# Product Snapshot - JPMorgan Intermediate Municipal Strategy > Audience: country=us, language=en, role=adv. > Generated: 2026-10-14T13:12:03.856581745Z. ## Identity - **Fund Name**: JPMorgan Intermediate Municipal Strategy - **Share Class Name**: JPMorgan Intermediate Municipal Strategy - **Product Page**: [Product Page](https://am.jpmorgan.com/us/en/asset-management/adv/products/jpmorgan-intermediate-municipal-strategy-bbaeb787fd0a3163e0534e8862a96b57) - **Fund Type**: SMA - **Asset Class**: Fixed Income ## Overview ### Designed to deliver monthly income (excluded from federal gross income) and capital preservation by investing in municipal bonds. Invests primarily in a diversified portfolio of intermediate-term municipal bonds in an effort to protect after-tax investment value ~~ Aims to help minimize tax liability while producing income ~~ Conducts extensive risk/reward analysis to select securities ## Strategy Facts - **Asset Class**: Fixed Income - **Strategy Inception Date**: 05/31/1982 ## Strategy Stats - **Number of Holdings**: - ## Portfolio Managers ### Debbie Fierro - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/debbie-fierro/) - **In the industry**: 28 years - **With J.P. Morgan**: 16 years ### Daphne Car - **Biography**: [Biography](https://am.jpmorgan.com/us/en/asset-management/adv/bios/daphne-car/) - **In the industry**: 22 years - **With J.P. Morgan**: 8 years ## Portfolio ### Portfolio Stats - **Average coupon** (As of 06/30/2026): PORTFOLIO: 4.99%; INDEX: 4.60% - **Average life (years)** (As of 06/30/2026): PORTFOLIO: 5.61; INDEX: 5.73 - **Average maturity (years)** (As of 06/30/2026): PORTFOLIO: 8.39; INDEX: 8.11 - **Average price** (As of 06/30/2026): PORTFOLIO: $108.26; INDEX: $105.16 - **Effective (OA) duration (years)** (As of 06/30/2026): PORTFOLIO: 5.41; INDEX: 4.86 - **Tax equivalent yield to maturity** (As of 06/30/2026): PORTFOLIO: 5.68%; INDEX: 6.11% - **Tax equivalent yield to worst** (As of 06/30/2026): PORTFOLIO: 5.35%; INDEX: 5.41% - **Yield to maturity** (As of 06/30/2026): PORTFOLIO: 3.36%; INDEX: 3.62% - **Yield to worst** (As of 06/30/2026): PORTFOLIO: 3.17%; INDEX: 3.22% [Disclosure 1] ### Quality _As of 06/30/2026_ | Quality | Quality | | --- | ---: | | AAA | 20.4% | | AA | 58.6% | | A | 21.0% | | Cash | 1.8% | [Disclosure 2] ### Average Life _As of 06/30/2026_ | Average Life | Average Life | | --- | ---: | | Average life (years) | 5.61 years | ### Maturity _As of 06/30/2026_ | Maturity | Maturity | | --- | ---: | | Maturity 0-1 | 1.8% | | Maturity 1-2 | 18.7% | | Maturity 2-3 | 5.3% | | Maturity 3-4 | 4.1% | | Maturity 4-5 | 4.7% | | Maturity 5-6 | 4.2% | | Maturity 6-7 | 8.7% | | Maturity 8-9 | 4.3% | | Maturity 9-10 | 5.1% | | Maturity 10-11 | 5.2% | | Maturity 11-12 | 5.4% | | Maturity 12-13 | 9.7% | | Maturity 14-15 | 4.5% | | Maturity 15-16 | 9.0% | | Maturity 17-18 | 5.2% | | Maturity 18-19 | 4.2% | [Disclosure 3] ## Documents - [Fact Sheet: Intermediate Municipal Strategy](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/smas/fs-imuni-ma.pdf) - [Commentary: Intermediate Municipal Strategy](https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/smas/QC-IMUNI-MA.pdf) ## Disclosures 1. 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.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, expenses and, if applicable, hedging costs. 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. YTM takes into account derivatives. YTM is not a guarantee nor necessarily indicative of future performance or income generation.Certain other strategies may calculate YTM differently (e.g., certain other strategies may include only certain types of derivatives in the calculation of YTM, whereas the YTM calculation for this strategy includes all types of derivatives), and such differences could significantly impact the calculation of YTM, and therefore decrease comparability between YTM for this strategy and YTM for other strategies.Yield to worst (YTW) is the lower of a bond or other obligation's yield to maturity (YTM) and yield to call (YTC). YTW is calculated by averaging the YTW of each obligation held in the portfolio on a market weighted basis without the deduction of fees, expenses and, if applicable, hedging costs. YTM is calculated as described \[next to the YTM figures / above\]. YTC is calculated the same way as YTM, but assumes that a bond or other obligation will be called or repurchased by the issuer before its maturity date (generally the next call date), and that the portfolio will be paid a call price (generally a percentage of the then-current face value of the obligation) on the call date. YTW, YTM and YTC are not a guarantee nor necessarily indicative of future performance or income generation. 2. Due to rounding, values may not total 100%. J.P. Morgan Investment Management (JPMIM) receives credit quality ratings on underlying securities of the Portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating credit quality breakdown, JPMIM selects the highest rating of the agencies when two or more rate a security, and one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such. Certain holdings may not be included due to de minimis values and rounding. Values may not total 100%. 3. Average Maturity: The average length of maturity for all fixed-rate debt instruments held in a portfolio. A bond fund or mutual fund with a long average maturity is more sensitive to interest rate fluctuations than one with shorter average maturity.