JTICX — JPMorgan High Yield Municipal Fund

JTICX Fund Overview

JTICX — JPMorgan High Yield Municipal Fund is a US mutual fund managed by JPMorgan Trust I, categorised as Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: JPMorgan Trust I
• Category: Corporate Bond
• Assets under management: $261.92M
• 1-year return: -5.0%
• Ticker: JTICX
• SEC CIK: 0001217286
• SEC series ID: S000018749
• Share class ID: C000051895

JTICX Investment Objective and Strategy

JPMorgan High Yield Municipal Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by JPMorgan Trust I.

Investment objective

The Fund seeks a high level of current income exempt from federal income taxes.

Principal investment strategy

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. 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 Funds 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 Funds 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 & Poors Corporation (S&P) and Ba1 or lower by Moodys Investors Service, Inc. (Moodys)). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A securitys 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 Moodys Investors Service Inc. (Moodys), Standard & Poors 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 & Poors Corporation (S&P) and Fitch Ratings (Fitch), Baa/Ba by Moodys Investor Service, Inc. (Moodys) 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 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 Funds 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 Funds 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, municipal mortgage-backed and asset-backed securities, as well as auction rate securities and restricted 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 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 securitys 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 advisers interest rate outlook.

JTICX Performance

Total returns for JTICX (as of 2026-10-01), from SEC filings.

JTICX Risk Information

Risk metrics for JTICX, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 11.5%

JTICX Costs and Fees

JTICX costs about $115 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.15%
• Gross expense ratio: 1.52%
• Portfolio turnover: 21%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

JTICX Cashflows

Over the 12 months to 2023-05, JPMorgan High Yield Municipal Fund had net outflows of $108.56M, from monthly SEC N-PORT filings.

JTICX Debt Constituents

No individual debt constituents are reported in JPMorgan High Yield Municipal Fund's latest SEC N-PORT filing.

JTICX Prospectus and SEC Filings

Official JPMorgan High Yield Municipal Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-06-22
• Prospectus (485BPOS) — filed 2022-06-22
• Prospectus supplement (497) — filed 2023-03-09
• Portfolio holdings (N-PORT) — filed 2023-07-27
• Portfolio holdings (N-PORT) — filed 2023-04-28
• Portfolio holdings (N-PORT) — filed 2023-01-27
• Annual census (N-CEN) — filed 2023-05-15
• Annual census (N-CEN) — filed 2022-05-13

Related Funds

Other Corporate Bond funds tracked on ABC INVEST:

• First Trust Preferred Securities and Income ETF (FPE)
• Nuveen Preferred Securities and Income Fund (NPSAX)
• Spectrum Preferred and Capital Securities Income Fund (PNARX)
• Invesco Variable Rate Preferred ETF (VRP)
• First Trust Institutional Preferred Securities and Income ETF (FPEI)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.