweight to utilities Portfolio performance The Investment Grade Credit strategy underperformed its index for the quarter as bottom-up sector/security selection detracted from returns, while positive contributions from interest

More information

Franklin Fund Allocator Series

Franklin Fund Allocator Series Annual Report May 31, 2017 Franklin Fund Allocator Series Franklin NextStep Conservative Fund Franklin NextStep Moderate Fund Franklin NextStep Growth Fund Sign up for electronic delivery at franklintempleton.com/edelivery

More information

Target Funds. SEMIANNual REPORT

Target Funds. SEMIANNual REPORT SEMIANNual REPORT November 30, 2017 T. Rowe Price Target Funds The funds invest in a diversified portfolio of T. Rowe Price mutual funds, offering a professionally managed, age-appropriate mix of stocks

More information

Fidelity Variable Insurance Products: Freedom Funds Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050

Fidelity Variable Insurance Products: Freedom Funds Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 Fidelity Variable Insurance Products: Freedom Funds Income, 2005, 2010, 2015, 2020, 2025, 2030, 2035, 2040, 2045, 2050 December 31, 2017 Contents Performance 4 Management s Discussion of Fund Performance

More information

Short exposure to US equities

Short exposure to US equities Portfolio performance The All Asset Fund aims to serve as a differentiated asset allocation strategy. It focuses on third pillar assets in seeking three key outcomes: 1) long-term real return consistent

More information

J.P. Morgan Money Market Funds

J.P. Morgan Money Market Funds Annual Report J.P. Morgan Money Market Funds February 28, 2017 JPMorgan Prime Money Market Fund JPMorgan Liquid Assets Money Market Fund JPMorgan U.S. Government Money Market Fund JPMorgan U.S. Treasury

More information

Portfolio Strategist Update from The Dreyfus Corporation

Portfolio Strategist Update from The Dreyfus Corporation Portfolio Strategist Update from The Dreyfus Corporation Active Opportunity ETF Portfolios As of Dec. 31, 2017 Ameriprise Financial Services, Inc. (Ameriprise Financial) is the investment manager for Active

More information

Wells Fargo Target Date CITs E3

Wells Fargo Target Date CITs E3 All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:

More information

WealthBuilder SM Funds

WealthBuilder SM Funds Semi-Annual Report November 30, 2017 WealthBuilder SM Funds Wells Fargo WealthBuilder Conservative Allocation Fund Wells Fargo WealthBuilder Equity Fund Wells Fargo WealthBuilder Growth Allocation Fund

More information

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 3Q 2017 Performance Review

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 3Q 2017 Performance Review NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 3Q 2017 Performance Review September 30, 2017 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective:

More information

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review

Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review NORTHERN FUNDS Multi-Manager Emerging Markets Debt Opportunity Fund (NMEDX) 2Q 2018 Performance Review June 30, 2018 Must be preceded or accompanied by a current prospectus Fund Facts Fund Objective: Total

More information

UBS Global Allocation Fund

UBS Global Allocation Fund UBS Global Allocation Fund Strategy Update December 31, 2017 Morningstar category Share class: Ticker/billing symbols World Allocation OE A: BNGLX C: BNPCX P: BPGLX MFPWGM MFPWGO MFPWGP Strategy summary

More information

Wells Fargo Target Date Funds

Wells Fargo Target Date Funds All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:

More information

Fixed income market update

Fixed income market update March 2, 215 Fixed income market update Taplin, Canida & Habacht, LLC BMO Global Asset Management 11 Brickell Bay Drive Suite 21 Miami, Florida 33131 p 35-379-21 f 35-379-4452 tchinc.com Fixed income market

More information

Schwab Indexed Retirement Trust Fund 2040

Schwab Indexed Retirement Trust Fund 2040 Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Target Date 2036-2040 Benchmark 2040 Custom Index 1 Unit Class Inception Date Fund Inception Date 1/5/2009 Net Asset Value

More information

SEMI-ANNUAL REPORT (UNAUDITED)

SEMI-ANNUAL REPORT (UNAUDITED) MARCH 31, 2018 SEMI-ANNUAL REPORT (UNAUDITED) BlackRock Large Cap Series Funds, Inc. BlackRock Advantage Large Cap Core Fund BlackRock Advantage Large Cap Value Fund BlackRock Advantage Large Cap Value

