Mutual Fund Summary Prospectus (497k)
June 27 2013 - 2:24PM
Edgar (US Regulatory)
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Summary Prospectus July 1, 2013
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JPMorgan Tax Free Money Market Fund Eagle Class
Ticker: JTEXX
Before you invest, you may want to review the Funds Prospectus, which contains more information about the Fund and its risks. You can find the Funds Prospectus and other information about the
Fund, including the Statement of Additional Information, online at http://www.eagleasset.com/prospectus.htm. You can also get this information at no cost by calling 1-800-421-4184 or by sending an e-mail request to EagleFundServices@eagleasset.com
or by asking any financial intermediary that offers shares of the Fund. The Funds Prospectus and Statement of Additional Information, both dated July 1, 2013, are incorporated by reference into this Summary Prospectus.
The Funds Objective
The Fund aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity.
Fees and Expenses of the Fund
The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
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ANNUAL FUND OPERATING EXPENSES
(Expenses that you pay each year as a percentage of the value
of your investment)
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Management Fees
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0.08
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%
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Distribution (Rule 12b-1) Fees
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0.25
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Other Expenses
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0.38
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Shareholder Service Fees
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0.30
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Remainder of Other Expenses
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0.08
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Total Annual Fund Operating Expenses
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0.71
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Fee Waivers and Expense Reimbursements
1
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(0.01
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)
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Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements
1
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0.70
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1
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The Funds adviser, administrator and distributor (the Service Providers) have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual
Fund Operating Expenses of Eagle Class Shares (excluding acquired fund fees and expenses, dividend expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related
to the Board of Trustees deferred compensation plan) exceed 0.70% of their average daily net assets. This contract cannot be terminated prior to 7/1/14, at which time the Service Providers will determine whether or not to renew or revise it.
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Example
This
Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your
investment has a 5% return each year and that the Funds operating expenses are equal to the total annual fund operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/14 and total annual fund
operating expenses thereafter. Your actual costs may be higher or lower.
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WHETHER OR NOT YOU SELL YOUR SHARES, YOUR
COST WOULD BE:
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1 Year
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3 Years
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5 Years
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10 Years
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EAGLE CLASS SHARES ($)
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72
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226
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394
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882
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The Funds Main Investment Strategy
Under normal conditions, the Fund will try to invest its assets exclusively in municipal obligations, the interest on which is excluded from federal income taxes. As a fundamental policy, the Fund will
invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, Assets means net assets, plus the amount of borrowings for investment purposes.
Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of
Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities.
The Fund generally invests in
short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations.
For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the
interest payable on the securities is exempt from federal income tax.
In addition to purchasing municipal obligations directly, the Fund may
invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or
part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.
The remaining 20% of the Funds total assets may be invested in securities subject to federal income tax or the federal alternative minimum tax.
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The Fund is a money market fund managed in the following manner:
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The Fund seeks to maintain a net asset value of $1.00 per share.
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The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less.
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The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity
shortening provisions under applicable regulation.
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The Fund invests only in U.S. dollar-denominated securities.
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The Fund will only buy securities that present minimal credit risk.
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The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change.
The Funds adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.
The Funds Main Investment Risks
The
Fund is subject to management risk and the Fund may not achieve its objective if the advisers expectations regarding particular securities or interest rates are not met.
An investment in this Fund or any other fund may not provide a complete investment program. The suitability
of an investment in the Fund should be considered based on the investment objective, strategies and risks described in this prospectus, considered in light of all of the other investments in your portfolio, as well as your risk tolerance, financial
goals and time horizons. You may want to consult with a financial advisor to determine if this Fund is suitable for you.
Interest Rate
Risk
. Changes in short-term interest rates will cause changes to the Funds yield. In addition, a low-interest rate environment may prevent the Fund from providing a positive yield or maintaining a stable net asset value of $1.00 per share.
Credit Risk.
The Funds investments are subject to the risk that the issuer or the counterparty will fail to make payments when due
or default completely. If an issuers financial condition worsens, the credit quality of the issuer may deteriorate making it difficult for the Fund to sell such investments.
General Market Risk.
Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country
or region will adversely impact markets or issuers in other countries or regions.
Municipal Obligations Risk
. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a
municipalitys financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Funds income or hurt the ability to preserve capital and liquidity.
Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. Some
obligations, including municipal lease obligations, carry additional risks.
Municipal obligations may be more susceptible to downgrades or
defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector
suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an
adverse effect on the market prices of the obligations and thus the value of the Funds investments. To the extent that the financial institutions securing the municipal obligations are located outside the U.S., these securities could be
riskier than those backed by U.S. institutions because of possible political, social or economic instability, higher transaction costs, currency fluctuations, and possible delayed settlement.
In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipalitys debts may significantly affect the rights of creditors and the value of the
obligations issued by the municipality and the value of the Funds investments.
There may be times that, in the opinion of the adviser,
municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. As a temporary defensive position, the adviser may invest any portion of the Funds
assets in obligations subject to federal income tax, or may hold any portion of the Funds assets in cash.
Government Securities Risk.
