Evolving your fixed income strategy
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- Barbara Hood
- 8 years ago
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1 Evolving your fixed income strategy 3Q 2015 INVESTMENT INSIGHTS NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE PLEASE VISIT jpmorganfunds.com for access to all of our Insights publications. Opportunities and challenges for fixed income investors Interest rates are still near their 60-year lows. Short-term rates and real yields (i.e., yields after inflation) on some fixed income investments are close to zero. For both institutional and individual investors, asset allocation remains a primary driver of investment returns. Even in a low rate environment, bonds provide needed income and can reduce overall portfolio volatility. Nevertheless, low rates, inflation and a growing economy create challenges for fixed income investors: Producing enough income when rates are low Hedging against possible losses as rates rise Combating the impact of inflation on yields and purchasing power Appropriately diversified fixed income investors can access total return opportunities while maintaining the income potential and diversification benefits that bonds have historically provided. 20% 9/30/81: 15.84% 15% 10% 5% Nominal yield average: 6.26% Nominal 10-year Treasury yield 6/30/15: 2.35% 0% Real yield average: 2.48% Real 10-year Treasury yield 6/30/15: 0.63% -5% Source: Federal Reserve, BLS, J.P. Morgan Asset Management. Data as of 6/30/15. For illustrative purposes only. Past performance is not indicative of future returns. Real 10-year Treasury yields are calculated as the daily Treasury yield less year-over-year core inflation for that month except for June 2015, where real yields are calculated by subtracting out May 2015 year-over-year core inflation. Diversification does not guarantee investment returns and does not eliminate the risk of loss. Investments in fixed income securities are subject to interest rate risk. If rates increase, the value of the investment generally declines.
2 INVESTMENT INSIGHTS THE IMPACT OF RISING RATES WILL VARY GREATLY While bonds will likely be adversely impacted by rising rates, the impact won t be uniform across all bond types. Different bond market sectors, structures and maturities respond differently to changing interest rates. For example, high-yield bonds tend to be less sensitive to rates than Treasuries. The same is true for shorter-term bonds. That s why diversification can help manage risk and reduce the overall impact rising rates might have on your bond portfolio. PRICE IMPACT OF A 1% RISE/FALL IN INTEREST RATES -2.0% 1.3% 2 year UST -4.7% 5.0% 5 year UST -5.8% 6.8% TIPS -8.6% 9.5% 10 year UST 0.1% -0.1% Floating rate -4.4% 4.3% HY -5.5% 6.1% EMD ($) 5.7% -5.6% -5.4% Aggregate 3.8% 2.8% MBS -2.7% 1-5 year Munis -5.1% 4.7% 1-15 year Munis -10.6% 9.0% Muni HY KEY +1% -1% Source: Treasury, Barclays Capital, FactSet, J.P. Morgan Asset Management. Fixed income sectors shown above are provided by Barclays Capital and are represented by Barclays Aggregate; TIPS: Barclays Treasury Inflation Protected Notes (TIPS); Floating Rate: Barclays FRN (BBB); High Yield: Corporate High Yield Index; EMD ($): Emerging Markets (USD); MBS: MBS Index; Municipals: Barclays 1-5 Year Blend (1-6) Municipal Bond Index, Barclays 1-15 Blend (1-17) Municipal Bond Index, Barclays Municipal High Yield Index. Data as of 6/30/15. This chart is for illustrative purposes only. UNCORRELATED ASSETS CAN IMPROVE PORTFOLIO RETURNS AND LOWER VOLATILITY Core bonds both taxable and tax-exempt have typically had little or no correlation to major equity markets. That is, equity and bond prices have tended not to move in the same direction at the same time. In addition, core bonds have historically been less volatile than stocks. All other things being equal, lower volatility in and of itself can improve overall portfolio returns. As a result, combining a broad mix of stocks with strategically diversified fixed income investments can improve a portfolio s balance of return opportunity and expected risk. ASSET CLASS CORRELATIONS TO CORE BONDS Equities 0.25 Corporate High Yield 0.47 EMD 0.62 Municipal Bonds 0.78 TIPS 0.86 Treasuries Source: Standard & Poor s, Barclays Capital Inc., MSCI Inc., DJ UBS, J.P. Morgan Asset Management. Data as of 6/30/15. Correlation to Core Bonds as represented by the Barclays Aggregate Index. Indexes used: Equities: S&P 500 Index; Corporate High Yield: Barclays Corporate High Yield; EMD: Barclays Capital Emerging Market Index; Municipal Bonds: Barclays Blend 1-15 Year (1-17 Y); TIPS: Barclays Treasury Inflation Protected Notes (TIPS); Treasuries: Treasuries. All correlation coefficients calculated based on monthly total return data for period 12/31/03 to 6/30/15. This chart is for illustrative purposes only. 2 ALLOCATION SOLUTIONS EVOLVING YOUR FIXED INCOME STRATEGY
