| |
1 | |
7 | |
13 | |
19 | |
25 | |
31 | |
37 | |
37 | |
38 | |
41 | |
49 | |
49 | |
50 | |
51 | |
54 | |
54 |
58 | |
65 | |
68 | |
69 | |
72 | |
72 | |
74 | |
75 | |
77 | |
78 | |
79 | |
80 | |
86 | |
98 | |
102 | |
Back
cover |
SHAREHOLDER
FEES (Fees
paid directly from your investment) | |||
|
Class
A |
Class
C |
Class
I |
Maximum
Sales Charge (Load)
Imposed
on Purchases as % of the
Offering
Price |
2.25% |
NONE |
NONE |
Maximum
Deferred Sales Charge
(Load)
as % of Original Cost of
the
Shares |
NONE1
|
1.00% |
NONE |
ANNUAL
FUND OPERATING EXPENSES
(Expenses
that you pay each year as a percentage of the value
of
your investment) | |||
|
Class
A |
Class
C |
Class
I |
Management
Fees |
0.25% |
0.25% |
0.25% |
Distribution
(Rule 12b-1)
Fees |
0.25 |
0.75 |
NONE |
Other
Expenses |
0.37 |
0.39 |
0.37 |
Service
Fees |
0.25 |
0.25 |
0.25 |
Remainder
of Other
Expenses |
0.12 |
0.14 |
0.12 |
Acquired
Fund Fees and
Expenses |
0.01 |
0.01 |
0.01 |
Total
Annual Fund Operating
Expenses |
0.88 |
1.40 |
0.63 |
Fee
Waivers and/or Expense
Reimbursements
1 |
-0.18 |
-0.20 |
-0.38 |
Total
Annual Fund Operating
Expenses
after Fee Waivers
and/or
Expense Reimburse-
ments
1 |
0.70 |
1.20 |
0.25 |
IF
YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
295 |
482 |
684 |
1,269 |
CLASS
C SHARES ($) |
222 |
423 |
747 |
1,520 |
CLASS
I SHARES ($) |
26 |
163 |
314 |
750 |
IF
YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD
BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
295 |
482 |
684 |
1,269 |
CLASS
C SHARES ($) |
122 |
423 |
747 |
1,520 |
CLASS
I SHARES ($) |
26 |
163 |
314 |
750 |
YEAR-BY-YEAR
RETURNS - CLASS I SHARES |
Best
Quarter |
4th
quarter, 2023 |
3.91% |
Worst
Quarter |
1st
quarter, 2022 |
-4.53% |
The
Fund’s year-to-date total return |
through |
3/31/24 |
was |
-0.08% |
. |
AVERAGE
ANNUAL TOTAL RETURNS
(For
periods ended December 31, 2023) | |||
|
Past
1
Year |
Past
5
Years |
Past
10
Years |
CLASS
I SHARES |
|
|
|
Return
Before Taxes |
3.58
% |
1.39
% |
1.37
% |
Return
After Taxes on Distributions |
3.58 |
1.39 |
1.34 |
Return
After Taxes on Distributions and
Sale
of Fund Shares |
3.08 |
1.50 |
1.42 |
CLASS
A SHARES |
|
|
|
Return
Before Taxes |
0.83 |
0.47 |
0.67 |
CLASS
C SHARES |
|
|
|
Return
Before Taxes |
1.58 |
0.41 |
0.49 |
BLOOMBERG
U.S. 1-5 YEAR BLEND
(1-6)
MUNICIPAL BOND INDEX
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
3.76 |
1.51 |
1.45 |
Portfolio
Manager |
Managed
the
Fund
Since |
Primary
Title with
Investment
Adviser |
Curtis
White |
2024 |
Executive
Director |
Josh
Brunner |
2024 |
Executive
Director |
Michelle
Hallam |
2023 |
Managing
Director |
For
Class A and Class C Shares |
|
To
establish an account |
$1,000 |
To
add to an account |
$50 |
For
Class I Shares |
|
To
establish an account |
$1,000,000 |
To
add to an account |
No
minimum levels |
SHAREHOLDER
FEES (Fees
paid directly from your investment) | |||
|
Class
A |
Class
C |
Class
I |
Maximum
Sales Charge (Load)
Imposed
on Purchases as % of
the
Offering Price |
3.75% |
NONE |
NONE |
Maximum
Deferred Sales Charge
(Load)
as % of Original Cost of
the
Shares |
NONE1
|
1.00% |
NONE |
ANNUAL
FUND OPERATING EXPENSES
(Expenses
that you pay each year as a percentage of the value
of
your investment) | |||
|
Class
A |
Class
C |
Class
I |
Management
Fees |
0.30% |
0.30% |
0.30% |
Distribution
(Rule 12b-1)
Fees |
0.25 |
0.75 |
NONE |
Other
Expenses |
0.39 |
0.40 |
0.39 |
Service
Fees |
0.25 |
0.25 |
0.25 |
Remainder
of Other
Expenses |
0.14 |
0.15 |
0.14 |
Acquired
Fund Fees and
Expenses |
0.01 |
0.01 |
0.01 |
Total
Annual Fund Operating
Expenses |
0.95 |
1.46 |
0.70 |
Fee
Waivers and/or Expense
Reimbursements
1 |
-0.28 |
-0.21 |
-0.25 |
Total
Annual Fund Operating
Expenses
after Fee Waivers
and/or
Expense Reimburse-
ments
1 |
0.67 |
1.25 |
0.45 |
IF
YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
441 |
639 |
854 |
1,473 |
CLASS
C SHARES ($) |
227 |
441 |
777 |
1,590 |
CLASS
I SHARES ($) |
46 |
199 |
365 |
847 |
IF
YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD
BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
441 |
639 |
854 |
1,473 |
CLASS
C SHARES ($) |
127 |
441 |
777 |
1,590 |
CLASS
I SHARES ($) |
46 |
199 |
365 |
847 |
YEAR-BY-YEAR
RETURNS - CLASS I SHARES |
Best
Quarter |
4th
quarter, 2023 |
8.85% |
Worst
Quarter |
1st
quarter, 2022 |
-7.05% |
The
Fund’s year-to-date total return |
through |
3/31/24 |
was |
-0.07% |
. |
AVERAGE
ANNUAL TOTAL RETURNS
(For
periods ended December 31, 2023) | |||
|
Past
1
Year |
Past
5
Years |
Past
10
Years |
CLASS
I SHARES |
|
|
|
Return
Before Taxes |
6.56
% |
1.61
% |
2.72
% |
Return
After Taxes on Distributions |
6.52 |
1.60 |
2.58 |
Return
After Taxes on Distributions and
Sale
of Fund Shares |
5.37 |
1.92 |
2.82 |
CLASS
A SHARES |
|
|
|
Return
Before Taxes |
2.36 |
0.62 |
2.12 |
CLASS
C SHARES |
|
|
|
Return
Before Taxes |
4.73 |
0.80 |
2.01 |
BLOOMBERG
US MUNICIPAL INDEX
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
6.40 |
2.25 |
3.03 |
Portfolio
Manager |
Managed
the
Fund
Since |
Primary
Title with
Investment
Adviser |
Rachel
Betton |
2024 |
Managing
Director |
Michael
Myers |
2024 |
Executive
Director |
Michelle
Hallam |
2014 |
Managing
Director |
For
Class A and Class C Shares |
|
To
establish an account |
$1,000 |
To
add to an account |
$50 |
For
Class I Shares |
|
To
establish an account |
$1,000,000 |
To
add to an account |
No
minimum levels |
| ||
|
Class
A |
Class
I |
Maximum
Sales Charge (Load) Imposed on
Purchases
as a % of the Offering Price |
|
|
Maximum
Deferred Sales Charge (Load) as
a
% of Original Cost of Shares |
|
|
| ||
|
Class
A |
Class
I |
Management
Fees |
|
|
Distribution
(Rule 12b-1) Fees |
|
|
Other
Expenses |
|
|
Service
Fees |
|
|
Remainder
of Other Expenses |
|
|
Acquired
Fund Fees and Expenses |
|
|
Total
Annual Fund Operating Expenses |
|
|
Fee
Waivers and/or Expense Reimburse-
ments
1 |
- |
- |
Total
Annual Fund Operating Expenses
after
Fee Waivers and/or Expense
Reimbursements
1 |
|
|
| ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
|
|
|
|
CLASS
I SHARES ($) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Past |
Past |
Life
of Fund
since |
|
1
Year |
5
Years |
|
CLAS
I SHARES |
|
|
|
Return
Before Taxes |
% |
% |
% |
Return
After Taxes on Distributions |
|
|
|
Return
After Taxes on Distributions
and
Sale of Fund Shares |
|
|
|
CLASS
A SHARES |
|
|
|
Return
Before Taxes |
|
|
|
BLOOMBERG
1 YEAR MUNICIPAL
BOND
INDEX
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
|
|
|
Portfolio
Manager |
Managed
the
Fund
Since |
Primary
Title with
Investment
Adviser |
Curtis
White |
2023 |
Executive
Director |
Josh
Brunner |
2023 |
Executive
Director |
For
Class A Shares | |
To
establish an account |
$1,000 |
To
add to an account |
$50 |
For
Class I Shares | |
To
establish an account |
$1,000,000 |
To
add to an account |
No
minimum levels |
SHAREHOLDER
FEES (Fees
paid directly from your investment) | |||
|
Class
A |
Class
C |
Class
I |
Maximum
Sales Charge (Load)
Imposed
on Purchases as % of
the
Offering Price |
3.75% |
NONE |
NONE |
Maximum
Deferred Sales Charge
(Load)
as % of Original Cost of
the
Shares |
NONE1
|
1.00% |
NONE |
ANNUAL
FUND OPERATING EXPENSES
(Expenses
that you pay each year as a percentage of the value
of
your investment) | |||
|
Class
A |
Class
C |
Class
I |
Management
Fees |
0.30% |
0.30% |
0.30% |
Distribution
(Rule 12b-1)
Fees |
0.25 |
0.75 |
NONE |
Other
Expenses |
0.42 |
0.43 |
0.42 |
Service
Fees |
0.25 |
0.25 |
0.25 |
Remainder
of Other
Expenses |
0.17 |
0.18 |
0.17 |
Total
Annual Fund Operating
