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Trending ETFs

Name

As of 06/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.88

$833 M

3.37%

$0.37

0.95%

Vitals

YTD Return

0.5%

1 yr return

4.1%

3 Yr Avg Return

-2.3%

5 Yr Avg Return

0.3%

Net Assets

$833 M

Holdings in Top 10

28.7%

52 WEEK LOW AND HIGH

$10.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.95%

SALES FEES

Front Load 3.75%

Deferred Load N/A

TRADING FEES

Turnover 16.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$1,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 06/17/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.88

$833 M

3.37%

$0.37

0.95%

PMBAX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -2.3%
  • 5 Yr Annualized Total Return 0.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.12%
DIVIDENDS
  • Dividend Yield 3.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan Tax Free Bond Fund
  • Fund Family Name
    JPMorgan Funds
  • Inception Date
    Jun 29, 1995
  • Shares Outstanding
    24337883
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Richard Taormina

Fund Description

Under normal circumstances, the Fund invests at least 80% of its net Assets in municipal bonds, the income from which is exempt from federal income tax. This is a fundamental policy. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes.Municipal bonds are debt securities with maturities of 90 days or more at the time of issuance issued by states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal bonds include private activity and industrial development bonds, tax anticipation notes and participations in pools of municipal securities.Up to 20% of the Fund’s assets may be invested in municipal bonds, the interest on which may be subject to the federal alternative minimum tax for individuals.The securities in which the Fund invests may have fixed rates of return or floating or variable rates. Up to 20% of the Fund’s assets may be held in cash and cash equivalents. The Fund may invest in securities without regard to maturity.The Fund may invest in municipal mortgage-backed and asset-backed securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser’s discretion.The Fund may invest up to 20% of its total assets in securities rated below investment grade. Such securities are known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&P and Ba1 or lower by Moody’s). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A security’s quality is determined at the time of purchase and securities that are rated investment grade or the unrated equivalent may be downgraded or decline in credit quality, such that, following the time of purchase, they would be deemed to be below investment grade. If the quality of an investment grade security is downgraded subsequent to purchase to below investment grade, the Fund may continue to hold the security.The Fund may also invest in zero-coupon securities.Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. Taking a long-term approach, the adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the complex legal and technical structure of the transaction. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities that may be positively impacted by such factors.
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PMBAX - Performance

Return Ranking - Trailing

Period PMBAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -2.9% 17.0% 62.18%
1 Yr 4.1% -1.4% 29.0% 44.86%
3 Yr -2.3%* -11.1% 2.9% 92.26%
5 Yr 0.3%* -6.3% 1102.2% 74.41%
10 Yr 1.8%* -0.6% 248.4% 49.95%

* Annualized

Return Ranking - Calendar

Period PMBAX Return Category Return Low Category Return High Rank in Category (%)
2023 2.8% -1.4% 41.0% 48.73%
2022 -15.6% -39.7% 0.3% 91.48%
2021 0.2% -5.6% 6.9% 21.74%
2020 3.1% -2.6% 310.0% 6.39%
2019 4.5% 0.0% 26.0% 25.42%

Total Return Ranking - Trailing

Period PMBAX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -2.9% 17.0% 62.18%
1 Yr 4.1% -1.4% 29.0% 44.86%
3 Yr -2.3%* -11.1% 2.9% 92.26%
5 Yr 0.3%* -6.3% 1102.2% 74.41%
10 Yr 1.8%* -0.6% 248.4% 49.95%

* Annualized

Total Return Ranking - Calendar

Period PMBAX Return Category Return Low Category Return High Rank in Category (%)
2023 6.4% -1.3% 41.0% 30.81%
2022 -13.1% -39.7% 1.1% 90.82%
2021 2.4% -4.8% 23761504.0% 28.39%
2020 5.5% -1.5% 17057.9% 10.27%
2019 6.1% 0.2% 3514.6% 59.99%

NAV & Total Return History


PMBAX - Holdings

Concentration Analysis

PMBAX Category Low Category High PMBAX % Rank
Net Assets 833 M 3.22 M 71.9 B 32.51%
Number of Holdings 355 2 13067 35.28%
Net Assets in Top 10 239 M -317 M 3.56 B 15.59%
Weighting of Top 10 28.67% 2.0% 100.2% 13.13%