3 DIVERSIFICATION MAY HELP REDUCE RISK AND PROVIDES ACCESS TO BROADER OPPORTUNITIES The performance of individual fixed income sectors can be volatile. As with stocks, a portfolio concentrated in one specific bond sector can lead to a bumpy ride. Diversification helps lower portfolio volatility and can reduce the impact of rising rates and other risks. By allowing access to broader opportunities, diversification can also increase income and improve portfolio performance. For example, a diversified portfolio outperformed both taxable and tax-exempt core bonds over the past 10 years. Fixed income sector returns GTM INVESTORS CAN BENEFIT FROM DIVERSIFICATION WITHIN FIXED INCOME 10-yrs. '05 - ' YTD Cum. Ann. 41 EMD USD EMD LCL. EMD LCL. Treas. High Yield EMD LCL. TIPS EMD USD High Yield Muni High Yield EMD USD EMD USD 10.2% 15.2% 18.1% 13.7% 58.2% 15.7% 13.6% 17.4% 7.4% 8.7% 2.5% 111.5% 7.8% EMD LCL. High Yield TIPS MBS EMD USD High Yield Muni EMD LCL. MBS Corp. EMD USD High Yield High Yield Fixed income 6.3% 11.8% 11.6% 8.3% 29.8% 15.1% 12.3% 16.8% -1.4% 7.5% 1.7% 110.7% 7.7% Asset Barclays EMD USD Treas. EMD LCL. EMD USD Treas. High Yield Corp. EMD USD TIPS EMD LCL. EMD LCL. Alloc. Agg 3.1% 9.9% 9.0% 5.2% 22.0% 12.2% 9.8% 15.8% -1.5% 7.4% 0.3% 90.4% 6.7% Asset Barclays Asset TIPS Muni Corp. Corp. Corp. Corp. MBS MBS Corp. Corp. Alloc. Agg Alloc. 2.8% 5.7% 7.0% 1.5% 18.7% 9.0% 8.1% 9.8% -1.9% 6.1% 0.3% 71.4% 5.5% Asset Asset Asset Asset Asset Barclays Barclays Asset Asset Treas. MBS MBS Muni Alloc. Alloc. Alloc. Alloc. Alloc. Agg Agg Alloc. Alloc. 2.8% 5.2% 6.9% 0.1% 14.7% 7.9% 8.1% 7.4% -2.0% 6.0% 0.1% 70.3% 5.5% Asset Barclays Barclays Asset Muni Muni TIPS TIPS TIPS Muni Treas. Muni Muni Alloc. Agg Agg Alloc. 2.7% 4.7% 6.7% -2.4% 11.4% 6.5% 7.8% 7.0% -2.2% 5.5% 0.0% 64.4% 5.1% Barclays Asset High Yield EMD USD Corp. Muni TIPS EMD USD Muni Treas. Treas. MBS MBS Agg Alloc. 2.7% 4.3% 6.2% -4.9% 9.9% 6.3% 7.3% 5.7% -2.7% 5.1% 0.0% 59.0% 4.7% Barclays Barclays Barclays Barclays Barclays MBS Corp. Corp. EMD LCL. Treas. MBS EMD USD TIPS Agg Agg Agg Agg Agg 2.6% 4.3% 4.6% -5.2% 5.9% 5.9% 6.2% 4.2% -5.3% 3.6% -0.1% 58.4% 4.7% Barclays Agg Treas. Muni EMD USD MBS MBS High Yield MBS TIPS High Yield Corp. Treas. Treas. 2.4% 3.1% 4.3% -12.0% 5.9% 5.4% 5.0% 2.6% -8.6% 2.5% -0.9% 53.5% 4.4% Corp. TIPS High Yield High Yield Treas. Muni EMD LCL. Treas. EMD LCL. EMD LCL. EMD LCL. TIPS TIPS % 0.4% 1.9% -26.2% -3.6% 4.0% -1.8% 2.0% -9.0% -5.7% -4.9% 53.4% 4.4% Source: Barclays Capital, FactSet, J.P. Morgan Global Economic Research, J.P. Morgan Asset Management. Past performance is not indicative of future returns. Fixed income sectors shown above are provided by Barclays Capital unless otherwise noted and are Fixed represented income sectors by Broad shown Market: above Barclays are provided Capital by Barclays Aggregate Capital unless Index; otherwise MBS: Fixed noted Rate and MBS are represented Index; Corporate: by Broad Market: Corporates; Barclays Municipals: Capital Aggregate Muni Bond Index; MBS: Fixed Rate MBS 10-Year Index; Index; Corporate: High Yield: Corporates; Corporate Municipals: High Muni Yield Bond Index; 10-Year Treasuries: Index; High Global Yield: Treasury; Corporate TIPS: High Yield Global Index; Inflation-Linked Treasuries: Global - Tips; Treasury; Emerging TIPS: Debt Global Inflation-Linked - USD: J.P. Morgan EMBIG Diversified Index; Emerging Debt LCL: J.P. Morgan EM Global Index. The Asset Allocation portfolio assumes the following weights: Tips; Emerging 20% in MBS, Debt 20% USD: J.P. in Corporate,15% Morgan EMBIG Diversified in Municipals, Index; 5% Emerging in Emerging Debt Debt LCL: J.P. USD, Morgan 5% in EM Emerging Global Index. Debt The LCL, Asset 10% Allocation in High Yield, portfolio 20% assumes in the following weights: 20% in Treasuries, MBS, 20% in 5% Corporate,15% in TIPS. Asset in Municipals, allocation portfolio 5% in Emerging assumes Debt annual USD, rebalancing. 