Expenses |
0.97 |
1.48 |
0.72 |
Fee
Waivers and/or Expense
Reimbursements
1 |
-0.42 |
-0.43 |
-0.27 |
Total
Annual Fund Operating
Expenses
after Fee Waivers
and/or
Expense Reimburse-
ments
1 |
0.55 |
1.05 |
0.45 |
IF
YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
429 |
632 |
852 |
1,483 |
CLASS
C SHARES ($) |
207 |
426 |
767 |
1,593 |
CLASS
I SHARES ($) |
46 |
203 |
374 |
869 |
IF
YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD
BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
429 |
632 |
852 |
1,483 |
CLASS
C SHARES ($) |
107 |
426 |
767 |
1,593 |
CLASS
I SHARES ($) |
46 |
203 |
374 |
869 |
YEAR-BY-YEAR
RETURNS - CLASS I SHARES |
Best
Quarter |
4th
quarter, 2023 |
5.81% |
Worst
Quarter |
1st
quarter, 2022 |
-5.89% |
The
Fund’s year-to-date total return |
through |
3/31/24 |
was |
0.02% |
. |
AVERAGE
ANNUAL TOTAL RETURNS
(For
periods ended December 31, 2023) | |||
|
Past
1
Year |
Past
5
Years |
Past
10
Years |
CLASS
I SHARES |
|
|
|
Return
Before Taxes |
4.92
% |
1.51
% |
2.04
% |
Return
After Taxes on Distributions |
4.82 |
1.49 |
2.02 |
Return
After Taxes on Distributions and
Sale
of Fund Shares |
3.89 |
1.63 |
2.13 |
CLASS
A SHARES |
|
|
|
Return
Before Taxes |
0.91 |
0.65 |
1.55 |
CLASS
C SHARES |
|
|
|
Return
Before Taxes |
3.29 |
0.90 |
1.54 |
BLOOMBERG
LB CALIFORNIA 1-17
YEAR
MUNI INDEX1
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
5.10 |
2.04 |
2.54 |
BLOOMBERG
CALIFORNIA MUNICIPAL
BOND
INDEX1,2
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
6.22 |
2.25 |
N/A |
Portfolio
Manager |
Managed
the
Fund
Since |
Primary
Title with
Investment
Adviser |
Michelle
Hallam |
2004 |
Managing
Director |
Josh
Brunner |
2024 |
Executive
Director |
Rachel
Betton |
2024 |
Managing
Director |
For
Class A and Class C Shares |
|
To
establish an account |
$1,000 |
To
add to an account |
$50 |
For
Class I Shares |
|
To
establish an account |
$1,000,000 |
To
add to an account |
No
minimum levels |
SHAREHOLDER
FEES (Fees
paid directly from your investment) | |||
|
Class
A |
Class
C |
Class
I |
Maximum
Sales Charge (Load)
Imposed
on Purchases as % of
the
Offering Price |
3.75% |
NONE |
NONE |
Maximum
Deferred Sales Charge
(Load)
as % of Original Cost of
the
Shares |
NONE1
|
1.00% |
NONE |
ANNUAL
FUND OPERATING EXPENSES
(Expenses
that you pay each year as a percentage of the value
of
your investment) | |||
|
Class
A |
Class
C |
Class
I |
Management
Fees |
0.30% |
0.30% |
0.30% |
Distribution
(Rule 12b-1)
Fees |
0.25 |
0.75 |
NONE |
Other
Expenses |
0.36 |
0.37 |
0.36 |
Service
Fees |
0.25 |
0.25 |
0.25 |
Remainder
of Other
Expenses |
0.11 |
0.12 |
0.11 |
Total
Annual Fund Operating
Expenses |
0.91 |
1.42 |
0.66 |
Fee
Waivers and/or Expense
Reimbursements
1 |
-0.26 |
-0.22 |
-0.26 |
Total
Annual Fund Operating
Expenses
after Fee Waivers
and/or
Expense Reimburse-
ments
1 |
0.65 |
1.20 |
0.40 |
IF
YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
439 |
629 |
836 |
1,430 |
CLASS
C SHARES ($) |
222 |
428 |
755 |
1,544 |
CLASS
I SHARES ($) |
41 |
185 |
342 |
798 |
IF
YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD
BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
439 |
629 |
836 |
1,430 |
CLASS
C SHARES ($) |
122 |
428 |
755 |
1,544 |
CLASS
I SHARES ($) |
41 |
185 |
342 |
798 |
YEAR-BY-YEAR
RETURNS - CLASS I SHARES |
Best
Quarter |
4th
quarter, 2023 |
6.31% |
Worst
Quarter |
1st
quarter, 2022 |
-5.67% |
The
Fund’s year-to-date total return |
through |
3/31/24 |
was |
0.22% |
. |
AVERAGE
ANNUAL TOTAL RETURNS
(For
periods ended December 31, 2023) | |||
|
Past
1
Year |
Past
5
Years |
Past
10
Years |
CLASS
I SHARES |
|
|
|
Return
Before Taxes |
5.05
% |
1.74
% |
2.06
% |
Return
After Taxes on Distributions |
5.03 |
1.69 |
2.01 |
Return
After Taxes on Distributions and
Sale
of Fund Shares |
4.35 |
1.95 |
2.19 |
CLASS
A SHARES |
|
|
|
Return
Before Taxes |
0.89 |
0.72 |
1.41 |
CLASS
C SHARES |
|
|
|
Return
Before Taxes |
3.23 |
0.93 |
1.32 |
BLOOMBERG
U.S. 1-15 YEAR BLEND
(1-17)
MUNICIPAL BOND INDEX1
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
5.26 |
2.17 |
2.58 |
BLOOMBERG
US MUNICIPAL INDEX1
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
6.40 |
2.25 |
3.03 |
Portfolio
Managers |
Managed
the
Fund
Since |
Primary
Title with
Investment
Adviser |
Michelle
Hallam |
2024 |
Managing
Director |
Michael
Myers |
2024 |
Executive
Director |
Rachel
Betton |
2024 |
Managing
Director |
For
Class A and Class C Shares |
|
To
establish an account |
$1,000 |
To
add to an account |
$50 |
For
Class I Shares |
|
To
establish an account |
$1,000,000 |
To
add to an account |
No
minimum levels |
SHAREHOLDER
FEES (Fees
paid directly from your investment) | |||
|
Class
A |
Class
C |
Class
I |
Maximum
Sales Charge (Load)
Imposed
on Purchases as % of
the
Offering Price |
3.75% |
NONE |
NONE |
Maximum
Deferred Sales Charge
(Load)
as % of Original Cost of
the
Shares |
NONE1
|
1.00% |
NONE |
ANNUAL
FUND OPERATING EXPENSES
(Expenses
that you pay each year as a percentage of the value
of
your investment) | |||
|
Class
A |
Class
C |
Class
I |
Management
Fees |
0.30% |
0.30% |
0.30% |
Distribution
(Rule 12b-1)
Fees |
0.25 |
0.75 |
NONE |
Other
Expenses |
0.41 |
0.41 |
0.40 |
Service
Fees |
0.25 |
0.25 |
0.25 |
Remainder
of Other
Expenses |
0.16 |
0.16 |
0.15 |
Acquired
Fund Fees and
Expenses |
0.01 |
0.01 |
0.01 |
Total
Annual Fund Operating
Expenses |
0.97 |
1.47 |
0.71 |
Fee
Waivers and/or Expense
Reimbursements
1 |
-0.42 |
-0.42 |
-0.26 |
Total
Annual Fund Operating
Expenses
after Fee Waivers
and/or
Expense Reimburse-
ments
1 |
0.55 |
1.05 |
0.45 |
IF
YOU SELL YOUR SHARES, YOUR COST WOULD BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
429 |
632 |
852 |
1,483 |
CLASS
C SHARES ($) |
207 |
424 |
763 |
1,585 |
CLASS
I SHARES ($) |
46 |
201 |
369 |
858 |
IF
YOU DO NOT SELL YOUR SHARES, YOUR COST
WOULD
BE: | ||||
|
1
Year |
3
Years |
5
Years |
10
Years |
CLASS
A SHARES ($) |
429 |
632 |
852 |
1,483 |
CLASS
C SHARES ($) |
107 |
424 |
763 |
1,585 |
CLASS
I SHARES ($) |
46 |
201 |
369 |
858 |
YEAR-BY-YEAR
RETURNS - CLASS I SHARES |
Best
Quarter |
4th
quarter, 2023 |
6.08% |
Worst
Quarter |
1st
quarter, 2022 |
-5.27% |
The
Fund’s year-to-date total return |
through |
3/31/24 |
was |
-0.02% |
. |
AVERAGE
ANNUAL TOTAL RETURNS
(For
periods ended December 31, 2023) | |||
|
Past
1
Year |
Past
5
Years |
Past
10
Years |
CLASS
I SHARES |
|
|
|
Return
Before Taxes |
4.84
% |
1.75
% |
1.95
% |
Return
After Taxes on Distributions |
4.83 |
1.75 |
1.90 |
Return
After Taxes on Distributions and
Sale
of Fund Shares |
3.98 |
1.87 |
2.12 |
CLASS
A SHARES |
|
|
|
Return
Before Taxes |
0.81 |
0.77 |
1.34 |
CLASS
C SHARES |
|
|
|
Return
Before Taxes |
3.21 |
1.06 |
1.26 |
BLOOMBERG
NEW YORK INTERMEDI-
ATE
(1-17 YEAR) MATURITIES INDEX1
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
5.69 |
2.18 |
2.55 |
BLOOMBERG
NEW YORK MUNICIPAL
BOND
INDEX1
(Reflects
No Deduction for Fees,
Expenses,
or Taxes) |
7.32 |
2.20 |
2.93 |
Portfolio
Manager |
Managed
the
Fund
Since |
Primary
Title with
Investment
Adviser |
Rachel
Betton |
2024 |
Managing
Director |
Josh
Brunner |
2024 |
Executive
Director |
Michell
Hallam |
2023 |
Managing
Director |
For
Class A and Class C Shares |
|
To
establish an account |
$1,000 |
To
add to an account |
$50 |
For
Class I Shares |
|
To
establish an account |
$1,000,000 |
To
add to an account |
No
minimum levels |
FUNDAMENTAL
INVESTMENT OBJECTIVES |
An
investment objective is fundamental if it cannot be changed without the
consent of a majority of the outstanding shares of the
Fund.
