JPMorgan Income Fund
JPMorgan Trust I · Series S000044081 · 4 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
The Fund seeks to provide income
The fund invests opportunistically across multiple debt markets and sectors, shifting allocations based on changing market conditions to seek income and capital appreciation from interest rate declines or improving credit fundamentals. The adviser maintains flexibility to concentrate in a single strategy or sector, which can amplify risk exposure when the fund narrows its diversification. The fund typically targets a duration of ten years or less and maintains at least 35% in investment-grade securities under normal conditions, though it may invest up to 65% in below-investment-grade debt and distressed securities.
| Share class | Gross | Net | As of |
|---|---|---|---|
| JGIAX | 0.89% | 0.65% | 2026 Q2 |
| JGCGX | 1.39% | 1.20% | 2026 Q2 |
| JMSIX | 0.64% | 0.40% | 2026 Q2 |
| JMSFX | 0.39% | 0.39% | 2025 Q2 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 287.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 72.43% |
| Bonds | 26.42% |
| Cash & short-term | 2.48% |
| Loans | 1.11% |
| Stocks | 0.14% |
| Derivatives | -0.54% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: GNMA ×3, FNMA/FHLMC ×5
Largest exited: GNMA ×5, FNMA/FHLMC ×3
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +5.76% | +21.16% | +14.56% | 1.90% | -1.47% | |
| +5.20% | +19.04% | +11.43% | 1.80% | -1.86% | |
| +6.01% | +22.08% | +16.01% | 1.92% | -1.43% | |
| +6.01% | +22.07% | +16.00% | 1.80% | -1.33% |
These classes hold the same portfolio, so the 4.58pp spread over 5 years is the cost difference between them — roughly 0.92pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 65.4% |
| Floating rate | 32.8% |
| Zero-coupon or unclassified | 1.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.7% |
| 1-3y | 8.0% |
| 3-5y | 12.9% |
| 5-10y | 16.4% |
| 10y+ | 61.1% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 52% |
| Interest rates | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.83 yr |
| High yield | +1.25 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.78 yr | 25% |
| 5 yr | 1.92 yr | 62% |
| 10 yr | 0.36 yr | 12% |
30 yr is NEGATIVE (-0.27 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 1 yr | 0.46 yr | 14% |
| 5 yr | 2.34 yr | 69% |
| 10 yr | 0.46 yr | 14% |
| 30 yr | 0.11 yr | 3% |
3 mo is NEGATIVE (-0.29 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | -0.30 | +0.01 | -$498.5k | $14.0k |
| 1 yr | +0.78 | +0.20 | +0.26 | $342.8k | $436.8k |
| 5 yr | +1.92 | +1.64 | +0.69 | $2.76m | $1.17m |
| 10 yr | +0.36 | +0.24 | +0.22 | $410.4k | $362.1k |
| 30 yr | -0.27 | +0.04 | +0.07 | $65.2k | $124.5k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.81 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | GNMA5.50% · due 2056-06-15 | 8.10% | $1.36B | — |
| — | JPMorgan Prime Money Market Fund | 2.45% | $412.38M | — |
| — | GNMA6.00% · due 2056-06-15 | 2.31% | $387.96M | — |
| — | GNMA5.50% · due 2055-12-20 | 2.18% | $366.98M | — |
| — | FNMA/FHLMC5.50% · due 2056-06-25 | 0.63% | $106.45M | — |
| — | FHLMC Pool6.00% · due 2055-11-01 | 0.63% | $106.33M | — |
| — | FNMA6.00% · due 2055-10-01 | 0.57% | $95.24M | — |
| — | FNMA5.50% · due 2056-01-01 | 0.51% | $86.36M | — |
| — | GNMA2.05% floating · due 2035-06-29 | 0.51% | $84.84M | — |
| — | Citi Asset Receivables Trust I25.54% · due 2032-05-20 | 0.44% | $74.55M | — |
Top 10 positions are 18.34% of net assets, top 25 23.53%, across 733 issuers.
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