5% Emerging Debt LCL, 10% in High Yield, 20% in Treasuries, 5% in TIPS. Asset allocation portfolio assumes annual Guide rebalancing. to the Markets Data as of 6/30/15. Data are as of June 30, This commentary is intended solely to report on various investment views held by J.P. Morgan Asset Management. Opinions, estimates, forecasts and statements of financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice. We believe the information provided here is reliable but should not be assumed to be accurate or complete. These views and strategies described may not be suitable for all investors. References to specific securities, asset classes and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. The information is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Past performance is no guarantee of future results. Please note that investments in foreign markets are subject to special currency, political and economic risks. The manager seeks to achieve the stated objectives. There can be no guarantee the objectives will be met. J.P. MORGAN ASSET MANAGEMENT 3
4 INVESTMENT INSIGHTS TAXABLE STRATEGY FIND THE APPROPRIATE MIX FOR YOUR FIXED INCOME PORTFOLIO Institutional investors tend to broadly diversify their fixed income portfolios. Individual investors, who have historically diversified their equity risk, also need to ensure that their fixed income investments are appropriately diversified. When considering the right mix of investments, it s important to: Think strategically about augmenting your core bond holdings with complements and extended sectors Adjust allocations to reflect your market and interest rate outlook Consider your goals and risk tolerances An appropriately diversified fixed income portfolio can potentially deliver better results and help investors achieve their goals with the right balance of market risk and opportunity. Core Core Complements Extended Core bonds provide income and diversification to stocks, but rising rates and low yields present challenges. Active management mitigates risk by selecting bonds with the optimal mix of yield and return potential versus credit risk and duration. Inflation and further rate hikes will put pressure on core bonds. Strategies that seek returns uncorrelated to traditional bond markets and/or benefit from the impact of inflation can hedge downside risk and reduce volatility. Extended sectors can provide income and the potential for returns but can also be volatile. Corporate high yield bonds typically improve during periods of rising rates and economic growth but require frequent evaluation. Global bonds provide additional diversification and access to growth. EXTENDED SECTORS Seeks income and total return Emerging markets International/global High yield Bank loans CORE COMPLEMENTS Seeks reduced correlations to core holdings Absolute return Inflation hedge Sector-specific [Mortgage-backed, corporates, governments, etc.] CORE HOLDINGS Seeks lower volatility and diversification to equities High quality -/short-term TOP-DOWN BOTTOM-UP Shown for illustrative purposes only. Because everyone s circumstances are unique, these models can provide a framework for discussion between you and your financial advisor. They should not be taken as one-size-fits-all investment advice. Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss. 4 ALLOCATION SOLUTIONS EVOLVING YOUR FIXED INCOME STRATEGY
5 PORTFOLIO ALLOCATIONS ARE DEPENDENT ON THE INTERACTION OF SEVERAL FACTORS Goals Interest rate and inflationary environment Risk tolerance Time horizon Are you seeking capital preservation, income or a combination of both? How much, when and how fast will rates change? How much risk are you willing to accept? Are you focused on the short term or long term? EXPOSURE: s Overweight u Neutral t Underweight INTEREST RATE ENVIRONMENTS RANGE-BOUND SLOW RISE RAPID RISE GOALS CAPITAL PRESERVATION INCOME Extended 25-35% Emerging markets International/global Complements 10-20% Absolute return Core 50-60% Intermediate bottom-up Extended 20-30% Emerging