Fund
USMSX
Price as of:
$9.97
- $0.00
- 0.00%
Primary Theme
fund company
Name
As of 12/05/2023Price
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
Vitals
YTD Return
2.9%
1 yr return
2.9%
3 Yr Avg Return
0.6%
5 Yr Avg Return
0.8%
Net Assets
$1.86 B
Holdings in Top 10
19.2%
52 WEEK LOW AND HIGH
$10.0
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.77%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 33.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/05/2023Price
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
USMSX - Profile
Distributions
- YTD Total Return 2.9%
- 3 Yr Annualized Total Return 0.6%
- 5 Yr Annualized Total Return 0.8%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.06%
- Dividend Yield 2.8%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameJPMorgan Ultra-Short Municipal Fund
-
Fund Family NameJPMorgan Funds
-
Inception DateMay 31, 2016
-
Shares Outstanding5003833
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerRichard Taormina
Fund Description
Under normal circumstances, the Fund invests at least 80% of its Assets in municipal securities, the income from which is exempt from federal income tax. This is a fundamental policy. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. The Fund invests in a portfolio of municipal securities with an average weighted maturity of two years or less. Average weighted maturity is the average of all the current maturities (that is, the term of the securities) of the individual securities in the 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 the Fund’s sensitivity to changes in interest rates. Usually, the longer the average weighted maturity, the more fluctuation in share price you can expect.Municipal securities are securities issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, political subdivisions, agencies and instrumentalities and other groups with the authority to act for the municipalities, the interest on which is exempt from federal income tax. The securities are issued to raise funds for various public and private purposes. Municipal securities may include, but are not limited to, variable rate demand obligations, short-term municipal notes, municipal bonds, tax exempt commercial paper, private activity and industrial development bonds, tax anticipation notes, and participations in pools of municipal securities.Municipal securities also include instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal securities, such as tender option bonds and participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.Additionally, municipal securities include all other instruments that directly or indirectly provide economic exposure to income which is derived from municipalities (such as municipal leases).The securities in which the Fund invests may have fixed rates of return or floating or variable rates.Up to 100% of the Fund’s assets may be invested in short-term municipal instruments such as variable rate demand notes, short-term municipal notes and tax-exempt commercial paper. Their yields will vary as interests rates change.Up to 100% of the Fund’s assets may be invested in municipal securities, the interest on which may be subject to the federal alternative minimum tax for individuals.The Fund also invests in municipal mortgage-backed and asset-backed securities, as well as auction rate securities and 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 Fund may invest more than 25% of its total assets in municipal housing authority obligations.As part of its investments in municipal securities, the Fund invests primarily in investment grade securities or the unrated equivalent. Investment grade securities carry a minimum rating of Baa3, BBB–, or BBB– by Moody’s Investors Service Inc. (Moody’s), Standard & Poor’s Corporation (S&P), or Fitch Ratings (Fitch), respectively, or are unrated but deemed by the adviser to be of comparable quality. Up to 10% of the Fund’s total assets may be invested in securities rated below investment grade (junk 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. Junk bonds are also called “high yield bonds” and “non-investment grade bonds.” 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 subsequently they would be deemed to be below investment grade.The Fund may also invest in zero-coupon securities.Up to 20% of the Fund’s net assets may be invested in securities subject to federal income tax.The Fund is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money market funds to maintain a stable share price.Investment Process: The adviser buys and sells securities and investments for the Fund based on its view of individual securities and market sectors. The adviser looks for individual fixed income investments that it believes will perform well over market cycles. The adviser is value oriented and makes decisions to purchase and sell individual securities and instruments after performing a risk/reward analysis that includes an evaluation of interest rate risk, credit risk, duration, liquidity and the legal and technical structure of the transaction. As part of its investment process, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on certain issuers in the universe in which the Fund may invest. The adviser’s assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Fund’s investments in municipal issues and ascertain key issues that merit engagement with municipal issuers. These assessments may not be conclusive and securities that may be negatively impacted by such factors may be purchased and retained by the Fund while the Fund may divest or not invest in securities that may be positively impacted by such factors.
