# Product Snapshot - JPMorgan High Yield Fund > Audience: country=us, language=en, role=adv. > Generated: 2026-10-19T08:25:30.249335742Z. ## Identity - **Fund Name**: JPMorgan High Yield Fund - **Share Class Name**: JPMorgan High Yield Fund-R5 - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-high-yield-fund-r5-4812c2619) - **Ticker Symbol**: JYHRX - **CUSIP**: 4812C2619 - **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**: JYHRX - **CUSIP**: 4812C2619 - **Share Class Number**: 3488 - **Asset Class**: Fixed Income Taxable - **Fund Inception Date**: 11/13/1998 - **Share Class Inception Date**: 05/15/2006 - **ESG Approach**: Integrated [Disclosure 1] ## Fund Stats - **NAV As of 10/16/2026**: $6.37 - **NAV Change ($) As of 10/16/2026**: $0.00 - **NAV Change (%) As of 10/16/2026**: 0.00% - **30 Day SEC Yield As of 09/30/2026**: 7.25% - **30 Day SEC Yield Unsubsidized As of 09/30/2026**: 7.06% - **12-Month Rolling Dividend Yield As of 09/30/2026**: 6.23% [Disclosure 2] - **Yield to Maturity Gross As of 09/30/2026**: 8.23% [Disclosure 3] - **Yield to Maturity Net As of 09/30/2026**: 7.68% [Disclosure 3] - **Fund Assets As of 10/16/2026**: $6.11bn - **Number of Holdings As of 09/30/2026**: 812 - **YTD As of 10/16/2026**: 0.91% ## Fees & Charges ### Fees - **Gross Expenses**: 0.73% - **Net Expenses**: 0.55% [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 **: 09/30/2026 - **Overall**: 3 of 5 stars - **Funds in Category**: 574 Funds in Category - **3 Year**: 4 of 5 stars - **Funds in Category**: 574 Funds in Category - **5 Year**: 3 of 5 stars - **Funds in Category**: 540 Funds in Category - **10 Year**: 3 of 5 stars - **Funds in Category**: 444 Funds in Category [Disclosure 5] ### Morningstar Overview Ranking - **Category: **: High Yield Bond - **As of **: 09/30/2026 - **1 Year**: Rank 141 - **Funds in Category**: 616 Funds in Category - **Group Percentile**: 25% - **3 Year**: Rank 123 - **Funds in Category**: 574 Funds in Category - **Group Percentile**: 23% - **5 Year**: Rank 182 - **Funds in Category**: 540 Funds in Category - **Group Percentile**: 35% - **10 Year**: Rank 161 - **Funds in Category**: 444 Funds in Category - **Group Percentile**: 43% [Disclosure 6] ### Morningstar Medalist Rating - **Morningstar Medalist Rating™**: Silver - **As of **: 05/21/2026 - **Category: **: High Yield Bond - **Analyst-Driven %: **: 100 - **Data Coverage %: **: 100 [Disclosure 7] ### Lipper Rankings: High Yield Funds - **As of**: 09/30/2026 - **1 Year**: Rank 96 - **Funds in Category**: 481 Funds in Category - **Group Percentile**: 20% - **3 Year**: Rank 105 - **Funds in Category**: 453 Funds in Category - **Group Percentile**: 24% - **5 Year**: Rank 109 - **Funds in Category**: 425 Funds in Category - **Group Percentile**: 26% - **10 Year**: Rank 135 - **Funds in Category**: 343 Funds in Category - **Group Percentile**: 40% [Disclosure 8] ## Portfolio ### Portfolio Stats - **Number of Holdings** (As of 09/30/2026): 812 - **Fund Assets** (As of 09/30/2026): $6.05bn - **Turnover Ratio (Trailing 12 month) (2/28/2026)**: 28.00% - **Yield to Maturity Gross** (As of 09/30/2026): 8.23% - **Yield to Maturity Net** (As of 09/30/2026): 7.68% - **Average Life** (As of 09/30/2026): 3.76 years - **Duration** (As of 09/30/2026): 2.85 years ### Top 10 Holdings _As of 09/30/2026_ | 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% | | CCO Holdings LLC, 4.25%, 02/01/2031 | 0.7% | | CCO Holdings LLC, 4.50%, 08/15/2030 | 0.7% | | U.S. Treasury Notes, 4.25%, 05/15/2035 | 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 | 7.6% | [Disclosure 9] ### Sector Breakdown _As of 09/30/2026_ | Sector | Fund | | --- | ---: | | Communication Services | 19.3% | | Consumer Discretionary | 14.5% | | Consumer Staples | 4.4% | | Energy | 10.1% | | Financials | 3.5% | | Health Care | 8.6% | | Industrials | 17.4% | | Information Technology | 7.0% | | Materials | 7.4% | | Real