JPMorgan Funds statistics report: Mortgage-Backed Securities Fund
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1 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
2 Table of contents PERFORMANCE MATURITY Performance at NAV 3 Weighted average life (%) 15 Calendar year returns 3 DURATION EXPENSES Effective duration (%) 16 Annual expenses 4 Key rate duration (%) 16 CHARACTERISTICS DISCLOSURE Fund statistics 5 Disclosures 17 RATINGS AND RANKINGS Lipper rankings 6 Morningstar ratings 6 HOLDINGS Top holdings w/sector (%) 7 SECTORS Sector allocation (%) 8 Sub-sector breakdown 9 Sub-sector breakdown (cont) 10 Mortgage detail (%) A exposure (%) 11 QUALITY BREAKDOWN Quality breakdown (% market value) 12 Quality breakdown of sectors 13 Quality breakdown of sectors (cont) 14 2 STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
3 Performance Share class - inception date share class # A Shares - 8/18/ with max 3.75% sales charge C Shares - 7/2/ with max 1.00% CDSC Bloomberg Barclays U.S. MBS Index 1 month (%) months (%) YTD (%) AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2018) I Shares - 8/18/ * R6 Shares - 2/22/ day unsubsidized SEC yield 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 yr (%) 1 yr (%) 3 yrs (%) 5 yrs (%) 10 yrs (%) 30-day SEC yield Dividend yield Calendar year returns A Shares - 8/18/ C Shares - 7/2/ I Shares - 8/18/ R6 Shares - 2/22/ Bloomberg Barclays U.S. MBS Index STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
4 Expenses Annual expenses Gross expense (%) Net expense (%) A Shares C Shares I Shares R6 Shares STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
5 Characteristics Fund statistics Average life Average duration Convexity Yield to maturity Yield to worst Current yield Average coupon Option adjusted spread Turnover ratio FYE 2/28/2018 Number of securities Fund ,843 Benchmark STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
6 Ratings and rankings Lipper rankings Category: U.S. Mortgage Funds A C I R6 1 Year 30(37/124) 43(53/124) 26(32/124) 24(29/124) 3 Years 22(25/113) 51(58/113) 16(18/113) 13(14/113) 5 Years 38(37/98) 71(70/98) 25(24/98) 17(16/98) 10 Years 18(12/68) 14(9/68) 12(8/68) 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. Morningstar ratings Category: Intermediate-Term Bond A C I R6 Overall /871 /871 /871 /871 3-Year /871 /871 /871 /871 5-Year /786 /786 /786 / Year /561 Not yet rated /561 /561 The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Different share classes may have different ratings. 6 STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
7 Holdings Top holdings w/sector (%) Holdings U.S. Treasury Bonds, 3.75%, 11/15/2043 FHLMC, Class 35, 3.5%, 07/15/2042 FNMA, 3.95%, 07/01/2021 FNMA, 3.03%, 02/01/2030 FNMA, 4.08%, 11/01/2026 FNMA, 4%, 07/01/2042 U.S. Treasury STRIPS Bonds, 0%, 05/15/2033 FNMA ACES, Class A2, %, 12/25/2026 FNMA, 2.71%, 11/01/2028 FNMA ACES, Class A3, 3.764%, 04/25/2021 Sector U.S. Treasury Obligations Collateralized Mortgage Obligations Mortgage-Backed Securities Mortgage-Backed Securities Mortgage-Backed Securities Mortgage-Backed Securities U.S. Treasury Obligations Commercial Mortgage-Backed Securities Mortgage-Backed Securities Commercial Mortgage-Backed Securities % STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
8 Sectors Sector allocation (%)* Asset-Backed Agency Mortgage Money Market CMBS Non-Agency Mortgage Treasury * Due to rounding, values may not total 100%. Fund Benchmark STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
9 Sectors Sector ABS ABS Total Agency Mortgage Agency Mortgage Total Cash Cash Total CMBS CMBS Total Subsector ABS Agency CMBS Agency Other Agency RMBS Cash CMBS Subsector ABS - Business Loan ABS - Mfg. Housing ABS - Other Agency Multifamily CMO Agency Multifamily Pass Through Agency PT Other Agency CMO Agency Pass Through Cash Money Market Fund Agency - CMBS Conduit CMBS CLO CMBS Conduit CMBS Other CMBS Re-Remic Single Asset Single Borrower Single Family Rental Percent of Market Value Effective Duration Duration Contribution Effective Weighted Average Life Convexity Option Adjusted Spread Spread Duration STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
10 Sectors Sector Non-Agency Mortgage Non-Agency Mortgage Total US Treasury US Treasury Total Grand Total Subsector Non-Agency CMO US Treasury Subsector Alt -A Home Equity Non-Agency CMO Other NPL Prime RMBS - Timeshare RPL Servicing Advance US Treasury Bonds/Bills Percent of Market Value Effective Duration Duration Contribution Effective Weighted Average Life Convexity Option Adjusted Spread Spread Duration STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
11 Sectors Mortgage detail (%) 144A exposure (%) Fannie Mae Freddie Mac Ginnie Mae Non-Agency VA Fund A exposure STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
12 Quality breakdown Quality breakdown (% market value)* AAA AA A BAA BA B CAA CA C D NR * Due to rounding, values may not total 100%. Fund Benchmark STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
13 Quality breakdown Sector Subsector ABS ABS ABS Total Agency Mortgage Agency CMBS Agency Other Agency RMBS Agency Mortgage Total Cash Cash Cash Total Rating AAA AA BBB+ BBB CCC- NR AAA AA+ AAA AAA AA+ AAA Percent of Market Value Effective Duration Duration Contribution Effective Weighted Average Life Convexity Option Adjusted Spread Spread Duration STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
