UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21295
JPMorgan Trust I
(Exact name of registrant as specified in charter)
277 Park Avenue
New York, NY 10172
(Address of principal executive offices) (Zip code)
Gregory S. Samuels
277 Park Avenue
New York, NY 10172
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (800) 480-4111
Date of fiscal year end: October 31
Date of reporting period: November 1, 2021 through October 31, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Reports. Not Applicable. Notices do not incorporate disclosures from the
shareholder report.
JPMorgan Opportunistic Equity Long/Short Fund |
JPMorgan Research Market Neutral Fund |
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Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
December 15, 2022 (Unaudited)
![]() | “While investors seek to adapt to the current market environment, we believe a well-diversified portfolio and a patient outlook remain crucial components of a successful invest- ment approach.” — Brian S. Shlissel |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g385947img90ca97c13.jpg)
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
October 31, 2022 | J.P. Morgan Specialty Funds | 1 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
2 | J.P. Morgan Specialty Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (18.35)% |
S&P 500 Index | (14.61)% |
ICE BofAML 3-Month US Treasury Bill Index | 0.79% |
Net Assets as of 10/31/2022 (In Thousands) | $481,006 |
October 31, 2022 | J.P. Morgan Specialty Funds | 3 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | NextEra Energy, Inc. | 6.8% |
2. | UnitedHealth Group, Inc. | 5.1 |
3. | NXP Semiconductors NV (China) | 5.0 |
4. | SPDR S&P 500 ETF Trust | 4.9 |
5. | Amazon.com, Inc. | 4.3 |
6. | Fiserv, Inc. | 4.3 |
7. | Constellation Energy Corp. | 4.2 |
8. | Canadian Pacific Railway Ltd. | 4.0 |
9. | Microsoft Corp. | 4.0 |
10. | Zscaler, Inc. | 3.1 |
TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Apple, Inc. | 20.4% |
2. | Old Dominion Freight Line, Inc. | 11.8 |
3. | iShares Semiconductor ETF | 10.4 |
4. | Signet Jewelers Ltd. | 4.7 |
5. | Intel Corp. | 3.4 |
6. | Cisco Systems, Inc. | 3.4 |
7. | Saia, Inc. | 3.2 |
8. | XPO Logistics, Inc. | 3.1 |
9. | Ally Financial, Inc. | 3.0 |
10. | FedEx Corp. | 2.7 |
LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 16.9% |
Utilities | 11.0 |
Consumer Discretionary | 10.3 |
Industrials | 9.5 |
Health Care | 8.0 |
Exchange-Traded Fund | 4.9 |
Energy | 1.8 |
Short-Term Investments | 37.6 |
SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 30.1% |
Industrials | 26.7 |
Consumer Discretionary | 12.4 |
Exchange-Traded Fund | 10.4 |
Consumer Staples | 6.5 |
Financials | 5.7 |
Materials | 3.9 |
Communication Services | 2.2 |
Health Care | 2.1 |
4 | J.P. Morgan Specialty Funds | October 31, 2022 |
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | SINCE INCEPTION | |
CLASS A SHARES | August 29, 2014 | |||
With Sales Charge * | (22.81)% | 1.57% | 4.40% | |
Without Sales Charge | (18.53) | 2.68 | 5.09 | |
CLASS C SHARES | August 29, 2014 | |||
With CDSC ** | (19.95) | 2.16 | 4.58 | |
Without CDSC | (18.95) | 2.16 | 4.58 | |
Class I SHARES | August 29, 2014 | (18.35) | 2.93 | 5.35 |
Class R6 SHARES | August 29, 2014 | (18.11) | 3.19 | 5.61 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g385947imgba1b51714.jpg)
October 31, 2022 | J.P. Morgan Specialty Funds | 5 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (2.41)% |
ICE BofAML 3-Month US Treasury Bill Index | 0.79% |
Net Assets as of 10/31/2022 (In Thousands) | $158,346 |
6 | J.P. Morgan Specialty Funds | October 31, 2022 |
TOP TEN LONG POSITIONS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Mastercard, Inc., Class A | 1.9% |
2. | NXP Semiconductors NV (China) | 1.7 |
3. | Amazon.com, Inc. | 1.4 |
4. | Intuit, Inc. | 1.3 |
5. | Progressive Corp. (The) | 1.3 |
6. | Lam Research Corp. | 1.3 |
7. | AbbVie, Inc. | 1.2 |
8. | Honeywell International, Inc. | 1.2 |
9. | Deere & Co. | 1.2 |
10. | Wells Fargo & Co. | 1.1 |
TOP TEN SHORT POSITIONS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Apple, Inc. | 3.9% |
2. | Kroger Co. (The) | 2.7 |
3. | Omnicom Group, Inc. | 2.1 |
4. | General Electric Co. | 2.0 |
5. | Walmart, Inc. | 1.8 |
6. | Moderna, Inc. | 1.7 |
7. | Boeing Co. (The) | 1.6 |
8. | 3M Co. | 1.5 |
9. | Gilead Sciences, Inc. | 1.5 |
10. | Johnson Controls International plc | 1.5 |
LONG POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 14.6% |
Industrials | 12.4 |
Health Care | 10.0 |
Financials | 8.3 |
Consumer Discretionary | 6.5 |
Communication Services | 4.9 |
Utilities | 3.5 |
Energy | 3.2 |
Consumer Staples | 2.4 |
Materials | 1.8 |
Real Estate | 1.8 |
Short-Term Investments | 30.6 |
SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Industrials | 20.3% |
Information Technology | 17.6 |
Financials | 13.3 |
Health Care | 12.0 |
Consumer Staples | 10.1 |
Communication Services | 8.5 |
Utilities | 6.1 |
Real Estate | 3.5 |
Consumer Discretionary | 3.3 |
Energy | 3.0 |
Materials | 2.3 |
October 31, 2022 | J.P. Morgan Specialty Funds | 7 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | February 28, 2002 | |||
With Sales Charge * | (7.79)% | 1.59% | 1.23% | |
Without Sales Charge | (2.66) | 2.69 | 1.77 | |
CLASS C SHARES | November 2, 2009 | |||
With CDSC ** | (4.16) | 2.18 | 1.36 | |
Without CDSC | (3.16) | 2.18 | 1.36 | |
Class I SHARES | November 2, 2009 | (2.41) | 2.95 | 2.04 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g385947img463587955.jpg)
8 | J.P. Morgan Specialty Funds | October 31, 2022 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — 97.3% | ||
Common Stocks — 56.0% | ||
Automobiles — 2.1% | ||
Ferrari NV (Italy) | 51 | 10,024 |
Tesla, Inc. * | 1 | 249 |
10,273 | ||
Communications Equipment — 0.5% | ||
Motorola Solutions, Inc. | 10 | 2,574 |
Electric Utilities — 10.7% | ||
Constellation Energy Corp. (a) | 208 | 19,664 |
NextEra Energy, Inc. (a) | 411 | 31,878 |
51,542 | ||
Health Care Providers & Services — 6.0% | ||
Humana, Inc. | 9 | 5,300 |
UnitedHealth Group, Inc. (a) | 43 | 23,674 |
28,974 | ||
Hotels, Restaurants & Leisure — 2.0% | ||
Royal Caribbean Cruises Ltd. * | 177 | 9,443 |
Industrial Conglomerates — 2.0% | ||
Honeywell International, Inc. | 46 | 9,449 |
Internet & Direct Marketing Retail — 4.2% | ||
Amazon.com, Inc. * (a) | 197 | 20,131 |
IT Services — 4.2% | ||
Fiserv, Inc. * | 196 | 20,121 |
Life Sciences Tools & Services — 1.7% | ||
Thermo Fisher Scientific, Inc. | 16 | 8,312 |
Machinery — 1.6% | ||
PACCAR, Inc. | 79 | 7,650 |
Oil, Gas & Consumable Fuels — 1.7% | ||
Exxon Mobil Corp. | 75 | 8,360 |
Road & Rail — 5.7% | ||
Canadian Pacific Railway Ltd. (Canada) | 254 | 18,918 |
Union Pacific Corp. (a) | 43 | 8,499 |
27,417 | ||
Semiconductors & Semiconductor Equipment — 4.9% | ||
NXP Semiconductors NV (China) | 161 | 23,489 |
Software — 6.9% | ||
Microsoft Corp. (a) | 80 | 18,515 |
Zscaler, Inc. * | 94 | 14,545 |
33,060 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Specialty Retail — 1.8% | ||
AutoZone, Inc. * | 2 | 5,382 |
O'Reilly Automotive, Inc. * | 4 | 3,039 |
8,421 | ||
Total Common Stocks (Cost $252,284) | 269,216 | |
Exchange-Traded Funds — 4.7% | ||
U.S. Equity — 4.7% | ||
SPDR S&P 500 ETF Trust(Cost $22,132) | 59 | 22,826 |
Short-Term Investments — 36.6% | ||
Investment Companies — 36.6% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (b) (c)(Cost $176,262) | 176,245 | 176,262 |
Total Long Positions (Cost $450,678) | 468,304 | |
Short Positions — (31.1)% | ||
Common Stocks — (27.9)% | ||
Air Freight & Logistics — (0.8)% | ||
FedEx Corp. | (25) | (3,966) |
Automobiles — (1.9)% | ||
Ford Motor Co. | (227) | (3,031) |
General Motors Co. | (82) | (3,197) |
Harley-Davidson, Inc. | (69) | (2,986) |
(9,214) | ||
Building Products — (0.7)% | ||
A O Smith Corp. | (59) | (3,264) |
Chemicals — (1.2)% | ||
Celanese Corp. | (14) | (1,303) |
Dow, Inc. | (62) | (2,896) |
Westlake Corp. | (17) | (1,684) |
(5,883) | ||
Communications Equipment — (1.0)% | ||
Cisco Systems, Inc. | (111) | (5,027) |
Consumer Finance — (1.8)% | ||
Ally Financial, Inc. | (163) | (4,484) |
Capital One Financial Corp. | (9) | (1,001) |
Synchrony Financial | (84) | (2,984) |
(8,469) | ||
Entertainment — (0.7)% | ||
Roku, Inc. * | (59) | (3,269) |
October 31, 2022 | J.P. Morgan Specialty Funds | 9 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Food Products — (0.8)% | ||
Mondelez International, Inc., Class A | (63) | (3,865) |
Health Care Providers & Services — (0.7)% | ||
CVS Health Corp. | (13) | (1,210) |
Henry Schein, Inc. * | (29) | (2,015) |
(3,225) | ||
Household Products — (1.2)% | ||
Kimberly-Clark Corp. | (21) | (2,537) |
Procter & Gamble Co. (The) | (24) | (3,267) |
(5,804) | ||
IT Services — (0.7)% | ||
Okta, Inc. * | (59) | (3,337) |
Professional Services — (0.3)% | ||
ManpowerGroup, Inc. | (20) | (1,568) |
Road & Rail — (6.5)% | ||
JB Hunt Transport Services, Inc. | (7) | (1,217) |
Knight-Swift Transportation Holdings, Inc. | (61) | (2,905) |
Old Dominion Freight Line, Inc. | (64) | (17,668) |
Saia, Inc. * | (24) | (4,825) |
XPO Logistics, Inc. * | (89) | (4,590) |
(31,205) | ||
Semiconductors & Semiconductor Equipment — (1.0)% | ||
Intel Corp. | (177) | (5,033) |
Specialty Retail — (1.5)% | ||
Signet Jewelers Ltd. | (107) | (6,968) |
Technology Hardware, Storage & Peripherals — (6.6)% | ||
Apple, Inc. | (199) | (30,570) |
Western Digital Corp. * | (30) | (1,040) |
(31,610) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Textiles, Apparel & Luxury Goods — (0.5)% | ||
Tapestry, Inc. | (77) | (2,454) |
Total Common Stocks (Proceeds $(129,779)) | (134,161) | |
Exchange-Traded Funds — (3.2)% | ||
U.S. Equity — (3.2)% | ||
iShares Semiconductor ETF (Proceeds $(15,586)) | (48) | (15,572) |
Total Short Positions (Proceeds $(145,365)) | (149,733) | |
Total Investments — 66.2% (Cost $305,313) | 318,571 | |
Other Assets Less Liabilities — 33.8% | 162,435 | |
Net Assets — 100.0% | 481,006 |
Percentages indicated are based on net assets. |
Abbreviations | |
ETF | Exchange Traded Fund |
SPDR | Standard & Poor's Depositary Receipt |
* | Non-income producing security. |
(a) | All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $64,171 and $146,489, respectively. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of October 31, 2022. |
10 | J.P. Morgan Specialty Funds | October 31, 2022 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — 98.9% | ||
Common Stocks — 68.6% | ||
Aerospace & Defense — 3.1% | ||
Howmet Aerospace, Inc. | 44 | 1,576 |
Northrop Grumman Corp. | 2 | 1,217 |
Raytheon Technologies Corp. | 15 | 1,417 |
Textron, Inc. | 4 | 240 |
TransDigm Group, Inc. | 1 | 478 |
4,928 | ||
Air Freight & Logistics — 0.3% | ||
FedEx Corp. | — | 56 |
United Parcel Service, Inc., Class B | 3 | 491 |
547 | ||
Auto Components — 0.3% | ||
Aptiv plc * | 2 | 138 |
Lear Corp. | 1 | 163 |
Magna International, Inc. (Canada) | 3 | 181 |
482 | ||
Automobiles — 0.2% | ||
Rivian Automotive, Inc., Class A * | 7 | 246 |
Banks — 2.1% | ||
Bank of America Corp. | 2 | 76 |
Fifth Third Bancorp | 27 | 962 |
Truist Financial Corp. | 14 | 625 |
Wells Fargo & Co. (a) | 38 | 1,730 |
3,393 | ||
Beverages — 1.5% | ||
Coca-Cola Co. (The) | 7 | 401 |
Constellation Brands, Inc., Class A | 1 | 245 |
Keurig Dr Pepper, Inc. | 3 | 127 |
Monster Beverage Corp. * | 11 | 1,040 |
PepsiCo, Inc. | 4 | 627 |
2,440 | ||
Biotechnology — 5.2% | ||
AbbVie, Inc. (a) | 13 | 1,959 |
Biogen, Inc. * | 6 | 1,637 |
BioMarin Pharmaceutical, Inc. * | 11 | 989 |
Neurocrine Biosciences, Inc. * | 3 | 383 |
Regeneron Pharmaceuticals, Inc. * | 2 | 1,309 |
Sarepta Therapeutics, Inc. * | 6 | 633 |
Vertex Pharmaceuticals, Inc. * (a) | 4 | 1,308 |
8,218 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Building Products — 0.8% | ||
Trane Technologies plc | 8 | 1,299 |
Capital Markets — 3.3% | ||
Ameriprise Financial, Inc. | — | 128 |
Charles Schwab Corp. (The) | 16 | 1,305 |
CME Group, Inc. | 6 | 971 |
Morgan Stanley | 1 | 86 |
Raymond James Financial, Inc. | 10 | 1,204 |
S&P Global, Inc. | 4 | 1,240 |
State Street Corp. | 4 | 263 |
5,197 | ||
Chemicals — 1.2% | ||
Air Products and Chemicals, Inc. (a) | 1 | 267 |
DuPont de Nemours, Inc. (a) | 6 | 350 |
Eastman Chemical Co. (a) | 2 | 144 |
Linde plc (United Kingdom) | 1 | 342 |
PPG Industries, Inc. | 1 | 92 |
Sherwin-Williams Co. (The) | 3 | 638 |
1,833 | ||
Commercial Services & Supplies — 1.0% | ||
Republic Services, Inc. | 2 | 314 |