More information

Wells Fargo Short-Term High Yield Bond Fund

Wells Fargo Short-Term High Yield Bond Fund All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: STYIX Portfolio manager: Thomas Price, CFA; Kevin Maas, CFA; Michael Schueller, CFA Subadvisor: Wells Capital

More information

Semi-Annual Report. November 30, Allocation Funds. Wells Fargo Growth Balanced Fund Wells Fargo Moderate Balanced Fund

Semi-Annual Report. November 30, Allocation Funds. Wells Fargo Growth Balanced Fund Wells Fargo Moderate Balanced Fund Semi-Annual Report November 30, 2017 Allocation Funds Wells Fargo Growth Balanced Fund Wells Fargo Moderate Balanced Fund Reduce clutter. Save trees. Sign up for electronic delivery of prospectuses and

More information

The Glenmede Fund, Inc. The Glenmede Portfolios

The Glenmede Fund, Inc. The Glenmede Portfolios The Glenmede Fund, Inc. The Glenmede Portfolios Annual Report The performance for the portfolios shown on pages 2 to 4 and 6 to 24 represents past performance and is not a guarantee of future results.

More information

Retirement Funds. SEMIANNual REPORT

Retirement Funds. SEMIANNual REPORT SEMIANNual REPORT November 30, 2017 T. Rowe Price Retirement Funds The funds invest in a diversified portfolio of T. Rowe Price mutual funds, offering a professionally managed, age-appropriate mix of stocks

More information

JPMorgan Global Bond Opportunities Fund

JPMorgan Global Bond Opportunities Fund Summary Prospectus December 29, 2014, as supplemented September 4, 2015 JPMorgan Global Bond Opportunities Fund Class/Ticker: A/GBOAX C/GBOCX Select/GBOSX Before you invest, you may want to review the

More information

Wells Fargo High Yield Bond Fund

Wells Fargo High Yield Bond Fund All information is as of 9-30-17 unless otherwise indicated. General fund information Ticker: EKHIX Portfolio manager: Margaret D. Patel Subadvisor: Wells Capital Management Inc. Category: High-yield bond

More information

Why It s Not Your Grandma s Bond Market Anymore

Why It s Not Your Grandma s Bond Market Anymore Why It s Not Your Grandma s Bond Anymore Commentary November 2017 TODAY S BOND MARKET LOOKS QUITE DIFFERENT FROM A GENERATION AGO. Sources of return have evolved and certain strategies that used to work

More information

Explore the themes and thinking behind our decisions.

Explore the themes and thinking behind our decisions. ASSET ALLOCATION COMMITTEE VIEWPOINTS First Quarter 2017 These views are informed by a subjective assessment of the relative attractiveness of asset classes and subclasses over a 6- to 18-month horizon.

More information

Federated U.S. Government Securities Fund: 2-5 Years

Federated U.S. Government Securities Fund: 2-5 Years Prospectus March 31, 2013 Share Class R Institutional Service Ticker FIGKX FIGTX FIGIX Federated U.S. Government Securities Fund: 2-5 Years The information contained herein relates to all classes of the

More information

Fund Information. Partnering for Success. SSgA Real-Life Insight

Fund Information. Partnering for Success. SSgA Real-Life Insight SM SSgA Real-Life Insight Fund Information Partnering for Success For Plan Participant Use only. The information contained in this document is intended as investment education only. None of the information

More information

Wells Fargo Diversified Income Builder Fund

Wells Fargo Diversified Income Builder Fund All information is as of 12-31-17 unless otherwise indicated. General fund information Ticker: EKSYX Portfolio manager: Margie D. Patel; Kandarp Acharya, CFA, FRM Subadvisor: Wells Capital Management Inc.

More information

SEMI-ANNUAL REPORT (UNAUDITED)

SEMI-ANNUAL REPORT (UNAUDITED) DECEMBER 31, 2017 SEMI-ANNUAL REPORT (UNAUDITED) BlackRock Municipal Bond Fund, Inc. BlackRock High Yield Municipal Fund BlackRock National Municipal Fund BlackRock Short-Term Municipal Fund BlackRock

More information

NORTHERN FIXED INCOME FUNDS

NORTHERN FIXED INCOME FUNDS NORTHERN FIXED INCOME FUNDS ANNUAL REPORT MARCH 31, 2018 A MESSAGE FROM BOB BROWNE CHIEF INVESTMENT OFFICER The U.S. bond market experienced headwinds in the 12-month period ended March 31, 2018 (the Period

