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JPMorgan California Tax Free Bond Fund
(JPCBX)
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Objective

The Fund seeks to provide high after-tax total return for California residents, consistent with moderate risk of capital.

Strategy/Investment process

  • Invests primarily in investment-grade California municipal securities.
  • Generally maintains an average weighted maturity between three and seven years, although the Fund may invest in securities with any maturity.
  • Selects individual securities following risk/reward evaluation of interest rate risk, credit risk, and the complex legal and technical structure of the transaction.

Performance

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Fees and Investment Minimums

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Portfolio

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Management

Fund Managers

For more information about this fund, please see the commentary posted below.
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Documents

Disclaimer

The tax equivalent yield is the tax adjusted 30 day SEC yield.

Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.

The Barclays LB California 1-17 Year Muni Index represents the performance of California municipal bonds with maturities from 1-17 years. 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 the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper California Intermediate Municipal Debt 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.

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 and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, performance would have been less favorable.

Ā©2016, 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.
Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

Most of the Fund's investments will be concentrated within one state and its performance will be affected by the fiscal and economic health of that state. Therefore, the Fund could experience more volatility.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.
Total return assumes reinvestment of income.

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.