Waste Connections, Inc. | 9 | 1,199 |
1,513 | ||
Construction Materials — 0.4% | ||
Martin Marietta Materials, Inc. | 1 | 501 |
Vulcan Materials Co. | 1 | 160 |
661 | ||
Consumer Finance — 0.5% | ||
American Express Co. (a) | 6 | 847 |
Electric Utilities — 1.7% | ||
Exelon Corp. (a) | 24 | 909 |
PG&E Corp. * | 72 | 1,073 |
Xcel Energy, Inc. | 11 | 752 |
2,734 | ||
Electrical Equipment — 0.5% | ||
Eaton Corp. plc | 6 | 822 |
Electronic Equipment, Instruments & Components — 1.1% | ||
Corning, Inc. | 10 | 315 |
October 31, 2022 | J.P. Morgan Specialty Funds | 11 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Electronic Equipment, Instruments & Components — continued | ||
Keysight Technologies, Inc. * | 6 | 1,067 |
Mobileye Global, Inc., Class A (Israel) * | 11 | 298 |
1,680 | ||
Energy Equipment & Services — 0.5% | ||
Baker Hughes Co. | 27 | 749 |
Entertainment — 2.2% | ||
Endeavor Group Holdings, Inc., Class A * (a) | 65 | 1,410 |
Netflix, Inc. * (a) | 4 | 1,136 |
Take-Two Interactive Software, Inc. * | 3 | 409 |
Warner Music Group Corp., Class A | 20 | 512 |
3,467 | ||
Equity Real Estate Investment Trusts (REITs) — 1.8% | ||
American Homes 4 Rent, Class A | 7 | 234 |
Host Hotels & Resorts, Inc. | 3 | 58 |
Kimco Realty Corp. | 7 | 144 |
Prologis, Inc. | 8 | 890 |
SBA Communications Corp. | 1 | 237 |
Sun Communities, Inc. | 4 | 593 |
UDR, Inc. | 9 | 349 |
Ventas, Inc. | 6 | 215 |
WP Carey, Inc. | 1 | 84 |
2,804 | ||
Food & Staples Retailing — 0.2% | ||
Costco Wholesale Corp. | 1 | 251 |
Food Products — 0.4% | ||
Hershey Co. (The) | 3 | 631 |
Mondelez International, Inc., Class A | 1 | 78 |
709 | ||
Health Care Equipment & Supplies — 0.8% | ||
Boston Scientific Corp. * | 21 | 874 |
Intuitive Surgical, Inc. * | 1 | 312 |
Zimmer Biomet Holdings, Inc. | 1 | 109 |
1,295 | ||
Health Care Providers & Services — 2.0% | ||
Centene Corp. * | 6 | 476 |
CVS Health Corp. (a) | 7 | 697 |
Humana, Inc. | 1 | 710 |
UnitedHealth Group, Inc. (a) | 2 | 1,238 |
3,121 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Hotels, Restaurants & Leisure — 2.2% | ||
Booking Holdings, Inc. * | — | 256 |
Chipotle Mexican Grill, Inc. * | 1 | 926 |
Hilton Worldwide Holdings, Inc. | 1 | 156 |
Marriott International, Inc., Class A | 2 | 396 |
McDonald's Corp. | 4 | 955 |
Yum! Brands, Inc. (a) | 7 | 874 |
3,563 | ||
Household Products — 0.2% | ||
Colgate-Palmolive Co. | 4 | 324 |
Industrial Conglomerates — 1.2% | ||
Honeywell International, Inc. (a) | 10 | 1,950 |
Insurance — 2.3% | ||
Globe Life, Inc. | 14 | 1,593 |
Progressive Corp. (The) (a) | 16 | 2,053 |
3,646 | ||
Interactive Media & Services — 0.7% | ||
Meta Platforms, Inc., Class A * (a) | 11 | 1,041 |
Internet & Direct Marketing Retail — 1.4% | ||
Amazon.com, Inc. * (a) | 21 | 2,149 |
DoorDash, Inc., Class A * | 1 | 31 |
2,180 | ||
IT Services — 3.6% | ||
Affirm Holdings, Inc. * | 23 | 458 |
Automatic Data Processing, Inc. | 1 | 165 |
Fiserv, Inc. * | 3 | 320 |
FleetCor Technologies, Inc. * | 5 | 907 |
Mastercard, Inc., Class A (a) | 9 | 3,011 |
WEX, Inc. * | 5 | 894 |
5,755 | ||
Life Sciences Tools & Services — 1.0% | ||
Danaher Corp. | 3 | 807 |
Thermo Fisher Scientific, Inc. (a) | 2 | 729 |
1,536 | ||
Machinery — 2.3% | ||
Deere & Co. (a) | 5 | 1,917 |
Dover Corp. | 7 | 929 |
Ingersoll Rand, Inc. | 15 | 759 |
3,605 |
12 | J.P. Morgan Specialty Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Long Positions — continued | ||
Common Stocks — continued | ||
Media — 1.0% | ||
Charter Communications, Inc., Class A * | 1 | 490 |
Comcast Corp., Class A | 5 | 156 |
Liberty Media Corp.-Liberty SiriusXM, Class A * | 24 | 1,000 |
1,646 | ||
Metals & Mining — 0.2% | ||
Freeport-McMoRan, Inc. | 10 | 324 |
Multiline Retail — 0.5% | ||
Dollar General Corp. | 3 | 746 |
Multi-Utilities — 1.8% | ||
Ameren Corp. (a) | 16 | 1,247 |
Dominion Energy, Inc. | 13 | 931 |
Sempra Energy | 4 | 639 |
2,817 | ||
Oil, Gas & Consumable Fuels — 2.7% | ||
ConocoPhillips | 8 | 928 |
Coterra Energy, Inc. | 21 | 657 |
Diamondback Energy, Inc. | 6 | 959 |
EOG Resources, Inc. | 5 | 694 |
Exxon Mobil Corp. | 2 | 252 |
HF Sinclair Corp. | 4 | 251 |
Kinder Morgan, Inc. | 25 | 457 |
4,198 | ||
Pharmaceuticals — 1.0% | ||
Bristol-Myers Squibb Co. (a) | 15 | 1,185 |
Elanco Animal Health, Inc. * | 26 | 339 |
1,524 | ||
Professional Services — 1.1% | ||
Booz Allen Hamilton Holding Corp. | 5 | 612 |
Leidos Holdings, Inc. (a) | 12 | 1,202 |
1,814 | ||
Road & Rail — 1.8% | ||
Canadian National Railway Co. (Canada) | 2 | 268 |
CSX Corp. | 12 | 342 |
Knight-Swift Transportation Holdings, Inc. | 3 | 158 |
Norfolk Southern Corp. | 3 | 598 |
Uber Technologies, Inc. * (a) | 36 | 962 |
Union Pacific Corp. | 3 | 541 |
2,869 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Semiconductors & Semiconductor Equipment — 6.4% | ||
Advanced Micro Devices, Inc. * (a) | 20 | 1,228 |
Analog Devices, Inc. | 4 | 592 |
ASML Holding NV (Registered), NYRS (Netherlands) | 3 | 1,337 |
Lam Research Corp. (a) | 5 | 1,968 |
Marvell Technology, Inc. | 4 | 159 |
NXP Semiconductors NV (China) | 19 | 2,728 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 10 | 592 |
Teradyne, Inc. | 19 | 1,573 |
10,177 | ||
Software — 2.3% | ||
Coupa Software, Inc. * | 4 | 208 |
DocuSign, Inc. * | 1 | 69 |
Intuit, Inc. (a) | 5 | 2,056 |
Microsoft Corp. | 2 | 363 |
Roper Technologies, Inc. | 2 | 763 |
Workday, Inc., Class A * | 1 | 237 |
3,696 | ||
Specialty Retail — 1.8% | ||
AutoZone, Inc. * | — | 615 |
Best Buy Co., Inc. | 5 | 328 |
Burlington Stores, Inc. * | 2 | 318 |
Lowe's Cos., Inc. | 4 | 736 |
O'Reilly Automotive, Inc. * (a) | 1 | 892 |
2,889 | ||
Technology Hardware, Storage & Peripherals — 1.0% | ||
Seagate Technology Holdings plc | 30 | 1,511 |
Wireless Telecommunication Services — 1.0% | ||
T-Mobile US, Inc. * | 10 | 1,586 |
Total Common Stocks (Cost $98,884) | 108,633 | |
Short-Term Investments — 30.3% | ||
Investment Companies — 19.6% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (b) (c)(Cost $30,959) | 30,958 | 30,961 |
October 31, 2022 | J.P. Morgan Specialty Funds | 13 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
U.S. Treasury Obligations—10.7% | ||
U.S. Treasury Bills | ||
3.62%, 12/20/2022(d) | 1 | 1 |
3.91%, 1/12/2023(d) | 8,570 | 8,503 |
3.97%, 1/26/2023(d) | 8,585 | 8,503 |
Total U.S. Treasury Obligations (Cost $17,009) | 17,007 | |
Total Short-Term Investments (Cost $47,968) | 47,968 | |
Total Long Positions (Cost $146,852) | 156,601 | |
SHARES (000) | ||
Short Positions — (66.1)% | ||
Common Stocks — (66.1)% | ||
Aerospace & Defense — (2.5)% | ||
Boeing Co. (The) * | (12) | (1,679) |
General Dynamics Corp. | (2) | (332) |
Hexcel Corp. | (3) | (181) |
Huntington Ingalls Industries, Inc. | (4) | (1,094) |
Lockheed Martin Corp. | (1) | (619) |
(3,905) | ||
Air Freight & Logistics — (0.8)% | ||
CH Robinson Worldwide, Inc. | (12) | (1,146) |
Expeditors International of Washington, Inc. | (1) | (133) |
(1,279) | ||
Auto Components — (0.7)% | ||
Autoliv, Inc. (Sweden) | (7) | (530) |
BorgWarner, Inc. | (17) | (656) |
(1,186) | ||
Automobiles — (0.1)% | ||
Harley-Davidson, Inc. | (3) | (111) |
Banks — (2.9)% | ||
Citizens Financial Group, Inc. | (11) | (467) |
Comerica, Inc. | (9) | (603) |
First Republic Bank | (7) | (856) |
Huntington Bancshares, Inc. | (67) | (1,017) |
KeyCorp | (53) | (949) |
PNC Financial Services Group, Inc. (The) | (4) | (661) |
(4,553) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Beverages — (0.5)% | ||
Brown-Forman Corp., Class B | (2) | (146) |
Molson Coors Beverage Co., Class B | (12) | (585) |
(731) | ||
Biotechnology — (2.9)% | ||
Amgen, Inc. | (4) | (1,157) |
Gilead Sciences, Inc. | (20) | (1,601) |
Moderna, Inc. * | (12) | (1,756) |
(4,514) | ||
Building Products — (1.7)% | ||
Allegion plc | (9) | (982) |
Johnson Controls International plc | (27) | (1,532) |
Lennox International, Inc. | — | (103) |
Masco Corp. | (3) | (125) |
(2,742) | ||
Capital Markets — (2.3)% | ||
Franklin Resources, Inc. | (38) | (896) |
Goldman Sachs Group, Inc. (The) | (1) | (348) |
Moody's Corp. | (2) | (440) |
Nasdaq, Inc. | (8) | (484) |
Northern Trust Corp. | (8) | (676) |
T. Rowe Price Group, Inc. | (7) | (810) |
(3,654) | ||
Chemicals — (0.9)% | ||
Celanese Corp. | (3) | (258) |
Dow, Inc. | (10) | (467) |
Ecolab, Inc. | — | (32) |
LyondellBasell Industries NV, Class A | (4) | (339) |
Westlake Corp. | (3) | (291) |
(1,387) | ||
Commercial Services & Supplies — (0.1)% | ||
Waste Management, Inc. | (1) | (216) |
Communications Equipment — (1.1)% | ||
Cisco Systems, Inc. | (30) | (1,374) |
Juniper Networks, Inc. | (14) | (429) |
(1,803) | ||
Consumer Finance — (0.9)% | ||
Capital One Financial Corp. | (11) | (1,185) |
Synchrony Financial | (8) | (266) |
(1,451) |
14 | J.P. Morgan Specialty Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Containers & Packaging — (0.7)% | ||
AptarGroup, Inc. | (4) | (380) |
International Paper Co. | (13) | (428) |
Packaging Corp. of America | (1) | (97) |
Silgan Holdings, Inc. | (3) | (152) |
(1,057) | ||
Diversified Financial Services — (0.3)% | ||
Voya Financial, Inc. | (7) | (464) |
Diversified Telecommunication Services — (0.8)% | ||
AT&T, Inc. | (30) | (552) |
Lumen Technologies, Inc. | (80) | (588) |
Verizon Communications, Inc. | (4) | (134) |
(1,274) | ||
Electric Utilities — (2.8)% | ||
American Electric Power Co., Inc. | (11) | (935) |
Duke Energy Corp. | (12) | (1,103) |
Edison International | (16) | (953) |
Eversource Energy | (5) | (403) |
FirstEnergy Corp. | (3) | (126) |
Pinnacle West Capital Corp. | (8) | (514) |
PPL Corp. | (14) | (374) |
Southern Co. (The) | (1) | (55) |
(4,463) | ||
Electrical Equipment — (0.7)% | ||
Acuity Brands, Inc. | (3) | (560) |
Hubbell, Inc. | (2) | (396) |
Sensata Technologies Holding plc | (2) | (95) |
(1,051) | ||
Energy Equipment & Services — (0.2)% | ||
Schlumberger NV | (5) | (263) |
Entertainment — (1.2)% | ||
AMC Entertainment Holdings, Inc., Class A * | (30) | (198) |
Electronic Arts, Inc. | (5) | (611) |
ROBLOX Corp., Class A * | (25) | (1,113) |
Warner Bros Discovery, Inc. * | — | — |
(1,922) | ||
Equity Real Estate Investment Trusts (REITs) — (2.3)% | ||
AvalonBay Communities, Inc. | — | (78) |
Digital Realty Trust, Inc. | (4) | (413) |
Extra Space Storage, Inc. | (2) | (431) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Equity Real Estate Investment Trusts (REITs) — continued | ||
Iron Mountain, Inc. | (17) | (844) |
National Retail Properties, Inc. | (2) | (77) |
Orion Office REIT, Inc. | — | — |
Prologis, Inc. | — | — |
Simon Property Group, Inc. | (10) | (1,059) |
SL Green Realty Corp. | (15) | (574) |
Vornado Realty Trust | (6) | (142) |
(3,618) | ||
Food & Staples Retailing — (4.1)% | ||
Kroger Co. (The) | (59) | (2,775) |
Sysco Corp. | (9) | (812) |
Walgreens Boots Alliance, Inc. | (29) | (1,043) |
Walmart, Inc. | (13) | (1,928) |
(6,558) | ||
Food Products — (1.6)% | ||
Campbell Soup Co. | (15) | (762) |
Conagra Brands, Inc. | (10) | (361) |
General Mills, Inc. | (7) | (589) |
Kellogg Co. | (8) | (639) |
Kraft Heinz Co. (The) | (7) | (260) |
(2,611) | ||
Gas Utilities — (0.4)% | ||
National Fuel Gas Co. | (10) | (654) |
Health Care Equipment & Supplies — (0.7)% | ||
Stryker Corp. | (5) | (1,054) |
Health Care Providers & Services — (0.7)% | ||
Henry Schein, Inc. * | (14) | (962) |
Quest Diagnostics, Inc. | (2) | (202) |
(1,164) | ||
Household Durables — (0.4)% | ||
Mohawk Industries, Inc. * | (4) | (362) |
NVR, Inc. * | — | (182) |
PulteGroup, Inc. | (3) | (131) |
(675) | ||
Household Products — (0.4)% | ||
Clorox Co. (The) | (5) | (713) |
October 31, 2022 | J.P. Morgan Specialty Funds | 15 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Industrial Conglomerates — (2.4)% | ||
3M Co. | (13) | (1,612) |
General Electric Co. | (27) | (2,127) |
(3,739) | ||
Insurance — (2.4)% | ||
Allstate Corp. (The) | (7) | (855) |
Chubb Ltd. | (1) | (178) |
Hartford Financial Services Group, Inc. (The) | (5) | (342) |
Marsh & McLennan Cos., Inc. | (1) | (235) |
Principal Financial Group, Inc. | (15) | (1,331) |
Ryan Specialty Holdings, Inc., Class A * | (9) | (424) |
WR Berkley Corp. | (6) | (444) |
(3,809) | ||
Interactive Media & Services — (0.3)% | ||
Alphabet, Inc., Class A * | (3) | (316) |
Alphabet, Inc., Class C * | (3) | (237) |
(553) | ||
Internet & Direct Marketing Retail — (0.5)% | ||
eBay, Inc. | (18) | (731) |
IT Services — (2.4)% | ||
Cognizant Technology Solutions Corp., Class A | (11) | (685) |
DXC Technology Co. * | (1) | (34) |
Global Payments, Inc. | (6) | (674) |