More information

Putnam RetirementReady Funds

Putnam RetirementReady Funds Putnam RetirementReady Funds Annual report 7 31 17 Putnam Retirement Ready Funds invest in a diversified mix of Putnam portfolios and funds to match the time horizons of retirement investors. Putnam RetirementReady

More information

Franklin Fund Allocator Series

Franklin Fund Allocator Series Annual Report and Shareholder Letter December 31, 2017 Franklin Fund Allocator Series Franklin Corefolio Franklin Founding Funds Sign up for electronic delivery at franklintempleton.com/edelivery Franklin

More information

Prospectus. Calvert Income Fund. Calvert Short Duration Income Fund. Calvert Long-Term Income Fund January 31, 2006.

Prospectus. Calvert Income Fund. Calvert Short Duration Income Fund. Calvert Long-Term Income Fund January 31, 2006. Prospectus Calvert Income Fund Calvert Short Duration Income Fund Calvert Long-Term Income Fund January 31, 2006 A UNIFI CompanySM PROSPECTUS January 31, 2006 About the Funds Investment Objective, Strategy,

More information

PIMCO Fixed Income Source ETFs plc Annual Report and Audited Financial Statements. For the financial year ended 31 March 2017

PIMCO Fixed Income Source ETFs plc Annual Report and Audited Financial Statements. For the financial year ended 31 March 2017 PIMCO Fixed Income Source ETFs plc Annual Report and Audited Financial Statements For the financial year ended 31 March 2017 PIMCO Fixed Income Source ETFs plc General Characteristics Fund Type: UCITS

More information

JPMorgan Insurance Trust

JPMorgan Insurance Trust Prospectus JPMorgan Insurance Trust Class 1 Shares May 1, 2015 JPMorgan Insurance Trust Core Bond Portfolio* JPMorgan Insurance Trust Global Allocation Portfolio* JPMorgan Insurance Trust Income Builder

More information

Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation

Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation Morgan Stanley Pathway Ultra-Short Term Fixed Income Fund Objective: Total return, consistent with capital preservation OVERVIEW PIMCO sub-advises the fund focusing on short duration, relatively high credit

More information

Templeton International Bond Fund. Class C

Templeton International Bond Fund. Class C Templeton International Bond Fund Class A, C Unconstrained Fixed Income Product Profile Product Details 1 Fund Assets $360,795,665.52 Fund Inception Date 12/03/2007 Number of Securities 124 Including Cash

More information

Goldman Sachs Asset Allocation Portfolios Investment Outlook

Goldman Sachs Asset Allocation Portfolios Investment Outlook Goldman Sachs Asset Allocation Portfolios Investment Outlook Overview The Goldman Sachs Asset Allocation Portfolios are managed by the Global Portfolio Solutions (GPS) team. 1 GPS has been designing customized

More information

RBC BlueBay Funds Prospectus

RBC BlueBay Funds Prospectus RBC BlueBay Funds Prospectus January 26, 2018 RBC BlueBay Emerging Market Debt Fund (formerly RBC BlueBay Emerging Market Select Bond Fund) Class A: RESAX Class I: RBESX Class R6: RBERX RBC BlueBay High

More information

March Bond Fund Quarterly Review

March Bond Fund Quarterly Review March 2018 Bond Fund Quarterly Review William Blair Bond Fund Important Disclosures Please refer to the last page of this Quarterly Review for definitions of the Indices used in this report. Risks: The

More information

JPMorgan Funds statistics report: High Yield Fund

JPMorgan Funds statistics report: High Yield Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: High Yield Fund Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents PERFORMANCE DURATION

More information

Schwab Diversified Growth Allocation Trust Fund (Closed to new investors) Institutional Unit Class As of June 30, 2017

Schwab Diversified Growth Allocation Trust Fund (Closed to new investors) Institutional Unit Class As of June 30, 2017 Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Morningstar Category Allocation - 50-70% Equity Benchmark Global Growth Custom Index 1 Unit Class Inception Date 3/7/2012 Fund Inception

More information

Robinson Tax Advantaged Income Fund (Class A: ROBAX) (Class C: ROBCX) (Institutional Class: ROBNX)

