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Name

As of 07/14/2023

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

JPMorgan High Yield Municipal Fund

JTISX | Fund

$9.68

$400 M

3.85%

$0.37

0.76%

Vitals

YTD Return

0.5%

1 yr return

-5.9%

3 Yr Avg Return

-4.5%

5 Yr Avg Return

-2.3%

Net Assets

$400 M

Holdings in Top 10

8.0%

52 WEEK LOW AND HIGH

$9.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.76%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 24.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$1,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 07/14/2023

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

JPMorgan High Yield Municipal Fund

JTISX | Fund

$9.68

$400 M

3.85%

$0.37

0.76%

JTISX - Profile

Distributions

  • YTD Total Return 0.5%
  • 3 Yr Annualized Total Return -4.5%
  • 5 Yr Annualized Total Return -1.9%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.97%
DIVIDENDS
  • Dividend Yield 3.8%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan High Yield Municipal Fund
  • Fund Family Name
    J.P. Morgan
  • Inception Date
    Sep 17, 2007
  • Shares Outstanding
    18701748
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Richard Taormina

Fund Description

Under normal circumstances, the Fund invests at least 80% of its Assets in municipal securities, 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 securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal securities may include, but are not limited to, variable rate demand obligations, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, and participations in pools of municipal securities.Municipal securities also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. Additionally, municipal securities include all other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities (such as municipal leases). The securities in which the Fund invests may have fixed rates of return or floating or variable rates.The Fund will invest in municipal securities of any maturity. As part of its investments in municipal securities, the Fund will also have the ability to invest up to 100% of the Fund’s total assets in below investment grade or unrated securities. Such securities are also known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Junk bonds also include unrated securities that the Fund’s adviser believes to be of comparable quality to debt securities that are rated below investment grade. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by Standard & Poor’s Corporation (S&P) and Ba1 or lower by Moody’s Investors Service, Inc. (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 subsequently they would be deemed to be below investment grade.The Fund will also invest in investment grade securities. Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), Standard & Poor’s Corporation (S&P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO) or are unrated but deemed by the adviser to be of comparable quality. Under normal market conditions, the Fund intends to invest a significant portion of its Assets in securities rated BBB/BB by Standard & Poor’s Corporation (S&P) and Fitch Ratings (Fitch), Baa/Ba by Moody’s Investor Service, Inc. (Moody’s) or unrated securities that the adviser deems to be of equivalent quality.The Fund may also invest in common shares or preferred shares of unaffiliated closed-end funds. The Fund generally will limit its investments in a single closed-end fund to 5% of its total assets and in all registered investment companies including closed-end funds (other than money market funds) to 10% of its total assets.The Fund may invest in shares of exchange-traded funds (ETFs). The ETFs in which the Fund may invest include registered investment companies that seek to track the performance of a particular market index or security. These indexes include not only broad-based market indexes but more specific indexes as well, including those relating to particular sectors, markets, regions or industries. Ordinarily, the Fund must limit its investments in any single ETF to 5% of its total assets and in all ETFs and other investment companies to 10% of its total assets. However, the Securities and Exchange Commission (SEC) has issued exemptive orders to many ETFs that currently allow any fund investing in such ETFs to disregard these 5% and 10% limitations. If the Fund invests in ETFs that have received such exemptive orders, it may invest any amount of its total assets in a single ETF or in multiple ETFs, although ordinarily the Fund will limit its investments to no more than 10% of its total assets in a single ETF.The Fund may invest in obligations of the U.S. Treasury, including Treasury bills, bonds and notes. These investments carry different interest rates, maturities and issue dates. The interest on these securities may be exempt from state and local income taxes.Up to 100% of the Fund’s assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals.Up to 20% of the Fund’s net assets may be invested in securities subject to federal income tax.The Fund may also invest in zero-coupon securities.The Fund also invests in inverse floaters, auction rate securities and restricted securities.Investment ProcessThe 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 primarily looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes investment decisions after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity, any security pledge, and a review of the security’s attributes, such as the coupon, maturity, and any redemption and tender provisions. The adviser also factors in the overall investment strategy of the Fund, including its duration and its credit strategy, as well as the adviser’s interest rate outlook. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance factorson 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 sectors to identify financially material issues on 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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JTISX - Performance

Return Ranking - Trailing

Period JTISX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -4.7% 5.4% 88.58%
1 Yr -5.9% -10.2% 0.3% 88.13%
3 Yr -4.5%* -8.3% -0.1% 77.36%
5 Yr -2.3%* -6.2% 1.8% 56.85%
10 Yr -0.9%* -2.7% 3.7% 68.94%

* Annualized

Return Ranking - Calendar

Period JTISX Return Category Return Low Category Return High Rank in Category (%)
2023 -18.5% -26.9% -3.5% 68.52%
2022 1.3% -1.0% 3.7% 30.99%
2021 -0.1% -3.5% 1.4% 64.45%
2020 1.7% -0.2% 2.5% 15.61%
2019 -0.3% -1.2% 1.0% 33.16%

Total Return Ranking - Trailing

Period JTISX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.5% -11.1% 5.4% 87.67%
1 Yr -5.9% -10.2% 0.3% 86.30%
3 Yr -4.5%* -8.3% 1.3% 77.36%
5 Yr -1.9%* -5.8% 2.2% 35.71%
10 Yr 0.7%* -2.7% 3.7% 10.00%