Jack Henry & Associates, Inc. | (1) | (217) |
Paychex, Inc. | (3) | (312) |
Shopify, Inc. (Canada), Class A * | (20) | (686) |
Western Union Co. (The) | (87) | (1,183) |
(3,791) | ||
Life Sciences Tools & Services — (0.8)% | ||
Agilent Technologies, Inc. | (4) | (540) |
PerkinElmer, Inc. | (1) | (108) |
Waters Corp. * | (2) | (690) |
(1,338) | ||
Machinery — (3.2)% | ||
Caterpillar, Inc. | (2) | (516) |
Donaldson Co., Inc. | (16) | (945) |
IDEX Corp. | (5) | (1,081) |
Illinois Tool Works, Inc. | (4) | (806) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Machinery — continued | ||
PACCAR, Inc. | (7) | (641) |
Stanley Black & Decker, Inc. | (14) | (1,117) |
(5,106) | ||
Media — (3.2)% | ||
Interpublic Group of Cos., Inc. (The) | (30) | (904) |
Omnicom Group, Inc. | (30) | (2,155) |
Paramount Global, Class B | (73) | (1,334) |
Sirius XM Holdings, Inc. | (118) | (715) |
(5,108) | ||
Multi-Utilities — (0.8)% | ||
Consolidated Edison, Inc. | (8) | (700) |
WEC Energy Group, Inc. | (6) | (565) |
(1,265) | ||
Oil, Gas & Consumable Fuels — (1.8)% | ||
Devon Energy Corp. | (8) | (627) |
Enbridge, Inc. (Canada) | (14) | (549) |
Hess Corp. | (9) | (1,305) |
Pioneer Natural Resources Co. | (2) | (384) |
(2,865) | ||
Pharmaceuticals — (2.9)% | ||
Catalent, Inc. * | (4) | (252) |
Eli Lilly & Co. | (2) | (851) |
Johnson & Johnson | (4) | (650) |
Merck & Co., Inc. | (12) | (1,181) |
Pfizer, Inc. | (16) | (756) |
Zoetis, Inc. | (5) | (839) |
(4,529) | ||
Professional Services — (1.1)% | ||
Equifax, Inc. | (4) | (737) |
TransUnion | (7) | (413) |
Verisk Analytics, Inc. | (3) | (563) |
(1,713) | ||
Road & Rail — (0.6)% | ||
Canadian Pacific Railway Ltd. (Canada) | (1) | (50) |
Heartland Express, Inc. | (21) | (322) |
JB Hunt Transport Services, Inc. | (2) | (314) |
Werner Enterprises, Inc. | (5) | (204) |
(890) |
16 | J.P. Morgan Specialty Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Short Positions — continued | ||
Common Stocks — continued | ||
Semiconductors & Semiconductor Equipment — (2.5)% | ||
Intel Corp. | (46) | (1,315) |
Microchip Technology, Inc. | (14) | (865) |
QUALCOMM, Inc. | (11) | (1,262) |
Skyworks Solutions, Inc. | (6) | (487) |
(3,929) | ||
Software — (1.3)% | ||
Ceridian HCM Holding, Inc. * | (12) | (826) |
Oracle Corp. | (1) | (91) |
Paycom Software, Inc. * | (3) | (896) |
Salesforce, Inc. * | (2) | (256) |
(2,069) | ||
Specialty Retail — (0.3)% | ||
CarMax, Inc. * | (4) | (225) |
Williams-Sonoma, Inc. | (1) | (179) |
(404) | ||
Technology Hardware, Storage & Peripherals — (4.3)% | ||
Apple, Inc. | (26) | (4,047) |
Dell Technologies, Inc., Class C | (6) | (249) |
Hewlett Packard Enterprise Co. | (49) | (694) |
HP, Inc. | (18) | (495) |
NetApp, Inc. | (18) | (1,214) |
Xerox Holdings Corp. | (5) | (77) |
(6,776) | ||
Textiles, Apparel & Luxury Goods — (0.2)% | ||
VF Corp. | (12) | (340) |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Trading Companies & Distributors — (0.4)% | ||
Fastenal Co. | (12) | (558) |
Total Common Stocks (Proceeds $(110,785)) | (104,586) | |
Total Short Positions (Proceeds $(110,785)) | (104,586) | |
Total Investments — 32.8% (Cost $36,067) | 52,015 | |
Other Assets Less Liabilities — 67.2% | 106,331 | |
Net Assets — 100.0% | 158,346 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ADR | American Depositary Receipt |
NYRS | New York Registry Shares |
* | Non-income producing security. |
(a) | All or a portion of this security is segregated as collateral for short sales. The total value of securities and cash segregated as collateral is $19,759 and $105,856, respectively. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of October 31, 2022. |
(d) | The rate shown is the effective yield as of October 31, 2022. |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Short Contracts | |||||
S&P 500 E-Mini Index | (3) | 12/16/2022 | USD | (582) | (1) |
Abbreviations | |
USD | United States Dollar |
October 31, 2022 | J.P. Morgan Specialty Funds | 17 |
AS OF October 31, 2022
(Amounts in thousands, except per share amounts)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |
ASSETS: | ||
Investments in non-affiliates, at value | $292,042 | $125,640 |
Investments in affiliates, at value | 176,262 | 30,961 |
Cash | 2 | — |
Deposits at broker for futures contracts | — | 210 |
Deposits at broker for securities sold short | 146,489 | 105,856 |
Receivables: | ||
Investment securities sold | 18,766 | 3,293 |
Fund shares sold | 230 | 244 |
Interest from non-affiliates | 235 | 206 |
Dividends from non-affiliates | — | 59 |
Dividends from affiliates | 380 | 141 |
Variation margin on futures contracts | — | 11 |
Total Assets | 634,406 | 266,621 |
LIABILITIES: | ||
Payables: | ||
Securities sold short, at value | 149,733 | 104,586 |
Dividend expense to non-affiliates on securities sold short | 139 | 58 |
Investment securities purchased | 1,233 | 3,365 |
Fund shares redeemed | 1,614 | 105 |
Accrued liabilities: | ||
Investment advisory fees | 457 | 33 |
Administration fees | 30 | 7 |
Distribution fees | 7 | 5 |
Service fees | 60 | 31 |
Custodian and accounting fees | 7 | 8 |
Other | 120 | 77 |
Total Liabilities | 153,400 | 108,275 |
Net Assets | $481,006 | $158,346 |
18 | J.P. Morgan Specialty Funds | October 31, 2022 |
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |
NET ASSETS: | ||
Paid-in-Capital | $525,885 | $177,209 |
Total distributable earnings (loss) | (44,879) | (18,863) |
Total Net Assets | $481,006 | $158,346 |
Net Assets: | ||
Class A | $14,837 | $19,898 |
Class C | 4,799 | 1,476 |
Class I | 265,338 | 136,972 |
Class R6 | 196,032 | — |
Total | $481,006 | $158,346 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||
Class A | 854 | 1,647 |
Class C | 290 | 137 |
Class I | 14,930 | 10,570 |
Class R6 | 10,800 | — |
Net Asset Value (a): | ||
Class A — Redemption price per share | $17.38 | $12.08 |
Class C — Offering price per share (b) | 16.56 | 10.74 |
Class I — Offering and redemption price per share | 17.77 | 12.96 |
Class R6 — Offering and redemption price per share | 18.15 | — |
Class A maximum sales charge | 5.25% | 5.25% |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $18.34 | $12.75 |
Cost of investments in non-affiliates | $274,416 | $115,893 |
Cost of investments in affiliates | 176,262 | 30,959 |
Proceeds from securities sold short | 145,365 | 110,785 |
October 31, 2022 | J.P. Morgan Specialty Funds | 19 |
FOR THE YEAR ENDED October 31, 2022
(Amounts in thousands)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |
INVESTMENT INCOME: | ||
Interest income from non-affiliates | $— | $10 |
Interest income from affiliates | 9 | 4 |
Interest income from non-affiliates on securities sold short | 1,003 | 646 |
Dividend income from non-affiliates | 3,716 | 1,307 |
Dividend income from affiliates | 2,471 | 442 |
Total investment income | 7,199 | 2,409 |
EXPENSES: | ||
Investment advisory fees | 7,486 | 429 |
Administration fees | 468 | 92 |
Distribution fees: | ||
Class A | 63 | 48 |
Class C | 44 | 9 |
Service fees: | ||
Class A | 63 | 48 |
Class C | 15 | 3 |
Class I | 839 | 256 |
Custodian and accounting fees | 41 | 41 |
Interest expense to affiliates | —(a) | — |
Professional fees | 90 | 63 |
Trustees’ and Chief Compliance Officer’s fees | 27 | 26 |
Printing and mailing costs | 68 | 4 |
Registration and filing fees | 81 | 43 |
Transfer agency fees (See Note 2.I.) | 19 | 6 |
Dividend expense to non-affiliates on securities sold short | 3,898 | 2,219 |
Other | 45 | 16 |
Total expenses | 13,247 | 3,303 |
Less fees waived | (421) | (225) |
Net expenses | 12,826 | 3,078 |
Net investment income (loss) | (5,627) | (669) |
20 | J.P. Morgan Specialty Funds | October 31, 2022 |
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | ||
Net realized gain (loss) on transactions from: | ||
Investments in non-affiliates | $(17,275) | $2,645 |
Investments in affiliates | (90) | (14) |
Options purchased | (72) | — |
Futures contracts | — | (367) |
Securities sold short | (14,308) | (1,423) |
Net realized gain (loss) | (31,745) | 841 |
Change in net unrealized appreciation/depreciation on: | ||
Investments in non-affiliates | (88,697) | (13,499) |
Investments in affiliates | —(a) | (1) |
Options purchased | (21) | — |
Futures contracts | — | 6 |
Securities sold short | (4,487) | 10,054 |
Change in net unrealized appreciation/depreciation | (93,205) | (3,440) |
Net realized/unrealized gains (losses) | (124,950) | (2,599) |
Change in net assets resulting from operations | $(130,577) | $(3,268) |
October 31, 2022 | J.P. Morgan Specialty Funds | 21 |
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $(5,627) | $(11,007) | $(669) | $(1,566) |
Net realized gain (loss) | (31,745) | 78,034 | 841 | 5,737 |
Change in net unrealized appreciation/depreciation | (93,205) | 42,356 | (3,440) | (2,033) |
Change in net assets resulting from operations | (130,577) | 109,383 | (3,268) | 2,138 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (3,030) | (918) | — | (1,124) |
Class C | (702) | (222) | — | (159) |
Class I | (38,675) | (10,347) | — | (6,901) |
Class R6 | (29,311) | (9,883) | — | — |
Total distributions to shareholders | (71,718) | (21,370) | — | (8,184) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | (62,353) | 172,125 | 69,424 | (43,203) |
NET ASSETS: | ||||
Change in net assets | (264,648) | 260,138 | 66,156 | (49,249) |
Beginning of period | 745,654 | 485,516 | 92,190 | 141,439 |
End of period | $481,006 | $745,654 | $158,346 | $92,190 |
22 | J.P. Morgan Specialty Funds | October 31, 2022 |
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $3,909 | $16,519 | $8,418 | $6,793 |
Distributions reinvested | 2,956 | 913 | — | 1,075 |
Cost of shares redeemed | (14,110) | (11,337) | (4,824) | (8,506) |
Change in net assets resulting from Class A capital transactions | (7,245) | 6,095 | 3,594 | (638) |
Class C | ||||
Proceeds from shares issued | 516 | 2,019 | 521 | 417 |
Distributions reinvested | 692 | 218 | — | 159 |
Cost of shares redeemed | (1,555) | (537) | (218) | (1,175) |
Change in net assets resulting from Class C capital transactions | (347) | 1,700 | 303 | (599) |
Class I | ||||
Proceeds from shares issued | 159,788 | 242,796 | 119,488 | 41,158 |
Distributions reinvested | 38,027 | 10,199 | — | 6,758 |
Cost of shares redeemed | (221,285) | (124,700) | (53,961) | (89,882) |
Change in net assets resulting from Class I capital transactions | (23,470) | 128,295 | 65,527 | (41,966) |
Class R6 | ||||
Proceeds from shares issued | 71,118 | 76,310 | — | — |
Distributions reinvested | 6,999 | 2,265 | — | — |
Cost of shares redeemed | (109,408) | (42,540) | — | — |
Change in net assets resulting from Class R6 capital transactions | (31,291) | 36,035 | — | — |
Total change in net assets resulting from capital transactions | $(62,353) | $172,125 | $69,424 | $(43,203) |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 188 | 742 | 683 | 559 |
Reinvested | 139 | 43 | — | 90 |
Redeemed | (764) | (512) | (395) | (689) |
Change in Class A Shares | (437) | 273 | 288 | (40) |
Class C | ||||
Issued | 27 | 94 | 48 | 37 |
Reinvested | 34 | 11 | — | 15 |
Redeemed | (82) | (25) | (20) | (109) |
Change in Class C Shares | (21) | 80 | 28 | (57) |
Class I | ||||
Issued | 7,897 | 10,786 | 9,115 | 3,149 |
Reinvested | 1,747 | 471 | — | 532 |
Redeemed | (11,277) | (5,539) | (4,127) | (6,877) |
Change in Class I Shares | (1,633) | 5,718 | 4,988 | (3,196) |
October 31, 2022 | J.P. Morgan Specialty Funds | 23 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Opportunistic Equity Long/Short Fund | JPMorgan Research Market Neutral Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
SHARE TRANSACTIONS: (continued) | ||||
Class R6 | ||||
Issued | 3,442 | 3,324 | — | — |
Reinvested | 315 | 103 | — | — |
Redeemed | (5,591) | (1,866) | — | — |
Change in Class R6 Shares | (1,834) | 1,561 | — | — |
24 | J.P. Morgan Specialty Funds | October 31, 2022 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Opportunistic Equity Long/Short Fund | |||||||
Class A | |||||||
Year Ended October 31, 2022 | $23.65 | $(0.25) | $(3.70) | $(3.95) | $— | $(2.32) | $(2.32) |
Year Ended October 31, 2021 | 20.54 | (0.46) | 4.46 | 4.00 | — | (0.89) | (0.89) |
Year Ended October 31, 2020 | 17.34 | (0.29) | 3.49 | 3.20 | — | — | — |
Year Ended October 31, 2019 | 18.22 | —(f) | (0.55) | (0.55) | — | (0.33) | (0.33) |
Year Ended October 31, 2018 | 18.13 | (0.21) | 0.53 | 0.32 | — | (0.23) | (0.23) |
Class C | |||||||