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USMSX - Performance
Return Ranking - Trailing
| Period | USMSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.9% | -2.6% | 33.5% | 69.50% |
| 1 Yr | 2.9% | -4.8% | 29.8% | 42.65% |
| 3 Yr | 0.6%* | -11.0% | 6103.8% | 3.99% |
| 5 Yr | 0.8%* | -4.9% | 1103.3% | 74.52% |
| 10 Yr | N/A* | -0.3% | 248.0% | N/A |
* Annualized
Return Ranking - Calendar
| Period | USMSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -1.6% | -40.2% | 0.3% | 2.46% |
| 2021 | -0.2% | -5.6% | 6.9% | 36.55% |
| 2020 | 0.2% | -2.6% | 310.0% | 94.18% |
| 2019 | 0.6% | 0.0% | 26.0% | 97.94% |
| 2018 | 0.0% | -25.2% | 11.0% | 5.10% |
Total Return Ranking - Trailing
| Period | USMSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.9% | -2.6% | 33.5% | 69.50% |
| 1 Yr | 2.9% | -4.8% | 29.8% | 42.65% |
| 3 Yr | 0.6%* | -11.0% | 6103.8% | 3.99% |
| 5 Yr | 0.8%* | -4.9% | 1103.3% | 74.52% |
| 10 Yr | N/A* | -0.3% | 248.0% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | USMSX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2022 | -0.9% | -40.2% | 1.1% | 2.85% |
| 2021 | -0.1% | -4.8% | 23761504.0% | 90.99% |
| 2020 | 0.8% | -1.5% | 17127.1% | 97.26% |
| 2019 | 1.3% | 0.2% | 3514.6% | 99.24% |
| 2018 | 1.0% | -11.3% | 15.0% | 32.00% |
NAV & Total Return History
USMSX - Holdings
Concentration Analysis
| USMSX | Category Low | Category High | USMSX % Rank | |
|---|---|---|---|---|
| Net Assets | 1.86 B | 3.48 M | 68.1 B | 18.29% |
| Number of Holdings | 767 | 2 | 13001 | 13.50% |
| Net Assets in Top 10 | 362 M | -317 M | 5.07 B | 7.90% |
| Weighting of Top 10 | 19.22% | 1.4% | 100.2% | 43.85% |
Top 10 Holdings
- JPMorgan Institutional Tax Free Money Market Fund, Class IM 3.92%
- University of Pittsburgh of the Commonwealth System of Higher Education, Series 2019 2.76%
- Silicon Valley Clean Water, WIFIA Rescue Project, Series 2021A 2.07%
- Rib Floater Trust Various States, Series 46 1.67%
- Health and Educational Facilities Authority of the State of Missouri, SSM Health Care Obligated Group, Series 2018 F 1.59%
- Fairfax County Industrial Development Authority, Virginia Health Care, Inova Health System Project, Series 2018C 1.59%
- Black Belt Energy Gas District, Gas Prepay, Series 2018B-2 1.59%
- Black Belt Energy Gas District, Gas Project No. 7, Series 2021C-2 1.40%
- Black Belt Energy Gas District, Gas Supply, Series 2022D-2 1.34%
- New Hampshire Business Finance Authority, Waste Management, Inc., Project, Series 2018A 1.28%
Asset Allocation
| Weighting | Return Low | Return High | USMSX % Rank | |
|---|---|---|---|---|
| Bonds | 52.45% | 0.00% | 150.86% | 98.98% |
| Cash | 48.14% | -50.86% | 48.14% | 0.06% |
| Stocks | 0.00% | 0.00% | 99.82% | 51.69% |
| Preferred Stocks | 0.00% | 0.00% | 0.52% | 45.54% |
| Other | 0.00% | -8.54% | 33.35% | 49.87% |
| Convertible Bonds | 0.00% | 0.00% | 0.93% | 45.65% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | USMSX % Rank | |
|---|---|---|---|---|
| Municipal | 71.22% | 44.39% | 100.00% | 99.30% |
| Cash & Equivalents | 48.14% | 0.00% | 48.14% | 0.06% |
| Derivative | 0.00% | -8.54% | 24.50% | 48.03% |
| Securitized | 0.00% | 0.00% | 5.93% | 46.48% |
| Corporate | 0.00% | 0.00% | 9.41% | 55.82% |
| Government | 0.00% | 0.00% | 52.02% | 49.81% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | USMSX % Rank | |
|---|---|---|---|---|
| US | 52.45% | 0.00% | 142.23% | 98.98% |
| Non US | 0.00% | 0.00% | 23.89% | 50.00% |
USMSX - Expenses
Operational Fees
| USMSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.77% | 0.03% | 20.65% | 46.30% |
| Management Fee | 0.15% | 0.00% | 1.20% | 3.50% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 48.68% |
| Administrative Fee | 0.08% | 0.01% | 0.44% | 19.40% |
Sales Fees
| USMSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.50% | 4.75% | 78.51% |
| Deferred Load | N/A | 0.25% | 5.00% | N/A |
Trading Fees
| USMSX 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.
