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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 Sustainable Municipal Income Fund

HLTZX | Fund

$8.91

$309 M

3.24%

$0.29

0.46%

Vitals

YTD Return

0.6%

1 yr return

-2.3%

3 Yr Avg Return

-3.6%

5 Yr Avg Return

-1.2%

Net Assets

$309 M

Holdings in Top 10

17.4%

52 WEEK LOW AND HIGH

$8.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.46%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 18.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$15,000,000

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 Sustainable Municipal Income Fund

HLTZX | Fund

$8.91

$309 M

3.24%

$0.29

0.46%

HLTZX - Profile

Distributions

  • YTD Total Return 0.6%
  • 3 Yr Annualized Total Return -3.6%
  • 5 Yr Annualized Total Return -0.8%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.14%
DIVIDENDS
  • Dividend Yield 3.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    JPMorgan Sustainable Municipal Income Fund
  • Fund Family Name
    J.P. Morgan
  • Inception Date
    Nov 06, 2017
  • Shares Outstanding
    9773150
  • Share Class
    Retirement
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    David Sivinski

Fund Description

The Fund invests in a portfolio of municipal bonds, including municipal mortgage-backed and asset-backed securities. While current income is the Fund’s primary focus, it seeks to produce income in a manner consistent with the preservation of principal.Under normal circumstances, the Fund invests at least 80% of its Assets in municipal bonds, the income from which is exempt from federal income tax. This is a fundamental policy. For the purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. The Fund also invests in municipal mortgage-backed and asset-backed securities, as well as restricted securities. The Fund may invest a significant portion or all of its assets in municipal mortgage-backed securities at the adviser’s discretion. The securities in which the Fund invests may have fixed rates of return or floating or variable rates.Municipal bonds are debt securities with maturities of 90 days or more at the time of issuance issued by states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal bonds include private activity and industrial development bonds, tax anticipation notes and participations in pools of municipal securities.Up to 100% of the Fund’s assets may be invested in municipal bonds, the interest on which may be subject to the federal alternative minimum tax for individuals.The Fund may invest up to 20% of its total assets in securities rated below investment grade. Such securities are known as “junk bonds,” “high yield bonds” and “non-investment grade bonds.” Junk bonds also include unrated securities that the adviser believes to be of comparable quality to debt securities that are rated below investment grade. These securities generally are rated in the fifth or lower rating categories (for example, BB+ or lower by S&P and Ba1 or lower by 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, following the time of purchase, they would be deemed to be below investment grade. If the quality of an investment grade security is downgraded subsequent to purchase to below investment grade, the Fund may continue to hold the security.As a matter of fundamental policy, the Fund will not invest more than 25% of its total assets: (i) in securities within a single industry; or (ii) in securities of governmental units or issuers in the same state, territory or possession. However, from time to time, the Fund will invest more than 25% of its total assets in municipal housing authority obligations.The Fund’s average weighted maturity will range from three to 15 years, although the Fund may shorten its average weighted maturity to as little as two years if appropriate for temporary defensive purposes. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual bonds in a Fund calculated so as to count most heavily those securities with the highest dollar value. Average weighted maturity is important to investors as an indication of a Fund’s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect.“Sustainable” in the Fund’s name refers to the Fund’s strategy to tilt the Fund’s portfolio based on social or environmental benefits as part of its investment strategy. Under normal circumstances, the Fund invests the majority of its assets in securities whose use of proceeds, in the adviser’s opinion, provide positive social or environmental benefits. In order to identify and invest in bonds that provide positive social or environmental benefits, the adviser determines and assesses each bond’s intended use of proceeds. The adviser will generally view bonds that finance affordable housing, healthcare, municipal water and sewer, education, mass transit, not for profits and issuer designated green bonds as promoting positive social or environmental benefits. In addition to the uses of proceeds noted above, the adviser may identify additional uses of bond proceeds that it believes will provide positive social or environmental benefits and may invest in such bonds as part of the Fund’s investment strategy. The use of proceeds determination for securities purchased by the Fund will be made at the time of purchase. If the use of proceeds of a security changes after the time of purchase so as to no longer provide positive social and/or environmental benefits, the Fund may continue to hold the security.The Fund may also invest in zero-coupon 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 looks for individual fixed income investments that it believes will perform well over market cycles, the majority of which will provide positive social or environmental benefits. 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’s risk/reward analysis along with its use of proceeds assessment allows the adviser to collectively evaluate those criteria when selecting securities for purchase.The adviser utilizes a proprietary framework to monitor the portfolio’s overall investment in bonds that have been designated as providing positive social or environmental benefits. Through the framework, the adviser assesses characteristics of bond issuances and their proceeds using third party data and/or internal research. The proprietary framework, as well as the adviser’s views on municipal bond use of proceeds, are periodically reviewed internally.Generally, the adviser determines whether or not to sell a security by looking at a number of factors such as the security’s attributes (e.g., coupon, maturity and redemption/tender provisions), liquidity, relative value and the credit quality of the security. The adviser also factors in the overall investment strategy of the Fund, including its positioning relative to the benchmark, its duration and its credit strategy, as well as the adviser’s interest rate outlook.
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HLTZX - Performance

Return Ranking - Trailing

Period HLTZX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.6% -60.4% 29.3% 77.09%
1 Yr -2.3% -45.4% 15.3% 86.92%
3 Yr -3.6%* -20.5% 51.8% 71.27%
5 Yr -1.2%* -11.4% 29.3% 56.60%
10 Yr N/A* -5.2% 14.2% 54.60%