Year Ended October 31, 2022 | 22.75 | (0.32) | (3.55) | (3.87) | — | (2.32) | (2.32) |
Year Ended October 31, 2021 | 19.88 | (0.56) | 4.32 | 3.76 | — | (0.89) | (0.89) |
Year Ended October 31, 2020 | 16.87 | (0.39) | 3.40 | 3.01 | — | — | — |
Year Ended October 31, 2019 | 17.83 | (0.08) | (0.55) | (0.63) | — | (0.33) | (0.33) |
Year Ended October 31, 2018 | 17.83 | (0.29) | 0.52 | 0.23 | — | (0.23) | (0.23) |
Class I | |||||||
Year Ended October 31, 2022 | 24.08 | (0.20) | (3.79) | (3.99) | — | (2.32) | (2.32) |
Year Ended October 31, 2021 | 20.84 | (0.42) | 4.55 | 4.13 | — | (0.89) | (0.89) |
Year Ended October 31, 2020 | 17.58 | (0.27) | 3.56 | 3.29 | (0.03) | — | (0.03) |
Year Ended October 31, 2019 | 18.43 | 0.07 | (0.59) | (0.52) | — | (0.33) | (0.33) |
Year Ended October 31, 2018 | 18.28 | (0.16) | 0.54 | 0.38 | — | (0.23) | (0.23) |
Class R6 | |||||||
Year Ended October 31, 2022 | 24.48 | (0.15) | (3.86) | (4.01) | — | (2.32) | (2.32) |
Year Ended October 31, 2021 | 21.13 | (0.37) | 4.61 | 4.24 | — | (0.89) | (0.89) |
Year Ended October 31, 2020 | 17.83 | (0.21) | 3.59 | 3.38 | (0.08) | — | (0.08) |
Year Ended October 31, 2019 | 18.63 | 0.17 | (0.64) | (0.47) | — | (0.33) | (0.33) |
Year Ended October 31, 2018 | 18.44 | (0.12) | 0.54 | 0.42 | — | (0.23) | (0.23) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) |
October 31, 2022 | October 31, 2021 | October 31, 2020 | October 31, 2019 | October 31, 2018 | |
Net expenses (excluding dividend and interest expense for securities sold short) | |||||
Class A | 1.77% | 1.82% | 1.81% | 1.79% | 1.82% |
Class C | 2.27% | 2.31% | 2.32% | 2.28% | 2.32% |
Class I | 1.53% | 1.57% | 1.57% | 1.53% | 1.57% |
Class R6 | 1.26% | 1.31% | 1.31% | 1.29% | 1.32% |
Expenses without waivers and reimbursements (excluding dividend and interest expense for securities sold short) | |||||
Class A | 1.83% | 1.83% | 1.86% | 1.90% | 1.90% |
Class C | 2.34% | 2.32% | 2.38% | 2.39% | 2.40% |
Class I | 1.59% | 1.58% | 1.61% | 1.64% | 1.65% |
Class R6 | 1.33% | 1.32% | 1.35% | 1.39% | 1.38% |
(e) | Interest expense on securities sold short is 0.21%. |
(f) | Amount rounds to less than $0.005. |
(g) | Amount rounds to less than 0.005%. |
26 | J.P. Morgan Specialty Funds | October 31, 2022 |
Ratios/Supplemental data | |||||||
Ratios to average net assets | |||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses (including dividend and interest expense for securities sold short)(c)(d) | Net investment income (loss) | Expenses without waivers, reimbursements, and earnings credits (including dividend and interest expense for securities sold short)(d) | Portfolio turnover rate (excluding securities sold short) | Portfolio turnover rate (including securities sold short) |
$17.38 | (18.53)% | $14,837 | 2.40% | (1.26)% | 2.46% | 943% | 1,864% |
23.65 | 19.94 | 30,516 | 2.66(e) | (2.08) | 2.67 | 548 | 1,013 |
20.54 | 18.45 | 20,914 | 2.28 | (1.54) | 2.33 | 511 | 1,058 |
17.34 | (3.10) | 19,352 | 2.25 | 0.00(g) | 2.36 | 636 | 1,232 |
18.22 | 1.80 | 50,803 | 2.55 | (1.11) | 2.63 | 548 | 995 |
16.56 | (18.95) | 4,799 | 2.89 | (1.71) | 2.96 | 943 | 1,864 |
22.75 | 19.37 | 7,079 | 3.15(e) | (2.57) | 3.16 | 548 | 1,013 |
19.88 | 17.84 | 4,596 | 2.79 | (2.12) | 2.85 | 511 | 1,058 |
16.87 | (3.62) | 2,599 | 2.74 | (0.45) | 2.85 | 636 | 1,232 |
17.83 | 1.32 | 3,544 | 3.05 | (1.61) | 3.13 | 548 | 995 |
17.77 | (18.35) | 265,338 | 2.15 | (1.00) | 2.21 | 943 | 1,864 |
24.08 | 20.28 | 398,771 | 2.41(e) | (1.84) | 2.42 | 548 | 1,013 |
20.84 | 18.71 | 226,048 | 2.04 | (1.38) | 2.08 | 511 | 1,058 |
17.58 | (2.89) | 132,665 | 1.99 | 0.40 | 2.10 | 636 | 1,232 |
18.43 | 2.12 | 151,261 | 2.30 | (0.87) | 2.38 | 548 | 995 |
18.15 | (18.11) | 196,032 | 1.89 | (0.73) | 1.96 | 943 | 1,864 |
24.48 | 20.54 | 309,288 | 2.15(e) | (1.57) | 2.16 | 548 | 1,013 |
21.13 | 19.01 | 233,958 | 1.78 | (1.09) | 1.82 | 511 | 1,058 |
17.83 | (2.59) | 164,419 | 1.75 | 0.91 | 1.85 | 636 | 1,232 |
18.63 | 2.32 | 56,436 | 2.05 | (0.66) | 2.11 | 548 | 995 |
October 31, 2022 | J.P. Morgan Specialty Funds | 27 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net realized gain | |
JPMorgan Research Market Neutral Fund | |||||
Class A | |||||
Year Ended October 31, 2022 | $12.41 | $(0.10) | $(0.23) | $(0.33) | $— |
Year Ended October 31, 2021 | 13.01 | (0.21) | 0.52 | 0.31 | (0.91) |
Year Ended October 31, 2020 | 13.11 | (0.20) | 1.59 | 1.39 | (1.49) |
Year Ended October 31, 2019 | 14.29 | (0.04) | 0.31 | 0.27 | (1.45) |
Year Ended October 31, 2018 | 14.69 | (0.11) | 0.10 | (0.01) | (0.39) |
Class C | |||||
Year Ended October 31, 2022 | 11.09 | (0.14) | (0.21) | (0.35) | — |
Year Ended October 31, 2021 | 11.77 | (0.25) | 0.48 | 0.23 | (0.91) |
Year Ended October 31, 2020 | 12.06 | (0.23) | 1.43 | 1.20 | (1.49) |
Year Ended October 31, 2019 | 13.32 | (0.10) | 0.29 | 0.19 | (1.45) |
Year Ended October 31, 2018 | 13.79 | (0.17) | 0.09 | (0.08) | (0.39) |
Class I | |||||
Year Ended October 31, 2022 | 13.28 | (0.06) | (0.26) | (0.32) | — |
Year Ended October 31, 2021 | 13.82 | (0.20) | 0.57 | 0.37 | (0.91) |
Year Ended October 31, 2020 | 13.80 | (0.19) | 1.70 | 1.51 | (1.49) |
Year Ended October 31, 2019 | 14.93 | —(f) | 0.32 | 0.32 | (1.45) |
Year Ended October 31, 2018 | 15.30 | (0.07) | 0.09 | 0.02 | (0.39) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) |
October 31, 2022 | October 31, 2021 | October 31, 2020 | October 31, 2019 | October 31, 2018 | |
Net expenses (excluding dividend and interest expense for securities sold short) | |||||
Class A | 0.92% | 0.93% | 1.08% | 1.22% | 1.22% |
Class C | 1.41% | 1.43% | 1.60% | 1.73% | 1.73% |
Class I | 0.65% | 0.68% | 0.76% | 0.96% | 0.96% |
Expenses without waivers and reimbursements (excluding dividend and interest expense for securities sold short) | |||||
Class A | 1.10% | 1.16% | 1.46% | 1.62% | 1.55% |
Class C | 1.60% | 1.67% | 1.95% | 2.09% | 2.02% |
Class I | 0.84% | 0.89% | 1.13% | 1.32% | 1.25% |
(e) | Interest expense on securities sold short is 0.16%. |
(f) | Amount rounds to less than $0.005. |
28 | J.P. Morgan Specialty Funds | October 31, 2022 |
Ratios/Supplemental data | |||||||
Ratios to average net assets | |||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses (including dividend expense for securities sold short)(c)(d) | Net investment income (loss) | Expenses without waivers, reimbursements, and earnings credits (including dividend expense for securities sold short)(d) | Portfolio turnover rate (excluding securities sold short) | Portfolio turnover rate (including securities sold short) |
$12.08 | (2.66)% | $19,898 | 2.77% | (0.86)% | 2.95% | 100% | 252% |
12.41 | 2.72 | 16,867 | 2.99(e) | (1.77) | 3.22 | 119 | 307 |
13.01 | 11.97 | 18,205 | 3.23 | (1.57) | 3.61 | 224 | 531 |
13.11 | 2.01 | 14,276 | 3.69 | (0.26) | 4.09 | 125 | 356 |
14.29 | (0.01) | 14,973 | 3.50 | (0.73) | 3.83 | 131 | 252 |
10.74 | (3.16) | 1,476 | 3.27 | (1.31) | 3.46 | 100 | 252 |
11.09 | 2.29 | 1,211 | 3.49(e) | (2.25) | 3.73 | 119 | 307 |
11.77 | 11.36 | 1,949 | 3.75 | (2.00) | 4.10 | 224 | 531 |
12.06 | 1.52 | 3,731 | 4.20 | (0.74) | 4.56 | 125 | 356 |
13.32 | (0.53) | 6,155 | 4.01 | (1.26) | 4.30 | 131 | 252 |
12.96 | (2.41) | 136,972 | 2.45 | (0.48) | 2.64 | 100 | 252 |
13.28 | 3.01 | 74,112 | 2.74(e) | (1.50) | 2.95 | 119 | 307 |
13.82 | 12.26 | 121,285 | 2.91 | (1.42) | 3.28 | 224 | 531 |
13.80 | 2.27 | 27,694 | 3.43 | 0.01 | 3.79 | 125 | 356 |
14.93 | 0.20 | 34,927 | 3.24 | (0.47) | 3.53 | 131 | 252 |
October 31, 2022 | J.P. Morgan Specialty Funds | 29 |
AS OF October 31, 2022
(Dollar values in thousands)
Classes Offered | Diversification Classification | |
JPMorgan Opportunistic Equity Long/Short Fund | Class A, Class C, Class I and Class R6 | Non-Diversified |
JPMorgan Research Market Neutral Fund | Class A, Class C and Class I | Diversified |
30 | J.P. Morgan Specialty Funds | October 31, 2022 |
Opportunistic Equity Long/Short Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $468,304 | $— | $— | $468,304 |
Total Liabilities for Securities Sold Short (a) | $(149,733) | $— | $— | $(149,733) |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
Research Market Neutral Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | $108,633 | $— | $— | $108,633 |
Short-Term Investments | ||||
Investment Companies | 30,961 | — | — | 30,961 |
U.S. Treasury Obligations | — | 17,007 | — | 17,007 |
Total Short-Term Investments | 30,961 | 17,007 | — | 47,968 |
Total Investments in Securities | $139,594 | $17,007 | $— | $156,601 |
Liabilities | ||||
Common Stocks | $(104,586) | $— | $— | $(104,586) |
Total Liabilities for Securities Sold Short | $(104,586) | $— | $— | $(104,586) |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | $(1) | $— | $— | $(1) |
October 31, 2022 | J.P. Morgan Specialty Funds | 31 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Opportunistic Equity Long/Short Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | $119,946 | $2,529,517 | $2,473,111 | $(90) | $—(c) | $176,262 | 176,245 | $2,471 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
(c) | Amount rounds to less than one thousand. |
32 | J.P. Morgan Specialty Funds | October 31, 2022 |
Research Market Neutral Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | $9,752 | $201,411 | $180,187 | $(14) | $(1) | $30,961 | 30,958 | $442 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
October 31, 2022 | J.P. Morgan Specialty Funds | 33 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
34 | J.P. Morgan Specialty Funds | October 31, 2022 |
Opportunistic Equity Long/ Short Fund | Research Market Neutral Fund | |
Futures Contracts: | ||
Average Notional Balance Long | $— | $2,463 |
Average Notional Balance Short | — | (1,411) |
Ending Notional Balance Short | — | (582) |
Exchange-Traded Options: | ||
Average Number of Contracts Purchased | 44 | — |
October 31, 2022 | J.P. Morgan Specialty Funds | 35 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Class A | Class C | Class I | Class R6 | Total | |
Opportunistic Equity Long/Short Fund | |||||
Transfer agency fees | $1 | $—(a) | $17 | $1 | $19 |
Research Market Neutral Fund | |||||
Transfer agency fees | 3 | —(a) | 3 | n/a | 6 |
(a) | Amount rounds to less than one thousand. |
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | |
Opportunistic Equity Long/Short Fund | $(1,574) | $2,839 | $(1,265) |
Research Market Neutral Fund | (1,545) | 1,565 | (20) |
36 | J.P. Morgan Specialty Funds | October 31, 2022 |
Opportunistic Equity Long/Short Fund | 1.20%(1) |
Research Market Neutral Fund | 0.35 |
(1) | Effective November 1, 2022, the investment advisory fees changed to 1.05%. |
Class A | Class C | |
Opportunistic Equity Long/Short Fund | 0.25% | 0.75% |
Research Market Neutral Fund | 0.25 | 0.75 |
Front-End Sales Charge | CDSC | |
Opportunistic Equity Long/Short Fund | $3 | $— |
Research Market Neutral Fund | —(a) | — |
(a) | Amount rounds to less than one thousand. |
Class A | Class C | Class I | |
Opportunistic Equity Long/Short Fund | 0.25% | 0.25% | 0.25% |
Research Market Neutral Fund | 0.25 | 0.25 | 0.25 |
October 31, 2022 | J.P. Morgan Specialty Funds | 37 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Class A | Class C | Class I | Class R6 | |
Opportunistic Equity Long/Short Fund | 1.85% (1) | 2.35% (1) | 1.60% (1) | 1.35%(1) |
Research Market Neutral Fund | 0.95 | 1.45 | 0.69 | n/a |
(1) | Effective November 1, 2022, the contractual expense limitation changed to 1.35%, 1.85%, 1.10% and 1.05% for Class A, Class C, Class I, and Class R6, respectively. |
Contractual Waivers | ||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | |
Opportunistic Equity Long/Short Fund | $2 | $2 | $2 | $6 |
Research Market Neutral Fund | 103 | 63 | 7 | 173 |
Opportunistic Equity Long/Short Fund | $414 |
Research Market Neutral Fund | 51 |
Opportunistic Equity Long/Short Fund | $1 |
Research Market Neutral Fund | 1 |
38 | J.P. Morgan Specialty Funds | October 31, 2022 |
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | Securities Sold Short | Covers on Securities Sold Short | |
Opportunistic Equity Long/Short Fund | $3,691,442 | $3,901,355 | $3,641,372 | $3,604,893 |
Research Market Neutral Fund | 127,625 | 89,641 | 139,119 | 97,691 |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Opportunistic Equity Long/Short Fund * | $323,867 | $16,587 | $21,883 | $(5,296) |
Research Market Neutral Fund * | 42,881 | 20,435 | 11,302 | 9,133 |
* | The tax cost includes the proceeds from short sales which may result in a net negative cost. |