Estate | 2.0% | | Short-Term Investments | 0.3% | | U.S. Treasury Obligations | 3.1% | | Utilities | 2.6% | [Disclosure 10] ### Quality _As of 09/30/2026_ | Quality | Fund | Index | | --- | ---: | ---: | | AAA | 3.0% | - | | BBB | 5.1% | 0.2% | | BB | 48.2% | 49.5% | | B | 30.8% | 39.0% | | CCC or lower | 9.9% | 11.5% | | Not Rated | 3.1% | 0.1% | [Disclosure 11] ### Average Life _As of 09/30/2026_ | Average Life | Average Life | | --- | ---: | | Less than one year | 6.0% | | Years 1 to 4.99 | 67.7% | | Years 5 to 9.99 | 26.3% | | Years 10 and over | 0.1% | | Duration | 2.85 years | | Average Life | 3.76 years | [Disclosure 12] ### Yield To Maturity _As of 09/30/2026_ | Yield To Maturity | Yield To Maturity | | --- | ---: | | Under 8.0% | 73.68% | | 8.0%-8.9% | 10.98% | | 9.0%-9.9% | 4.08% | | 10.0% and over | 11.26% | [Disclosure 13] ### Top Five Industries _As of 09/30/2026_ | Industry | Top Five Industries | | --- | ---: | | Oil, Gas & Consumable Fuels | 9.2% | | Diversified Telecommunication Services | 8.2% | | Media | 8.2% | | Hotels, Restaurants & Leisure | 5.8% | | Commercial Services & Supplies | 4.3% | ## 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 (R5)](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/literature/fact-sheet/taxable-fixed-income/FS-HY-R5.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/4812C2619/SP?site=JPMorganv3) - [Prospectus](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/P?site=JPMorganv3) - [Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/AR?site=JPMorganv3) - [Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/NCSR?site=JPMorganv3) - [Semi-Annual Report to Shareholders](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/SAR?site=JPMorganv3) - [Semi-Annual Financial Statements and Other Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/NCSRS?site=JPMorganv3) - [First Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/QH1?site=JPMorganv3) - [Third Quarter Holding](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/QH3?site=JPMorganv3) - [Statement of Additional Information](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/S?site=JPMorganv3) - [Annual Report Of Proxy Voting](https://am.jpmorgan.com/JPMorgan/TVT/4812C2619/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 0.550% 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 Morningstar Medalist RatingTM is a summary expression of Morningstar's forward-looking analysis of investment strategies using a rating scale of Gold, Silver, Bronze, Neutral and Negative. Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with fees, forms the basis for Morningstar's conviction in those products' investment merits and determines the Medalist Rating assigned. Products are sorted by expected performance into rating groups defined by their Morningstar Category and their active or passive status. Analyst-covered products are assigned the three pillar ratings based on the analyst's qualitative assessment, subject to the Analyst Rating Committee's oversight, monitored and reevaluated at least every 14 months. Ratings are assigned monthly for vehicles covered either indirectly by analysts or by algorithm. For more detailed information including methodology, please go to global.morningstar.com/managerdisclosures.Ratings and rankings should not be used as the sole basis in evaluating an investment product and should not be considered an offer or solicitation to buy or sell the investment product.©2026Morningstar Inc. All rights reserved. Morningstar information is proprietary to Morningstar and/or its content providers, may not be copied or distributed and is not warranted to be accurate, complete or timely. 8. 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. 9. The top 10 holdings listed exclude cash and money markets. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable. 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.