JPMorgan Ultra-Short Municipal Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, JPMorgan Ultra-Short Municipal Fund held 1,092 positions with $2.62B in net assets. Its ten largest holdings made up 21.8% of the fund. The USMSX share class costs 0.38% a year. Over the 12 months to May 2026, USMSX returned 2.6%, with dividends reinvested. In 2026 Q2 it added 177 new positions and exited 100.
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.
What you own
| Company | Weight | 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 NJ 4.00% · due 2026-10-09 | 0.84% | $22.10M | — |
Fairfax County Industrial Development Authority | 0.84% | $22.00M | — |
Croton-Harmon Union Free School District 4.00% · due 2026-06-26 | 0.76% | $20.02M | — |
The 200 largest of 1,092 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 68.99% |
| Cash & short-term | 34.76% |
| Derivatives | 0.01% |
Derivatives are shown at market value, not notional exposure.
How it has done
USMSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.45%. Past returns are a record, not a forecast.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.38% | +2.65% | +9.63% | +9.41% | -0.11% | |
| 0.18% | +2.87% | +10.27% | +10.55% | -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.
Fees & fund details
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
- Expense ratio, by class
- 0.18% – 0.38%· USMSX 0.38%
- Portfolio turnover
- 58.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
177 new· the largest 8
100 exited· the largest 8
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.
Understand how this fund fits with the rest.
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