JPMorgan Ultra-Short Municipal Fund
JPMorgan Trust IV · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
JPMorgan Ultra-Short Municipal Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2026 Q2
The Fund seeks as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.
The fund invests primarily in investment-grade municipal securities with an average weighted maturity of two years or less, selecting individual securities based on a value-oriented risk/reward analysis that considers interest rate risk, credit risk, duration, liquidity, and legal structure. Up to 10% of assets may be invested in below-investment-grade municipal securities, and up to 20% in taxable securities. Because the fund's strategy depends on the adviser's security selection decisions, performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| USMSX | 0.77% | 0.38% |
| USMTX | 0.51% | 0.18% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 58.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 68.99% |
| Cash & short-term | 34.76% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: State of Delaware, District of Columbia, Bergen County Improvement Authority (The), City of Albany NY, Borough of Carteret NJ, New York State Dormitory Authority, Nebraska Public Power District, 2026 Loan Holding-1
Largest exited: Tarrant County Cultural Education Facilities Finance Corp., Triborough Bridge & Tunnel Authority, Monmouth County Improvement Authority (The), State of Ohio, Bergen County Improvement Authority (The), Town of Westford MA, New York City Municipal Water Finance Authority, Borough of East Rutherford NJ
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 |
|---|---|---|---|---|---|
| +2.88% | +9.38% | +9.21% | 0.49% | -0.11% | |
| +3.09% | +10.09% | +10.35% | 0.51% | -0.09% |
These classes hold the same portfolio, so the 1.14pp spread over 5 years is the cost difference between them — roughly 0.23pp 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 | 93.4% |
| Floating rate | 6.2% |
| Zero-coupon or unclassified | 0.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 50.7% |
| 1-3y | 27.0% |
| 3-5y | 13.0% |
| 5-10y | 1.8% |
| 10y+ | 7.6% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
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.
| Interest rates | 50% |
| Credit spreads | 50% |
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 | +0.77 yr |
| High yield | +0.07 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 | 0.11 yr | 13% |
| 1 yr | 0.44 yr | 52% |
| 5 yr | 0.29 yr | 35% |
| 10 yr | 0.00 yr | 0% |
| 3 mo | 0.07 yr | 8% |
| 1 yr | 0.46 yr | 54% |
| 5 yr | 0.32 yr | 38% |
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 | +0.11 | +0.05 | +0.02 | $12.8k | $4.8k |
| 1 yr | +0.44 | +0.41 | +0.05 | $106.8k | $13.5k |
| 5 yr | +0.29 | +0.31 | +0.00 | $82.2k | $829 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | JPMorgan Institutional Tax Free Money Market Fund | 12.98% | $340.16M | — |
| — | Pennsylvania Turnpike Commission | 1.34% | $35.00M | — |
| — | Rib Floater Trust Various States | 1.20% | $31.41M | — |
| — | Black Belt Energy Gas District | 0.97% | $25.56M | — |
| — | New York City Transitional Finance Authority Future Tax Secured Revenue | 0.95% | $25.00M | — |
| — | Ohio State University (The) | 0.95% | $25.00M | — |
| — | City of New York NY | 0.95% | $25.00M | — |
| — | Township of Woodbridge NJ4.00% · due 2026-10-09 | 0.84% | $22.10M | — |
| — | Fairfax County Industrial Development Authority | 0.84% | $22.00M | — |
| — | Croton-Harmon Union Free School District4.00% · due 2026-06-26 | 0.76% | $20.02M | — |
Top 10 positions are 21.80% of net assets, top 25 31.96%, across 552 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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