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | |
Opportunistic Equity Long/Short Fund | $45,818 | $25,900 | $71,718 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | |
Opportunistic Equity Long/Short Fund | $17,977 | $3,393 | $21,370 |
Research Market Neutral Fund | 1,657 | 6,527 | 8,184 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
October 31, 2022 | J.P. Morgan Specialty Funds | 39 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | |
Opportunistic Equity Long/Short Fund | $(36,767) | $(5,296) |
Research Market Neutral Fund | (27,620) | 9,092 |
Capital Loss Carryforward Character | |
Short-Term | |
Opportunistic Equity Long/Short Fund | $36,767 |
Research Market Neutral Fund | 27,620* |
* | Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384. |
Late Year Ordinary Loss Deferral | |
Opportunistic Equity Long/Short Fund | $2,783 |
Research Market Neutral Fund | 288 |
Capital Loss Utilized | |
Short-Term | |
Research Market Neutral Fund | $1,595 |
40 | J.P. Morgan Specialty Funds | October 31, 2022 |
Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts | % of the Fund | |
Opportunistic Equity Long/Short Fund | 4 | 68.4% |
Research Market Neutral Fund | 4 | 58.1 |
October 31, 2022 | J.P. Morgan Specialty Funds | 41 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
42 | J.P. Morgan Specialty Funds | October 31, 2022 |
October 31, 2022 | J.P. Morgan Specialty Funds | 43 |
(Unaudited)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Independent Trustees | |||
John F. Finn (1947); Chair since 2020; Trustee since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 166 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present). |
Stephen P. Fisher (1959); Trustee since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 166 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
Gary L. French (1951); Trustee since 2014. | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | 166 | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
Kathleen M. Gallagher (1958); Trustee since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 166 | Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Robert J. Grassi (1957); Trustee since 2014. | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | 166 | None |
44 | J.P. Morgan Specialty Funds | October 31, 2022 |
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Frankie D. Hughes (1952); Trustee since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 166 | None |
Raymond Kanner (1953); Trustee since 2017. | Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). | 166 | Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
Thomas P. Lemke (1954); Trustee since 2014. | Retired since 2013. | 166 | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee since 2014 | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | 166 | Director, ICI Mutual Insurance Company (1999-2013). |
Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 166 | None |
Marilyn McCoy (1948); Trustee since 2005. | Vice President of Administration and Planning, Northwestern University (1985-present). | 166 | None |
October 31, 2022 | J.P. Morgan Specialty Funds | 45 |
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 166 | Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021);Trustee, Dartmouth- Hitchcock MedicalCenter (2011-2020). |
Marian U. Pardo* (1946); Trustee since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 166 | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
Emily A. Youssouf (1951); Trustee since 2022. | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | 166 | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | |||
Robert F. Deutsch** (1957); Trustee since 2014. | Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013). | 166 | Treasurer and Director of the JUST Capital Foundation (2017-present). |
Nina O. Shenker** (1957); Trustee since 2022. | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | 166 | Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
(1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. | ||
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (166 J.P. Morgan Funds). | ||
* | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. | ||
** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. |
46 | J.P. Morgan Specialty Funds | October 31, 2022 |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |
October 31, 2022 | J.P. Morgan Specialty Funds | 47 |
(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary 2010-2019)** | Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with JPMorgan Chase & Co. since 2010. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 through June 2021. |
Matthew Beck (1988), Assistant Secretary (2021)*** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962) Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971), Assistant Secretary (2018)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
Carmine Lekstutis (1980), Assistant Secretary (2011)** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with JPMorgan Chase & Co. since 2011. |
Max Vogel (1990), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2016. |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
Shannon Gaines (1977), Assistant Treasurer (2018)*** | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
Michael Mannarino (1985), Assistant Treasurer (2020) | Vice President, J.P. Morgan Investment Management Inc. since 2014. |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Executive Director, J.P. Morgan Investment Management, Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006. |
Gillian I. Sands (1969), Assistant Treasurer (2012) | Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. |
48 | J.P. Morgan Specialty Funds | October 31, 2022 |
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
October 31, 2022 | J.P. Morgan Specialty Funds | 49 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Opportunistic Equity Long/Short Fund | ||||
Class A | ||||
Actual | $1,000.00 | $933.90 | $10.92 | 2.24% |
Hypothetical | 1,000.00 | 1,013.91 | 11.37 | 2.24 |
Class C | ||||
Actual | 1,000.00 | 931.40 | 13.29 | 2.73 |
Hypothetical | 1,000.00 | 1,011.44 | 13.84 | 2.73 |
Class I | ||||
Actual | 1,000.00 | 934.80 | 9.66 | 1.98 |
Hypothetical | 1,000.00 | 1,015.22 | 10.06 | 1.98 |
Class R6 | ||||
Actual | 1,000.00 | 936.00 | 8.44 | 1.73 |
Hypothetical | 1,000.00 | 1,016.48 | 8.79 | 1.73 |
JPMorgan Research Market Neutral Fund | ||||
Class A | ||||
Actual | 1,000.00 | 1,000.80 | 12.76 | 2.53 |
Hypothetical | 1,000.00 | 1,012.45 | 12.83 | 2.53 |
Class C | ||||
Actual | 1,000.00 | 998.10 | 15.16 | 3.01 |
Hypothetical | 1,000.00 | 1,010.03 | 15.25 | 3.01 |
Class I | ||||
Actual | 1,000.00 | 1,002.30 | 11.15 | 2.21 |
Hypothetical | 1,000.00 | 1,014.06 | 11.22 | 2.21 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
50 | J.P. Morgan Specialty Funds | October 31, 2022 |
(Unaudited)
51 |
(Unaudited)
52 |
53 |
(Unaudited)
54 |
(Unaudited)
(Dollar values in thousands)
Long-Term Capital Gain Distribution | |
JPMorgan Opportunistic Equity Long/Short Fund | $25,900 |
October 31, 2022 | J.P. Morgan Specialty Funds | 55 |
FACT | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
○Social Security number and account balances | |
○transaction history and account transactions | |
○checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don't share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don't share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g385947img4a0751a76.gif)
Who we are | |
Who is providing this notice? | J.P. Morgan Funds |
What we do | |
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. |
How does J.P. Morgan Funds protect my personal information? | We collect your personal information, for example, when you: |
○open an account or provide contact information | |
○give us your account information or pay us by check | |
○make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: |
○sharing for affiliates’ everyday business purposes – information about your creditworthiness | |
○affiliates from using your information to market to you | |
○sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
○J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
○J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
○J.P. Morgan Funds doesn’t jointly market. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g385947img4a0751a76.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g385947img4a0751a76.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g385947img3ab3329a7.jpg)
JPMorgan Emerging Markets Equity Fund |
JPMorgan Emerging Markets Research Enhanced Equity Fund |
JPMorgan Europe Dynamic Fund |
JPMorgan International Equity Fund |
JPMorgan International Focus Fund |
JPMorgan International Hedged Equity Fund |
JPMorgan International Value Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img3eaf6a431.jpg)
1 | |
2 | |
3 | |
7 | |
10 | |
13 | |
16 | |
19 | |
23 | |
26 | |
53 | |
78 | |
96 | |
118 | |
119 | |
123 | |
125 | |
129 | |
134 | |
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
December 15, 2022 (Unaudited)
![]() | “While investors seek to adapt to the current market environment, we believe a well-diversified portfolio and a patient outlook remain crucial components of a successful invest- ment approach.” — Brian S. Shlissel |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img32e402103.jpg)
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
October 31, 2022 | J.P. Morgan International Equity Funds | 1 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
2 | J.P. Morgan International Equity Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class L Shares) * | (38.84)% |
MSCI Emerging Markets Index (net total return) | (31.03)% |
Net Assets as of 10/31/2022 (In Thousands) | $7,154,996 |
October 31, 2022 | J.P. Morgan International Equity Funds | 3 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
TOP TEN POSITIONS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | 6.9% |
2. | Samsung Electronics Co. Ltd. (South Korea) | 6.2 |
3. | Housing Development Finance Corp. Ltd. (India) | 3.4 |
4. | MercadoLibre, Inc. (Brazil) | 3.3 |
5. | HDFC Bank Ltd. (India) | 3.3 |
6. | Tata Consultancy Services Ltd. (India) | 2.7 |
7. | EPAM Systems, Inc. | 2.6 |
8. | Bank Rakyat Indonesia Persero Tbk. PT (Indonesia) | 2.6 |
9. | Kotak Mahindra Bank Ltd. (India) | 2.6 |
10. | Tencent Holdings Ltd. (China) | 2.5 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
India | 24.9 % |
China | 21.6 |
Taiwan | 10.7 |
South Korea | 8.6 |
Brazil | 8.0 |
Hong Kong | 5.7 |
Indonesia | 5.1 |
Mexico | 4.4 |
United States | 3.7 |
South Africa | 2.5 |
Portugal | 1.4 |
Others (each less than 1.0%) | 1.7 |
Short-Term Investments | 1.7 |
4 | J.P. Morgan International Equity Funds | October 31, 2022 |
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | September 28, 2001 | |||
With Sales Charge * | (42.26)% | (3.00)% | 1.01% | |
Without Sales Charge | (39.06) | (1.94) | 1.55 | |
CLASS C SHARES | February 28, 2006 | |||
With CDSC ** | (40.36) | (2.44) | 1.15 | |
Without CDSC | (39.36) | (2.44) | 1.15 | |
Class I SHARES | September 10, 2001 | (38.91) | (1.70) | 1.80 |
Class L SHARES | November 15, 1993 | (38.84) | (1.60) | 1.93 |
Class R2 SHARES | July 31, 2017 | (39.24) | (2.24) | 1.36 |
Class R3 SHARES | July 31, 2017 | (39.08) | (1.99) | 1.53 |
Class R4 SHARES | July 31, 2017 | (38.93) | (1.75) | 1.78 |
Class R5 SHARES | September 9, 2016 | (38.86) | (1.61) | 1.93 |
Class R6 SHARES | December 23, 2013 | (38.78) | (1.50) | 2.02 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img8b5f44544.jpg)
October 31, 2022 | J.P. Morgan International Equity Funds | 5 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
6 | J.P. Morgan International Equity Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class R6 Shares) * | (32.48)% |
MSCI Emerging Markets Index (net total return) | (31.03)% |
Net Assets as of 10/31/2022 (In Thousands) | $2,650,568 |
Alinma Bank. Shares of Yandex, a Dutch e-commerce and taxi service provider not held in the Fund, fell amid investor concerns about its large exposure to Russia and the potential impact of multilateral sanctions on its business. Shares of Petrobras, Brazil’s state-controlled oil and gas producer, rose amid higher global energy prices. Shares of Alinma, a Saudi Arabian bank, rose amid investor expectations that rising global energy prices would benefit the broader Saudi Arabian economy.
