# Product Snapshot - JPMorgan High Yield Fund

> Audience: country=us, language=en, role=adv.
> Generated: 2026-11-15T07:12:04.079624842Z.

## Identity

- **Fund Name**: JPMorgan High Yield Fund
- **Share Class Name**: JPMorgan High Yield Fund-R2
- **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-high-yield-fund-r2-4812c2452)
- **Ticker Symbol**: JHYZX
- **CUSIP**: 4812C2452
- **Fund Type**: MUTUAL FUND
- **Asset Class**: Fixed Income Taxable

## Overview

### Designed to deliver a high level of income with a secondary objective of capital appreciation.

Invests primarily in a diversified portfolio of below investment-grade debt securities~~Employs a bottom-up security selection process with fundamental credit analysis to identify attractively-valued opportunities~~Using an actively-managed approach, seeks to provide strong risk-adjusted returns and mitigate downside risk relative to the ICE BofA US High Yield Constrained Index over a market cycle



## Fund Facts

- **Ticker**: JHYZX
- **CUSIP**: 4812C2452
- **Share Class Number**: 1046
- **Asset Class**: Fixed Income Taxable
- **Fund Inception Date**: 11/13/1998
- **Share Class Inception Date**: 11/03/2008
- **ESG Approach**: Integrated [Disclosure 1]

## Fund Stats

- **NAV  As of 11/13/2026**: $6.25
- **NAV Change ($) As of 11/13/2026**: $0.00
- **NAV Change (%) As of 11/13/2026**: 0.00%
- **30 Day SEC Yield  As of 10/31/2026**: 7.19%
- **30 Day SEC Yield Unsubsidized As of 10/31/2026**: 7.03%
- **12-Month Rolling Dividend Yield As of 10/31/2026**: 5.61% [Disclosure 2]
- **Yield to Maturity Gross  As of 10/31/2026**: 8.26% [Disclosure 3]
- **Yield to Maturity Net  As of 10/31/2026**: 7.06% [Disclosure 3]
- **Fund Assets As of 11/13/2026**: $6.14bn
- **Number of Holdings As of 10/31/2026**: 816
- **YTD  As of 11/13/2026**: 0.42%

## Fees & Charges

### Fees

- **Gross Expenses**: 1.46%
- **Net Expenses**: 1.20%
 [Disclosure 4]

## Portfolio Managers

### Robert Cook

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/robert-cook/)
- **In the industry**: 35 years
- **With J.P. Morgan**: 22 years
- **Managing this fund**: 7 years

### Jeffrey Lovell

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/jeffrey-lovell/)
- **In the industry**: 32 years
- **With J.P. Morgan**: 22 years
- **Managing this fund**: 7 years

### Thomas Hauser

- **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/thomas-hauser/)
- **In the industry**: 33 years
- **With J.P. Morgan**: 22 years
- **Managing this fund**: 7 years

## Ratings

### Morningstar Overview Ratings

- **Category: **: High Yield Bond
- **As of **: 10/31/2026
- **Overall**: 2 of 5 stars
- **Funds in Category**: 559 Funds in Category
- **3 Year**: 3 of 5 stars
- **Funds in Category**: 559 Funds in Category
- **5 Year**: 2 of 5 stars
- **Funds in Category**: 523 Funds in Category
- **10 Year**: 2 of 5 stars
- **Funds in Category**: 432 Funds in Category
 [Disclosure 5]

### Morningstar Overview Ranking

- **Category: **: High Yield Bond
- **As of **: 10/31/2026
- **1 Year**: Rank 213
- **Funds in Category**: 598 Funds in Category
- **Group Percentile**: 43%
- **3 Year**: Rank 278
- **Funds in Category**: 559 Funds in Category
- **Group Percentile**: 52%
- **5 Year**: Rank 346
- **Funds in Category**: 523 Funds in Category
- **Group Percentile**: 72%
- **10 Year**: Rank 337
- **Funds in Category**: 432 Funds in Category
- **Group Percentile**: 81%
 [Disclosure 6]

### Lipper Rankings: High Yield Funds

- **As of**: 10/31/2026
- **1 Year**: Rank 156
- **Funds in Category**: 469 Funds in Category
- **Group Percentile**: 34%
- **3 Year**: Rank 242
- **Funds in Category**: 443 Funds in Category
- **Group Percentile**: 55%
- **5 Year**: Rank 255
- **Funds in Category**: 413 Funds in Category
- **Group Percentile**: 62%
- **10 Year**: Rank 263
- **Funds in Category**: 335 Funds in Category
- **Group Percentile**: 79%
 [Disclosure 7]