| USMSX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 33.00% | 0.00% | 283.00% | 82.42% |
USMSX - Distributions
Dividend Yield Analysis
| USMSX | Category Low | Category High | USMSX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.83% | 0.00% | 4.57% | 48.82% |
Dividend Distribution Analysis
| USMSX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| USMSX | Category Low | Category High | USMSX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.06% | -0.53% | 5.33% | 98.84% |
Capital Gain Distribution Analysis
| USMSX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 29, 2022 | $0.012 | OrdinaryDividend |
| Oct 28, 2022 | $0.013 | OrdinaryDividend |
| Sep 29, 2022 | $0.008 | OrdinaryDividend |
| Aug 30, 2022 | $0.010 | OrdinaryDividend |
| Jul 28, 2022 | $0.004 | OrdinaryDividend |
| Jun 29, 2022 | $0.004 | OrdinaryDividend |
| May 27, 2022 | $0.003 | OrdinaryDividend |
| Apr 28, 2022 | $0.002 | OrdinaryDividend |
| Mar 30, 2022 | $0.000 | OrdinaryDividend |
| Feb 25, 2022 | $0.002 | OrdinaryDividend |
| Jan 28, 2022 | $0.000 | OrdinaryDividend |
| Dec 30, 2021 | $0.000 | OrdinaryDividend |
| Nov 29, 2021 | $0.001 | OrdinaryDividend |
| Sep 29, 2021 | $0.000 | OrdinaryDividend |
| Jul 29, 2021 | $0.000 | OrdinaryDividend |
| Jun 29, 2021 | $0.001 | OrdinaryDividend |
| May 27, 2021 | $0.001 | OrdinaryDividend |
| Apr 29, 2021 | $0.001 | OrdinaryDividend |
| Feb 25, 2021 | $0.001 | OrdinaryDividend |
| Jan 28, 2021 | $0.000 | OrdinaryDividend |
| Dec 30, 2020 | $0.001 | OrdinaryDividend |
| Nov 27, 2020 | $0.001 | OrdinaryDividend |
| Oct 29, 2020 | $0.001 | OrdinaryDividend |
| Sep 29, 2020 | $0.001 | OrdinaryDividend |
| Aug 28, 2020 | $0.002 | OrdinaryDividend |
| Jul 30, 2020 | $0.002 | OrdinaryDividend |
| Jun 29, 2020 | $0.003 | OrdinaryDividend |
| May 28, 2020 | $0.005 | OrdinaryDividend |
| Apr 28, 2020 | $0.012 | OrdinaryDividend |
| Mar 30, 2020 | $0.011 | OrdinaryDividend |
| Feb 27, 2020 | $0.009 | OrdinaryDividend |
| Jan 30, 2020 | $0.008 | OrdinaryDividend |
| Dec 30, 2019 | $0.000 | OrdinaryDividend |
| Nov 27, 2019 | $0.000 | OrdinaryDividend |
| Oct 30, 2019 | $0.000 | OrdinaryDividend |
| Sep 27, 2019 | $0.000 | OrdinaryDividend |
| Aug 29, 2019 | $0.000 | OrdinaryDividend |
| Jul 30, 2019 | $0.000 | OrdinaryDividend |
| Jun 27, 2019 | $0.012 | OrdinaryDividend |
| May 30, 2019 | $0.011 | OrdinaryDividend |
| Apr 29, 2019 | $0.013 | OrdinaryDividend |
| Mar 28, 2019 | $0.011 | OrdinaryDividend |
| Feb 27, 2019 | $0.012 | OrdinaryDividend |
| Jan 30, 2019 | $0.009 | OrdinaryDividend |
| Dec 28, 2018 | $0.011 | OrdinaryDividend |