* Annualized

Total Return Ranking - Calendar

Period JTISX Return Category Return Low Category Return High Rank in Category (%)
2023 -18.5% -26.9% -3.5% 68.52%
2022 1.3% -1.0% 3.7% 30.52%
2021 -0.1% -3.5% 1.4% 64.45%
2020 1.8% -0.2% 2.5% 8.78%
2019 0.3% -1.2% 1.0% 5.88%

NAV & Total Return History

JTISX - Holdings

Concentration Analysis

JTISX Category Low Category High JTISX % Rank
Net Assets 400 M 9.79 K 20.2 B 65.74%
Number of Holdings 606 1 3950 43.98%
Net Assets in Top 10 32.9 M -102 M 3.41 B 79.17%
Weighting of Top 10 7.97% 5.8% 97.0% 92.09%

Top 10 Holdings

  1. JPMorgan Instl Tx Fr Mny Mkt IM 1.51%
  2. NEW JERSEY ST 5% 1.17%
  3. OHIO ST HIGHER EDL FAC COMMN REV 5% 1.11%
  4. NEW JERSEY ECONOMIC DEV AUTH REV 5% 1.03%
  5. ILLINOIS ST 4% 1.02%
  6. JEFFERSON CTR MET DIST NO 1 COLO SPL REV 5.75% 0.88%
  7. NEW YORK TRANSN DEV CORP SPL FAC REV 5% 0.81%
  8. CUMBERLAND CNTY PA MUN AUTH REV 3.38% 0.81%
  9. PUBLIC FIN AUTH WIS ED REV 4% 0.78%
  10. PUBLIC FIN AUTH WIS REV 4% 0.77%

Asset Allocation

Weighting Return Low Return High JTISX % Rank
Bonds 		98.25% 0.00% 146.69% 57.08%
Cash 		1.75% -3.16% 100.00% 42.13%
Stocks 		0.00% 0.00% 5.80% 20.55%
Preferred Stocks 		0.00% -47.61% 0.32% 6.48%
Other 		0.00% 0.00% 0.18% 12.04%
Convertible Bonds 		0.00% 0.00% 0.00% 2.78%

Bond Sector Breakdown

Weighting Return Low Return High JTISX % Rank
Municipal 		98.25% 0.00% 100.00% 49.54%
Cash & Equivalents 		1.75% 0.00% 100.00% 41.67%
Derivative 		0.00% 0.00% 0.02% 6.02%
Securitized 		0.00% 0.00% 22.44% 7.87%
Corporate 		0.00% 0.00% 4.15% 51.85%
Government 		0.00% 0.00% 0.09% 6.48%

Bond Geographic Breakdown

Weighting Return Low Return High JTISX % Rank
US 		98.25% 0.00% 139.84% 11.11%
Non US 		0.00% 0.00% 21.09% 93.06%

JTISX - Expenses

Operational Fees

JTISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.76% 0.07% 3.44% 60.93%
Management Fee 0.35% 0.00% 1.41% 5.48%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.02% 0.35% 38.46%

Sales Fees

JTISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 4.50% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

JTISX 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.

JTISX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 24.00% 2.00% 121.00% 62.87%

JTISX - Distributions

Dividend Yield Analysis

JTISX Category Low Category High JTISX % Rank
Dividend Yield 3.85% 0.00% 5.45% 39.27%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

JTISX Category Low Category High JTISX % Rank
Net Income Ratio 2.97% 1.11% 5.70% 63.47%

Capital Gain Distribution Analysis

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

Distributions History

View More +

JTISX - Fund Manager Analysis

Managers

Richard Taormina

Start Date

Tenure

Tenure Rank

Sep 17, 2007

14.71

14.7%

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).

Wayne Godlin

Start Date

Tenure

Tenure Rank

Mar 01, 2018

4.25

4.3%

An employee since 2018, Mr. Godlin, Managing Director, is a senior portfolio manager for the Municipal and Tax Aware Strategies team focusing on high yield municipal bonds. Mr. Godlin has over thirty years of municipal bond market experience in both credit analysis and portfolio management, with a focus on analyzing and managing high yield municipal bond portfolios. Previously, Mr. Godlin was a Consultant, evaluating client municipal bond portfolios, at Herbert J. Sims & Co. from 2017 to 2018 and a Senior Portfolio Manager and a member of the Investment Policy Committee at AllianceBernstein Asset Management from 2009 to 2016.

Kevin Ellis

Start Date

Tenure

Tenure Rank

Jun 07, 2018

3.98

4.0%

Mr. Ellis, CFA charterholder and Executive Director, is a portfolio manager in the U.S. Fixed Income Group. An employee of JPMIM and/or its affiliates since May 2003, he is responsible for managing separate accounts in the Municipal Bond Group. Previously, Mr. Ellis worked at Alliance Capital/Sanford Bernstein from 1995 through 2003 as a municipal bond trader. Kevin holds a B.S. in business administration from Boston University and is a CFA charterholder

Tenure Analysis

Category Low Category High Category Average Category Mode
0.06 21.43 7.27 2.52

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