markets International/global Complements 10-20% Extended 30-40% Emerging markets International/global Complements 15-25% Absolute return Core 40-50% Intermediate bottom-up Short-term Extended 25-35% Emerging markets International/global Complements 25-35% Inflation hedge Extended 35-45% Emerging markets International/global Complements 20-30% Core 30-40% Intermediate bottom-up Extended 25-35% Emerging markets International/global Complements 45-55% Core 55-65% Intermediate bottom-up Core 35-45% Intermediate bottom-up Core 15-25% Intermediate bottom-up Shown for illustrative purposes only. Because everyone s circumstances are unique, these models can provide a framework for discussion between you and your financial advisor. They should not be taken as one-size-fits-all investment advice.
6 J.P. MORGAN FUNDS MAY ENHANCE TAXABLE FIXED INCOME PORTFOLIOS HIGH YIELD FUND A OHYAX SELECT OHYFX EMERGING MARKETS DEBT FUND A JEDAX SELECT JEMDX High yield Seeks a high level of income by investing primarily in a diversified portfolio of below investment grade debt securities. Experienced management team combines bottom-up research with top-down insight. High yield is less sensitive to interest rate fluctuations and more sensitive to economic trends. As a result, it tends to perform well as economies rebound. Emerging markets Seeks high total return by investing in emerging markets debt. Primarily invests in sovereign credits with flexibility to tactically allocate to corporate and local currency debt. With GDP growth and improved credit ratings, emerging markets debt provides the potential for enhanced yields. FLOATING RATE INCOME FUND A JPHAX SELECT JPHSX GLOBAL BOND OPPORTUNITIES FUND A GBOAX SELECT GBOSX Bank loans Seeks a high level of income with lower interest rate sensitivity by investing primarily in below investment grade bank loans. Utilizes bottom-up, fundamental credit analysis to identify opportunities while minimizing credit risk. Provides a source for greater income potential with reduced interest rate risk as variable loan coupons can adjust as interest rates fluctuate. Global Seeks high total return by using a benchmarkagnostic approach to flexibly allocate across sectors, credit quality, countries and currencies. Experienced management team combines local insights with global perspectives to develop high conviction ideas. Provides global bond and currency exposure that helps diversify portfolios. STRATEGIC INCOME OPPORTUNITIES FUND A JSOAX SELECT JSOSX UNCONSTRAINED DEBT FUND A JSIAX SELECT JSISX Absolute return Seeks absolute returns regardless of market conditions by using an opportunistic, go-anywhere approach that includes long/short strategies. Dynamically shifts allocations across both traditional and alternative fixed income while managing duration and actively hedging. Low correlation to core bonds can reduce portfolio volatility. Core complement Seeks attractive returns, with a focus on downside protection, by using a flexible approach that allows the fund to shift portfolio allocations in changing market conditions. Experienced management team combines local insights with global perspectives to develop high conviction ideas. Broad opportunity set and low correlation to core bonds can reduce portfolio volatility. INFLATION MANAGED BOND FUND A JIMAX SELECT JRBSX TOTAL RETURN FUND A JMTAX SELECT JMTSX Inflation hedge Seeks to maximize inflation-hedged total return by utilizing inflation swaps in combination with a core portfolio of bonds. Actively manages inflation swap portfolio and tactically trades to deliver incremental returns. A complement to traditional fixed income, potentially offering positive returns in rising interest rate environments due to rising inflation. Intermediate top-down Seeks to generate consistent returns and mitigate downside risk by using a dynamic approach that combines traditional fixed income with opportunistic investing. Utilizes a top-down relative value approach to identify sector opportunities. Macro-driven approach with added flexibility can mitigate risks of benchmark-constrained strategies and further diversify equity risk. CORE BOND FUND A PGBOX SELECT WOBDX CORE PLUS BOND FUND A ONIAX SELECT HLIPX Intermediate bottom-up Seeks to maximize total return by investing primarily in a diversified portfolio of term, high-quality bonds. Experienced team uses bottom-up, fundamental credit research. A core fixed income holding suitable for investors looking to control risk and complement more aggressive managers. Intermediate bottom-up Seeks to maximize total return by investing primarily in investment-grade bonds, with added flexibility to invest in high yield and foreign debt. Experienced team combines research-driven asset allocation with bottom-up security selection. A core fixed income holding with added flexibility to capture opportunities and further diversify equity risk. J.P. MORGAN ASSET MANAGEMENT 6
