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JPMorgan Tax Aware Real Return R6 Overview

JPMorgan Tax Aware Real Return R6 (TXRRX) is an actively managed Municipal Bond Muni National Interm fund. JPMorgan launched the fund in 2013.

The investment seeks to maximize after-tax inflation protected return. The fund is designed to protect after‑tax return by, under normal circumstances, primarily investing in a portfolio of municipal obligations whose interest payments are excluded from federal income taxes. It will invest primarily in securities that, at the time of purchase, are rated as investment grade by Moody’s Investors Service Inc. (Moody’s), S&P, or Fitch, meaning that such securities will carry a minimum rating of Baa3, BBB–, or BBB–, respectively or the equivalent by another national rating organization, or are unrated but deemed by the adviser to be of comparable quality.

About JPMorgan Tax Aware Real Return R6 (TXRRX)

There are 3 members of the management team with an average tenure of 5.50 years: David Rooney (2015), Michael Myers (2024), Rachel Betton (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg Municipal TR USD index with a weighting of 100% and Bloomberg Muni 1-15Y Blend(1-17) TR USD index with a weighting of 100%. JPMorgan Tax Aware Real Return R6 has 423 securities in its portfolio. The top 10 holdings constitute 14.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.

JPMorgan Tax Aware Real Return R6 is part of the Fixed Income global asset class and is within the Municipal Bond fund group. JPMorgan Tax Aware Real Return R6 has 1.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.4% (91.1% domestic bond, 1.3% foreign bond and 0.0% convertible bond). JPMorgan Tax Aware Real Return R6 has 7.6% of the portfolio in cash.

Assets Under Management

The fund has $96 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.

TXRRX Performance and Fees

The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The JPMorgan Tax Aware Real Return R6 expense ratio is below average compared to funds in the Muni National Interm category. JPMorgan Tax Aware Real Return R6 has an expense ratio of 0.35%, which is 48% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.

High portfolio turnover can translate to higher expenses and lower aftertax returns. JPMorgan Tax Aware Real Return R6 has a portfolio turnover rate of 65%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 39% for the Muni National Interm category.

Recently, in the month of July 2026, JPMorgan Tax Aware Real Return R6 returned -1.2%, which earned it a grade of A, as the Muni National Interm category had an average return of -1.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.

JPMorgan Tax Aware Real Return R6 has a trailing yield of 3.66%, which is above the 3.27% category average. The fund normally distributes its income monthly.

It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.

JPMorgan Tax Aware Real Return R6 Grades

Year to date, the fund has returned 1.1%, 0.7 percentage points better than the category, which translates into a grade of A. The fund has returned 4.6% over the past year (grade of C), 3.3% over the past three years (grade of C) and 1.7% per year over the past five years (grade of A) and 2.5% per year over the past 10 years (grade of A).

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