## Performance

### Monthly

_As of  10/31/2026_

| Return | 1 Month | 3 Months | YTD | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception\* |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| At NAV | 0.45% | -1.02% | 0.58% | 2.04% | 8.00% | 3.11% | 3.94% | 4.53% | 5.33% |
| ICE BofA US High Yield Constrained Index | 0.29% | -1.24% | 0.33% | 1.49% | 8.50% | 3.68% | 4.95% | 5.65% | - |
| Bloomberg U.S. Corporate High Yield - 2% Issuer Capped Index | 0.30% | -1.28% | 0.40% | 1.56% | 8.56% | 3.70% | 5.03% | 5.74% | - |

### Quarterly

_As of  09/30/2026_

| Return | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception\* |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| At NAV | 1.60% | 7.32% | 2.96% | 3.89% | 4.87% | 5.33% |
| ICE BofA US High Yield Constrained Index | 1.39% | 7.94% | 3.58% | 4.95% | 6.04% | - |
| Bloomberg U.S. Corporate High Yield - 2% Issuer Capped Index | 1.41% | 8.03% | 3.60% | 5.04% | 6.13% | - |

### Cumulative

_As of  10/31/2026_

| Return | 1 Year | 3 Years | 5 Years | 10 Years | 15 Years | Since inception\* |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| At NAV | 2.04% | 25.97% | 16.54% | 47.20% | 94.38% | 327.58% |

### Calendar Year

_As of  12/31/2025_

| Return | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| At NAV | 13.26% | 6.09% | -3.46% | 12.74% | 2.24% | 6.18% | -10.79% | 11.05% | 7.91% | 7.80% |
| ICE BofA US High Yield Constrained Index | 17.49% | 7.48% | -2.27% | 14.41% | 6.07% | 5.35% | -11.16% | 13.55% | 8.20% | 8.50% |
| Bloomberg U.S. Corporate High Yield - 2% Issuer Capped Index | 17.13% | 7.50% | -2.08% | 14.32% | 7.05% | 5.26% | -11.18% | 13.44% | 8.19% | 8.62% |

 [Disclosure 8]

## PORTFOLIO

### Portfolio Stats

- **Number of Holdings** (As of 10/31/2026): 816
- **Fund Assets** (As of 10/31/2026): $6.12bn
- **Turnover Ratio (Trailing 12 month) (2/28/2026)**: 28.00%
- **Yield to Maturity Gross** (As of 10/31/2026): 8.26%
- **Yield to Maturity Net** (As of 10/31/2026): 7.06%
- **Average Life** (As of 10/31/2026): 3.56 years
- **Duration** (As of 10/31/2026): 2.70 years


### Top 10 Holdings

_As of 10/31/2026_

| Holding | Weight |
| --- | ---: |
| CCO Holdings LLC, 4.75%, 03/01/2030 | 1.3% |
| U.S. Treasury Notes, 4.37%, 05/15/2036 | 1.0% |
| U.S. Treasury Notes, 4.00%, 04/30/2032 | 0.8% |
| U.S. Treasury Notes, 4.25%, 05/15/2035 | 0.8% |
| CCO Holdings LLC, 4.25%, 02/01/2031 | 0.7% |
| CCO Holdings LLC, 4.50%, 08/15/2030 | 0.7% |
| Medline Borrower LP, 5.25%, 10/01/2029 | 0.6% |
| Nexstar Media, Inc., 6.50%, 09/15/2033 | 0.6% |
| SS&C Technologies, Inc., 5.50%, 09/30/2027 | 0.6% |
| Sirius XM Radio LLC, 4.00%, 07/15/2028 | 0.6% |
| Total of top 10 | 7.7% |
 [Disclosure 9]

### Sector Breakdown

_As of 10/31/2026_

| Sector | Fund |
| --- | ---: |
| Communication Services | 18.6% |
| Consumer Discretionary | 14.5% |
| Consumer Staples | 4.4% |
| Energy | 10.2% |
| Financials | 3.6% |
| Health Care | 8.2% |
| Industrials | 16.8% |
| Information Technology | 6.9% |
| Materials | 7.3% |
| Real Estate | 2.0% |
| Short-Term Investments | 1.9% |
| U.S. Treasury Obligations | 3.1% |
| Utilities | 2.7% |
 [Disclosure 10]

