JPMorgan NY Tax Free Bond B  VBNTX
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2009-10-31
Out of
Muni New York Int/Sh Funds
Rating derived from a weighted average of the fund's 3, 5, 10-year rating which are based on risk-adjusted performance.
Morningstar®
Style Box™
What is this?
   Avg Duration
   5.92 Yrs
   Avg Credit Quality
   AA
As of 2009-09-30
Day Change
$ 0.01
  
NAV (2009-11-20)
$ 7.26
  
YTD Return % (2009-11-20)
6.84%
  
Total Assets ($ mil)
945
View Data Definitions
  Performance    
Growth of $10,000 Fund: JPMorgan NY Tax Free Bond B
(from 2001-02-16 to 2009-10-31) Category: Muni New York Int/Sh
Index: BarCap Municipal TR USD
Total Annualized Returns % 1yr, 3yr and 5yr Returns as of 2009-11-20
Inception date: 2001-02-16 10yr and Inception Returns as of 2009-10-31
YTD Returns as of 2009-11-20
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Fund 6.84 7.41 3.72 2.86 --- 3.12
+/- Category -2.78 -2.45 0.54 -0.12 --- ---
+/- BarCap Municipal TR USD -5.30 -4.26 -0.53 -1.50 --- ---
Standardized Annual Returns %   more on standardized returns
Quarter-End (as of 2009-09-30) 3.22 6.19 3.37 2.70 --- 3.42
Month-End (as of 2009-10-31) 0.81 3.57 2.49 2.15 --- 3.12
After Tax Returns % (as of 2009-09-30 )  
On Distribution --- 3.57 2.49 2.09 --- ---
On Distribution & Sale of Shares --- 3.30 2.55 2.22 --- ---
Morningstar Rating --- --- --- ---
# of compared funds covered (3 yrs : out of 52 funds), (5 yrs : out of 52 funds), (10 yrs : out of funds). Ratings are based on risk-adjusted performance. The maximum initial sales fee is closed to all investors, the maximum deferred sales fee is closed to all investors, and the maximum redemption sales fee is closed to all investors.
The performance quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted herein.
  Portfolio Profile    
Sector Breakdown %
General Obligations 21.82
Advance Refunded 4.30
State Appropriated Tobacco ---
Non-state Appropriated Tobacco 1.49
Education 19.11
Health 1.20
Housing 0.50
Industrial 0.23
Transportation 14.66
Utilities 2.77
Water/Sewer 7.23
Misc. Revenue 26.69
Bond Quality % of Bonds
AAA 24.3
AA 48.3
A 21.8
BBB 5.6
BB 0.0
B 0.0
Below B 0.0
Not Rated 0.0
 
Asset Allocation
% of Net Assets
Cash 11.8
Stocks 0.0
Bonds 88.2
Other 0.0
Foreign Stocks 0.0
(as a % of Assets)
Data through 2009-09-30 Data through 2009-09-30
 
Holding Status
Total Number of Stock Holdings Turnover % 10
Total Number of Bond Holdings 321 30 Day SEC Yield % 1.35
% of Assets in Top 10 Holdings 11.28 ending as of 2009-09-30
View Data Definitions
Top 10 Holdings Maturity
Date		 Amount
$000		 Value
$000		 % of Net
Assets
JPMorgan Tax-Free Money Mkt Inst 2049-12-31 101,514 101,514 10.93
Metropolitan Transn Auth 5.75% 2016-07-01 16,920 20,057 2.16
New York St Dorm Auth 5.75% 2013-07-01 13,000 13,907 1.50
Metropolitan Transn Auth 4.75% 2028-04-01 10,860 12,685 1.37
New York St Twy Auth 5% 2022-04-01 8,695 9,815 1.06
New York St Dorm Auth 5.75% 2013-07-01 8,360 9,605 1.03
Westchester Cnty N Y Health Ca Rev 5.25% 2012-11-01 8,115 8,467 0.91
New York N Y City Mun Wtr Fin Rev Bds 5% 2019-06-15 7,355 8,042 0.87
New York St Urban Dev Corp Rev Svc C 5% 2025-01-01 7,000 7,571 0.82
New York St Loc Govt Assistanc Ref 5.5% 2019-04-01 6,000 7,324 0.79
Data through 2009-09-30
  Other Information
Fund Inception: 2001-02-16
Portfolio Manager  (Start Date)
David Sivinski  (2005-03-31)
Sivinski is currently a portfolio manager with J.P. Morgan Investment Management. He has worked at JPMorgan Investment Advisors, an affiliate of JPMIM since 1992. Previously, he spent seven years as a first vice president with First Security National Bank in Lexington, Kentucky, and 10 years with Bank One in Columbus, Ohio. Sivinski holds the Chartered Financial Analyst designation.
Kevin Ellis  (2005-05-31)
Ellis is a portfolio manager in the U.S. Fixed Income Group at, an employee of J.P. Morgan Investment Management since May 2003. Previously, he worked at Alliance Capital/Sanford Bernstein from 1995 through 2003 as a municipal bond trader.
Sales Charge %
(taken from prospectus dated 2009-08-31)
Front: None
Deferred: None
Expense Ratio % 1.45
based on net assets
(taken from annual report dated 2009-02-28)
Correspondence Information
Finsbury Dials
20 Finsbury Street
London,  Lo  EC2Y 9AQ
Telephone:
800-480-4111
Data on this page does not include the fund's short positions (if any).
Show Data Definitions

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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.