Top 10 Holdings

  1. JPMorgan Institutional Tax Free Money Market Fund, Class IM 16.17%
  2. State of Louisiana Gasoline and Fuels Tax, Second Lien, Series 2023A-1 2.40%
  3. New York City Transitional Finance Authority, Future Tax Secured, Series 2023, Subseries A-2 1.44%
  4. Buckeye Tobacco Settlement Financing Authority, Series 2020B-2, Class 2 1.43%
  5. Tennergy Corp., Gas Supply, Series 2021 A 1.22%
  6. Commonwealth Financing Authority, Tobacco Master Settlement Payment 1.21%
  7. District of Columbia, Medlantic/Helix Issue, Tranche II, Series 1998A 1.20%
  8. City of New York, Fiscal Year 2006, Series 2006, Subseries I-4 1.20%
  9. General Authority of Southcentral Pennsylvania, WellSpan Health Obligated Group, Series 2019E 1.20%
  10. Pennsylvania Turnpike Commission, Series 2023 B 1.20%

Asset Allocation

Weighting Return Low Return High PMBAX % Rank
Bonds
74.93% 0.00% 150.86% 98.38%
Cash
26.55% -50.86% 46.80% 0.52%
Stocks
0.00% 0.00% 99.81% 85.58%
Preferred Stocks
0.00% 0.00% 0.56% 84.15%
Other
0.00% -3.18% 33.35% 80.64%
Convertible Bonds
0.00% 0.00% 0.93% 84.08%

Bond Sector Breakdown

Weighting Return Low Return High PMBAX % Rank
Municipal
98.95% 44.39% 100.00% 40.90%
Cash & Equivalents
26.55% 0.00% 46.24% 0.52%
Derivative
0.00% -3.18% 19.67% 79.86%
Securitized
0.00% 0.00% 5.93% 84.15%
Corporate
0.00% 0.00% 9.41% 85.32%
Government
0.00% 0.00% 52.02% 85.58%

Bond Geographic Breakdown

Weighting Return Low Return High PMBAX % Rank
US
74.93% 0.00% 142.23% 98.38%
Non US
0.00% 0.00% 23.89% 86.22%

PMBAX - Expenses

Operational Fees

PMBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.95% 0.01% 20.65% 32.18%
Management Fee 0.30% 0.00% 1.20% 17.08%
12b-1 Fee 0.25% 0.00% 1.00% 60.07%
Administrative Fee 0.08% 0.01% 0.44% 22.56%

Sales Fees

PMBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 3.75% 0.50% 4.75% 52.12%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

PMBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

PMBAX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 16.00% 0.00% 283.00% 46.64%

PMBAX - Distributions

Dividend Yield Analysis

PMBAX Category Low Category High PMBAX % Rank
Dividend Yield 3.37% 0.00% 14.51% 12.40%

Dividend Distribution Analysis

PMBAX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

PMBAX Category Low Category High PMBAX % Rank
Net Income Ratio 2.12% -0.53% 5.33% 39.71%

Capital Gain Distribution Analysis

PMBAX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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PMBAX - Fund Manager Analysis

Managers

Richard Taormina


Start Date

Tenure

Tenure Rank

Feb 28, 2005

17.26

17.3%

Richard Taormina, Managing Director, has been an employee of JPMIM and/or its affiliates since 1997. Mr. Taormina is responsible for managing municipal mutual funds, institutional fixed income accounts and quantitative analysis. Previously, Mr. Taormina was a Certified Financial Planner for the Financial Advisory Group, where he was an investment analyst. Prior to joining the firm, Rick was a senior trader for national, high-yield, and state-specific funds at the Vanguard Group, where the team consistently performed in the top-quartile. He has been a municipal bond manager since 1990. Ricks holds a B.A. in economics from the University of Delaware, an M.B.A. in finance from Wilmington College, and is a Certified Financial Planner (CFP).

Michelle Hallam


Start Date

Tenure

Tenure Rank

Jul 01, 2014

7.92

7.9%

Ms. Hallam, CFA charterholder and Executive Director, is a senior portfolio manager within the Global Fixed Income, Currency and Commodities (GFICC) group. An employee of JPMIM since 1999, Ms. Hallam is responsible for managing mutual funds and separately managed accounts. She began her career at JPMIM in July 1999 as an analyst in the Internal Consulting Services program where she worked on projects in Investment Management and Financial Risk Management.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.36 1.58