### Quality

_As of 10/31/2026_

| Quality | Fund | Index |
| --- | ---: | ---: |
| AAA | 4.9% | - |
| BBB | 5.8% | 0.2% |
| BB | 47.1% | 49.5% |
| B | 30.3% | 39.0% |
| CCC or lower | 8.9% | 11.5% |
| Not Rated | 3.0% | 0.1% |
 [Disclosure 11]

### Average Life

_As of 10/31/2026_

| Average Life | Average Life |
| --- | ---: |
| Less than one year | 9.3% |
| Years 1 to 4.99 | 66.2% |
| Years 5 to 9.99 | 24.3% |
| Years 10 and over | 0.1% |
| Duration | 2.70 years |
| Average Life | 3.56 years |
 [Disclosure 12]

### Yield To Maturity

_As of 10/31/2026_

| Yield To Maturity | Yield To Maturity |
| --- | ---: |
| Under 8.0% | 72.69% |
| 8.0%-8.9% | 11.60% |
| 9.0%-9.9% | 3.14% |
| 10.0% and over | 12.57% |
 [Disclosure 13]

### Top Five Industries

_As of 10/31/2026_

| Industry | Top Five Industries |
| --- | ---: |
| Oil, Gas & Consumable Fuels | 9.3% |
| Media | 8.3% |
| Diversified Telecommunication Services | 7.7% |
| Hotels, Restaurants & Leisure | 5.8% |
| Commercial Services & Supplies | 4.0% |


## Commentary

**As of **: 03/31/2026

### Topline

Benchmark ICE BofA US High Yield Constrained Index

Markets The high-yield market generated a return of -0.55% during the first quarter, as spreads widened 52 basis points (bps) to 349 bps and yields increased by 0.81% to 7.44%. Fundamentals remain solid, defaults muted and technicals are balanced as yields over 7% continue to drive demand to the asset class.

Helped Security selection in financials, consumer products and technology sectors aided performance.

Hurt Security selection in midstream, oil-field services and transportation services sectors weighed on performance.

Outlook Markets are likely to remain sensitive to rates, inflation, geopolitical headlines and ongoing developments in AI. Corporate earnings will be supported by solid consumer demand and capital expenditure/infrastructure spending. The durability of that view will depend, in large part, on how long energy stays elevated and what that implies for inflation and demand. Steady technicals, resilient fundamentals, low defaults and a constructive earnings backdrop continue to be supportive of high yield. Disciplined credit selection will be key to navigating dispersion in the market.

### Quarter in Review

The JPMorgan High Yield Fund outperformed its benchmark, the ICE BofA US High Yield Constrained Index, for the quarter ended March 31, 2026.

Strong security selection in the financials, consumer products and technology sectors contributed to performance.

Overweights to Moran Foods, Conair Holdings and DISH Network were the top contributors to performance.

The primary detractors from returns were security selection in the midstream, oil-field services and transportation services sectors.

Overweights to iHeartMedia, Jeld-Wen and Hertz led the underperformers in the quarter.

### Looking Ahead

Above-average yields, solid fundamentals, balanced market technicals, and low levels of distressed debt indicate a continued solid outlook for high-yield credit.

Spreads are likely to remain within the recent range, as long as defaults remain low.

Political uncertainty as well as the prospect of fiscal stimulus will remain the focus and drive market volatility.

## Documents

- [Factsheet: JPMorgan High Yield Fund (R2)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/taxable-fixed-income/FS-HY-R2.PDF)
- [Commentary: High Yield Fund](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/commentary/FC-HY.PDF)
- [Supplemental Data Sheet - High Yield Fund (Monthly)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/supplemental/mfdp/MFDP-HY-1.PDF)
- [Summary Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/SP?site=JPMorganv3)
- [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/P?site=JPMorganv3)
- [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/AR?site=JPMorganv3)
- [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/NCSR?site=JPMorganv3)
- [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/SAR?site=JPMorganv3)
- [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/NCSRS?site=JPMorganv3)
- [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/QH1?site=JPMorganv3)
- [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/QH3?site=JPMorganv3)
- [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/S?site=JPMorganv3)
- [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812C2452/NPX?site=JPMorganv3)

## Disclosures

1. This Fund considers financially material environmental, social and governance ("ESG") factors as part of the Fund's investment process. In actively managed assets deemed by J.P. Morgan Asset Management to be ESG integrated under our governance process, we systematically assess financially material ESG factors amongst other factors in our investment decisions with the goals of managing risk and improving long-term returns. ESG integration does not change a strategy's investment objective, exclude specific types of companies or constrain a strategy's investable universe.