October 31, 2022 | J.P. Morgan International Equity Funds | 7 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
TOP TEN POSITIONS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 4.9% |
2. | Samsung Electronics Co. Ltd. (South Korea) | 4.4 |
3. | Tencent Holdings Ltd. (China) | 3.1 |
4. | Alibaba Group Holding Ltd. (China) | 2.3 |
5. | Reliance Industries Ltd. (India) | 1.9 |
6. | Meituan (China) | 1.4 |
7. | Infosys Ltd., ADR (India) | 1.4 |
8. | ICICI Bank Ltd. (India) | 1.3 |
9. | Housing Development Finance Corp. Ltd. (India) | 1.2 |
10. | Petroleo Brasileiro SA (Preference) (Brazil) | 1.2 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
China | 26.9 % |
India | 15.5 |
South Korea | 12.6 |
Taiwan | 12.4 |
Brazil | 7.5 |
Saudi Arabia | 4.0 |
South Africa | 4.0 |
Mexico | 3.7 |
Thailand | 2.6 |
Indonesia | 2.3 |
Malaysia | 1.3 |
Qatar | 1.0 |
United Arab Emirates | 1.0 |
Others (each less than 1.0%) | 3.1 |
Short-Term Investments | 2.1 |
8 | J.P. Morgan International Equity Funds | October 31, 2022 |
INCEPTION DATE OF CLASS | 1 YEAR | SINCE INCEPTION | |
Class I SHARES | January 30, 2019 | (32.53)% | (1.05)% |
Class R6 SHARES | December 11, 2018 | (32.48) | (0.95) |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119imgaf9589b45.jpg)
October 31, 2022 | J.P. Morgan International Equity Funds | 9 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class A Shares, without a sales charge) * | (21.67)% |
MSCI Europe Index (net total return) | (22.88)% |
Net Assets as of 10/31/2022 (In Thousands) | $539,581 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Nestle SA (Registered) | 5.0% |
2. | TotalEnergies SE (France) | 4.1 |
3. | BP plc (United Kingdom) | 3.7 |
4. | Novo Nordisk A/S, Class B (Denmark) | 3.6 |
5. | Roche Holding AG | 3.4 |
6. | Novartis AG (Registered) (Switzerland) | 3.2 |
7. | LVMH Moet Hennessy Louis Vuitton SE (France) | 2.9 |
8. | Koninklijke Ahold Delhaize NV (Netherlands) | 2.7 |
9. | Glencore plc (Australia) | 2.3 |
10. | Zurich Insurance Group AG (Switzerland) | 2.3 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
France | 18.8 % |
Germany | 18.0 |
United Kingdom | 17.2 |
United States | 10.9 |
Denmark | 7.8 |
Switzerland | 5.5 |
Netherlands | 5.4 |
Finland | 3.2 |
Ireland | 3.1 |
Sweden | 2.5 |
Australia | 2.3 |
Italy | 1.7 |
Spain | 1.0 |
Others (each less than 1.0%) | 1.4 |
Short-Term Investments | 1.2 |
10 | J.P. Morgan International Equity Funds | October 31, 2022 |
October 31, 2022 | J.P. Morgan International Equity Funds | 11 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | November 2, 1995 | |||
With Sales Charge * | (25.78)% | (1.72)% | 4.13% | |
Without Sales Charge | (21.67) | (0.66) | 4.69 | |
CLASS C SHARES | November 1, 1998 | |||
With CDSC ** | (23.09) | (1.16) | 4.28 | |
Without CDSC | (22.09) | (1.16) | 4.28 | |
Class I SHARES | September 10, 2001 | (21.48) | (0.41) | 4.98 |
Class L SHARES | September 10, 2001 | (21.39) | (0.29) | 5.14 |
Class R6 SHARES | October 1, 2018 | (21.31) | (0.20) | 5.18 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img967c32c76.jpg)
12 | J.P. Morgan International Equity Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (26.95)% |
MSCI EAFE Index (net total return) | (23.00)% |
Net Assets as of 10/31/2022 (In Thousands) | $3,811,190 |
Shares of TotalEnergies, a French integrated petroleum and natural gas company, rose amid higher global energy prices during the period. Shares of DBS Group Holdings, a Singapore financial services provider, rose after the company reported earnings and revenue growth during the period. Shares of Novo Nordisk, a Danish pharmaceuticals and health care products company, rose after legislative efforts to cap insulin prices failed in the U.S. Congress.
October 31, 2022 | J.P. Morgan International Equity Funds | 13 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | TotalEnergies SE (France) | 4.0% |
2. | Nestle SA (Registered) | 3.9 |
3. | Roche Holding AG | 3.5 |
4. | LVMH Moet Hennessy Louis Vuitton SE (France) | 2.5 |
5. | Novo Nordisk A/S, Class B (Denmark) | 2.5 |
6. | AstraZeneca plc (United Kingdom) | 2.5 |
7. | Shell plc (Netherlands) | 2.4 |
8. | DBS Group Holdings Ltd. (Singapore) | 2.4 |
9. | Diageo plc (United Kingdom) | 2.3 |
10. | ASML Holding NV (Netherlands) | 2.2 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
France | 16.9 % |
Japan | 16.6 |
United States | 10.3 |
United Kingdom | 9.4 |
Germany | 8.6 |
Netherlands | 5.6 |
Denmark | 5.5 |
Sweden | 3.8 |
Hong Kong | 3.6 |
Australia | 2.6 |
Singapore | 2.4 |
Switzerland | 2.1 |
Spain | 1.7 |
South Korea | 1.6 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
India | 1.2% |
Belgium | 1.1 |
South Africa | 1.0 |
Others (each less than 1.0%) | 1.9 |
Short-Term Investments | 4.1 |
14 | J.P. Morgan International Equity Funds | October 31, 2022 |
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | February 28, 2002 | |||
With Sales Charge * | (30.98)% | (1.79)% | 2.71% | |
Without Sales Charge | (27.15) | (0.72) | 3.27 | |
CLASS C SHARES | January 31, 2003 | |||
With CDSC ** | (28.51) | (1.21) | 2.86 | |
Without CDSC | (27.51) | (1.21) | 2.86 | |
Class I SHARES | January 1, 1997 | (26.95) | (0.46) | 3.53 |
Class R2 SHARES | November 3, 2008 | (27.36) | (1.02) | 2.98 |
Class R5 SHARES | May 15, 2006 | (26.88) | (0.36) | 3.68 |
Class R6 SHARES | November 30, 2010 | (26.81) | (0.26) | 3.76 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119imge767654f7.jpg)
October 31, 2022 | J.P. Morgan International Equity Funds | 15 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (27.56)% |
MSCI ACWI ex USA Index (net total return) | (24.73)% |
Net Assets as of 10/31/2022 (In Thousands) | $1,094,781 |
16 | J.P. Morgan International Equity Funds | October 31, 2022 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Shell plc (Netherlands) | 4.5% |
2. | Nestle SA (Registered) | 4.4 |
3. | Samsung Electronics Co. Ltd. (South Korea) | 3.5 |
4. | Toronto-Dominion Bank (The) (Canada) | 3.0 |
5. | Canadian National Railway Co. (Canada) | 3.0 |
6. | Novo Nordisk A/S, Class B (Denmark) | 2.9 |
7. | Diageo plc (United Kingdom) | 2.9 |
8. | HDFC Bank Ltd., ADR (India) | 2.9 |
9. | Roche Holding AG | 2.9 |
10. | DBS Group Holdings Ltd. (Singapore) | 2.9 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
France | 11.2 % |
United States | 10.4 |
United Kingdom | 9.6 |
Canada | 7.7 |
Japan | 6.7 |
Netherlands | 6.7 |
Germany | 5.4 |
Denmark | 4.2 |
South Korea | 4.1 |
Australia | 3.5 |
India | 2.9 |
Singapore | 2.9 |
Hong Kong | 2.8 |
Taiwan | 2.6 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Spain | 2.1% |
Indonesia | 1.9 |
Belgium | 1.6 |
China | 1.6 |
Sweden | 1.4 |
Switzerland | 1.4 |
Mexico | 1.3 |
South Africa | 1.3 |
Short-Term Investments | 6.7 |
October 31, 2022 | J.P. Morgan International Equity Funds | 17 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | November 30, 2011 | |||
With Sales Charge * | (31.55)% | (1.58)% | 3.37% | |
Without Sales Charge | (27.75) | (0.51) | 3.93 | |
CLASS C SHARES | November 30, 2011 | |||
With CDSC ** | (29.13) | (1.01) | 3.51 | |
Without CDSC | (28.13) | (1.01) | 3.51 | |
Class I SHARES | November 30, 2011 | (27.56) | (0.26) | 4.22 |
Class R2 SHARES | November 30, 2011 | (27.97) | (0.82) | 3.64 |
Class R5 SHARES | November 30, 2011 | (27.51) | (0.16) | 4.35 |
Class R6 SHARES | November 30, 2011 | (27.44) | (0.06) | 4.42 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img32b193ce8.jpg)
18 | J.P. Morgan International Equity Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (13.68)% |
MSCI EAFE Index (net total return) | (23.00)% |
ICE BofAML 3-Month US Treasury Bill Index | 0.79% |
Net Assets as of 10/31/2022 (In Thousands) | $161,207 |
Shares of Sea, a Singapore-based internet and mobile platform provider, fell after Tencent Holdings Ltd. reduced its stake in the company.