Robinson Tax Advantaged Income Fund (Class A: ROBAX) (Class C: ROBCX) (Institutional Class: ROBNX) Robinson Tax Advantaged Income Fund (Class A: ROBAX) (Class C: ROBCX) (Institutional Class: ROBNX) Robinson Opportunistic Income Fund (Class A: RBNAX) (Class C: RBNCX) (Institutional Class: RBNNX) ANNUAL

More information

Investment Perspectives. From the Global Investment Committee

Investment Perspectives. From the Global Investment Committee Investment Perspectives From the Global Investment Committee Introduction Domestic equities continued to race ahead during the fourth quarter of 2014 amid spikes in volatility, dramatic declines in oil

More information

PROSPECTUS NOVEMBER 1, JPMorgan. U.S. Equity. Funds. Institutional Class Shares

PROSPECTUS NOVEMBER 1, JPMorgan. U.S. Equity. Funds. Institutional Class Shares PROSPECTUS NOVEMBER 1, 2007 JPMorgan U.S. Equity Funds Institutional Class Shares JPMorgan Disciplined Equity Fund JPMorgan Diversified Fund JPMorgan Mid Cap Value Fund* JPMorgan Small Cap Growth Fund

More information

JPMorgan Insurance Trust Class 1 Shares

JPMorgan Insurance Trust Class 1 Shares Prospectus JPMorgan Insurance Trust Class 1 Shares May 1, 2017 JPMorgan Insurance Trust Core Bond Portfolio* * The Portfolio does not have an exchange ticker symbol. The Securities and Exchange Commission

More information

2017 Annual Management Report of Fund Performance

2017 Annual Management Report of Fund Performance (the Fund ) For the 12-month period ended September 30, (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

JULY 31, ANNUAL REPORT

JULY 31, ANNUAL REPORT JULY 31, 2017 2017 ANNUAL REPORT ishares Trust ishares Currency Hedged MSCI Europe Small-Cap ETF HEUS BATS ishares Edge MSCI Min Vol EAFE Currency Hedged ETF HEFV BATS ishares Edge MSCI Min Vol EAFE ETF

More information

Annual Report March 31, 2013

Annual Report March 31, 2013 Annual Report March 31, 2013 Your Global Investment Authority PIMCO Funds Asset Allocation Funds Share Classes Institutional P Administrative D A B C R PIMCO All Asset Fund PIMCO All Asset All Authority

More information

SUNAMERICA SERIES TRUST SA JPMORGAN MFS CORE BOND PORTFOLIO

SUNAMERICA SERIES TRUST SA JPMORGAN MFS CORE BOND PORTFOLIO SUMMARY PROSPECTUS MAY 1, 2017 SUNAMERICA SERIES TRUST SA JPMORGAN MFS CORE BOND PORTFOLIO (CLASS 1, CLASS 2 AND CLASS 3SHARES) s Statutory Prospectus and Statement of Additional Information dated May

More information

Federated Muni and Stock Advantage Fund

Federated Muni and Stock Advantage Fund Prospectus December 31, 2017 The information contained herein relates to all classes of the Fund s Shares, as listed below, unless otherwise noted. Share Class Ticker A FMUAX B FMNBX C FMUCX F FMUFX Institutional

More information

TD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund. (Together, the "Funds" and each, a "Fund")

TD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund. (Together, the Funds and each, a Fund) TD ASSET MANAGEMENT USA FUNDS INC. TD Target Return Fund Epoch U.S. Equity Shareholder Yield Fund (Together, the "Funds" and each, a "Fund") Supplement dated November 30, 2017 to the Summary Prospectus

More information

Schwab Diversified Growth Allocation Trust Fund

Schwab Diversified Growth Allocation Trust Fund Fund Facts Trustee Fund Type Charles Schwab Bank Collective Trust Fund Category Global Asset Allocation Benchmark Global Growth Custom Index 1 Unit Class Inception Date 11/21/2012 Fund Inception Date 3/7/2012

More information

Wells Fargo Fund Class A Class B Class C. Wells Fargo Adjustable Rate Government Fund ESAAX - ESACX. Wells Fargo Core Plus Bond Fund STYAX - WFIPX