The investment objectives for the Short-Intermediate Municipal Bond Fund
and Tax Free Bond Fund are fundamental. The
investment
objectives for the remaining Funds are non-fundamental and can be changed
without the consent of a majority of the
outstanding
shares of that Fund. |
|
Short-Intermediate
Municipal Bond Fund |
Tax
Free Bond Fund |
Ultra-Short
Municipal Fund |
California
Tax Free Bond Fund |
National
Municipal Income Fund |
New
York Tax Free Bond Fund |
Alternative
Minimum Tax Risk |
• |
• |
• |
• |
• |
• |
Auction
Rate Securities Risk |
• |
○ |
• |
○ |
○ |
○ |
California
Geographic Concentration Risk |
|
|
|
• |
|
|
Credit
Risk |
• |
• |
• |
• |
• |
• |
Debt
Securities and Other Callable Securities Risk |
• |
• |
• |
• |
• |
• |
Derivatives
Risk |
○ |
○ |
○ |
○ |
○ |
○ |
Exchange-Traded
Fund (ETF) and/or Other Investment Company Risk |
○ |
○ |
○ |
○ |
○ |
○ |
Floating
and Variable Rate Securities Risk |
○ |
○ |
• |
○ |
○ |
○ |
General
Market Risk |
• |
• |
• |
• |
• |
• |
Government
Securities Risk |
○ |
○ |
○ |
• |
• |
• |
High
Yield Securities Risk |
• |
• |
• |
• |
• |
• |
Industry
and Sector Focus Risk |
• |
• |
• |
• |
• |
• |
Interest
Rate Risk |
• |
• |
• |
• |
• |
• |
Inverse
Floating Rate Instrument Risk |
○ |
○ |
○ |
○ |
○ |
○ |
LIBOR
Discontinuance or Unavailability Risk |
|
|
• |
|
|
|
Mortgage-Related
and Other Asset-Backed Securities Risk |
• |
• |
• |
• |
• |
• |
Municipal
Housing Authority Obligations Risk |
• |
○ |
• |
○ |
○ |
○
|
|
Short-Intermediate
Municipal Bond Fund |
Tax
Free Bond Fund |
Ultra-Short
Municipal Fund |
California
Tax Free Bond Fund |
National
Municipal Income Fund |
New
York Tax Free Bond Fund |
Municipal
Obligations Risk |
• |
• |
• |
• |
• |
• |
New
York Geographic Concentration Risk |
|
|
|
|
|
• |
Pay-In-Kind
and Deferred Payment Securities Risk |
○ |
○ |
○ |
○ |
○ |
○ |
Restricted
Securities Risk |
• |
○ |
• |
○ |
○ |
○ |
Structured
Product Risk |
○ |
○ |
• |
○ |
○ |
○ |
Taxability
Risk |
• |
• |
• |
• |
• |
• |
Risk
Associated with the Fund Holding Cash, Money Market Instruments and Other
Short-Term
Investments |
• |
• |
|
|
|
|
Transactions
and Liquidity Risk |
• |
• |
• |
• |
• |
• |
Ultra-Short
Fund Risk |
|
|
• |
|
|
|
Cyber
Security Risk |
○ |
○ |
○ |
○ |
○ |
○ |
Volcker
Rule Risk |
○ |
○ |
○ |
○ |
○ |
○ |
Zero-Coupon
Bond Risk |
• |
• |
• |
• |
• |
• |
WHAT
IS A DERIVATIVE? |
Derivatives
are securities or contracts (for example, futures and options) that derive
their value from the performance of underlying
assets
or securities. |
WHAT
IS A CASH EQUIVALENT? |
Cash
equivalents are highly liquid, high-quality instruments with maturities of
three months or less on the date they are purchased.
They
include securities issued by the U.S. government, its agencies and
instrumentalities, repurchase agreements, certificates of
deposit,
bankers’ acceptances, commercial paper, money market mutual funds and bank
deposit accounts. |
California
Tax Free Bond Fund |
0.23% |
National
Municipal Income Fund |
0.24 |
New
York Tax Free Bond Fund |
0.24 |
Short-Intermediate
Municipal Bond Fund |
0.15 |
Tax
Free Bond Fund |
0.27 |
Ultra-Short
Municipal Fund |
0.00 |
|
Class
A |
Class
C |
Class
I |
Eligibility1,2
|
May
be purchased by the
general
public3
|
May
be purchased by the
general
public4
|
May
be purchased by:
●Institutional
Investors who
meet
the minimum
investment
requirements;
●Individuals
purchasing
directly
from the Fund
through
JPMorgan
Distribution
Services, Inc.
(the
“Distributor”) and
meeting
the investment
minimum
requirements;
●Financial
Intermediaries or
any
other organization,
including
affiliates of
JPMorgan
Chase & Co.
(JPMorgan
Chase),
authorized
to act in a
fiduciary,
advisory or
custodial
capacity for its
clients
or customers;
●Brokerage
program of a
Financial
Intermediary that
has
entered into a written
agreement
with the
Distributor
to offer such
shares
(“Eligible Brokerage
Program”);
and
●Employees
of JPMorgan
Chase
and its affiliates and
officers
or trustees of the J.P.
Morgan
Funds.5
|
Minimum
Investment1,6,7
|
$1,000
for the Fund or $50, if
establishing
a monthly $50
Systematic
Investment Plan8
|
$1,000
for the Fund or $50, if
establishing
a monthly $50
Systematic
Investment Plan8
|
$1,000,000
— An investor can
combine
purchases of Class I
Shares
of other J.P. Morgan
Funds
in order to meet the
minimum.
$1,000
for each Fund or $50, if
establishing
a monthly $50
Systematic
Investment Plan for
investments
through an
Eligible
Brokerage Program.
$1,000
for each Fund or $50 if
establishing
a monthly $50
Systematic
Investment Plan8
for
investments by employees
of
JPMorgan Chase and its
affiliates
and officers or
trustees
of the J.P. Morgan
Funds.5
|
|
Class
A |
Class
C |
Class
I |
Minimum
Subsequent
Investments1
|
$509
|
$509
|
No
minimum except $50 for
investments
by employees of
JPMorgan
Chase and its
affiliates
and officers or
trustees
of the J.P. Morgan
Funds
and investment through
an
Eligible Brokerage Program. |
Systematic
Investment Plan |
Yes |
Yes |
No
except for investments by
employees
of JPMorgan Chase
and
its affiliates and officers or
trustees
of the J.P. Morgan
Funds
and investments through
an
Eligible Brokerage Program. |
Systematic
Redemption Plan |
Yes |
Yes |
No
except for investments by
employees
of JPMorgan Chase
and
its affiliates and officers or
trustees
of the J.P. Morgan
Funds. |
Front-End
Sales Charge
(refer
to Sales Charges and
Financial
Intermediary
Compensation
Section for more
details) |
Up
to 3.75% reduced or waived
for
large purchases and certain
investors,
eliminated for
purchases
of $250,000 or
more. |
None |
None |
Contingent
Deferred Sales
Charge
(CDSC)
(refer
to Sales Charges and
Financial
Intermediary
Compensation
Section for more
details) |
●On
purchases of $250,000 or
more:
●0.75%
on redemptions made
within
18 months after
purchase.
Waived
under certain
circumstances. |
●1.00%
on redemptions made
within
12 months after
purchase.
Waived
under certain
circumstances. |
None |
Distribution
(12b-1) Fee |
0.25%
of the average daily net
assets. |
0.75%
of the average daily net
assets. |
None |
Service
Fee |
0.25%
of the average daily net
assets. |
0.25%
of the average daily net
assets. |
0.25%
of the average daily net
assets. |
Redemption
Fee |
None |
None |
None
|
|
Class
A |
Class
C |
Class
I |
Conversion
Feature10
|
None |
Class
C Shares will be
converted
to Class A Shares in
the
following instances:
●If
an investor is eligible to
purchase
Class A Shares,
then
their Class C Share
positions
will convert to
Class
A Shares after 8 years,
calculated
from the first day
of
the month of purchase
and
processed on the tenth
business
day of the
anniversary
month.
●If
Class C Shares held in an
account
with a third party
broker
of record are
transferred
to a Fund direct
account
with no broker of
record,
those Class C Shares
will
be converted to Class A
Shares
on the tenth business
day
of the month following
the
transfer. |
None |
Advantages |
If
you are eligible to have the
sales
charge reduced or
eliminated
or you have a long-
term
investment horizon, these
shares
have lower distribution
fees
over a longer term
investment
horizon than
Class
C Shares. |
No
front-end sales charge is
assessed
so you own more
shares
initially. These shares
may
make sense for investors
who
have a shorter investment
horizon
relative to Class A
Shares. |
No
front-end sales charge or
CDSC
is assessed so you own
more
shares initially. In
addition,
Class I Shares have
lower
fees than Class A and
Class
C Shares. |
Disadvantages |
A
front-end sales charge is
generally
assessed, diminishing
the
number of shares owned. If
you
are eligible to have the
sales
charge reduced or
eliminated,
you may be subject
to
a CDSC. Class A Shares may
not
make sense for investors
who
have a shorter investment
horizon
relative to Class C
Shares. |
Shares
are subject to CDSC and
have
higher ongoing
distribution
fees. This means
that
over the long term Class C
Shares
accrue higher fees than
Class
A Shares. |
Limited
availability and higher
minimum
initial investment
than
Class A and Class C
Shares. |
Class
A Shares
Amount
of Investment |
Sales
Charge
as
a % of
Offering
Price |
Sales
Charge
as
a % of your
Investment |
Commission
as
a % of
Offering
Price2
|
CDSC |
Less
than $50,000 |
0.00 |
0.00 |
0.00 |
0.00 |
$50,000
to $99,999 |
0.00 |
0.00 |
0.00 |
0.00 |
$100,000
to $249,999 |
0.00 |
0.00 |
0.00 |
0.00 |
$250,000
or more |
0.00 |
0.00 |
0.00 |
0.00 |
Class
A Shares
Amount
of Investment |
Sales
Charge
as
a % of
Offering
Price |
Sales
Charge
as
a % of your
Investment1
|
Commission
as
a % of
Offering
Price2
|
CDSC |
Less
than $50,000 |
2.25 |
2.30 |
2.00 |
0.00 |
$50,000
to $99,999 |
2.00 |
2.04 |
1.50 |
0.00 |
$100,000
to $249,999 |
1.25 |
1.27 |
1.00 |
0.00 |
Amount
of Investment |
Sales
Charge
as
a % of
Offering
Price |
Sales
Charge
as
a % of your
Investment |
Finder’s
Fee
as
a % of your
Investment4
|
CDSC
as
a % of your
Redemption3
|
$250,000
to $3,999,999 |
0.00 |
0.00 |
0.75 |
0-18
months – 0.75% |
$4,000,000
to $9,999,999 |
0.00 |
0.00 |
0.50 | |
$10,000,000
or more |
0.00 |
0.00 |
0.25 |
Class
A Shares
Amount
of Investment |
Sales
Charge
as
a % of
Offering
Price |
Sales
Charge
as
a % of your
Investment1
|
Commission
as
a % of
Offering
Price2
|
CDSC |
Less
than $100,000 |
3.75 |
3.90 |
3.25 |
0.00 |
$100,000
to $249,999 |
3.25 |
3.36 |
2.75 |
0.00 |
Amount
of Investment |
Sales
Charge
as
a % of
Offering
Price |
Sales
Charge
as
a % of your
Investment |
Finder’s
Fee
as
a % of your
Investment4
|
CDSC
as
a % of your
Redemption3
|
$250,000
to $3,999,999 |
0.00 |
0.00 |
0.75 |
0-18
months — 0.75% |
$4,000,000
to $49,999,999 |
0.00 |
0.00 |
0.50 | |
$50,000,000
or more |
0.00 |
0.00 |
0.25 |
Class
A Shares
Amount
of Investment |
Sales
Charge
as
a % of
Offering
Price |
Sales
Charge
as
a % of your
Investment |
Finder’s
Fee
as
a % of your
Investment |
CDSC
as
a % of your
Redemption1
|
$0
to $3,999,999 |
0.00 |
0.00 |
0.75 |
0.00 |
$4,000,000
to $9,999,999 |
0.00 |
0.00 |
0.50 |
0.00 |
$10,000,000
or more |
0.00 |
0.00 |
0.25 |
0.00 |
Class
A Shares
Amount
of Investment |
Sales
Charge
as
a % of
Offering
Price |
Sales
Charge
as
a % of your
Investment |
Finder’s
Fee
as
a % of your
Investment |
CDSC
as
a % of your
Redemption1
|
$0
to $3,999,999 |
0.00 |
0.00 |
0.75 |
0.00 |
$4,000,000
to $49,999,999 |
0.00 |
0.00 |
0.50 |
0.00 |
$50,000,000
or more |
0.00 |
0.00 |
0.25 |
0.00 |
Class
C Shares
Amount
of Investment |
Sales
Charge
as
a % of
Offering
Price |
Sales
Charge
as
a % of your
Investment |
Commission
as
a % of
Offering
Price |
CDSC
as
a % of your
Redemption |
All
Investments |
0.00 |
0.00 |
1.00 |
0-12
months — 1.00% |
Class |
Rule
12b-1 Fee |
Class
A |
0.25% |
Class
C |
0.75% |
Class
I |
None |
Class |
Rule
12b-1 Fee |
Class
A |
0.25% |
Class
C |
0.75% |
Class
I |
None |
Class
L |
None |
Class |
Service
Fee |
Class
A |
0.25% |
Class
C |
0.25% |
Class
I |
0.25% |
HOW
TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
|
Opening
a New Account |
Purchasing
into an Existing Account |
By
Phone or Online
1-800-480-4111
Shareholder
Services representatives
are
available Monday through Friday
from
8:00 am to 6:00 pm ET.
www.jpmorganfunds.com
Note:
Certain account types are not
available
for online account access.
