JPMorgan Funds statistics report: California Tax Free Bond Fund

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1 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan s statistics report: California Tax Free Bond Must be preceded or accompanied by a prospectus. jpmorganfunds.com

2 Table of contents PERFORMANCE DISCLOSURE Performance at NAV 3 Disclosures 12 Calendar year returns 3 EXPENSES Annual operating expenses 4 CHARACTERISTICS statistics 5 SECTORS Sector allocation 6 Aggregate sector breakdown 6 QUALITY BREAKDOWN Quality breakdown (% market value) 7 MATURITY Maturity distribution 8 Priced-to-date 8 AVERAGE LIFE Average life 9 DURATION Contribution to duration 10 Duration breakdown 10 Duration contribution by maturity 10 STATE PROFILE State distribution 11 2 STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

3 Performance Share class - inception date share class # A Shares - 9/10/ with max 3.75% sales charge C Shares - 2/19/ with max 1.00% CDSC Select Shares - 4/21/ Institutional Shares - 12/23/ Bloomberg Barclays LB California 1-17 Year Muni Index 1 month months YTD AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016) day unsubsidized SEC yield 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 yr 1 yr 3 yrs 5 yrs 10 yrs 30-day SEC yield Dividend yield Calendar year returns A Shares - 9/10/ C Shares - 2/19/ Select Shares - 4/21/ Institutional Shares - 12/23/ Bloomberg Barclays LB California 1-17 Year Muni Index STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

4 Expenses Annual operating expenses Expense cap expiration date Expense cap Total annual operating expense Fee waivers and/or expense reimbursements Net expense A Shares 10/31/ (0.34) 0.60 C Shares 10/31/ (0.36) 1.10 S Shares 10/31/ (0.22) 0.50 I Shares 10/31/ (0.04) STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

5 Characteristics statistics Yield to maturity Yield to worst Average price Average maturity Effective (OA) duration Average coupon Average life % AMT Number of positions ,533 5 STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

6 Sectors Sector allocation Aggregate sector breakdown Local GO Prerefunded Transportation State GO Hospital Water & Sewer Special Tax Leasing Electric Education CASH IDR / PCR Revenue GO Prerefunded CASH Insured STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

7 Quality breakdown Quality breakdown (% market value) AAA AA A A & Above BAA <=BA & NR STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

8 Maturity Maturity distribution Priced-to-date Cash/Cash-Equivalent 0.0 to to to to to to to to to to to to to to to to to to to over 30 Other Total Cash/Cash-Equivalent 0.0 to to to to to to to to to to to to to to to to to to to over 30 Other Total STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

9 Average life Average life STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

10 Duration Contribution to duration Duration breakdown Duration contribution by maturity GO N/A Prerefunded Revenue Cash/Cash-Equivalent 0.0 to to to to to to to to to to to to to to to to to to 20.0 Over 20.0 Other Total to to to to to to to to to to to to to to to to to to to 30.0 over 30 Total STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

11 State profile State distribution California Kentucky Pennsylvania Cash Equivalent STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

12 RISKS ASSOCIATED WITH INVESTING IN THE FUND: The following risks could cause the fund to lose money or perform more poorly than other investments. For more complete risk information, see the prospectus. 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. Investments that are concentrated in a single industry, region, or issuer do not represent a complete investment program and may lead to a higher degree of market risk. RETURNS: 1 The quoted performance of the includes performance of a predecessor fund/share class prior to the 's commencement of operations. Please refer to the current prospectus for further information. ANNUAL OPERATING EXPENSES: The s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed the expense cap. This waiver is in effect through the expense cap expiration date, at which time the adviser and/or its affiliates will determine whether to renew or revise it. PORTFOLIO STATISTICS: Average Life: The length of time the principal of a debt issue is expected to be outstanding. Duration: Measures price sensitivity of fixed income securities to interest rate changes. QUALITY DISTRIBUTION: The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such. INDEXES DEFINED: The Bloomberg 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 reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index. NEGATIVE CASH BALANCES: When a negative cash balance is reported, this represents an unsettled trade as of the previous month end. 12 STATISTICS REPORT: CALIFORNIA TAX FREE BOND FUND

13 NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Contact JPMorgan Distribution Services, Inc. at for a fund prospectus. You can also visit us at Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. 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 '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. J.P. Morgan s 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, J.P. Morgan Alternative Asset Management, Inc., and J.P. Morgan Asset Management (Canada), Inc. JPMorgan Chase & Co., December 2016 MFDP-CATFB jpmorganfunds.com