7 INVESTMENT INSIGHTS MUNICIPAL BOND STRATEGY FIND THE APPROPRIATE MIX FOR YOUR MUNICIPAL BONDS Tax-sensitive investors who include municipal bonds in their portfolios face an additional layer of challenges: Periods of demand-supply imbalance can put pressure on yields At the same time, illiquidity risk has risen as dealer support for municipal bonds has shrunk Public sector credits are under pressure; headline risk and downgrades can be costly Because municipal bonds are typically callable, their duration can increase dramatically when rates rise Nevertheless, a prudent asset allocation combined with disciplined and experienced active management can help municipal bond investors navigate risks, generate income and access opportunities. Core Core Complements Extended Higher quality municipal bonds can lower volatility and hedge downside credit risk. Active management mitigates risk by selecting bonds with the optimal mix of yield and return potential versus credit risk and duration. Inflation and further rate hikes will put pressure on core municipal bonds. Strategies that seek returns uncorrelated to traditional municipal bond markets and/or benefit from the impact of inflation can hedge downside risk and reduce volatility. Extended sectors can provide income and the potential for returns but can also be volatile. Municipal high yield bonds are especially prone to duration extension (i.e., interest rate risk). Corporate high yield markets are more liquid and can have comparable after-tax yields. EXTENDED SECTORS Seeks income and total return Closed end Long duration High yield Bank loans CORE COMPLEMENTS Seeks reduced correlations to core holdings Absolute return Inflation hedge CORE HOLDINGS Seeks lower volatility and diversification to equities High quality National and/or state-specific Intermediate-/short-term Shown for illustrative purposes only. Because everyone s circumstances are unique, these models can provide a framework for discussion between you and your financial advisor. They should not be taken as one-size-fits-all investment advice. Asset allocation/diversification does not guarantee investment returns and does not eliminate the risk of loss. 7 ALLOCATION SOLUTIONS EVOLVING YOUR FIXED INCOME STRATEGY
8 MUNICIPAL BOND PORTFOLIO ALLOCATIONS ARE DEPENDENT ON THE INTERACTION OF THE SAME FACTORS Goals Interest rate and inflationary environment Risk tolerance Time horizon Are you seeking capital preservation, income or a combination of both? How much, when and how fast will rates change? How much risk are you willing to accept? Are you focused on the short term or long term? EXPOSURE: s Overweight u Neutral t Underweight INTEREST RATE ENVIRONMENTS RANGE-BOUND SLOW RISE RAPID RISE GOALS CAPITAL PRESERVATION INCOME Extended 30-40% Closed end Long duration Complements 10-20% Absolute return Core 45-55% National/state-specific Extended 20-30% Closed end Long duration Complements 15-25% Absolute return Inflation hedge Extended 30-40% Closed end Long duration Complements 20-30% Absolute return Core 35-45% National/state-specific Short-term Extended 25-35% Closed end Long duration Complements 30-40% Inflation hedge Extended 35-45% Closed end Long duration Complements 20-30% Core 30-40% National/state-specific Extended 25-35% Closed end Long duration Complements 50-60% Core 50-60% National/state-specific Core 30-40% National/state-specific Short-term Core 10-20% National/state-specific Shown for illustrative purposes only. Because everyone s circumstances are unique, these models can provide a framework for discussion between you and your financial advisor. They should not be taken as one-size-fits-all investment advice.