Wells Fargo Fund Class A Class B Class C. Wells Fargo Adjustable Rate Government Fund ESAAX - ESACX. Wells Fargo Core Plus Bond Fund STYAX - WFIPX Prospectus January 1, 2017 Income Funds Wells Fargo Fund Class A Class B Class C Wells Fargo Adjustable Rate Government Fund ESAAX - ESACX Wells Fargo Core Plus Bond Fund STYAX - WFIPX Wells Fargo Government

More information

Federated Muni and Stock Advantage Fund

Federated Muni and Stock Advantage Fund Summary Prospectus December 31, 2017 The information contained herein relates to all classes of the Fund s Shares, as listed below, unless otherwise noted. Share Class Ticker A FMUAX B FMNBX C FMUCX F

More information

RBC BlueBay Funds Prospectus

RBC BlueBay Funds Prospectus RBC BlueBay Funds Prospectus January 25, 2019 RBC BlueBay Emerging Market Debt Fund Class A: RESAX Class I: RBESX Class R6: RBERX RBC BlueBay High Yield Bond Fund Class A: RHYAX Class I: RGHYX RBC BlueBay

More information

PIMCO Funds Prospectus

PIMCO Funds Prospectus PIMCO Funds Prospectus OCTOBER 1, 2005 Bond Funds Share Classes Ins Adm Institutional Administrative SHORT DURATION PIMCO Money Market Fund PIMCO Floating Income Fund PIMCO Short-Term Fund PIMCO Low Duration

More information

Morgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation

Morgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation Morgan Stanley Pathway International Fixed Income Fund (TIFUX) Objective: Seeks to maximize current income consistent with capital preservation OVERVIEW Pacific Investment Management Company (PIMCO), the

More information

Eaton Vance Floating-Rate Advantage Fund. Annual Report October 31, 2017

Eaton Vance Floating-Rate Advantage Fund. Annual Report October 31, 2017 Eaton Vance Floating-Rate Advantage Fund Annual Report Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission ( CFTC ) adopted certain

More information

J.P. Morgan Tax Aware Funds

J.P. Morgan Tax Aware Funds Prospectus J.P. Morgan Tax Aware Funds Class A, Class C & Class I* Shares July 1, 2016, as April 10, 2017 JPMorgan Tax Aware High Income Fund Class/Ticker: A/JTIAX; C/JTICX; I/JTISX JPMorgan Tax Aware

More information

JPMORGAN SMARTRETIREMENT FUNDS

JPMORGAN SMARTRETIREMENT FUNDS JPMORGAN SMARTRETIREMENT FUNDS JPMorgan SmartRetirement Income Fund JPMorgan SmartRetirement 2015 Fund JPMorgan SmartRetirement 2020 Fund JPMorgan SmartRetirement 2025 Fund JPMorgan SmartRetirement 2030

More information

Invest for income with flexibility in changing markets

Invest for income with flexibility in changing markets Invest for income with flexibility in changing markets Q3 17 Putnam multi-sector income funds Diverse opportunities. Flexible risk allocations. Bottom-up approach. An active approach can seek to reduce

More information

Invesco V.I. High Yield Fund

Invesco V.I. High Yield Fund Prospectus April 30, 2018 Series I shares Invesco V.I. High Yield Fund Shares of the Fund are currently offered only to insurance company separate accounts funding variable annuity contracts and variable

More information

A WELL-DIVERSIFIED CORE BOND PORTFOLIO

A WELL-DIVERSIFIED CORE BOND PORTFOLIO A WELL-DIVERSIFIED CORE BOND PORTFOLIO PRUDENTIAL TOTAL RETURN BOND FUND MORNINGSTAR OVERALL RATING Class A, Q, and Z Class C and R Broad mix of sectors, industries, credit qualities, and maturities Research

More information

Asset Strategy Consultants. MARKET ENVIRONMENT Second Quarter 2016

Asset Strategy Consultants. MARKET ENVIRONMENT Second Quarter 2016 MARKET ENVIRONMENT Second Quarter 2016 Market Environment: U.S. Economy The 2nd quarter was reasonably uneventful and markets were relatively placid until June 23rd, when British voters narrowly approved

More information

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement

More information

Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund)

Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) NORTHERN FUNDS Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) 2Q 2018 Performance Review June 30, 2018 Please carefully read the prospectus

More information

Franklin Flexible Alpha Bond Fund. Advisor Class

Franklin Flexible Alpha Bond Fund. Advisor Class Franklin Flexible Alpha Bond Fund Advisor Class Absolute Return Fixed Income Product Profile Product Details 1 Fund Assets $416,313,682.95 Fund Inception Date 08/03/2015 Number of 406 Including Cash NASDAQ