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Nestle SA (Registered) | 2.8% |
2. | Roche Holding AG | 2.5 |
3. | LVMH Moet Hennessy Louis Vuitton SE (France) | 2.0 |
4. | ASML Holding NV (Netherlands) | 2.0 |
5. | Novo Nordisk A/S, Class B (Denmark) | 2.0 |
6. | Shell plc (Netherlands) | 1.7 |
7. | Novartis AG (Registered) (Switzerland) | 1.7 |
8. | AstraZeneca plc (United Kingdom) | 1.7 |
9. | BP plc (United Kingdom) | 1.6 |
10. | TotalEnergies SE (France) | 1.4 |
October 31, 2022 | J.P. Morgan International Equity Funds | 19 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Japan | 21.9 % |
United Kingdom | 13.2 |
France | 11.2 |
United States | 9.3 |
Germany | 8.4 |
Netherlands | 6.6 |
Australia | 6.0 |
Switzerland | 5.4 |
Denmark | 3.3 |
Spain | 2.5 |
Hong Kong | 2.2 |
Sweden | 1.9 |
Singapore | 1.1 |
Others (each less than 1.0%) | 3.2 |
Short-Term Investments | 3.8 |
20 | J.P. Morgan International Equity Funds | October 31, 2022 |
INCEPTION DATE OF CLASS | 1 YEAR | SINCE INCEPTION | |
CLASS A SHARES | March 15, 2019 | ||
With Sales Charge * | (18.42)% | (1.68)% | |
Without Sales Charge | (13.89) | (0.22) | |
CLASS C SHARES | March 15, 2019 | ||
With CDSC ** | (15.36) | (0.73) | |
Without CDSC | (14.36) | (0.73) | |
Class I SHARES | March 15, 2019 | (13.68) | 0.04 |
Class R5 SHARES | March 15, 2019 | (13.56) | 0.17 |
Class R6 SHARES | March 15, 2019 | (13.52) | 0.27 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119imgf0f678c29.jpg)
October 31, 2022 | J.P. Morgan International Equity Funds | 21 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
22 | J.P. Morgan International Equity Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class L Shares) * | (17.31)% |
MSCI EAFE Value Index (net total return) | (16.35)% |
Net Assets as of 10/31/2022 (In Thousands) | $357,877 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Shell plc (Netherlands) | 3.2% |
2. | Novartis AG (Registered) (Switzerland) | 2.8 |
3. | Toyota Motor Corp. (Japan) | 2.2 |
4. | TotalEnergies SE (France) | 2.1 |
5. | BP plc (United Kingdom) | 1.8 |
6. | BHP Group Ltd. (Australia) | 1.8 |
7. | HSBC Holdings plc (United Kingdom) | 1.7 |
8. | Sanofi (France) | 1.7 |
9. | Siemens AG (Registered) (Germany) | 1.2 |
10. | GSK plc | 1.1 |
PORTFOLIO COMPOSITION BY COUNTRY AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Japan | 21.2 % |
United Kingdom | 12.6 |
France | 10.1 |
Germany | 8.6 |
Australia | 8.3 |
Netherlands | 6.0 |
Switzerland | 5.7 |
Italy | 3.2 |
Norway | 3.0 |
United States | 2.5 |
Spain | 2.4 |
Sweden | 2.2 |
Denmark | 1.6 |
Finland | 1.5 |
Singapore | 1.4 |
Austria | 1.1 |
Others (each less than 1.0%) | 3.2 |
Short-Term Investments | 5.4 |
October 31, 2022 | J.P. Morgan International Equity Funds | 23 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
24 | J.P. Morgan International Equity Funds | October 31, 2022 |
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | September 28, 2001 | |||
With Sales Charge * | (21.91)% | (3.47)% | 1.26% | |
Without Sales Charge | (17.56) | (2.42) | 1.80 | |
CLASS C SHARES | July 11, 2006 | |||
With CDSC ** | (19.04) | (2.93) | 1.39 | |
Without CDSC | (18.04) | (2.93) | 1.39 | |
Class I SHARES | September 10, 2001 | (17.38) | (2.19) | 2.07 |
Class L SHARES | November 4, 1993 | (17.31) | (2.09) | 2.19 |
Class R2 SHARES | November 3, 2008 | (17.88) | (2.73) | 1.52 |
Class R5 SHARES | September 9, 2016 | (17.31) | (2.10) | 2.18 |
Class R6 SHARES | November 30, 2010 | (17.23) | (1.98) | 2.31 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img5318102e10.jpg)
October 31, 2022 | J.P. Morgan International Equity Funds | 25 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 98.4% | ||
Brazil — 8.0% | ||
B3 SA - Brasil Bolsa Balcao | 6,199 | 18,001 |
MercadoLibre, Inc. * | 264 | 238,204 |
NU Holdings Ltd., Class A * | 18,843 | 94,218 |
Petroleo Brasileiro SA (Preference) | 10,174 | 58,693 |
Raia Drogasil SA | 16,708 | 85,649 |
XP, Inc., Class A * | 4,385 | 80,366 |
575,131 | ||
China — 21.6% | ||
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 14,366 | 48,097 |
Budweiser Brewing Co. APAC Ltd. (a) | 36,126 | 76,035 |
Dada Nexus Ltd., ADR * | 3,422 | 10,573 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 10,583 | 86,283 |
JD.com, Inc., ADR | 850 | 31,704 |
JD.com, Inc., Class A | 7,783 | 141,734 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 13,118 | 98,665 |
Kingdee International Software Group Co. Ltd. * | 32,769 | 53,696 |
Meituan * (a) | 4,969 | 79,554 |
Midea Group Co. Ltd., Class A | 3,199 | 17,532 |
NetEase, Inc. | 6,038 | 66,993 |
Pharmaron Beijing Co. Ltd., Class A | 4,743 | 33,526 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 1,884 | 83,778 |
Shenzhou International Group Holdings Ltd. | 10,123 | 70,283 |
Silergy Corp. | 7,629 | 87,975 |
Tencent Holdings Ltd. | 6,938 | 182,308 |
Wanhua Chemical Group Co. Ltd., Class A | 8,599 | 94,400 |
Wuliangye Yibin Co. Ltd., Class A | 2,765 | 50,421 |
WuXi AppTec Co. Ltd., Class A | 5,697 | 59,387 |
Wuxi Biologics Cayman, Inc. * (a) | 14,305 | 64,367 |
Yum China Holdings, Inc. | 2,560 | 105,838 |
1,543,149 | ||
Hong Kong — 5.8% | ||
AIA Group Ltd. | 795 | 6,024 |
AIA Group Ltd. | 22,106 | 167,450 |
Hong Kong Exchanges & Clearing Ltd. | 1,571 | 41,688 |
Prudential plc | 8,655 | 80,407 |
Techtronic Industries Co. Ltd. | 1,219 | 11,532 |
Techtronic Industries Co. Ltd. | 10,990 | 104,062 |
411,163 | ||
India — 24.9% | ||
Apollo Hospitals Enterprise Ltd. | 1,535 | 83,825 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
India — continued | ||
Asian Paints Ltd. | 1,268 | 47,735 |
Britannia Industries Ltd. | 1,234 | 56,180 |
HDFC Bank Ltd. | 12,838 | 232,995 |
HDFC Bank Ltd., ADR | 2,750 | 171,361 |
HDFC Life Insurance Co. Ltd. (a) | 16,389 | 107,106 |
Hindustan Unilever Ltd. | 3,179 | 98,078 |
Housing Development Finance Corp. Ltd. | 8,216 | 245,657 |
Infosys Ltd. | 3,020 | 56,278 |
Infosys Ltd., ADR | 6,738 | 126,190 |
Kotak Mahindra Bank Ltd. | 7,967 | 183,433 |
Reliance Industries Ltd. | 5,749 | 177,405 |
Tata Consultancy Services Ltd. | 5,058 | 195,211 |
1,781,454 | ||
Indonesia — 5.1% | ||
Bank Central Asia Tbk. PT | 319,744 | 180,744 |
Bank Rakyat Indonesia Persero Tbk. PT | 617,755 | 184,297 |
365,041 | ||
Macau — 0.5% | ||
Sands China Ltd. * | 21,809 | 38,127 |
Mexico — 4.4% | ||
Grupo Financiero Banorte SAB de CV, Class O | 17,505 | 142,503 |
Wal-Mart de Mexico SAB de CV | 45,381 | 175,312 |
317,815 | ||
Panama — 0.9% | ||
Copa Holdings SA, Class A * | 864 | 64,991 |
Poland — 0.3% | ||
Allegro.eu SA * (a) | 4,933 | 23,925 |
Portugal — 1.4% | ||
Jeronimo Martins SGPS SA | 4,685 | 96,946 |
South Africa — 2.5% | ||
Bid Corp. Ltd. | 3,392 | 54,571 |
Capitec Bank Holdings Ltd. | 571 | 59,133 |
FirstRand Ltd. | 19,474 | 68,082 |
181,786 | ||
South Korea — 8.6% | ||
Delivery Hero SE * (a) (b) | 1,044 | 34,362 |
LG Chem Ltd. | 221 | 97,135 |
NCSoft Corp. | 129 | 35,075 |
Samsung Electronics Co. Ltd. | 10,715 | 445,969 |
612,541 |
26 | J.P. Morgan International Equity Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Taiwan — 10.7% | ||
Chailease Holding Co. Ltd. | 16,745 | 77,240 |
Delta Electronics, Inc. | 10,888 | 86,634 |
Realtek Semiconductor Corp. | 4,736 | 37,335 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 7,981 | 491,198 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 6,120 | 73,576 |
765,983 | ||
United States — 3.7% | ||
EPAM Systems, Inc. * | 534 | 186,930 |
Globant SA * | 245 | 46,251 |
JS Global Lifestyle Co. Ltd. (a) | 40,451 | 32,584 |
265,765 | ||
Total Common Stocks (Cost $7,368,331) | 7,043,817 | |
Short-Term Investments — 1.7% | ||
Investment Companies — 1.6% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (c) (d)(Cost $113,774) | 113,762 | 113,774 |
Investment of Cash Collateral from Securities Loaned — 0.1% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (c) (d) | 4,022 | 4,022 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (c) (d) | 771 | 771 |
Total Investment of Cash Collateral from Securities Loaned (Cost $4,791) | 4,793 | |
Total Short-Term Investments (Cost $118,565) | 118,567 | |
Total Investments — 100.1% (Cost $7,486,896) | 7,162,384 | |
Liabilities in Excess of Other Assets — (0.1)% | (7,388) | |
NET ASSETS — 100.0% | 7,154,996 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
APAC | Asia Pacific |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
PT | Limited liability company |
SGPS | Holding company |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at October 31, 2022. The total value of securities on loan at October 31, 2022 is $4,595. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of October 31, 2022. |
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Banks | 17.4% |
Semiconductors & Semiconductor Equipment | 9.6 |
IT Services | 8.5 |
Internet & Direct Marketing Retail | 7.8 |
Technology Hardware, Storage & Peripherals | 6.2 |
Food & Staples Retailing | 5.8 |
Diversified Financial Services | 5.5 |
Insurance | 5.0 |
Chemicals | 3.3 |
Oil, Gas & Consumable Fuels | 3.3 |
Machinery | 3.0 |
Interactive Media & Services | 2.5 |
Life Sciences Tools & Services | 2.2 |
Hotels, Restaurants & Leisure | 2.0 |
Food Products | 2.0 |
Capital Markets | 2.0 |
Beverages | 1.8 |
Entertainment | 1.4 |
Personal Products | 1.4 |
Electronic Equipment, Instruments & Components | 1.2 |
Health Care Providers & Services | 1.2 |
Health Care Equipment & Supplies | 1.2 |
Textiles, Apparel & Luxury Goods | 1.0 |
Others (each less than 1.0%) | 3.0 |
Short-Term Investments | 1.7 |
October 31, 2022 | J.P. Morgan International Equity Funds | 27 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 93.5% | ||
Brazil — 7.1% | ||
B3 SA - Brasil Bolsa Balcao | 1,127 | 3,271 |
Centrais Eletricas Brasileiras SA | 623 | 6,025 |
Cia Energetica de Minas Gerais (Preference) | 1,331 | 2,927 |
EDP - Energias do Brasil SA | 1,000 | 4,464 |
Gerdau SA (Preference) | 1,934 | 9,649 |
Itau Unibanco Holding SA (Preference) * | 3,193 | 18,754 |
Itausa SA (Preference) | 5,834 | 12,118 |
Localiza Rent a Car SA | 889 | 12,123 |
Lojas Renner SA * | 1,827 | 10,932 |
Magazine Luiza SA * | 2,862 | 2,477 |
MercadoLibre, Inc. * | 3 | 2,957 |
NU Holdings Ltd., Class A * | 520 | 2,600 |
Petroleo Brasileiro SA (Preference) | 5,128 | 29,582 |
Porto Seguro SA | 502 | 2,261 |
Raia Drogasil SA | 2,030 | 10,408 |
Suzano SA | 1,002 | 10,325 |
TIM SA, ADR * | 498 | 6,350 |
Vale SA, ADR | 2,079 | 26,899 |
WEG SA | 1,785 | 13,933 |
XP, Inc., BDR * | 82 | 1,497 |
189,552 | ||
Chile — 0.3% | ||
Banco Santander Chile, ADR | 410 | 5,908 |
Cencosud SA | 1,431 | 1,926 |
7,834 | ||
China — 25.7% | ||
Alibaba Group Holding Ltd. * | 7,406 | 57,579 |
Amoy Diagnostics Co. Ltd., Class A | 362 | 1,159 |
Angel Yeast Co. Ltd., Class A | 410 | 2,027 |
Anhui Conch Cement Co. Ltd., Class H | 739 | 1,903 |
ANTA Sports Products Ltd. | 882 | 7,752 |
Baidu, Inc., ADR * | 78 | 5,984 |
Baoshan Iron & Steel Co. Ltd., Class A | 7,134 | 4,686 |
BeiGene Ltd., ADR * | 7 | 1,231 |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 582 | 1,950 |
BOE Technology Group Co. Ltd., Class A | 10,812 | 4,934 |
BYD Co. Ltd., Class H | 171 | 3,820 |
CGN Power Co. Ltd., Class H (a) | 11,906 | 2,412 |