Please
call for additional information. |
A
new account generally may not be
opened
by phone or online.
A
new fund position can be added to an
existing
account by phone or online if
you
have bank information on file. The
minimum
initial investment
requirement
must be met. |
You
must already have bank
information
on file. If we do not have
bank
information on file, you must
submit
written instructions. Please call
for
instructions on how to add bank
information
to your account. |
By
Mail
Regular
mailing address:
J.P.
Morgan Funds Services
P.O.
Box 219143
Kansas
City, MO 64121-9143
Overnight
mailing address:
J.P.
Morgan Funds Services
430
W 7th
Street, Suite 219143
Kansas
City, MO 64105-1407 |
Mail
the completed and signed
application
with a check to our Regular
or
Overnight mailing address.
Refer
to the Additional Information
Regarding
Purchases section. |
Please
mail your check and include
your
name, the Fund name, and your
fund
account number. |
All
checks must be made payable to one of the following:
●J.P.
Morgan Funds; or
●The
specific Fund in which you are investing.
Please
include your existing account number, if applicable.
All
checks must be in U.S. dollars. The J.P. Morgan Funds do not accept credit
cards,
cash,
starter checks, money orders or credit card checks. The Funds and/or the
Distributor
reserve the right to refuse “third-party” checks and checks drawn on
non-
U.S.
financial institutions even if payment may be effected through a U.S.
financial
institution.
Checks made payable to any individual or company and endorsed to J.P.
Morgan
Funds or a Fund are considered third-party checks.
|
HOW
TO PURCHASE DIRECTLY WITH THE J.P. MORGAN FUNDS | ||
|
Opening
a New Account |
Purchasing
into an Existing Account |
By
ACH or Wire1
1-800-480-4111
Wire
Instructions:
DST
Asset Manager Solutions, Inc.
2000
Crown Colony Drive
Quincy,
MA 02169
Attn:
J.P. Morgan Funds Services
ABA:
021 000 021
DDA:
323 125 832
FBO:
Fund
Name
Fund:
Fund
#
Account:
Your
Account #
and
Your
Account Registration |
You
may include bank information on
your
application for your initial
purchase
to be processed via
Automated
Clearing House (ACH)
rather
than sending a check.
New
accounts cannot be opened by
wire
purchase. |
Purchase
by ACH: To process a
purchase
via ACH using bank
information
on file you may call us or
process
the purchase online.
Purchase
by Wire: If you choose to pay
by
wire, please call to notify the Fund
of
your purchase. You must also initiate
the
wire with your financial institution. |
Systematic
Investment Plan1
|
You
may include instructions to set up
a
Systematic Investment Plan on your
application.
Bank Information must be
included.
Refer
to Choosing A Share Class for fund
minimums. |
If
bank information is on file, you may
call,
go online or mail written
instructions
to start, edit or delete a
Systematic
Investment Plan.
You
cannot have a Systematic
Investment
Plan and a Systematic
Redemption
Plan or Systematic
Exchange
Plan on the same fund
account.
If
bank information is not on file, you
will
be required to submit a completed
form
with your bank information and
Systematic
Investment Plan details. |
EXCHANGE
PRIVILEGES |
Class
A Shares of a Fund may be exchanged for: |
●Class
A Shares of another J.P. Morgan Fund, |
●Morgan
Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money
Market Fund), or |
●Another
share class of the same Fund if you are eligible to purchase that
class. |
Class
C Shares of a Fund may be exchanged for: |
●Class
C Shares of another J.P. Morgan Fund. Your new Class C Shares will be
subject to the CDSC of the Fund from which you
exchanged,
and the current holding period for your exchanged Class C Shares is
carried over to your new shares. |
●Class
I, Class L or Class R6 Shares, if available, of the same Fund, provided
you meet the eligibility requirements for the class
you
are exchanging into. In addition, the Class C Shares that you wish to
exchange must not currently be subject to any
CDSC. |
●Reserve
Shares of a J.P. Morgan money market fund (except for the JPMorgan Prime
Money Market Fund). Reserve Shares
are
not subject to an initial sales charge or CDSC. If you exchange Class C
Shares that are subject to a CDSC to Reserve
Shares,
you will not pay a CDSC at the time of the exchange. However, your new
Reserve Class Shares will be subject to the
CDSC
of the Fund from which you exchanged, and the current holding period for
your exchanged Class C Shares will be
carried
over to your new Reserve Shares. Reserve Shares investment minimums may be
waived for Class C shareholders that
convert
or exchange their Class C Shares into Reserve Shares of a J.P. Morgan
money market fund (except for the JPMorgan
Prime
Money Market Fund). |
Class
I Shares of a Fund may be exchanged for: |
●Class
I Shares of another J.P. Morgan Fund, |
●Morgan
Shares of a J.P. Morgan money market fund (except for JPMorgan Prime Money
Market Fund), or |
●Another
share class of the same Fund if you are eligible to purchase that
class. |
HOW
TO REDEEM | |
By
Phone or Online
Note:
Certain account
types
are not available for
online
account access. |
Call
us at 1-800-480-4111
Shareholder
Services representatives are available Monday through Friday from 8:00 am
to 6:00 pm ET.
www.jpmorganfunds.com |
By
Mail |
Regular
mailing address:
J.P.
Morgan Funds Services
P.O.
Box 219143
Kansas
City, MO 64121-9143
Overnight
mailing address:
J.P.
Morgan Funds Services
430
W 7th
Street, Suite 219143
Kansas
City, MO 64105-1407 |
Systematic
Redemption
Plan2,
3
Note:
The
Funds currently
do
not charge for this
service,
but may impose a
charge
in the future. |
You
may include instructions to set up a Systematic Redemption Plan on your
application. Payment
instructions
must be included.
You
may call, or mail written instructions to start, edit or delete a
Systematic Redemption Plan.
You
may send a written redemption request to your Financial Intermediary, if
applicable, or to the Fund at
the
following address:
J.P.
Morgan Funds Services
P.O.
Box 219143
Kansas
City, MO 64121-9143
You
may redeem over the phone. Please see “Can I redeem by phone?” for more
information.
If
you own Class A or Class C Shares, the applicable CDSC will be deducted
from those payments unless
such
payments are made:4
●Monthly
and constitute no more than 1/12
of 10% of your then-current balance in the Fund each
month;
or
●Quarterly
and constitute no more than ¼ of 10% of your then-current balance in the
Fund each
quarter.
It
may not be in your best interest to buy additional Class A Shares while
participating in a Systematic
Redemption
Plan. This is because Class A Shares have an upfront sales
charge. |
FUND
NAME |
FUND
CODE |
JPMorgan
Short-Intermediate Municipal Bond Fund |
1 |
JPMorgan
Tax Free Bond Fund |
2 |
JPMorgan
Ultra-Short Municipal Fund |
3 |
JPMorgan
California Tax Free Bond Fund |
4 |
JPMorgan
National Municipal Income Fund |
5 |
JPMorgan
New York Tax Free Bond Fund |
6 |
INSTRUMENT |
FUND
CODE |
RISK
TYPE |
Adjustable
Rate Mortgage Loans (ARMs):
Loans in a mortgage pool which provide for a fixed
initial
mortgage interest rate for a specified period of time, after which the
rate may be subject
to
periodic adjustments. |
1 |
Credit
Interest
Rate
Liquidity
Market
Political
Prepayment
Valuation |
Asset-Backed
Securities:
Securities secured by company receivables, home equity loans, truck
and
auto loans, leases, and credit card receivables or other securities backed
by other types of
receivables
or other assets. |
1–6 |
Credit
Interest
Rate
Liquidity
Market
Political
Prepayment
Valuation |
Auction
Rate Securities:
Auction rate municipal securities and auction rate preferred securities
issued
by closed-end investment companies. |
1–6 |
Credit
Interest
Rate
Liquidity
Market |
Bank
Obligations:
Bankers’ acceptances, certificates of deposit and time deposits. Bankers’
acceptances
are bills of exchange or time drafts drawn on and accepted by a commercial
bank.
Maturities
are generally six months or less. Certificates of deposit are negotiable
certificates
issued
by a bank for a specified period of time and earning a specified return.
Time deposits are
non-negotiable
receipts issued by a bank in exchange for the deposit of
funds. |
1–6 |
Credit
Currency
Interest
Rate
Liquidity
Market
Political |
Borrowings:
A Fund may borrow for temporary purposes and/or for investment purposes.
Such
a
practice will result in leveraging of the Fund’s assets and may cause a
Fund to liquidate
portfolio
positions when it would not be advantageous to do so. A Fund must maintain
continuous
asset coverage of 300% of the amount borrowed, with the exception for
borrowings
not
in excess of 5% of the Fund’s total assets made for temporary
administrative purposes. |
1–6 |
Credit
Interest
Rate
Market |
Call
and Put Options:
A call option gives the buyer the right to buy, and obligates the seller
of the
option
to sell a security at a specified price at a future date. A put option
gives the buyer the
right
to sell, and obligates the seller of the option to buy a security at a
specified price at a
future
date. A Fund will sell only covered call and secured put
options. |
1–6 |
Credit
Leverage
Liquidity
Management
Market
|
INSTRUMENT |
FUND
CODE |
RISK
TYPE |
Commercial
Paper:
Secured and unsecured short-term promissory notes issued by corporations
and
other entities. Maturities generally vary from a few days to nine
months. |
1–6 |
Credit
Currency
Interest
Rate
Liquidity
Market
Political
Valuation |
Common
Stock Warrants and Rights: Securities,
typically issued with preferred stock or bonds,
that
give the holder the right to buy a proportionate amount of common stock at
a specified
price. |
2 |
Credit
Market |
Corporate
Debt Securities:
May include bonds and other debt securities of domestic and foreign
issuers,
including obligations of industrial, utility, banking and other corporate
issuers. |
1–6 |
Credit
Currency
Interest
Rate
Liquidity
Market
Political
Prepayment
Valuation |
Credit
Default Swaps (CDSs):
A swap agreement between two parties pursuant to which one
party
pays the other a fixed periodic coupon for the specified life of the
agreement. The other
party
makes no payment unless a credit event, relating to a predetermined
reference asset,
occurs.