More information

Mawer Global Bond Fund

Mawer Global Bond Fund Mawer Global Bond Fund Interim Management Report of Fund Performance Management Discussion of Fund Performance For the Period Ended June 30, 2018 Investment Objectives and Strategies This interim management

More information

JPMorgan SmartRetirement Funds Class R2 & Class R6 Shares

JPMorgan SmartRetirement Funds Class R2 & Class R6 Shares Prospectus JPMorgan SmartRetirement Funds Class R2 & Class R6 Shares November 1, 2015, as supplemented August 31, 2016 JPMorgan SmartRetirement Income Fund Class/Ticker: R2/JSIZX; R6/JSIYX JPMorgan SmartRetirement

More information

Institutional Class. Wells Fargo Adjustable Rate Government Fund. Wells Fargo Conservative Income Fund. Wells Fargo Core Plus Bond Fund

Institutional Class. Wells Fargo Adjustable Rate Government Fund. Wells Fargo Conservative Income Fund. Wells Fargo Core Plus Bond Fund Prospectus January 1, 2018 Fixed Income Funds Fund Wells Fargo Adjustable Rate Government Fund Wells Fargo Conservative Income Fund Wells Fargo Core Plus Bond Fund Wells Fargo Government Securities Fund

More information

2016 Annual Management Report of Fund Performance

2016 Annual Management Report of Fund Performance (the Fund ) For the 12-month period ended September 30, 2016 (the Period ) Manager: BMO Investments Inc. (the Manager or BMOII ) Portfolio manager: BMO Asset Management Inc., Toronto, Ontario (the portfolio

More information

JPMorgan Funds statistics report: Mortgage-Backed Securities Fund

JPMorgan Funds statistics report: Mortgage-Backed Securities Fund NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: Mortgage-Backed Securities Fund Must be preceded or accompanied by a prospectus. jpmorganfunds.com Table of contents

More information

ANNUAL MANAGEMENT REPORT

ANNUAL MANAGEMENT REPORT 16 ANNUAL MANAGEMENT REPORT of Fund Performance for the year ended December 31, 2016 This Annual Management Report of Fund Performance contains financial highlights but does not contain the complete annual

More information

The Hartford Target Retirement Funds

The Hartford Target Retirement Funds The Hartford Target Retirement Funds Sub-advised by Hartford Investment Management 2011 First Quarter Review Economic Review Asset Class Highlights Outlook Performance Review Economic Review Despite substantial

More information

ANNUAL REPORT JUNE 30,

ANNUAL REPORT JUNE 30, ANNUAL REPORT JUNE 30, 2 0 1 6 Cullen International High Dividend Cullen High Dividend Equity Cullen Small Cap Value Cullen Value Cullen Emerging Markets High Dividend Equity Cullen Enhanced Equity Income

More information

High Watermark Fund. SunAmerica 2016 ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund

High Watermark Fund. SunAmerica 2016 ANNUAL REPORT. SunAmerica Specialty Series High Watermark Fund 2016 ANNUAL REPORT SunAmerica Specialty Series High Watermark Fund SunAmerica 2020 High Watermark Fund Commodity Strategy Fund Global Trends Fund Focused Alpha Growth Fund Focused Alpha Large-Cap Fund

More information

Putnam Stable Value Fund

Putnam Stable Value Fund Product profile Q1 2016 Putnam Stable Value Fund Inception date February 28, 1991 Total portfolio assets $5.7B Putnam Stable as of March 31, 2016 Value Weighted average maturity 2.66 Effective duration

More information

Market Watch. July Review Global economic outlook. Australia

Market Watch. July Review Global economic outlook. Australia Market Watch Latest monthly commentary from the Investment Markets Research team at BT. Global economic outlook Australia Available data for the June quarter is consistent with a moderation in GDP growth

More information

CHIEF INVESTMENT OFFICER

CHIEF INVESTMENT OFFICER N O R T H E R N TA X - E X E M P T F I X E D I N C O M E F U N D S A N N UA L R E P O R T M A RC H 31, 2013 A MESSAGE FROM BOB BROWNE CHIEF INVESTMENT OFFICER The U.S. bond market returned 3.77% during

More information