JITAX Fees and Costs — JPMorgan National Municipal Income Fund, Class A
Data updated: 2025-10-29
The net expense ratio is 0.65%: a 0.30% management fee, a 0.25% 12b-1 fee plus 0.35% other expenses, less a 0.26% fee waiver. This share class carries a maximum front-end sales load of 3.75%. In fiscal 2025 the fund paid $82K in broker commissions, 0.0040% of average net assets.
JITAX Fees and Expenses
Annual operating expenses and sales charges of JITAX. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.35% |
| Gross expense ratio | 0.91% |
| Fee waiver | −0.26% |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | 3.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
JITAX Costs Over Time
On $10,000 invested in JITAX, assuming 5% a year before costs, total costs come to $875 over 5 years, cutting the return by 1.48% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Sales charges | $375 | $375 | $375 |
| Fund expenses (net expense ratio 0.65%) | $66 | $206 | $358 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $19 | $69 | $140 |
| Total costs | $460 | $651 | $875 |
| Value after costs | $10,040 | $10,925 | $11,888 |
| Impact on return, per year | 4.60% | 2.01% | 1.48% |
JITAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0040%
- Total broker commissions: $82K
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
JITAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $40K | 48.02% |
| Barclays Capital, Inc. | $27K | 32.89% |
| Deutsche Bank Securities Inc. | $12K | 14.04% |
| BofA Securities, Inc. | $4K | 4.56% |
| Morgan Stanley & Co. LLC | $407 | 0.49% |
JITAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $280.9M | 24.33% |
| Morgan Stanley & Co. LLC | $198.8M | 17.22% |
| Wells Fargo Securities, LLC | $121.6M | 10.54% |
| RBC Capital Markets, LLC | $109.1M | 9.45% |
| Barclays Capital, Inc. | $84.4M | 7.31% |
| Raymond James & Associates, Inc. | $77.3M | 6.70% |
| Jefferies LLC | $77.0M | 6.67% |
| TD SECURITIES (USA) LLC | $74.7M | 6.47% |
| Truist Securities, Inc. | $65.9M | 5.71% |
| Pershing LLC | $64.6M | 5.59% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.