14 Quality breakdown Sector Subsector CMBS CMBS CMBS Total Rating AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB C NR Percent of Market Value Effective Duration Duration Contribution Effective Weighted Average Life Convexity Option Adjusted Spread Spread Duration STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
15 Maturity Weighted average life (%)* Less than one year Years 1-3 Years 3-5 Years 5-7 Years 7-10 Years Years Years 30+ * Due to rounding, values may not total 100%. Fund Benchmark STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
16 Duration Effective duration (%)* Key rate duration (%) 0 to 1 Years 1 to 3 Years 3 to 5 Years 5 to 7 Years 7 to 10 Years 10 to 20 Years 20 to 30 Years 30+ Years * Due to rounding, values may not total 100%. Fund Benchmark KRD0.5 KRD1 KRD2 KRD3 KRD5 KRD7 KRD10 KRD20 KRD30 Fund Benchmark STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
17 RISKS ASSOCIATED WITH INVESTING IN THE FUND: The following risks could cause the fund to lose money or perform more poorly than other investments. For more complete risk information, see the prospectus. CMOs are collateralized mortgage obligations, which are issued in multiple classes, and each class may have its own interest rate and/or final payment date. A class with an earlier final payment date may have certain preferences in receiving principal payments or earning interest. As a result, the value of some classes may be more volatile and may be subject to higher risk of nonpayment. RETURNS: 1 The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information. ANNUAL OPERATING EXPENSES: The Fund s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 0.65% for A Shares, 0.25% for R6 Shares, 1.15% for C Shares and 0.40% for I Shares of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund s adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund s investment in such money market funds. This waiver is in effect through 6/30/2018 for A Shares, 6/30/2018 for R6 Shares, 6/30/2018 for C Shares and 6/30/2018 for I Shares, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements. PORTFOLIO STATISTICS: Average Coupon: A calculation of the total interest cost for a bond issue expressed as a percentage. Average Life: The length of time the principal of a debt issue is expected to be outstanding. Convexity: A measure of the change in a security s duration with respect to changes in interest rates. The more convex a security is, the more its duration will change with interest rate changes. Current Yield: Current yield is an investment's annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of a bond instead of its face value. Current yield represents the return an investor would expect if the owner purchased the bond and held it for a year, but current yield is not the actual return an investor receives if he holds a bond until maturity. Duration: Measures price sensitivity of fixed income securities to interest rate changes. Option-adjusted spread (OAS) is the spread relative to a risk-free interest rate, usually measured in basis points, that equates the theoretical present value of a series of uncertain cash flows of an instrument to its current market price. OAS can be viewed as the compensation an investor receives for assuming a variety of risks (e.g. liquidity premium, default risk, model risk), net of the cost of any embedded options. High portfolio turnover will likely result in additional tax consequences. Yield to Maturity: The rate of return anticipated on a bond if it is held until the maturity date. Yield to Worst: An estimate of the lowest yield that you can expect to earn from a callable bond when holding to maturity, absent a default. QUALITY DISTRIBUTION: The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such. HOLDINGS: The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable. MORNINGSTAR AND LIPPER: The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category 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 managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for months of total returns, 60% five-year rating/40% three-year rating for months of total returns, and 50% 10- year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Rankings do not take sales loads into account. 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. 17 STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
18 INDEXES DEFINED: Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The Bloomberg Barclays U.S. MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). SHARECLASS OPTIMIZATION: * Effective April 3rd,Selectshare class becameishare class. 18 STATISTICS REPORT: MORTGAGE-BACKED SECURITIES FUND
19 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Contact JPMorgan Distribution Services, Inc. at for a fund prospectus. You can also visit us at Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. Total return figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100%. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. JPMorgan Chase & Co., June 2018 MFDP-MBS jpmorganfunds.com
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