If such an event occurs, the party will then make a payment to the first
party, and the
swap
will terminate. |
1–2,
4–6 |
Credit
Currency
Interest
Rate
Leverage
Liquidity
Management
Market
Political
Valuation |
Custodial
Receipts:
A Fund may acquire securities in the form of custodial receipts that
evidence
ownership
of future interest payments, principal payments or both on certain U.S.
Treasury
notes
or bonds in connection with programs sponsored by banks and brokerage
firms. These
are
not considered to be U.S. government securities. These notes and bonds are
held in custody
by
a bank on behalf of the owners of the receipts. |
1–2,
4–6 |
Credit
Liquidity
Market |
Demand
Features:
Securities that are subject to puts and standby commitments to purchase
the
securities
at a fixed price (usually with accrued interest) within a fixed period of
time following
demand
by a Fund. |
1–6 |
Liquidity
Management
Market |
Exchange-Traded
Funds (ETFs):
Ownership interest in unit investment trusts, depositary receipts,
and
other pooled investment vehicles that hold a portfolio of securities or
stocks designed to
track
the price performance and dividend yield of a particular broad-based,
sector or
international
index. ETFs include a wide range of investments. |
1–2,
4–6 |
Investment
Company
Market |
High
Yield/High Risk Securities/Junk Bonds:
Securities that are generally rated below investment
grade
by the primary rating agencies or are unrated but deemed by a Fund’s
adviser to be of
comparable
quality. |
1-6 |
Credit
Currency
High
Yield Securities
Interest
Rate
Liquidity
Market
Political
Portfolio
Quality
Valuation
|
INSTRUMENT |
FUND
CODE |
RISK
TYPE |
Inflation-Linked
Debt Securities:
Includes fixed and floating rate debt securities of varying
maturities
issued by the U.S. government as well as securities issued by other
entities such as
corporations,
foreign governments and foreign issuers. |
3 |
Credit
Currency
Interest
Rate
Political |
Interfund
Lending:
Involves lending money and borrowing money for temporary purposes
through
a credit facility. |
1–6 |
Credit
Interest
Rate
Market |
Inverse
Floating Rate Instruments:
Leveraged variable debt instruments with interest rates that
reset
in the opposite direction from the market rate of interest to which the
inverse floater is
indexed. |
1–6 |
Credit
Leverage
Market |
Investment
Company Securities:
Shares of other investment companies, including money market
funds
for which the adviser and/or its affiliates serve as investment adviser or
administrator.
The
adviser will waive certain fees when investing in funds for which it
serves as investment
adviser,
to the extent required by law or by contract. |
1–6 |
Investment
Company
Market |
Loan
Assignments and Participations:
Assignments of, or participations in all or a portion of
loans
to corporations or to governments, including governments in less developed
countries. |
1–2,
4–6 |
Credit
Currency
Extension
Foreign
Investment
Interest
Rate
Liquidity
Market
Political
Prepayment |
Mortgage-Backed
Securities:
Debt obligations secured by real estate loans and pools of loans
such
as collateralized mortgage obligations (CMOs), commercial mortgage-backed
securities
(CMBSs)
and other asset-backed structures. |
1–6 |
Credit
Currency
Extension
Interest
Rate
Leverage
Liquidity
Market
Political
Prepayment
Tax
Valuation |
Mortgage
Dollar Rolls1
: A transaction in which the Fund sells securities for delivery in a
current
month
and simultaneously contracts with the same party to repurchase similar but
not identical
securities
on a specified future date. |
1 |
Currency
Extension
Interest
Rate
Leverage
Liquidity
Market
Political
Prepayment
|
INSTRUMENT |
FUND
CODE |
RISK
TYPE |
Municipal
Securities: Securities
issued by a state or political subdivision to obtain funds for
various
public purposes. Municipal securities include, among others, private
activity bonds and
industrial
development bonds, as well as general obligation notes, tax anticipation
notes, bond
anticipation
notes, revenue anticipation notes, other short-term tax-exempt
obligations,
municipal
leases, obligations of municipal housing authorities and single family
revenue bonds. |
1–6 |
Credit
Interest
Rate
Market
Natural
Event
Political
Prepayment
Tax
Valuation |
New
Financial Products:
New options and futures contracts and other financial products continue
to
be developed and the Fund may invest in such options, contracts and
products. |
1–6 |
Credit
Liquidity
Management
Market |
Obligations
of Supranational Agencies:
Obligations which are chartered to promote economic
development
and are supported by various governments and governmental
agencies. |
1 |
Credit
Foreign
Investment
Liquidity
Political
Valuation |
Options
and Futures Transactions:
A Fund may purchase and sell (a) exchange traded and over-
the-counter
put and call options on securities, indexes of securities and futures
contracts on
securities
and indexes of securities, and (b) futures contracts on securities and
indexes of
securities. |
1–6 |
Credit
Leverage
Liquidity
Management
Market |
Preferred
Stock:
A class of stock that generally pays a dividend at a specified rate and
has
preference
over common stock in the payment of dividends and in
liquidation. |
1 |
Market |
Private
Placements, Restricted Securities and Other Unregistered
Securities:
Securities not
registered
under the Securities Act of 1933, such as privately placed commercial
paper and
Rule
144A securities. |
1–6 |
Liquidity
Market
Valuation |
Repurchase
Agreements:
The purchase of a security and the simultaneous commitment to return
the
security to the seller at an agreed upon price on an agreed upon date.
This is treated as a
loan. |
1–6 |
Credit
Liquidity
Market |
Reverse
Repurchase Agreements1:
The sale of a security and the simultaneous commitment to
buy
the security back at an agreed upon price on an agreed upon date. This is
treated as
borrowing
by a Fund. |
3 |
Credit
Leverage
Market |
Short-Term
Funding Agreements:
Agreements issued by banks and highly rated U.S. insurance
companies
such as Guaranteed Investment Contracts (GICs) and Bank Investment
Contracts
(BICs). |
1–6 |
Credit
Liquidity
Market |
Sovereign
Obligations:
Investments in debt obligations issued or guaranteed by a foreign
sovereign
government or its agencies, authorities or political
subdivisions. |
1 |
Credit
Foreign
Investment
Liquidity
Political
Valuation |
Stripped
Mortgage-Backed Securities:
Derivative multi-class mortgage securities which are
usually
structured with two classes of shares that receive different proportions
of the interest
and
principal from a pool of mortgage assets. These include Interest Only (IO)
and Principal Only
(PO)
securities issued outside a Real Estate Mortgage Investment Conduit
(REMIC) or CMO
structure. |
1–2,
4–6 |
Credit
Liquidity
Market
Political
Prepayment
Valuation
|
INSTRUMENT |
FUND
CODE |
RISK
TYPE |
Structured
Investments:
A security having a return tied to an underlying index or other security
or
asset class. Structured investments generally are individually negotiated
agreements and
may
be traded over-the-counter. Structured investments are organized and
operated to
restructure
the investment characteristics of the underlying
security. |
1–6 |
Credit
Foreign
Investment
Liquidity
Management
Market
Valuation |
Swaps
and Related Swap Products:
Swaps involve an exchange of obligations by two parties.
Caps
and floors entitle a purchaser to a principal amount from the seller of
the cap or floor to
the
extent that a specified index exceeds or falls below a predetermined
interest rate or
amount.
A Fund may enter into these transactions to manage its exposure to
changing interest
rates
and other factors. |
1–6 |
Credit
Currency
Interest
Rate
Leverage
Liquidity
Management
Market
Political
Valuation |
Synthetic
Variable Rate Instruments: Instruments
that generally involve the deposit of a long-
term
tax exempt bond in a custody or trust arrangement and the creation of a
mechanism to
adjust
the long-term interest rate on the bond to a variable short-term rate and
a right (subject
to
certain conditions) on the part of the purchaser to tender it periodically
to a third party at
par. |
1–6 |
Credit
Liquidity
Market |
Temporary
Defensive Positions:
To respond to unusual circumstances a Fund may invest in cash
and
cash equivalents for temporary defensive purposes. |
1–6 |
Credit
Interest
Rate
Liquidity
Market |
Treasury
Receipts:
A Fund may purchase interests in separately traded interest and principal
component
parts of U.S. Treasury obligations that are issued by banks or brokerage
firms and
that
are created by depositing U.S. Treasury notes and U.S. Treasury bonds into
a special
account
at a custodian bank. Receipts include Treasury Receipts (TRs), Treasury
Investment
Growth
Receipts (TIGRs) and Certificates of Accrual on Treasury Securities
(CATS). |
1–6 |
Market |
U.S.
Government Agency Securities:
Securities issued or guaranteed by agencies and
instrumentalities
of the U.S. government. These include all types of securities issued by
the
Government
National Mortgage Association (Ginnie Mae), the Federal National Mortgage
Association
(Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac),
including
funding notes, subordinated benchmark notes, CMOs and Real Estate Mortgage
Investment
Conduits (REMICs). |
1–6 |
Credit
Government
Securities
Interest
Rate
Market |
U.S.
