JPMORGAN ULTRA-SHORT INCOME
JPSTInvestment objective: The Fund seeks to provide current income while seeking to maintain a low volatility of principal.
Principal investment strategies: Under normal circumstances, the Fund seeks to achieve its investment objective by investing in investment grade, U.S. dollar denominated short-term fixed, variable and floating rate debt. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities, mortgage-backed and mortgage-related securities, and high quality money market instruments such as commercial paper and certificates of deposit. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by foreign governments, repurchase agreements, when-issued securities, delayed delivery securities, forward commitments, zero-coupon securities and privately placed securities. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities. The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure. The Fund seeks to maintain a duration of one year or less, although under certain market conditions such as in periods of significant volatility in interest rates and spreads, the Funds duration may be longer than one year. Duration is a measure of price sensitivity of a debt security or a portfolio of debt securities to relative changes in interest rates. For instance, a duration of one means that a securitys or portfolios price would be expected to decrease by approximately 1% with a 1% increase in interest rates (assuming a parallel shift in yield curve). The investment grade U.S. dollar denominated short-term fixed, variable and floating rate debt securities in which the Fund will invest will carry a minimum short-term rating of P-2, A-2 or F2 or better by Moodys Investors Service Inc. (Moodys), S&P Global Ratings (S&P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or a minimum long-term rating of Baa3, BBB, or BBB by Moodys, S&P, or Fitch, respectively, or the equivalent by another NRSRO at the time of investment or if such investments are unrated, deemed by J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality at the time of investment (unrated equivalent). The Fund also may invest in securities rated below investment grade (i.e., high yield bonds, also called junk bonds or non-investment grade bonds) or the unrated equivalent. 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 Moodys). These securities generally offer a higher yield than investment grade securities, but involve a high degree of risk. A securitys 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 invest a significant portion of its assets in mortgage-related and mortgage-backed, as well as restricted securities, at the advisers discretion. The asset-backed securities in which the Fund may invest include sub-prime securities and collateralized loan obligations (CLOs). The Fund may use futures contracts in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes and/or to seek to increase income or gain to the Fund. Income in the Funds name does not refer to a type of security in which the Fund invests, but rather describes the Funds overall strategy of creating current income. 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. As part of its principal investment strategy and for temporary defensive purposes, any portion of the Funds total assets may be invested in cash, money market funds and cash equivalents. Investment Process: Because the Fund is not managed to a benchmark, J.P. Morgan Investment Management Inc. (JPMIM or the adviser) has broad discretion to shift the Funds exposure to strategies and sectors based on changing market conditions and its view of the best mix of investment opportunities. The adviser allocates the Funds assets among a range of sectors based on strategic positioning and other tactical considerations. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. As part of its security selection strategy, the adviser seeks to assess the impact of environmental, social and governance (ESG) factors on many issuers in the universe in which the Fund may invest. The advisers assessment is based on an analysis of key opportunities and risks across industries to seek to identify financially material issues with respect to the Funds investments in issuers and ascertain key issues that merit engagement with issuers. These assessments may not be conclusive and securities of issuers 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 of issuers that may be positively impacted by such factors. Continue reading...
