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NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
JPMorgan
Large Cap Growth Fund
A Shares (OLGAX)
C Shares (OLGCX)
Select Shares (SEEGX)
Data as of February 28, 2015
Fund overview
Investment objective
The goal of the JPMorgan Large Cap Growth Fund is to outperform the Russell 1000 Growth Index over a full
market cycle through stock selection while managing risk. The strategy looks for companies that have the ability to
deliver higher growth than market expectations over the next several years. The investment process is focused on
identifying stocks that have large addressable markets, are executing on competitive advantage and experiencing
good price momentum. We would expect the strategy to outperform during periods where growth and momentum
are in favor, while headwinds could occur during periods where growth and momentum are challenged. The
strategy is designed to reduce risk during such unfavorable market environments, allowing for more consistent
returns over time.
Objective
The Fund seeks long-term capital appreciation.
Strategy/Investment process
• Invests primarily in equity securities of large capitalization
companies with market capitalizations similar to those within
the universe of the Russell 1000 Growth Index.
• Seeks to invest in stocks that have potential to exceed market
expectations for a prolonged period of time.
• Employs a process that combines research, stock selection
and risk management to construct a diversified portfolio.
J.P. Morgan Funds Objective Box
Value
Core
Growth
Large
Mid
Small
J.P. Morgan Funds Objective
Box is based on the Fund's
overall targeted
capitalization and valuation
range(s) as described in the
Fund's prospectus.
Portfolio managers/industry experience
Giri Devulapally, 23 years
Portfolio characteristics
P/E ratio (1 yr. forecast)1
P/B ratio2
Beta (3 yr.)3
Sharpe ratio (3 yr.)4
Wtd. avg. market cap (in billions)
Number of holdings
Fund assets (in billions)
Sector breakdown (%)*
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Short-Term Investments
*Due to rounding, values may not total 100%.
22.3
6.6
1.01
1.11
$121.9
65
$16.07
20.1
4.5
2.4
4.0
22.6
7.6
29.7
6.0
3.1
Performance review
The JPMorgan Large Cap Growth Fund returned 6.51% (Select Class Shares) for the month ended February 28,
2015, compared to its benchmark, the Russell 1000 Growth Index, which returned 6.67%.
The Fund underperformed its benchmark during the period largely due to stock selection in the industrials (7.6%
portfolio weighting) and consumer discretionary (20.1% portfolio weighting) sectors. Stock selection in the
financials sector (4.0% portfolio weighting) and underweight exposure to the consumer staples sector (4.5%
portfolio weighting) contributed to performance.
At the individual stock level, an overweight position in Delta Air Lines, Inc. (1.8% portfolio weighting) was the top
detractor in the month. The stock traded lower as the price of oil rose modestly in early February, adversely
impacting the Delta's business. An overweight position in Gilead Sciences, Inc. (3.0% portfolio weighting), a
biopharmaceutical company, was also a top detractor. Shares came under pressure despite the company
reporting stronger-than-expected earnings and revenues as investors grew concerned over intensifying
competition and its adverse impact on the company's pricing power for Sovaldi, a treatment for Hepatitis C.
On the positive side, an overweight position in Valeant Pharmaceuticals International, Inc. (2.8% portfolio
weighting) was the top contributor for the month. The stock traded higher as investors applauded their announced
plans to acquire Salix Pharmaceuticals. The company also reported better-than-expected earnings and revenues,
which also sent shares higher. An overweight position in Avago Technologies Ltd. (2.0% portfolio weighting), a
semiconductor company, was another top contributor for the month. The company reported better-than-expected
earnings and revenues, and also announced an acquisition of Emulex, which was well received by the market.
Fund positioning
The portfolio's positioning has not materially changed since the prior month. We maintain a positive view on
growth and the portfolio, and continue to identify high-conviction stocks from a variety of different pockets in the
market. The portfolio continues to overweight the health care sector (22.6% portfolio weighting) along with
materials (6.0% portfolio weighting) and consumer discretionary (20.1% portfolio weighting). Consumer staples
(4.5% portfolio weighting), industrials (7.6% portfolio weighting) and telecommunication services (0.0% portfolio
weighting) are the largest underweights.
VALUATION RATIOS DEFINED:
1P/E ratio: the number by which earnings per share is multiplied to
estimate a stock's value.
2P/B ratio: the relationship between a stock's price and the book
value of that stock.
RISK MEASURES DEFINED:
Risk measures are calculated based upon the Funds' broad-based
index as stated in the prospectus.
3
Beta: The systematic risk of a Fund. The beta of a Fund is its
sensitivity to a benchmark. A Fund with a beta of 1.0 is as risky as
the benchmark and would therefore provide expected returns equal
to those of the market during both up and down periods.
4
Sharpe ratio: A risk-adjusted measure that determines the reward
per unit of risk. The numerator is the difference between the Fund’s
annualized return and the annualized return of the risk-free
instrument and the denominator is the Fund’s standard deviation.
The Sharpe ratio is calculated over a 36-month period based on the
Fund’s returns. The greater the Fund’s Sharpe ratio, the better its
risk-adjusted performance has been. A negative Sharpe ratio
indicates that a risk-free instrument would perform better than the
Fund. The Sharpe ratio shown is based on the Fund's Class A Shares
or the oldest share class, where Class A Shares are not available.
Please refer to the back of the page for important disclosure
information including risks associated with investing in the
Fund.
The manager seeks to achieve the stated objectives. There is no guarantee the objectives will be met.
The securities highlighted above have been selected based on their significance and are shown for
illustrative purposes only. They are not recommendations.
NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE
JPMorgan Large Cap Growth Fund
A Shares (OLGAX)
C Shares (OLGCX)
Select Shares (SEEGX)
Data as of February 28, 2015
Contact JPMorgan Distribution Services, Inc. at 1-800480-4111 for a fund prospectus. You can also visit us at
www.jpmorganfunds.com. 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.
RISKS ASSOCIATED WITH INVESTING IN THE FUND:
The price of 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. These price movements may
result from factors affecting individual companies, sectors or
industries selected for the Fund’s portfolio or the securities market
as a whole, such as changes in economic or political conditions.
Equity securities are subject to “stock market risk,” meaning that
stock prices in general (or in particular, the prices of the types of
securities in which a fund invests) may decline over short or
extended periods of time. When the value of a Fund’s securities goes
down, an investment in a Fund decreases in value.
©2015, American Bankers Association, CUSIP Database provided by
the Standard & Poor's CUSIP Service Bureau, a division of The
McGraw-Hill Companies, Inc. All rights reserved.
Total return assumes reinvestment of dividends and capital gains
distributions and reflects the deduction of any sales charges, where
applicable. Performance may reflect the waiver of a portion of the
Fund's advisory or administrative fees for certain periods since the
inception date. If fees had not been waived, performance would
have been less favorable.
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 marketing name for the asset
management businesses of JPMorgan Chase & Co. Those businesses
include, but are not limited to, JPMorgan Chase Bank, N.A., J.P.
Morgan Investment Management Inc., Security Capital Research &
Management Incorporated and J.P. Morgan Alternative Asset
Management, Inc.
©JPMorgan Chase & Co., March 2015
FC-LCG-0215
Total returns
Average annual total returns
Fund performance**
Month-end total returns at NAV (%) as of 2/28/2015
1 month 3 month YTD
1 yr
3 yrs
5 yrs
10 yrs
A Shares
6.50
5.41
5.85
12.75
15.74
17.76
9.76
C Shares
6.49
5.30
5.78
12.20
15.17
17.17
9.20
Select Shares
6.51
5.45
5.87
12.96
15.94
17.99
10.00
Russell 1000 Growth Index
6.67
3.94
5.03
16.24
18.05
17.21
9.28
Lipper Large-Cap Growth Funds Index
6.31
3.62
4.58
11.80
16.98
15.59
8.15
With sales charges (%)
A Shares with 5.25% max. sales charge
0.91
-0.14
0.30
6.83
13.68
16.50
9.17
C Shares with 1.00% max. CDSC
5.49
4.30
4.78
11.20
15.17
17.17
9.20
Quarter-end total returns at NAV (%) as of 12/31/2014
A Shares
-0.42
4.68
10.64
10.64
17.93
15.56
8.63
C Shares
-0.45
4.55
10.13
10.13
17.34
14.98
8.06
Select Shares
-0.39
4.73
10.86
10.86
18.15
15.79
8.86
Russell 1000 Growth Index
-1.04
4.78
13.05
13.05
20.26
15.81
8.49
Lipper Large-Cap Growth Funds Index
-0.91
4.55
10.34
10.34
20.09
14.12
7.37
With sales charges (%)
A Shares with 5.25% max. sales charge
-5.66
-0.81
4.84
4.84
15.84
14.32
8.04
C Shares with 1.00% max. CDSC
-1.45
3.55
9.13
9.13
17.34
14.98
8.06
**The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain
market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance
data shown. For performance current to the most recent month-end, please call 1-800-480-4111.
Morningstar ratings as of 2/28/2015
Overall
3-Year
5-Year
10-Year
Rating/number of funds in category
★★★★★/1539
★★★/1539
★★★★★/1326
★★★★★/909
Select share class: Large Growth Category
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.
Annual operating expenses
A Shares
C Shares
Select Shares
Expense cap expiration date
10/31/2015
10/31/2015
10/31/2015
Expense cap (%)
1.05
1.55
0.90
Total annual Fund operating expenses (%)
1.21
1.69
0.91
5
Fee waivers and/or expense reimbursements (%)
(0.16)
(0.14)
(0.01)
5
Net expenses (%)
1.05
1.55
0.90
5The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or
reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend
expenses relating 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 the expense cap of the average daily net assets
through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine
whether or not to renew or revise it.
Top ten holdings (%)
Company name
Sector
Percentage
Apple, Inc.
Information Technology
5.3
Facebook, Inc., Class A
Information Technology
4.1
Home Depot, Inc. (The)
Consumer Discretionary
4.0
MasterCard, Inc., Class A
Information Technology
3.4
Celgene Corp.
Health Care
3.4
Gilead Sciences, Inc.
Health Care
3.0
Visa, Inc., Class A
Information Technology
3.0
Valeant Pharmaceuticals International, Inc.
Health Care
2.8
Google, Inc., Class C
Information Technology
2.6
Regeneron Pharmaceuticals, Inc.
Health Care
2.6
TOP 10 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.
Portfolio statistics
A Shares
C Shares
Select Shares
Inception date
2/22/1994
11/4/1997
2/28/1992
Investment minimum
$1,000
$1,000
$1M
Fund number
3148
3575
3118
CUSIP
4812C0506
4812C0522
4812C0530
MORNINGSTAR DISCLOSURE:
©2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its
providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither
Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. For
each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the
return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this
excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the
next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating
for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if
applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may
have different ratings.
INDEXES DEFINED:
The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with
higher price-to-book ratios and higher forecasted growth values. The performance of the index does not reflect the deduction of
expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the
deduction of fund expenses, including sales charges if applicable. Investors can not invest directly in an index.
The performance of the Lipper Large-Cap Growth Funds Index includes expenses associated with a mutual fund, such as
investment management fees. These expenses are not identical to the expenses charged by the Fund.