Government Obligations:
May include direct obligations of the U.S. Treasury, including
Treasury
bills, notes and bonds, all of which are backed as to principal and
interest payments by
the
full faith and credit of the United States, and separately traded
principal and interest
component
parts of such obligations that are transferable through the Federal
book-entry
system
known as Separate Trading of Registered Interest and Principal of
Securities (STRIPS)
and
Coupons Under Book Entry Safekeeping (CUBES). |
1–6 |
Interest
Rate
Market |
Variable
and Floating Rate Instruments:
Obligations with interest rates which are reset daily,
weekly,
quarterly or some other frequency and which may be payable to a Fund on
demand or
at
the expiration of a specified term. |
1–6 |
Credit
Liquidity
Market
Valuation |
When-Issued
Securities, Delayed Delivery Securities and Forward
Commitments:
Purchase or
contract
to purchase securities at a fixed price for delivery at a future
date. |
1–6 |
Credit
Leverage
Liquidity
Market
Valuation
|
INSTRUMENT |
FUND
CODE |
RISK
TYPE |
Zero-Coupon,
Pay-in-Kind and Deferred Payment Securities:
Zero-coupon securities are securities
that
are sold at a discount to par value and on which interest payments are not
made during the
life
of the security. Pay-in-kind securities are securities that have interest
payable by delivery of
additional
securities. Deferred payment securities are zero-coupon debt securities
which
convert
on a specified date to interest bearing debt
securities. |
1–6 |
Credit
Currency
Interest
Rate
Liquidity
Market
Political
Valuation
Zero-Coupon
Bond |
|
Per
share operating performance | ||||
|
|
Investment
operations |
Distributions | ||
|
Net
asset
value,
beginning
of
period |
Net
investment
income
(loss)(a) |
Net
realized
and
unrealized
gains
(losses)
on
investments |
Total
from
investment
operations |
Net
investment
income |
JPMorgan
Short-Intermediate Municipal Bond Fund |
|
|
|
|
|
Class
A |
|
|
|
|
|
Year
Ended February 29, 2024 |
$10.02 |
$0.20 |
$0.11 |
$0.31 |
$(0.21) |
Year
Ended February 28, 2023 |
10.46 |
0.14 |
(0.44) |
(0.30) |
(0.14) |
Year
Ended February 28, 2022 |
10.78 |
0.11 |
(0.32) |
(0.21) |
(0.11) |
Year
Ended February 28, 2021 |
10.86 |
0.13 |
(0.08) |
0.05 |
(0.13) |
Year
Ended February 29, 2020 |
10.49 |
0.16 |
0.37 |
0.53 |
(0.16) |
Class
C |
|
|
|
|
|
Year
Ended February 29, 2024 |
10.12 |
0.15 |
0.10 |
0.25 |
(0.15) |
Year
Ended February 28, 2023 |
10.56 |
0.09 |
(0.44) |
(0.35) |
(0.09) |
Year
Ended February 28, 2022 |
10.88 |
0.06 |
(0.32) |
(0.26) |
(0.06) |
Year
Ended February 28, 2021 |
10.96 |
0.08 |
(0.09) |
(0.01) |
(0.07) |
Year
Ended February 29, 2020 |
10.59 |
0.11 |
0.37 |
0.48 |
(0.11) |
Class
I |
|
|
|
|
|
Year
Ended February 29, 2024 |
10.08 |
0.24 |
0.11 |
0.35 |
(0.25) |
Year
Ended February 28, 2023 |
10.52 |
0.18 |
(0.43) |
(0.25) |
(0.19) |
Year
Ended February 28, 2022 |
10.84 |
0.16 |
(0.32) |
(0.16) |
(0.16) |
Year
Ended February 28, 2021 |
10.92 |
0.18 |
(0.09) |
0.09 |
(0.17) |
Year
Ended February 29, 2020 |
10.55 |
0.21 |
0.37 |
0.58 |
(0.21) |
|
Ratios/Supplemental
data | |||||
|
|
|
Ratios
to average net assets |
| ||
Net
asset
value,
end
of
period |
Total
return
(excludes
sales
charge)(b) |
Net
assets,
end
of
period
(000's) |
Net
expenses(c) |
Net
investment
income
(loss) |
Expenses
without
waivers
and reimbursements |
Portfolio
turnover
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$10.12 |
3.08% |
$86,007 |
0.70% |
1.98% |
0.87% |
44% |
10.02 |
(2.86) |
95,647 |
0.70 |
1.36 |
0.87 |
8 |
10.46 |
(1.96) |
93,976 |
0.70 |
1.02 |
0.85 |
21 |
10.78 |
0.43 |
80,956 |
0.69 |
1.20 |
0.86 |
21 |
10.86 |
5.12 |
53,408 |
0.70 |
1.48 |
0.86 |
24 |
|
|
|
|
|
|
|
10.22 |
2.52 |
2,020 |
1.20 |
1.47 |
1.39 |
44 |
10.12 |
(3.34) |
2,590 |
1.20 |
0.85 |
1.37 |
8 |
10.56 |
(2.45) |
3,473 |
1.20 |
0.52 |
1.36 |
21 |
10.88 |
(0.09) |
4,626 |
1.19 |
0.72 |
1.36 |
21 |
10.96 |
4.52 |
4,303 |
1.20 |
0.99 |
1.36 |
24 |
|
|
|
|
|
|
|
10.18 |
3.53 |
357,230 |
0.25 |
2.42 |
0.62 |
44 |
10.08 |
(2.41) |
472,108 |
0.25 |
1.79 |
0.61 |
8 |
10.52 |
(1.51) |
823,600 |
0.25 |
1.47 |
0.60 |
21 |
10.84 |
0.87 |
829,847 |
0.24 |
1.66 |
0.60 |
21 |
10.92 |
5.56 |
641,836 |
0.24 |
1.94 |
0.61 |
24 |
|
Per
share operating performance | ||||
|
|
Investment
operations |
Distributions | ||
|
Net
asset
value,
beginning
of
period |
Net
investment
income
(loss)(a) |
Net
realized
and
unrealized
gains
(losses)
on
investments |
Total
from
investment
operations |
Net
investment
income |
JPMorgan
Tax Free Bond Fund |
|
|
|
|
|
Class
A |
|
|
|
|
|
Year
Ended February 29, 2024 |
$10.70 |
$0.38 |
$0.19 |
$0.57 |
$(0.37) |
Year
Ended February 28, 2023 |
12.15 |
0.33 |
(1.45) |
(1.12) |
(0.33) |
Year
Ended February 28, 2022 |
12.46 |
0.27 |
(0.31) |
(0.04) |
(0.27) |
Year
Ended February 28, 2021 |
12.66 |
0.28 |
(0.20) |
0.08 |
(0.28) |
Year
Ended February 29, 2020 |
11.77 |
0.32 |
0.89 |
1.21 |
(0.32) |
Class
C |
|
|
|
|
|
Year
Ended February 29, 2024 |
10.60 |
0.31 |
0.20 |
0.51 |
(0.31) |
Year
Ended February 28, 2023 |
12.04 |
0.26 |
(1.44) |
(1.18) |
(0.26) |
Year
Ended February 28, 2022 |
12.35 |
0.19 |
(0.31) |
(0.12) |
(0.19) |
Year
Ended February 28, 2021 |
12.55 |
0.21 |
(0.21) |
—(d) |
(0.20) |
Year
Ended February 29, 2020 |
11.67 |
0.25 |
0.87 |
1.12 |
(0.24) |
Class
I |
|
|
|
|
|
Year
Ended February 29, 2024 |
10.65 |
0.40 |
0.19 |
0.59 |
(0.39) |
Year
Ended February 28, 2023 |
12.09 |
0.35 |
(1.44) |
(1.09) |
(0.35) |
Year
Ended February 28, 2022 |
12.41 |
0.29 |
(0.32) |
(0.03) |
(0.29) |
Year
Ended February 28, 2021 |
12.61 |
0.31 |
(0.21) |
0.10 |
(0.30) |
Year
Ended February 29, 2020 |
11.72 |
0.34 |
0.89 |
1.23 |
(0.34) |
|
Ratios/Supplemental
data | |||||
|
|
|
Ratios
to average net assets |
| ||
Net
asset
value,
end
of
period |
Total
return
(excludes
sales
charge)(b) |
Net
assets,
end
of
period
(000's) |
Net
expenses(c) |
Net
investment
income
(loss) |
Expenses
without
waivers
and reimbursements |
Portfolio
turnover
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$10.90 |
5.44% |
$248,803 |
0.66% |
3.50% |
0.94% |
55% |
10.70 |
(9.24) |
254,468 |
0.67 |
2.99 |
0.95 |
42 |
12.15 |
(0.40) |
330,640 |
0.67 |
2.12 |
0.94 |
16 |
12.46 |
0.66 |
302,134 |
0.66 |
2.28 |
0.95 |
23 |
12.66 |
10.37 |
231,815 |
0.67 |
2.58 |
0.97 |
31 |
|
|
|
|
|
|
|
10.80 |
4.88 |
7,752 |
1.25 |
2.92 |
1.45 |
55 |
10.60 |
(9.78) |
8,546 |
1.25 |
2.39 |
1.45 |
42 |
12.04 |
(0.99) |
12,535 |
1.25 |
1.54 |
1.44 |
16 |
12.35 |
0.07 |
16,524 |
1.24 |
1.70 |
1.45 |
23 |
12.55 |
9.73 |
26,965 |
1.25 |
2.05 |
1.48 |
31 |
|
|
|
|
|
|
|
10.85 |
5.71 |
225,434 |
0.44 |
3.73 |
0.69 |
55 |
10.65 |
(9.00) |
128,202 |
0.45 |
3.20 |
0.70 |
42 |
12.09 |
(0.27) |
173,023 |
0.45 |
2.34 |
0.69 |
16 |
12.41 |
0.88 |
176,073 |
0.45 |
2.50 |
0.70 |
23 |
12.61 |
10.66 |
177,584 |
0.45 |
2.82 |
0.72 |
31 |
|
Per
share operating performance | |||||
|
|
Investment
operations |
Distributions | |||
|
Net
asset
value,
beginning
of
period |
Net
investment
income
(loss)(a) |
Net
realized
and
unrealized
gains
(losses)
on
investments |
Total
from
investment
operations |
Net
Investment
income |
Net
asset
value,
end
of
period |
JPMorgan
Ultra-Short Municipal Fund |
|
|
|
|
|
|
Class
A |
|
|
|
|
|
|
Year
Ended February 29, 2024 |
$9.90 |
$0.25 |
$0.08 |