2. The 12-Month Rolling Dividend Yield represents the sum of the dividend yield (non-annualized) for the 12 most recent regularly declared income dividends as well as any special income distributions in the intervening period. Dividend yield (non-annualized) is calculated by dividing the dividend per share by the net asset value per share as of the relevant ex-dividend date.

3. Yield to maturity (YTM): is the estimated total return anticipated on a bond or other obligation if the obligation is held until maturity and if all payments are made as scheduled. Gross YTM is calculated by averaging the YTM of each obligation held in the portfolio (including, if any, convertible bonds, preferred securities and derivatives) on a market weighted basis without the deduction of fees and expenses. Unlike SEC Yield, Gross YTM is a representation of the estimated total return of the bonds and other obligations held in the portfolio as of the month-end shown, whereas SEC Yield approximates the current income generated by the obligations held in the portfolio over a historical 30-day period after the deduction of fees and expenses. Unlike SEC Yield, Gross YTM takes into account derivatives. Gross YTM and SEC Yield are not a guarantee nor necessarily indicative of future performance or income generation. Net YTM is calculated in the same way as Gross YTM except that Net YTM reflects the deduction of fund-level fees, expenses and, if applicable, hedging costs. Net YTM is not a guarantee nor necessarily indicative of future performance or income generation. Certain other funds may calculate YTM differently (e.g., certain other funds may include only certain types of derivatives in the calculation of YTM, whereas the YTM calculation for this fund includes all types of derivatives), and such differences could significantly impact the calculation of YTM, and therefore decrease comparability between YTM for this fund and YTM for other funds.

4. The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 1.200% of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund's investment in such money market funds. These waivers are in effect through 6/30/2027, at which time the adviser will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements.

5. Overall Morningstar RatingTM for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics.

6. The ranking information is provided by Morningstar. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Morningstar category. Different share classes may have different rankings.

7. The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

8. Performance quoted is past performance and is no guarantee of future results. Investment returns and principal value will fluctuate, so shares, when sold, may be worth more or less than original cost. Current performance may be higher or lower than returns shown. \*Fund performance inception: 11/13/1998 Source: Barclays Capital High Yield Index. The data does not include applicable sales charges, and does not depict or predict the performance of the Fund or the indices. Past performance of the market does not guarantee future results. Fund shares, when redeemed, may be worth more or less than their initial cost. It is not possible to invest in the index shown. The benchmark shown represents the Fund's performance benchmark, which is different from the Fund's regulatory benchmark. The Fund's regulatory benchmark is the Bloomberg U.S. Aggregate Index and is included in the Fund's prospectus and/or shareholder report. This document can be obtained here. The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information. Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index.

9. The top holdings shown exclude cash and money market positions, are subject to change, and are provided for informational purposes only-not as a recommendation to buy or sell any security. Each holding is shown as a percentage of the aggregate market value of the securities held in the Fund; derivative positions are excluded from this calculation, where applicable. Derivatives may be included in the holdings lists, except for call and put options, which are excluded from the short holdings list. Exclusions: Long list-cash or cash collateral, money market instruments, Treasury bills, certificates of deposit, and commercial paper. Short list-the same items, plus index, equity, or currency call options and index or currency put options. Additional exclusions-cash, currency contracts, currency swaps, currency, long forward exchange contracts, futures, interest rate swaps, total return swaps, and credit default swaps.

10. Due to rounding, values may not total 100%.

11. Due to rounding, values may not total 100%. The manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated. Certain holdings may not be included due to de minimis values and rounding. Values may not total 100%.

12. Due to rounding, values may not total 100%. Duration: Measures price sensitivity of fixed income securities to interest rate changes. Average Life: The length of time the principal of a debt issue is expected to be outstanding.

13. Yield to maturity (YTM): is the estimated total return anticipated on a bond or other obligation if the obligation is held until maturity and if all payments are made as scheduled.