9 J.P. MORGAN FUNDS MAY ENHANCE MUNICIPAL FIXED INCOME PORTFOLIOS HIGH YIELD FUND A OHYAX SELECT OHYFX TAX FREE BOND FUND A PMBAX SELECT PRBIX High yield Seeks a high level of income by investing primarily in a diversified portfolio of below investment grade debt securities. Experienced management team combines bottomup research with top-down insight. High yield is less sensitive to interest rate fluctuations and more sensitive to economic trends. As a result, it tends to perform well as economies rebound. Long duration Seeks a high level of tax-exempt income by investing in longer duration municipal securities. Uses a value-oriented approach that combines credit research with extensive risk/reward analysis. Appropriately structured portfolio of longer duration municipal securities provides higher income and return potential. TAX AWARE REAL RETURN FUND A TXRAX SELECT TXRSX TAX AWARE INCOME OPPORTUNITIES FUND A JTAAX SELECT JTASX Inflation hedge Seeks to maximize after-tax inflation-hedged return by utilizing inflation swaps in combination with a core portfolio of municipal bonds. Actively manages inflation swap portfolio and tactically trades to deliver incremental returns. A complement to traditional municipal fixed income, potentially offering positive returns in rising interest rate environments due to rising inflation. Absolute return Seeks absolute returns regardless of market conditions by utilizing a tax-sensitive, opportunistic, go-anywhere approach. Dynamically shifts allocations to capitalize on inefficiencies in the municipal bond market while managing duration and actively hedging. Low correlation to core municipal bonds can reduce portfolio volatility. TAX AWARE HIGH INCOME FUND A JTIAX SELECT JTISX MUNICIPAL INCOME FUND A OTBAX SELECT HLTAX National Seeks competitive yield and higher after-tax returns by blending core municipal securities with higher yielding bonds. Experienced credit research team allocates across asset classes to provide higher income, protection against rising rates and alternate sources of liquidity. Diversified approach provides high income and strong risk-adjusted returns without the potential volatility of a fund concentrated in one asset class. National Seeks tax-exempt income by using a valueoriented approach to investing in higher yielding investment grade municipal securities. Experienced credit research team invests in a core fixed income portfolio of municipal bonds, with an emphasis on municipal mortgage-backed and asset-backed securities. A core fixed income holding suitable for taxsensitive investors looking for higher income with lower volatility. INTERMEDIATE TAX FREE BOND FUND A JITAX SELECT VSITX SHORT-INTERMEDIATE MUNICIPAL BOND FUND A OSTAX SELECT PGUIX National Seeks to maximize after-tax returns by investing primarily in a diversified portfolio of high-quality, -term municipals. Designed to uncover opportunities in highquality municipals in an effort to achieve repeatable results throughout market cycles. A core fixed income holding suitable for taxsensitive investors looking to cushion volatility and preserve capital. National short-term Seeks tax-exempt income while minimizing interest rate risk. Designed to uncover opportunities in high-quality, short-term municipals in an effort to achieve repeatable results throughout market cycles. A core fixed income holding suitable for taxsensitive investors looking to cushion volatility and preserve capital. J.P. MORGAN ASSET MANAGEMENT 9
10 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE INVESTMENT INSIGHTS RISKS ASSOCIATED WITH INVESTING IN MUTUAL FUNDS Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This material has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. References to future returns are not promises or even estimates of actual returns a client portfolio may achieve. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. JPMorgan Core Bond Fund may invest in fixed income securities. Ordinarily the Fund will invest at least 80% of its total assets in bonds, both domestic and foreign. The Fund may invest up to 5% of its assets in sub-prime mortgage-related securities. The Fund may invest in futures contracts and derivatives. JPMorgan Core Plus Bond Fund may invest in fixed income securities. Ordinarily, the Fund will invest at least 80% of its total assets in bonds, both domestic and foreign. Under normal conditions at least 65% of the Fund s total assets must be invested in securities that are, at the time of purchase, rated investment grade. The Fund may invest in foreign and emerging markets debt securities that are rated below investment grade. Under normal circumstances, the Fund will not invest more than 35% of its total assets in below investment grade securities. The Fund may invest up to 35% of its total assets in foreign and emerging markets. The Fund may also invest in securities issued or guaranteed by foreign governmental entities (known as sovereign debt securities). Sovereign debt securities are subject to the risk of payment delay or defaults, and are subject to risks related to large debt positions relative to the country s economy or failure to implement economic reforms. The Fund may invest in futures contracts and derivatives. The Fund s investment in equity securities may rise or fall because of changes in the broad market or changes in a company s financial condition, sometimes rapidly or