$0.33 |
$(0.25) |
$9.98 |
Year
Ended February 28, 2023 |
9.98 |
0.13 |
(0.11) |
0.02 |
(0.10) |
9.90 |
Year
Ended February 28, 2022 |
10.07 |
0.01 |
(0.09) |
(0.08) |
(0.01) |
9.98 |
Year
Ended February 28, 2021 |
10.08 |
0.03 |
—(d) |
0.03 |
(0.04) |
10.07 |
Year
Ended February 29, 2020 |
10.03 |
0.12 |
0.06 |
0.18 |
(0.13) |
10.08 |
Class
I |
|
|
|
|
|
|
Year
Ended February 29, 2024 |
9.89 |
0.27 |
0.09 |
0.36 |
(0.28) |
9.97 |
Year
Ended February 28, 2023 |
9.98 |
0.10 |
(0.07) |
0.03 |
(0.12) |
9.89 |
Year
Ended February 28, 2022 |
10.06 |
0.03 |
(0.08) |
(0.05) |
(0.03) |
9.98 |
Year
Ended February 28, 2021 |
10.07 |
0.05 |
—(d) |
0.05 |
(0.06) |
10.06 |
Year
Ended February 29, 2020 |
10.02 |
0.14 |
0.05 |
0.19 |
(0.14) |
10.07 |
|
Ratios/Supplemental
data | ||||
|
|
Ratios
to average net assets |
| ||
Total
return
(excludes
sales
charge)(b) |
Net
assets,
end
of
period
(000's) |
Net
expenses(c) |
Net
investment
income
(loss) |
Expenses
without
waivers
and reimbursements |
Portfolio
turnover
rate |
|
|
|
|
|
|
|
|
|
|
|
|
3.41% |
$166,704 |
0.44% |
2.48% |
0.75% |
74% |
0.18 |
263,135 |
0.44 |
1.27 |
0.76 |
16 |
(0.83) |
72,506 |
0.45 |
0.06 |
0.75 |
33 |
0.30 |
143,944 |
0.44 |
0.35 |
0.75 |
71 |
1.76 |
106,625 |
0.45 |
1.23 |
0.76 |
48 |
|
|
|
|
|
|
3.66 |
1,573,798 |
0.24 |
2.72 |
0.50 |
74 |
0.27 |
2,073,626 |
0.24 |
1.04 |
0.51 |
16 |
(0.53) |
3,984,195 |
0.25 |
0.26 |
0.50 |
33 |
0.51 |
6,666,678 |
0.24 |
0.53 |
0.50 |
71 |
1.96 |
4,050,886 |
0.25 |
1.43 |
0.50 |
48 |
|
|
Per
share operating performance | |||
|
|
Investment
operations |
Distributions | ||
|
Net
asset
value,
beginning
of
period |
Net
investment
income
(loss)(a) |
Net
realized
and
unrealized
gains
(losses)
on
investments |
Total
from
investment
operations |
Net
investment
income |
JPMorgan
California Tax Free Bond Fund |
|
|
|
|
|
Class
A |
|
|
|
|
|
Year
Ended February 29, 2024 |
$10.15 |
$0.26 |
$0.18 |
$0.44 |
$(0.25) |
Year
Ended February 28, 2023 |
10.68 |
0.20 |
(0.53) |
(0.33) |
(0.20) |
Year
Ended February 28, 2022 |
11.06 |
0.16 |
(0.38) |
(0.22) |
(0.16) |
Year
Ended February 28, 2021 |
11.25 |
0.17 |
(0.19) |
(0.02) |
(0.17) |
Year
Ended February 29, 2020 |
10.71 |
0.23 |
0.54 |
0.77 |
(0.23) |
Class
C |
|
|
|
|
|
Year
Ended February 29, 2024 |
10.06 |
0.20 |
0.19 |
0.39 |
(0.20) |
Year
Ended February 28, 2023 |
10.59 |
0.15 |
(0.53) |
(0.38) |
(0.15) |
Year
Ended February 28, 2022 |
10.96 |
0.10 |
(0.37) |
(0.27) |
(0.10) |
Year
Ended February 28, 2021 |
11.15 |
0.12 |
(0.20) |
(0.08) |
(0.11) |
Year
Ended February 29, 2020 |
10.62 |
0.18 |
0.53 |
0.71 |
(0.18) |
Class
I |
|
|
|
|
|
Year
Ended February 29, 2024 |
9.90 |
0.26 |
0.19 |
0.45 |
(0.26) |
Year
Ended February 28, 2023 |
10.43 |
0.21 |
(0.53) |
(0.32) |
(0.21) |
Year
Ended February 28, 2022 |
10.80 |
0.17 |
(0.37) |
(0.20) |
(0.17) |
Year
Ended February 28, 2021 |
10.99 |
0.18 |
(0.19) |
(0.01) |
(0.18) |
Year
Ended February 29, 2020 |
10.47 |
0.24 |
0.52 |
0.76 |
(0.24) |
|
Ratios/Supplemental
data | |||||
|
|
|
Ratios
to average net assets |
| ||
Net
asset
value,
end
of
period |
Total
return
(excludes
sales
charge) (b) |
Net
assets,
end
of
period
(000’s) |
Net
expenses
(c) |
Net
investment
income
(loss) |
Expenses
without
waivers
and reimbursements |
Portfolio
turnover
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$10.34 |
4.45% |
$107,875 |
0.55% |
2.53% |
0.97% |
36% |
10.15 |
(3.04) |
104,073 |
0.58 |
2.00 |
0.96 |
25 |
10.68 |
(2.05) |
136,939 |
0.60 |
1.43 |
0.94 |
11 |
11.06 |
(0.19) |
154,108 |
0.59 |
1.54 |
0.93 |
6 |
11.25 |
7.29 |
126,253 |
0.60 |
2.13 |
0.96 |
8 |
|
|
|
|
|
|
|
10.25 |
3.95 |
9,492 |
1.05 |
2.00 |
1.48 |
36 |
10.06 |
(3.56) |
17,015 |
1.08 |
1.49 |
1.46 |
25 |
10.59 |
(2.47) |
24,442 |
1.10 |
0.93 |
1.43 |
11 |
10.96 |
(0.70) |
33,234 |
1.09 |
1.07 |
1.43 |
6 |
11.15 |
6.72 |
52,168 |
1.10 |
1.66 |
1.47 |
8 |
|
|
|
|
|
|
|
10.09 |
4.67 |
65,275 |
0.45 |
2.65 |
0.72 |
36 |
9.90 |
(3.01) |
47,695 |
0.49 |
2.06 |
0.70 |
25 |
10.43 |
(1.90) |
80,566 |
0.50 |
1.53 |
0.68 |
11 |
10.80 |
(0.09) |
100,163 |
0.49 |
1.62 |
0.68 |
6 |
10.99 |
7.37 |
60,122 |
0.50 |
2.26 |
0.71 |
8 |
|
Per
share operating performance | ||||||
|
|
Investment
operations |
Distributions | ||||
|
Net
asset
value,
beginning
of
period |
Net
investment
income
(loss)(a) |
Net
realized
and
unrealized
gains
(losses)
on
investments |
Total
from
investment
operations |
Net
investment
income |
Net
realized
gain |
Total
distributions |
JPMorgan
National Municipal Income Fund |
|
|
|
|
|
|
|
Class
A |
|
|
|
|
|
|
|
Year
Ended February 29, 2024 |
$10.13 |
$0.31 |
$0.11 |
$0.42 |
$(0.32) |
$— |
$(0.32) |
Year
Ended February 28, 2023 |
10.91 |
0.27 |
(0.78) |
(0.51) |
(0.26) |
(0.01) |
(0.27) |
Year
Ended February 28, 2022 |
11.37 |
0.23 |
(0.37) |
(0.14) |
(0.23) |
(0.09) |
(0.32) |
Year
Ended February 28, 2021 |
11.52 |
0.22 |
(0.16) |
0.06 |
(0.21) |
— |
(0.21) |
Year
Ended February 29, 2020 |
10.91 |
0.24 |
0.61 |
0.85 |
(0.24) |
— |
(0.24) |
Class
C |
|
|
|
|
|
|
|
Year
Ended February 29, 2024 |
9.86 |
0.25 |
0.09 |
0.34 |
(0.26) |
— |
(0.26) |
Year
Ended February 28, 2023 |
10.62 |
0.20 |
(0.75) |
(0.55) |
(0.20) |
(0.01) |
(0.21) |
Year
Ended February 28, 2022 |
11.07 |
0.17 |
(0.36) |
(0.19) |
(0.17) |
(0.09) |
(0.26) |
Year
Ended February 28, 2021 |
11.23 |
0.15 |
(0.16) |
(0.01) |
(0.15) |
— |
(0.15) |
Year
Ended February 29, 2020 |
10.63 |
0.18 |
0.60 |
0.78 |
(0.18) |
— |
(0.18) |
Class
I |
|
|
|
|
|
|
|
Year
Ended February 29, 2024 |
9.93 |
0.33 |
0.09 |
0.42 |
(0.34) |
— |
(0.34) |
Year
Ended February 28, 2023 |
10.69 |
0.29 |
(0.75) |
(0.46) |
(0.29) |
(0.01) |
(0.30) |
Year
Ended February 28, 2022 |
11.15 |
0.26 |
(0.37) |
(0.11) |
(0.26) |
(0.09) |
(0.35) |
Year
Ended February 28, 2021 |
11.31 |
0.24 |
(0.16) |
0.08 |
(0.24) |
— |
(0.24) |
Year
Ended February 29, 2020 |
10.71 |
0.27 |
0.60 |
0.87 |
(0.27) |
— |
(0.27) |
|
Ratios/Supplemental
data | |||||
|
|
|
Ratios
to average net assets |
| ||
Net
asset
value,
end
of
period |
Total
return
(excludes
sales
charge) (b) |
Net
assets,
end
of
period
(000’s) |
Net
expenses
(c) |
Net
investment
income
(loss) |
Expenses
without
waivers
and reimbursements |
Portfolio
turnover
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$10.23 |
4.19% |
$377,730 |
0.65% |
3.09% |
0.91% |
24% |
10.13 |
(4.66) |
350,327 |
0.65 |
2.60 |
0.91 |
36 |
10.91 |
(1.29) |
341,321 |
0.65 |
2.06 |
0.90 |
12 |
11.37 |
0.57 |
308,709 |
0.64 |
1.93 |
0.90 |
34 |
11.52 |
7.86 |
250,087 |
0.65 |
2.17 |
0.90 |
20 |
|
|
|
|
|
|
|
9.94 |
3.52 |
6,898 |
1.20 |
2.53 |
1.42 |
24 |
9.86 |
(5.12) |
10,327 |
1.20 |
2.03 |
1.41 |
36 |
10.62 |
(1.77) |
14,423 |
1.20 |
1.51 |
1.40 |
12 |
11.07 |
(0.07) |
19,061 |
1.19 |
1.38 |
1.40 |
34 |
11.23 |
7.38 |
29,173 |
1.20 |
1.63 |
1.40 |
20 |
|
|
|
|
|
|
|
10.01 |
4.34 |
583,636 |
0.40 |
3.34 |
0.66 |
24 |
9.93 |
(4.32) |
678,857 |
0.40 |
2.84 |
0.66 |
36 |
10.69 |
(1.06) |
655,190 |
0.40 |
2.31 |
0.65 |
12 |
11.15 |
0.75 |
622,009 |
0.39 |
2.17 |
0.65 |
34 |
11.31 |
8.19 |
660,041 |
0.40 |
2.42 |
0.64 |
20 |
|
Per
share operating performance | ||||
|
|
Investment
operations |
Distributions | ||
|
Net
asset
value,
beginning
of
period |
Net
investment
income
(loss)(a) |
Net
realized
and
unrealized
gains
(losses)
on
investments |
Total
from
investment