* Annualized

Return Ranking - Calendar

Period HLTZX Return Category Return Low Category Return High Rank in Category (%)
2023 -10.7% -76.8% 4.7% 45.40%
2022 -0.5% -69.5% 12.4% 70.54%
2021 0.9% -66.1% 60.0% 11.32%
2020 0.9% -57.4% 18.9% 51.99%
2019 -0.4% -30.0% 2.1% 47.19%

Total Return Ranking - Trailing

Period HLTZX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.6% -60.4% 29.3% 75.87%
1 Yr -2.3% -45.4% 12.6% 84.87%
3 Yr -3.6%* -20.5% 51.8% 71.70%
5 Yr -0.8%* -11.4% 29.4% 33.07%
10 Yr N/A* -5.2% 14.3% 51.01%

* Annualized

Total Return Ranking - Calendar

Period HLTZX Return Category Return Low Category Return High Rank in Category (%)
2023 -10.7% -76.8% 4.7% 45.46%
2022 -0.5% -69.5% 12.4% 70.54%
2021 0.9% -66.1% 60.0% 11.38%
2020 1.0% -57.4% 18.9% 38.70%
2019 0.2% -30.0% 2.1% 3.57%

NAV & Total Return History

HLTZX - Holdings

Concentration Analysis

HLTZX Category Low Category High HLTZX % Rank
Net Assets 309 M 1.16 M 73.9 B 60.59%
Number of Holdings 471 1 14000 26.26%
Net Assets in Top 10 54 M -317 M 8.64 B 56.01%
Weighting of Top 10 17.37% 2.4% 101.7% 49.68%

Top 10 Holdings

  1. JPMorgan Tax-Free Money Mkt Inst 5.56%
  2. FYI PPTYS WASH LEASE REV 5% 1.73%
  3. PORT ST LUCIE FLA UTIL REV 5.25% 1.71%
  4. NEW YORK N Y CITY MUN WTR FIN AUTH WTR & SWR SYS REV 5% 1.60%
  5. CONTRA COSTA CNTY CALIF PUB FING AUTH LEASE REV 4% 1.53%
  6. MIAMI-DADE CNTY FLA SCH BRD CTFS PARTN 5% 1.22%
  7. MANCHESTER N H SCH FACS REV 5.5% 1.21%
  8. GEISINGER AUTH PA HEALTH SYS REV 5% 1.16%
  9. MIDDLE FORK PROJ FIN AUTH CALIF REV 5% 1.16%
  10. MASSACHUSETTS ST WTR RES AUTH 5.25% 1.11%

Asset Allocation

Weighting Return Low Return High HLTZX % Rank
Bonds 		94.06% 65.51% 150.86% 87.64%
Cash 		5.94% -50.86% 33.96% 11.91%
Stocks 		0.00% -0.03% 4.63% 4.59%
Preferred Stocks 		0.00% -1.79% 0.04% 1.74%
Other 		0.00% -13.03% 30.01% 2.96%
Convertible Bonds 		0.00% 0.00% 0.93% 1.80%

Bond Sector Breakdown

Weighting Return Low Return High HLTZX % Rank
Municipal 		94.06% 44.39% 100.00% 85.76%
Cash & Equivalents 		5.94% 0.00% 33.95% 12.96%
Derivative 		0.00% 0.00% 3.41% 1.57%
Securitized 		0.00% 0.00% 5.93% 3.43%
Corporate 		0.00% 0.00% 9.99% 20.16%
Government 		0.00% 0.00% 52.02% 7.61%

Bond Geographic Breakdown

Weighting Return Low Return High HLTZX % Rank
US 		94.06% 37.86% 142.23% 72.23%
Non US 		0.00% 0.00% 62.14% 75.89%

HLTZX - Expenses

Operational Fees

HLTZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.46% 0.02% 6.50% 79.11%
Management Fee 0.30% 0.00% 1.10% 15.16%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee 0.08% 0.01% 0.44% 18.97%

Sales Fees

HLTZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.00% 4.75% N/A
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

HLTZX 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.

HLTZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 18.00% 0.00% 283.00% 51.65%

HLTZX - Distributions

Dividend Yield Analysis

HLTZX Category Low Category High HLTZX % Rank
Dividend Yield 3.24% 0.00% 4.43% 20.36%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

HLTZX Category Low Category High HLTZX % Rank
Net Income Ratio 2.14% -0.53% 5.33% 39.32%

Capital Gain Distribution Analysis

HLTZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Monthly Annually

Distributions History

View More +

HLTZX - Fund Manager Analysis

Managers

David Sivinski

Start Date

Tenure

Tenure Rank

Mar 31, 2006

16.18

16.2%

David Sivinski, CFA charterholder and Executive Director, has also been as portfolio manager with J.P. Morgan Investment Management. In addition to his role as portfolio manager, Mr. Sivinski coordinates municipal management for a number of high net worth clients that focus principally on single state municipal bonds. He has worked at JPMorgan Investment Advisors, an affiliate of JPMIM since 1992. Previously, he spent seven years as a first vice president with First Security National Bank in Lexington, Kentucky, and 10 years with Bank One in Columbus, Ohio. Sivinski holds the Chartered Financial Analyst designation.

Kevin Ellis

Start Date

Tenure

Tenure Rank

Apr 01, 2020

2.16

2.2%

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

Wayne Godlin

Start Date

Tenure

Tenure Rank

Apr 01, 2020

2.16

2.2%

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.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.23 1.58

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