unpredictably. JPMorgan Emerging Markets Debt Fund may invest in fixed income securities. The Fund may invest in emerging markets. The Fund will invest at least 80% of its total assets in foreign and emerging markets. The Fund may invest in securities that are below investment grade. The Fund may invest in futures contracts and derivatives. The Fund may engage in short sales. The Fund anticipates a very high degree of portfolio turnover. This will likely result in additional tax consequences. JPMorgan High Yield Fund may invest in fixed income securities. The Fund may invest in securities that are below investment grade. The Fund has the ability to invest 100% of its total assets in high yield securities. The Fund may invest in derivatives. The Fund may invest in equity securities. JPMorgan Floating Rate Income Fund may invest all of its assets in loans that are rated below investment grade. Like other high yield, corporate debt instruments, such loans are subject to an increased risk of default in the payment of principal and interest. The Fund limits its investments in illiquid securities to no more than 15% of the Fund s net assets at the time of purchase; however loans that are deemed to be liquid at the time of purchase may become illiquid. The Fund may invest in fixed income securities. The Fund may invest in securities that are below investment grade. The fund may invest in emerging markets. The Fund may invest up to 20% of the Fund s total assets in foreign securities and emerging markets. The Fund may invest in equity securities. The Fund may invest in futures contracts, swaps, and derivatives. JPMorgan Global Bond Opportunities Fund may invest in fixed income securities. Under normal circumstances, the Fund will invest at least 80% of its assets in bonds. The Fund may invest in securities that are below investment grade. The Fund may invest in emerging market and foreign securities. Under normal circumstances, the Fund will invest at least 40% of its total assets in countries other than the United States. The Fund may invest in futures contracts, options, swaps, forwards and other derivatives. JPMorgan Inflation Managed Bond Fund may invest in fixed income securities. Ordinarily the Fund will invest at least 80% of its total assets in corporate, government and agency debt, mortgage-related securities, both domestic and foreign. The Fund may invest up to 10% of its assets in sub-prime mortgage-related securities. The Fund may invest in futures contracts and derivatives. The Fund employs a total return investment strategy, meaning it is designed to protect the total return generated by its core fixed income holdings from inflation risk. The Fund seeks to achieve this objective by using swaps and derivatives. As a secondary strategy, the Fund has the ability to invest directly in inflation-protected securities, such as Treasury Inflation Protected Securities (TIPS). JPMorgan Strategic Income Opportunities Fund may invest in fixed income securities. The Fund may invest in equity securities. Ordinarily the Fund will invest no more than 75% of its total assets in credit securities. The Fund may invest in securities that are below investment grade. The Fund has the ability to invest 100% of its total assets in high yield securities. The fund may invest in emerging markets. The Fund may engage in short sales. The Fund may invest in futures contracts and derivatives. The Fund will invest no more than 50% of its total assets in foreign and emerging markets securities. The Fund has an absolute return orientation, which means that it is not managed relative to an index. JPMorgan Total Return Fund may invest in fixed income securities. The Fund may invest in futures contracts and derivatives. The Fund may invest up to 100% of its assets in mortgagebacked securities, including sub-prime mortgage-related securities. The Fund has the ability to invest up to 35% of its total assets in securities that are below investment grade. The Fund may invest up to 35% of the Fund s total net assets in foreign securities The Fund anticipates a very high degree of portfolio turnover. This will likely result in additional tax consequences. JPMorgan Unconstrained Debt Fund may invest in fixed income securities. The fund may invest, without limit, in securities that are below investment grade. The Fund may invest in equity securities. The Fund may invest in mortgage-related and asset-backed securities. The Fund may invest in emerging markets. The Fund may invest in futures contracts and derivatives. Income from the JPMorgan Intermediate Tax Free Bond Fund may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. The Fund may invest in futures contracts and derivatives. JPMorgan Municipal Income Fund may invest in futures contracts and derivatives. Under normal circumstances, the fund invests at least 80% of its net assets in municipal bonds. This is a fundamental policy. For the purposes of this policy, the fund s net assets include borrowings by the fund for investment purposes. The fund also invests in mortgage-backed securities and asset-backed securities, as well as auction rate securities and restricted securities. The securities in which the fund invests may have fixed rates of return or floating or variable rates. JPMorgan Tax Aware High Income Fund has the ability to invest in municipal securities. The fund may invest in securities that are below