operations |
Net
investment
income |
JPMorgan
New York Tax Free Bond Fund |
|
|
|
|
|
Class
A |
|
|
|
|
|
Year
Ended February 29, 2024 |
$6.37 |
$0.17 |
$0.10 |
$0.27 |
$(0.17) |
Year
Ended February 28, 2023 |
6.71 |
0.13 |
(0.34) |
(0.21) |
(0.13) |
Year
Ended February 28, 2022 |
6.93 |
0.11 |
(0.21) |
(0.10) |
(0.12) |
Year
Ended February 28, 2021 |
7.06 |
0.12 |
(0.13) |
(0.01) |
(0.12) |
Year
Ended February 29, 2020 |
6.71 |
0.14 |
0.35 |
0.49 |
(0.14) |
Class
C |
|
|
|
|
|
Year
Ended February 29, 2024 |
6.37 |
0.14 |
0.10 |
0.24 |
(0.14) |
Year
Ended February 28, 2023 |
6.71 |
0.10 |
(0.34) |
(0.24) |
(0.10) |
Year
Ended February 28, 2022 |
6.93 |
0.08 |
(0.22) |
(0.14) |
(0.08) |
Year
Ended February 28, 2021 |
7.05 |
0.09 |
(0.13) |
(0.04) |
(0.08) |
Year
Ended February 29, 2020 |
6.71 |
0.10 |
0.34 |
0.44 |
(0.10) |
Class
I |
|
|
|
|
|
Year
Ended February 29, 2024 |
6.40 |
0.18 |
0.10 |
0.28 |
(0.18) |
Year
Ended February 28, 2023 |
6.75 |
0.15 |
(0.35) |
(0.20) |
(0.15) |
Year
Ended February 28, 2022 |
6.96 |
0.13 |
(0.21) |
(0.08) |
(0.13) |
Year
Ended February 28, 2021 |
7.09 |
0.14 |
(0.13) |
0.01 |
(0.14) |
Year
Ended February 29, 2020 |
6.75 |
0.15 |
0.34 |
0.49 |
(0.15) |
|
Ratios/Supplemental
data | |||||
|
|
|
Ratios
to average net assets |
| ||
Net
asset
value,
end
of
period |
Total
return(b) |
Net
assets,
end
of
period
(000's) |
Net
expenses(c) |
Net
investment
income
(loss) |
Expenses
without
waivers
and reimbursements |
Portfolio
turnover
rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$6.47 |
4.34% |
$123,310 |
0.55% |
2.68% |
0.96% |
37% |
6.37 |
(3.04) |
123,246 |
0.68 |
2.10 |
0.95 |
30 |
6.71 |
(1.55) |
143,940 |
0.75 |
1.60 |
0.94 |
10 |
6.93 |
(0.13) |
166,435 |
0.74 |
1.77 |
0.93 |
5 |
7.06 |
7.31 |
164,358 |
0.75 |
1.96 |
0.95 |
13 |
|
|
|
|
|
|
|
6.47 |
3.80 |
10,882 |
1.05 |
2.15 |
1.46 |
37 |
6.37 |
(3.53) |
19,364 |
1.19 |
1.59 |
1.45 |
30 |
6.71 |
(2.05) |
24,776 |
1.25 |
1.10 |
1.44 |
10 |
6.93 |
(0.51) |
31,173 |
1.24 |
1.26 |
1.43 |
5 |
7.05 |
6.62 |
57,781 |
1.25 |
1.49 |
1.45 |
13 |
|
|
|
|
|
|
|
6.50 |
4.42 |
112,611 |
0.45 |
2.79 |
0.70 |
37 |
6.40 |
(2.97) |
89,832 |
0.48 |
2.33 |
0.70 |
30 |
6.75 |
(1.16) |
76,802 |
0.50 |
1.85 |
0.69 |
10 |
6.96 |
0.12 |
87,928 |
0.49 |
2.02 |
0.68 |
5 |
7.09 |
7.38 |
105,497 |
0.50 |
2.22 |
0.70 |
13 |
|
|
|
|
|
Class |
Net
Expense Ratio |
Gross
Expense Ratio |
JPMorgan
Short-Intermediate Municipal Bond Fund |
A |
0.70
% |
0.88
% |
|
C |
1.20
% |
1.40
% |
|
I |
0.25
% |
0.63
% |
JPMorgan
Tax Free Bond Fund |
A |
0.67
% |
0.95
% |
|
C |
1.25
% |
1.46
% |
|
I |
0.45
% |
0.70
% |
JPMorgan
National Municipal Income Fund |
A |
0.65
% |
0.91
% |
|
C |
1.20
% |
1.42
% |
|
I |
0.40
% |
0.66
% |
JPMorgan
Short-Intermediate Municipal Bond Fund | ||||||||
|
Class
A |
Class
C1
| ||||||
Period
Ended |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
June
30, 2025 |
$295 |
2.64% |
1.95% |
1.95% |
$122 |
5.00% |
3.80% |
3.80% |
June
30, 2026 |
92 |
7.77 |
6.15 |
4.12 |
148 |
10.25 |
7.54 |
3.60 |
June
30, 2027 |
95 |
13.16 |
10.53 |
4.12 |
153 |
15.76 |
11.41 |
3.60 |
June
30, 2028 |
99 |
18.82 |
15.08 |
4.12 |
159 |
21.55 |
15.42 |
3.60 |
June
30, 2029 |
103 |
24.76 |
19.82 |
4.12 |
164 |
27.63 |
19.57 |
3.60 |
June
30, 2030 |
108 |
30.99 |
24.76 |
4.12 |
170 |
34.01 |
23.88 |
3.60 |
June
30, 2031 |
112 |
37.54 |
29.90 |
4.12 |
177 |
40.71 |
28.34 |
3.60 |
June
30, 2032 |
117 |
44.42 |
35.25 |
4.12 |
183 |
47.75 |
32.96 |
3.60 |
June
30, 2033 |
121 |
51.64 |
40.82 |
4.12 |
119 |
55.13 |
38.44 |
4.12 |
June
30, 2034 |
126 |
59.22 |
46.63 |
4.12 |
124 |
62.89 |
44.14 |
4.12 |
|
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
|
|
$222 |
4.00% |
2.80% |
2.80% |
|
| ||||
|
Class
I | |||
Period
Ended |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
June
30, 2025 |
$26 |
5.00% |
4.75% |
4.75% |
June
30, 2026 |
67 |
10.25 |
9.33 |
4.37 |
June
30, 2027 |
70 |
15.76 |
14.11 |
4.37 |
June
30, 2028 |
73 |
21.55 |
19.09 |
4.37 |
June
30, 2029 |
77 |
27.63 |
24.30 |
4.37 |
June
30, 2030 |
80 |
34.01 |
29.73 |
4.37 |
June
30, 2031 |
84 |
40.71 |
35.40 |
4.37 |
June
30, 2032 |
87 |
47.75 |
41.31 |
4.37 |
June
30, 2033 |
91 |
55.13 |
47.49 |
4.37 |
June
30, 2034 |
95 |
62.89 |
53.93 |
4.37 |
JPMorgan
Tax Free Bond Fund | ||||||||
|
Class
A |
Class
C1
| ||||||
Period
Ended |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
June
30, 2025 |
$441 |
1.06% |
0.42% |
0.42% |
$127 |
5.00% |
3.75% |
3.75% |
June
30, 2026 |
97 |
6.12 |
4.48 |
4.05 |
154 |
10.25 |
7.42 |
3.54 |
June
30, 2027 |
101 |
11.42 |
8.72 |
4.05 |
160 |
15.76 |
11.23 |
3.54 |
June
30, 2028 |
105 |
16.99 |
13.12 |
4.05 |
165 |
21.55 |
15.16 |
3.54 |
June
30, 2029 |
110 |
22.84 |
17.70 |
4.05 |
171 |
27.63 |
19.24 |
3.54 |
June
30, 2030 |
114 |
28.98 |
22.47 |
4.05 |
177 |
34.01 |
23.46 |
3.54 |
June
30, 2031 |
119 |
35.43 |
27.43 |
4.05 |
183 |
40.71 |
27.83 |
3.54 |
June
30, 2032 |
124 |
42.21 |
32.59 |
4.05 |
190 |
47.75 |
32.36 |
3.54 |
June
30, 2033 |
129 |
49.32 |
37.96 |
4.05 |
128 |
55.13 |
37.72 |
4.05 |
June
30, 2034 |
134 |
56.78 |
43.55 |
4.05 |
133 |
62.89 |
43.29 |
4.05 |
|
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
|
|
$227 |
4.00% |
2.75% |
2.75% |
|
| ||||
|
Class
I | |||
Period
Ended |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
June
30, 2025 |
$46 |
5.00% |
4.55% |
4.55% |
June
30, 2026 |
75 |
10.25 |
9.05 |
4.30 |
June
30, 2027 |
78 |
15.76 |
13.73 |
4.30 |
June
30, 2028 |
81 |
21.55 |
18.63 |
4.30 |
June
30, 2029 |
85 |
27.63 |
23.73 |
4.30 |
June
30, 2030 |
88 |
34.01 |
29.05 |
4.30 |
June
30, 2031 |
92 |
40.71 |
34.60 |
4.30 |
June
30, 2032 |
96 |
47.75 |
40.38 |
4.30 |
June
30, 2033 |
100 |
55.13 |
46.42 |
4.30 |
June
30, 2034 |
105 |
62.89 |
52.72 |
4.30 |
JPMorgan
National Municipal Income Fund | ||||||||
|
Class
A |
Class
C1
| ||||||
Period
Ended |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
June
30, 2025 |
$439 |
1.06% |
0.44% |
0.44% |
$122 |
5.00% |
3.80% |
3.80% |
June
30, 2026 |
93 |
6.12 |
4.54 |
4.09 |
150 |
10.25 |
7.52 |
3.58 |
June
30, 2027 |
97 |
11.42 |
8.82 |
4.09 |
155 |
15.76 |
11.37 |
3.58 |
June
30, 2028 |
101 |
16.99 |
13.27 |
4.09 |
161 |
21.55 |
15.35 |
3.58 |
June
30, 2029 |
105 |
22.84 |
17.90 |
4.09 |
167 |
27.63 |
19.48 |
3.58 |
June
30, 2030 |
109 |
28.98 |
22.73 |
4.09 |
173 |
34.01 |
23.76 |
3.58 |
June
30, 2031 |
114 |
35.43 |
27.75 |
4.09 |
179 |
40.71 |
28.19 |
3.58 |
June
30, 2032 |
119 |
42.21 |
32.97 |
4.09 |
185 |
47.75 |
32.78 |
3.58 |
June
30, 2033 |
123 |
49.32 |
38.41 |
4.09 |
123 |
55.13 |
38.21 |
4.09 |
June
30, 2034 |
129 |
56.78 |
44.07 |
4.09 |
128 |
62.89 |
43.86 |
4.09 |
|
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
|
|
$222 |
4.00% |
2.80% |
2.80% |
|
| ||||
|
Class
I | |||
Period
Ended |
Annual
Costs |
Gross
Cumulative
Return |
Net
Cumulative
Return |
Net
Annual
Return |
June
30, 2025 |
$41 |
5.00% |
4.60% |
4.60% |
June
30, 2026 |
71 |
10.25 |
9.14 |
4.34 |
June
30, 2027 |
74 |
15.76 |
13.88 |
4.34 |
June
30, 2028 |
77 |
21.55 |
18.82 |
4.34 |
June
30, 2029 |
80 |
27.63 |
23.98 |
4.34 |
June
30, 2030 |
84 |
34.01 |
29.36 |
4.34 |
June
30, 2031 |
87 |
40.71 |
34.97 |
4.34 |
June
30, 2032 |
91 |
47.75 |
40.83 |
4.34 |
June
30, 2033 |
95 |
55.13 |
46.94 |
4.34 |
June
30, 2034 |
99 |
62.89 |
53.32 |
4.34 |