JPMorgan Tax Aware Real Return Fund - Institutional - J.P. Morgan Asset Management
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JPMorgan Tax Aware Real Return Fund
(TXRIX)
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Designed To

Designed to maximize after-tax returns while minimizing the potential impact of inflation.

Approach

  • Invests primarily in a portfolio of municipal obligations whose interest payments are excluded from federal income taxes
  • Utilizes inflation swaps in combination with core portfolio of municipal bonds
  • Actively manages inflation swap portfolio and tactically trades to deliver incremental returns

Performance

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Fees and Minimums

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Portfolio

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Management and Commentary

Fund Managers

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

Disclaimer

1Please refer to the prospectus for additional information about cut-off times.

Total return assumes reinvestment of income.

The cap on annual operating expenses is guaranteed in a fee waiver contract with the investment advisor, administrator and distributor. The cap does not extend to acquired fund costs, dividend expenses relating to short sales, interest, taxes, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan. The cap may be modified or discontinued after 10/31/2018. "Total reductions" includes all applicable fee waivers and expense reimbursements.

The Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years.

The Tax Aware Real Return Composite Benchmark is determined by adding the Bloomberg Barclays U.S. 1-15 Year Blend(1-17) Municipal Bond Index and the Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index.

The performance of the Lipper 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.

©2017, 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.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category 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 managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
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.

Income from investments in municipal securities is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund's tax aware strategies may reduce the amount of taxable income that you recognize as a result of your investment in the Fund but will not eliminate it. These strategies may require trade-offs that reduce pre-tax income.
Total return assumes reinvestment of income.

The duration represents an estimate of the price sensitivity of the Fund to a given change in real interest rates (defined as nominal municipal interest rates minus inflation hedge for this fund) on conventional municipal securities. Actual price movements for the Fund could be significantly different than implied by this estimate. The relationship of inflation-linked instruments and conventional bonds is difficult to predict with accuracy. Therefore, this estimate is less precise than the duration estimates of our conventional bond Funds.

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.

Duration: Measures price sensitivity of fixed income securities to interest rate changes.

Average Life: The length of time the principal of a debt issue is expected to be outstanding.