Top 25 holdings · as of Aug 31, 2026
792 positions reported · net assets $41.1B · filed Oct 28, 2026
| # | Holding | Shares / principal | Value | % of net assets |
|---|---|---|---|---|
| 1 | JPMorgan U.S. Government Money Market Fund CUSIP 4812C2270 | 3.0B sh | $3.0B | 7.37% |
| 2 | United States of America CUSIP 91282CQB0 | 897.2M principal | $885.2M | 2.15% |
| 3 | Wells Fargo Securities LLC | 440.0M principal | $440.0M | 1.07% |
| 4 | United States of America CUSIP 91282CCZ2 | 270.0M principal | $269.3M | 0.65% |
| 5 | National Bank of Canada CUSIP 63307MR50 | 234.2M principal | $228.4M | 0.56% |
| 6 | Capital One Financial Corp. CUSIP 14040HCH6 | 229.0M principal | $227.9M | 0.55% |
| 7 | First Abu Dhabi Bank PJSC CUSIP 31849MLA7 | 226.5M principal | $224.7M | 0.55% |
| 8 | Svenska Handelsbanken AB CUSIP 86960KT93 | 218.8M principal | $211.6M | 0.51% |
| 9 | DNB Bank ASA CUSIP 2332K1PQ7 | 214.6M principal | $210.3M | 0.51% |
| 10 | Royal Bank of Canada CUSIP 78015DQQ6 | 215.2M principal | $210.2M | 0.51% |
| 11 | AbbVie, Inc. CUSIP 00287YBV0 | 198.7M principal | $198.2M | 0.48% |
| 12 | FHLMC CUSIP 3133Q34B4 | 192.3M principal | $191.3M | 0.47% |
| 13 | Bank of Nova Scotia CUSIP 06418NPA4 | 190.8M principal | $190.7M | 0.46% |
| 14 | Federation des Caisses Desjardins du Quebec CUSIP 31429KAR4 | 191.1M principal | $190.2M | 0.46% |
| 15 | T-Mobile USA, Inc. CUSIP 87264ABD6 | 182.1M principal | $181.3M | 0.44% |
| 16 | Deutsche Bank AG CUSIP 251526CP2 | 181.6M principal | $180.7M | 0.44% |
| 17 | AT&T, Inc. CUSIP 00206RNX6 | 179.2M principal | $179.8M | 0.44% |
| 18 | DZ Bank AG Deutsche Zentral-Genossenschaftsbank CUSIP 26821MJ46 | 177.8M principal | $177.7M | 0.43% |
| 19 | Honda Auto Receivables Owner Trust CUSIP 43814YAB7 | 173.1M principal | $172.8M | 0.42% |
| 20 | ABN AMRO Bank NV CUSIP 00084DBA7 | 169.5M principal | $169.6M | 0.41% |
| 21 | BMW US Capital LLC CUSIP 05565EDF9 | 170.2M principal | $169.1M | 0.41% |
| 22 | Bank of Montreal CUSIP 06368MC69 | 168.1M principal | $167.9M | 0.41% |
| 23 | BNP Paribas SA CUSIP 09659W3C6 | 166.3M principal | $165.8M | 0.4% |
| 24 | United States of America CUSIP 91282CFM8 | 165.0M principal | $164.8M | 0.4% |
| 25 | Glencore Funding LLC CUSIP 37790BMN8 | 165.2M principal | $163.1M | 0.4% |
As reported by the fund on Form N-PORT for the period ended Aug 31, 2026. View the filing on SEC.gov
Holdings reports by period
| As of | Positions | Net assets |
|---|---|---|
| Aug 31, 2026 | 792 | $41.1B |
| May 31, 2026 | 806 | $38.4B |
| Feb 28, 2026 | 827 | $37.4B |
| Nov 30, 2025 | 848 | $35.3B |
| Aug 31, 2025 | 880 | $33.4B |
| May 31, 2025 | 864 | $31.1B |
| Feb 28, 2025 | 862 | $30.7B |
| Nov 30, 2024 | 880 | $28.6B |
| Aug 31, 2024 | 685 | $25.4B |
| May 31, 2024 | 694 | $23.4B |
| Feb 29, 2024 | 683 | $22.5B |
| Nov 30, 2023 | 628 | $22.4B |
| Aug 31, 2023 | 639 | $22.8B |
| May 31, 2023 | 619 | $24.6B |
| Feb 28, 2023 | 593 | $25.1B |
| Nov 30, 2022 | 620 | $22.3B |
| Aug 31, 2022 | 636 | $21.5B |
| May 31, 2022 | 653 | $19.2B |
| Feb 28, 2022 | 667 | $18.7B |
| Nov 30, 2021 | 685 | $18.5B |
As reported on Form N-PORT. Create a free account to see 8 earlier reports.