investment grade. The fund has the ability to invest up to 35% of its total assets in high yield securities. The fund may invest in loan assignments and participation will typically consist of senior floating rate loans, but may also include secured and unsecured loans and may also be from or foreign obligors. The fund may invest in derivatives. JPMorgan Tax Aware Income Opportunities Fund has the ability to invest in municipal securities. The Fund has the ability to invest up to 100% of its total assets in municipal securities. Under normal circumstances, the Fund will invest at least 80% of its assets in municipal securities. The Fund may also invest up to 20% of its assets in a wide variety of taxable debt securities of issuers from the and other markets, both developed and emerging. The fund may invest in securities that are below investment grade. The Fund has the ability to invest up to 50% of its total assets in high yield securities. The Fund may invest in derivatives. The fund has an absolute return orientation, which means that it is not managed relative to an index. JPMorgan Tax Aware Real Return Fund has the ability to invest in municipal securities. The Fund may invest in securities that are below investment grade. The Fund may invest in derivatives. The Fund may invest in mortgage-related and asset-backed securities. During periods of declining asset values, the asset-backed securities may decline in value. The Fund s tax aware strategies may reduce the amount of taxable income that you recognize as a result of your investment in the Fund but will not eliminate it. These strategies may require tradeoffs that reduce pre-tax income. The Fund is designed to maximize inflation-protected return, which means maximizing the real return. Real return is the total of a security less the actual rate of inflation. The Fund may engage in short sales. JPMorgan Short-Intermediate Municipal Bond Fund may invest in fixed income securities. The Fund may invest in derivatives and futures contracts. For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local laws. JPMorgan Tax Free Bond Fund may invest up to 20% of its assets in municipal bonds. The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest up to 100% of its assets in municipal mortgage-backed securities. The securities in which the Fund invests may have fixed rates of return or floating or variable rates. The duration represents an estimate of the price sensitivity of the fund to a given change in real interest rates (defined as nominal municipal interest rates minus inflation hedge for this fund) on conventional municipal securities. Actual price movements for the fund could be significantly different than implied by this estimate. The relationship of inflation-linked instruments and conventional bonds is difficult to predict with accuracy. Therefore, this estimate is less precise than the duration estimates of our conventional bond funds. INVESTMENT RISK DESCRIPTIONS Fixed income securities are subject to interest rate risk. If rates increase, the value of the Funds investments generally declines. The risk of defaults is generally higher in the case of sub-prime mortgagerelated and asset-backed securities that include so-called sub-prime mortgages. The structure of some of these securities may be complex and there may be less available information than other types of debt securities. These securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value. Futures contracts, swaps, options and derivatives often create leverage, thereby causing the Fund to be more volatile than it would be if it had not used derivatives. Emerging markets and foreign/international securities involve special risks, including economic, political and currency instability especially in emerging markets. The Funds investments in emerging markets could lead to more volatility in the value of the Funds shares. The small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Emerging markets may not provide adequate legal protection for private or foreign investment or private property. Securities rated below investment grade (i.e., high yield or junk bonds ) are generally rated in the fifth or lower rating categories of Standard & Poor s and Moody s Investors Service. Although these securities tend to provide higher yields than higher rated securities, there is a greater risk that the Funds share prices will decline. Short sales: There is no guarantee that the use of long and short positions will succeed in limiting the Funds exposure to domestic stock market movements, capitalization, sector-swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions. Investments in equity securities may rise or fall because of changes in the broad market or changes in a company s financial condition, sometimes rapidly or unpredictably. When the value of a fund s securities goes down, an investment in a fund decreases in value. The income from municipal securities is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes. 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. Past performance is no guarantee of future returns. J.P. Morgan Asset Management is the marketing name for the asset management businesses of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc. 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. JPMorgan Chase & Co., July 2015 II-FIXINC-ALL
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