| Nov 29, 2018 | $0.011 | OrdinaryDividend |
| Oct 30, 2018 | $0.011 | OrdinaryDividend |
| Sep 27, 2018 | $0.011 | OrdinaryDividend |
| Aug 30, 2018 | $0.010 | OrdinaryDividend |
| Jul 30, 2018 | $0.008 | OrdinaryDividend |
| Jun 28, 2018 | $0.009 | OrdinaryDividend |
| May 30, 2018 | $0.011 | OrdinaryDividend |
| Apr 27, 2018 | $0.002 | OrdinaryDividend |
| Mar 28, 2018 | $0.007 | OrdinaryDividend |
| Feb 27, 2018 | $0.009 | OrdinaryDividend |
| Dec 28, 2017 | $0.006 | OrdinaryDividend |
| Nov 29, 2017 | $0.006 | OrdinaryDividend |
| Oct 30, 2017 | $0.005 | OrdinaryDividend |
| Sep 28, 2017 | $0.006 | OrdinaryDividend |
| Aug 30, 2017 | $0.004 | OrdinaryDividend |
| Jul 28, 2017 | $0.005 | OrdinaryDividend |
| Jun 29, 2017 | $0.002 | OrdinaryDividend |
| May 30, 2017 | $0.002 | OrdinaryDividend |
| Apr 27, 2017 | $0.009 | OrdinaryDividend |
| Mar 30, 2017 | $0.003 | OrdinaryDividend |
| Feb 27, 2017 | $0.007 | OrdinaryDividend |
| Jan 30, 2017 | $0.003 | OrdinaryDividend |
| Dec 29, 2016 | $0.006 | OrdinaryDividend |
| Nov 29, 2016 | $0.003 | OrdinaryDividend |
| Oct 28, 2016 | $0.003 | OrdinaryDividend |
| Sep 29, 2016 | $0.003 | OrdinaryDividend |
| Aug 30, 2016 | $0.003 | OrdinaryDividend |
| Jul 28, 2016 | $0.003 | OrdinaryDividend |
USMSX - Fund Manager Analysis
Managers
Richard Taormina
Start Date
Tenure
Tenure Rank
May 31, 2016
6.0
6.0%
Richard Taormina, Managing Director, has been an employee of JPMIM and/or its affiliates since 1997. Mr. Taormina is responsible for managing municipal mutual funds, institutional fixed income accounts and quantitative analysis. Previously, Mr. Taormina was a Certified Financial Planner for the Financial Advisory Group, where he was an investment analyst. Prior to joining the firm, Rick was a senior trader for national, high-yield, and state-specific funds at the Vanguard Group, where the team consistently performed in the top-quartile. He has been a municipal bond manager since 1990. Ricks holds a B.A. in economics from the University of Delaware, an M.B.A. in finance from Wilmington College, and is a Certified Financial Planner (CFP).
James Ahn
Start Date
Tenure
Tenure Rank
May 31, 2016
6.0
6.0%
Mr. Ahn, Managing Director, is a portfolio manager in the U.S. Fixed Income Group. An employee of JPMIM and/or its affiliates since 1996 and a member of the portfolio management team since February 1999, Mr. Ahn is responsible for strategy formulation and trading short-term tax-aware fixed income strategies for U.S. institutional clients and the Private Bank.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.08 | 35.05 | 7.35 | 1.58 |