The Fund invests in securities issued or guaranteed by the U.S. government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association
(Fannie Mae), or the Federal Home Loan Mortgage Corporation (Freddie Mac)). U.S. government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury,
that are backed by the
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full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate.
Notwithstanding these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or
guaranteed by U.S. government related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the U.S. government and no assurance can be given that the U.S. government will provide financial support.
Therefore, U.S. government related organizations may not have the funds to meet their payment obligations in the future. U.S. government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying
securities of similar maturities.
Tax Risk.
The Fund may invest in securities whose interest is subject to federal income tax or the
federal alternative minimum tax.
Redemption Risk.
The Fund could experience a loss when selling securities to meet redemption requests by
shareholders. The risk of loss increases if the redemption requests are unusually large or frequent, occur in times of overall market turmoil or declining prices for the securities sold, or when the securities the Fund wishes to or is required to
sell are illiquid.
Floating and Variable Rate Securities Risk.
Floating and variable rate securities provide for a periodic adjustment in
the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to
greater liquidity risk than other debt securities, meaning that there may be limitations on the Funds ability to sell the securities at any given time. Such securities also may lose value.
Structured Product Risk.
Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present
where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and
the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, a fund may receive a lower interest rate in return for such feature and will
be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term
municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.
Net Asset Value Risk.
There is no assurance that the Fund will meet its investment objective of
maintaining a net asset value of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Funds affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support
agreements or take other actions to ensure that the Fund maintains a net asset value of $1.00 per share. In the event any money market fund fails to maintain a stable net asset value, other money market funds, including the Fund, could face a
universal risk of increased redemption pressures, potentially jeopardizing the stability of their net asset values. In general, certain other money market funds have in the past failed to maintain stable net asset values and there can be no
assurance that such failures and resulting redemption pressures will not occur in the future.
Risk Associated with the Fund Holding Cash.
Although the Fund seeks to be fully invested, it may at times hold some of its assets in cash, which may hurt the Funds performance.
Risk of Regulation of Money Market Funds.
Money market funds are subject to diversity, liquidity, credit quality, and maturity requirements pursuant
to Securities and Exchange Commission (SEC) rules. The SEC and other regulatory agencies continue to review the regulation of money market funds, and may take additional regulatory action in the future. These changes may affect
the Funds ability to implement its investment strategies and may impact the Funds future operations and/or yields.
Investments in the 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. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.
The Funds Past Performance
This section provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Funds Eagle Shares has varied from year to year over the past ten calendar
years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Eagle Class Shares is based on the performance of Reserve Shares and Morgan Shares prior to the inception of the Eagle Class
Shares. The actual returns of Eagle Class Shares would have been different than those shown because Eagle Class Shares have different expenses than Reserve Shares and Morgan Shares.
To obtain current yield information call 1-800-421-4184 or visit eagleasset.com. Past performance is not necessarily an indication of how the Fund will perform in the future.
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Best Quarter
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2Q and 3Q 2007
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0.77%
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Worst Quarter
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2Q, 3Q and 4Q 2009
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0.00%
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1Q 2010
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1Q, 2Q and 3Q 2011
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1Q, 2Q and 3Q 2012
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The Funds year-to-date total return as of 3/31/13 was 0.00%.
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AVERAGE ANNUAL TOTAL RETURNS
(For periods ended December 31, 2012)
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Past
1 Year
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Past
5 Years
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Past
10 Years
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EAGLE SHARES
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0.02
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%
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0.32
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%
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1.02
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%
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Management
J.P. Morgan Investment Management Inc.
Purchase and Sale of Fund Shares
This prospectus is to be used only by clients of Eagle Asset Management, Inc. and its affiliates.
Purchase minimums
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For Eagle Class Shares
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To establish a regular account
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$1,000
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To establish an individual retirement account
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$500
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To add to an account
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No minimum
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To establish a periodic investment program
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$50
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Subsequent investments under a periodic investment program
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$50
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You may purchase or redeem shares on any business day that the Fund is open
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Through your Financial Intermediary
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By writing to Eagle Family of Funds c/o U.S. Bancorp Fund Services, LLC, P.O. Box 701, Milwaukee, WI 53201-0701 (for regular mail) or 615 East Michigan
Street, Third Floor, Milwaukee, WI 53202 (for overnight service)
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After you open an account, by calling Eagle Family of Funds at 1-800-421-4184
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Tax Information
The Funds distributions of interest on municipal obligations generally are
not subject to federal income tax; however the Fund may distribute taxable dividends, including distributions of short-term capital gains, and long-term capital gains. In addition, interest on certain obligations may be subject to the federal
alternative minimum tax. To the extent that the Funds distributions are derived from interest on obligations that are not exempt from applicable state and local taxes, such distributions will be subject to such state and local taxes. When your
investment is in an IRA, 401(k) plan or other tax-advantaged investment plan, you may be subject to federal income tax on ordinary income or capital gains upon withdrawal from the tax-advantaged investment plan.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary, including Eagle, such as a bank, the Fund and its related companies may pay the financial intermediary for the sale
of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your
financial intermediarys website for more information.
SPRO-TFMM-E-713
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