Chacha Food Co. Ltd., Class A | 759 | 4,587 |
China Conch Environment Protection Holdings Ltd. * | 1,411 | 416 |
China Construction Bank Corp., Class H | 54,888 | 29,128 |
China International Capital Corp. Ltd., Class H (a) | 3,628 | 5,042 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
China — continued | ||
China Lesso Group Holdings Ltd. | 3,027 | 2,457 |
China Life Insurance Co. Ltd., Class H | 6,883 | 7,506 |
China Longyuan Power Group Corp. Ltd., Class H | 3,474 | 3,970 |
China Merchants Bank Co. Ltd., Class H | 3,604 | 11,799 |
China Oilfield Services Ltd., Class H | 4,732 | 5,327 |
China Overseas Land & Investment Ltd. | 3,784 | 7,231 |
China Pacific Insurance Group Co. Ltd., Class H | 2,568 | 4,140 |
China Petroleum & Chemical Corp., Class H | 13,760 | 5,453 |
China Resources Land Ltd. | 2,770 | 8,667 |
China Resources Mixc Lifestyle Services Ltd. (a) | 688 | 2,016 |
China Vanke Co. Ltd., Class H | 4,188 | 5,375 |
China Yangtze Power Co. Ltd., Class A | 2,613 | 7,233 |
Chongqing Brewery Co. Ltd., Class A | 205 | 2,438 |
Chongqing Fuling Zhacai Group Co. Ltd., Class A | 1,539 | 4,729 |
CMOC Group Ltd., Class H | 2,550 | 821 |
COSCO SHIPPING Holdings Co. Ltd., Class H | 2,019 | 2,176 |
Country Garden Services Holdings Co. Ltd. | 1,164 | 1,017 |
CSPC Pharmaceutical Group Ltd. | 6,200 | 6,368 |
Dongguan Yiheda Automation Co. Ltd., Class A | 187 | 1,908 |
Dongguan Yiheda Automation Co. Ltd., Class A | 69 | 702 |
ENN Energy Holdings Ltd. | 727 | 7,229 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 747 | 6,088 |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | 1,750 | 6,271 |
Ganfeng Lithium Group Co. Ltd., Class H (a) | 331 | 2,237 |
Guangzhou Automobile Group Co. Ltd., Class H | 11,776 | 7,176 |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 594 | 6,106 |
H World Group Ltd. | 1,759 | 4,799 |
Haier Smart Home Co. Ltd., Class H | 3,805 | 9,525 |
Han's Laser Technology Industry Group Co. Ltd., Class A | 1,113 | 3,854 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | 743 | 2,407 |
Huatai Securities Co. Ltd., Class H (a) | 2,648 | 2,593 |
Huayu Automotive Systems Co. Ltd., Class A | 1,508 | 3,447 |
Hundsun Technologies, Inc., Class A | 571 | 3,255 |
HUTCHMED China Ltd., ADR * (b) | 64 | 563 |
Industrial & Commercial Bank of China Ltd., Class H | 29,229 | 12,690 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 1,697 | 5,850 |
Jade Bird Fire Co. Ltd., Class A | 866 | 2,944 |
JD Logistics, Inc. * (a) | 1,421 | 1,986 |
JD.com, Inc., Class A | 1,301 | 23,688 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 555 | 4,178 |
Joinn Laboratories China Co. Ltd., Class H (a) | 433 | 1,404 |
Kingdee International Software Group Co. Ltd. * | 2,441 | 4,000 |
28 | J.P. Morgan International Equity Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
China — continued | ||
Kuaishou Technology * (a) | 528 | 2,181 |
Kunlun Energy Co. Ltd. | 9,678 | 5,784 |
Kweichow Moutai Co. Ltd., Class A | 58 | 10,659 |
Laobaixing Pharmacy Chain JSC, Class A | 931 | 4,463 |
Longfor Group Holdings Ltd. (c) | 1,575 | 2,007 |
Meituan * (a) | 2,280 | 36,504 |
Midea Group Co. Ltd., Class A | 344 | 1,885 |
Minth Group Ltd. | 1,490 | 2,938 |
Montage Technology Co. Ltd., Class A | 346 | 2,667 |
NARI Technology Co. Ltd., Class A | 777 | 2,597 |
NetEase, Inc. | 1,356 | 15,043 |
NIO, Inc., ADR * | 447 | 4,319 |
NIO, Inc., Class A * (b) | 175 | 1,650 |
Oppein Home Group, Inc., Class A | 244 | 2,708 |
Pharmaron Beijing Co. Ltd., Class H (a) | 766 | 2,583 |
PICC Property & Casualty Co. Ltd., Class H | 8,384 | 7,733 |
Pinduoduo, Inc., ADR * | 237 | 13,010 |
Ping An Bank Co. Ltd., Class A | 3,157 | 4,457 |
Ping An Insurance Group Co. of China Ltd., Class H | 4,082 | 16,342 |
Postal Savings Bank of China Co. Ltd., Class H (a) | 9,180 | 4,257 |
Qingdao Haier Biomedical Co. Ltd., Class A | 413 | 4,342 |
Sany Heavy Industry Co. Ltd., Class A | 1,527 | 2,818 |
Shanghai Baosight Software Co. Ltd., Class A | 712 | 4,122 |
Shanghai Liangxin Electrical Co. Ltd., Class A | 1,445 | 2,218 |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 336 | 2,286 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 161 | 7,159 |
Silergy Corp. | 427 | 4,924 |
Skshu Paint Co. Ltd., Class A * | 345 | 4,100 |
Sunny Optical Technology Group Co. Ltd. | 192 | 1,660 |
Tencent Holdings Ltd. | 3,022 | 79,414 |
Tingyi Cayman Islands Holding Corp. | 1,768 | 2,764 |
Tongwei Co. Ltd., Class A | 898 | 5,340 |
Trip.com Group Ltd., ADR * | 163 | 3,686 |
Wanhua Chemical Group Co. Ltd., Class A | 600 | 6,587 |
Wuliangye Yibin Co. Ltd., Class A | 348 | 6,338 |
WuXi AppTec Co. Ltd., Class H (a) | 570 | 4,575 |
Wuxi Biologics Cayman, Inc. * (a) | 2,124 | 9,557 |
Xinyi Solar Holdings Ltd. | 6,588 | 6,541 |
XPeng, Inc., Class A * | 518 | 1,658 |
Yum China Holdings, Inc. | 89 | 3,603 |
Yum China Holdings, Inc. | 165 | 6,810 |
Yunnan Energy New Material Co. Ltd. | 100 | 2,024 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
China — continued | ||
Zhejiang Dingli Machinery Co. Ltd., Class A | 715 | 4,387 |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | 1,763 | 4,188 |
Zijin Mining Group Co. Ltd., Class H | 9,000 | 8,585 |
681,706 | ||
Colombia — 0.1% | ||
Ecopetrol SA, ADR (b) | 352 | 3,473 |
Greece — 0.5% | ||
Hellenic Telecommunications Organization SA | 410 | 6,441 |
OPAP SA | 496 | 6,081 |
12,522 | ||
Hong Kong — 0.2% | ||
Orient Overseas International Ltd. | 89 | 1,293 |
Techtronic Industries Co. Ltd. | 446 | 4,228 |
5,521 | ||
Hungary — 0.4% | ||
OTP Bank Nyrt. | 269 | 5,870 |
Richter Gedeon Nyrt. | 197 | 3,901 |
9,771 | ||
India — 14.8% | ||
ACC Ltd. | 163 | 4,723 |
Apollo Hospitals Enterprise Ltd. | 177 | 9,694 |
Ashok Leyland Ltd. | 1,378 | 2,554 |
Axis Bank Ltd. | 1,706 | 18,705 |
Bajaj Finance Ltd. | 15 | 1,285 |
Bharat Petroleum Corp. Ltd. | 1,880 | 6,903 |
Biocon Ltd. | 976 | 3,183 |
Britannia Industries Ltd. | 200 | 9,108 |
Dabur India Ltd. | 686 | 4,601 |
Dr Reddy's Laboratories Ltd. | 154 | 8,313 |
Eicher Motors Ltd. | 132 | 6,157 |
GAIL India Ltd. | 3,260 | 3,594 |
Godrej Properties Ltd. * | 175 | 2,675 |
HCL Technologies Ltd. | 459 | 5,774 |
HDFC Bank Ltd., ADR | 137 | 8,530 |
HDFC Life Insurance Co. Ltd. (a) | 1,504 | 9,829 |
Hindustan Unilever Ltd. | 604 | 18,629 |
Housing Development Finance Corp. Ltd. | 1,052 | 31,468 |
ICICI Bank Ltd. | 2,922 | 32,124 |
ICICI Prudential Life Insurance Co. Ltd. (a) | 618 | 3,797 |
Infosys Ltd., ADR | 1,894 | 35,468 |
October 31, 2022 | J.P. Morgan International Equity Funds | 29 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
India — continued | ||
Kotak Mahindra Bank Ltd. | 586 | 13,493 |
Larsen & Toubro Ltd. | 466 | 11,402 |
Maruti Suzuki India Ltd. | 126 | 14,512 |
NTPC Ltd. | 4,469 | 9,354 |
Oil & Natural Gas Corp. Ltd. | 1,911 | 3,087 |
Petronet LNG Ltd. | 2,378 | 5,909 |
Power Grid Corp. of India Ltd. | 3,067 | 8,461 |
Reliance Industries Ltd. | 1,587 | 48,972 |
Shriram Transport Finance Co. Ltd. | 476 | 7,083 |
Tata Consultancy Services Ltd. | 534 | 20,629 |
Tata Consumer Products Ltd. | 711 | 6,619 |
UltraTech Cement Ltd. | 96 | 7,767 |
UPL Ltd. | 1,047 | 9,240 |
393,642 | ||
Indonesia — 2.2% | ||
Bank Central Asia Tbk. PT | 38,453 | 21,737 |
Bank Mandiri Persero Tbk. PT | 5,201 | 3,513 |
Bank Rakyat Indonesia Persero Tbk. PT | 57,644 | 17,197 |
Telkom Indonesia Persero Tbk. PT | 52,114 | 14,636 |
57,083 | ||
Malaysia — 1.2% | ||
CIMB Group Holdings Bhd. | 4,083 | 4,770 |
Malayan Banking Bhd. | 1,942 | 3,527 |
Petronas Chemicals Group Bhd. | 4,272 | 7,875 |
Public Bank Bhd. | 12,208 | 11,546 |
Tenaga Nasional Bhd. | 2,358 | 4,199 |
31,917 | ||
Mexico — 3.5% | ||
America Movil SAB de CV | 19,331 | 18,246 |
Cemex SAB de CV * | 21,483 | 8,371 |
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 582 | 9,035 |
Grupo Aeroportuario del Sureste SAB de CV, Class B | 455 | 10,672 |
Grupo Financiero Banorte SAB de CV, Class O | 2,166 | 17,631 |
Grupo Mexico SAB de CV | 2,352 | 8,471 |
Kimberly-Clark de Mexico SAB de CV, Class A | 2,639 | 4,158 |
Sitios Latinoamerica SAB de CV * | 978 | 290 |
Wal-Mart de Mexico SAB de CV | 4,035 | 15,587 |
92,461 | ||
Peru — 0.5% | ||
Credicorp Ltd. | 85 | 12,487 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Philippines — 0.2% | ||
ACEN Corp. | 809 | 88 |
Ayala Corp. | 154 | 1,789 |
Ayala Land, Inc. | 6,328 | 2,808 |
4,685 | ||
Poland — 0.5% | ||
Dino Polska SA * (a) | 127 | 8,262 |
Powszechny Zaklad Ubezpieczen SA (b) | 864 | 4,843 |
13,105 | ||
Qatar — 0.9% | ||
Industries Qatar QSC | 1,740 | 7,532 |
Qatar National Bank QPSC | 3,098 | 16,963 |
24,495 | ||
Russia — 0.0% ^ | ||
Gazprom PJSC ‡ | 4,581 | 352 |
Magnitogorsk Iron & Steel Works PJSC ‡ | 3,146 | 36 |
MMC Norilsk Nickel PJSC, ADR ‡ | — | — |
MMC Norilsk Nickel PJSC ‡ | 41 | 264 |
Novatek PJSC ‡ | 165 | 50 |
Rosneft Oil Co. PJSC ‡ | 833 | 83 |
Sberbank of Russia PJSC ‡ * | 3,172 | 133 |
Severstal PAO, GDR ‡ (a) | 329 | 105 |
TCS Group Holding plc, GDR ‡ * (a) | 69 | 50 |
X5 Retail Group NV, GDR ‡ (a) | 207 | 50 |
1,123 | ||
Saudi Arabia — 3.9% | ||
Al Rajhi Bank * | 1,242 | 28,167 |
Alinma Bank | 1,281 | 12,783 |
Almarai Co. JSC | 406 | 6,074 |
Etihad Etisalat Co. | 528 | 5,138 |
SABIC Agri-Nutrients Co. | 158 | 6,662 |
Saudi Arabian Oil Co. (a) | 819 | 7,604 |
Saudi Basic Industries Corp. | 570 | 13,395 |
Saudi National Bank (The) | 941 | 14,870 |
Saudi Telecom Co. | 723 | 7,768 |
102,461 | ||
Singapore — 0.1% | ||
BOC Aviation Ltd. (a) | 370 | 2,477 |
South Africa — 3.8% | ||
Bid Corp. Ltd. | 574 | 9,234 |
Bidvest Group Ltd. (The) | 631 | 7,305 |
Capitec Bank Holdings Ltd. | 100 | 10,382 |
30 | J.P. Morgan International Equity Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
South Africa — continued | ||
Clicks Group Ltd. | 517 | 8,756 |
Discovery Ltd. * | 400 | 2,614 |
FirstRand Ltd. | 3,709 | 12,966 |
Foschini Group Ltd. (The) | 391 | 2,443 |
MTN Group Ltd. | 1,117 | 7,898 |
Naspers Ltd., Class N | 104 | 10,724 |
Nedbank Group Ltd. | 363 | 4,302 |
Sanlam Ltd. | 2,858 | 8,331 |
SPAR Group Ltd. (The) (b) | 317 | 2,685 |
Standard Bank Group Ltd. | 845 | 7,885 |
Vodacom Group Ltd. | 863 | 5,880 |
101,405 | ||
South Korea — 12.1% | ||
BGF retail Co. Ltd. | 17 | 2,266 |
Hana Financial Group, Inc. | 323 | 9,352 |
Hankook Tire & Technology Co. Ltd. | 125 | 3,208 |
HL Mando Co. Ltd. | 79 | 2,719 |
Hyundai Glovis Co. Ltd. | 60 | 7,338 |
Hyundai Mobis Co. Ltd. | 60 | 9,188 |
Hyundai Motor Co. | 29 | 3,308 |
JYP Entertainment Corp. | 108 | 4,202 |
Kakao Corp. | 63 | 2,219 |
KB Financial Group, Inc. | 351 | 11,806 |
Kia Corp. | 225 | 10,478 |
KIWOOM Securities Co. Ltd. | 44 | 2,475 |
LG Chem Ltd. | 41 | 17,975 |
LG H&H Co. Ltd. | 11 | 3,760 |
NAVER Corp. | 97 | 11,499 |
NCSoft Corp. | 24 | 6,483 |
POSCO Holdings, Inc. | 75 | 13,094 |
Samsung Biologics Co. Ltd. * (a) | 17 | 10,298 |
Samsung Electro-Mechanics Co. Ltd. | 25 | 2,159 |
Samsung Electronics Co. Ltd. | 2,683 | 111,670 |
Samsung Fire & Marine Insurance Co. Ltd. | 62 | 8,683 |
Samsung SDI Co. Ltd. | 13 | 6,725 |
Shinhan Financial Group Co. Ltd. | 503 | 12,797 |
SK Hynix, Inc. | 348 | 20,167 |
SK Innovation Co. Ltd. * | 62 | 7,550 |
SK Telecom Co. Ltd. | 142 | 4,974 |
SK, Inc. | 24 | 3,595 |
SKC Co. Ltd. | 51 | 3,682 |
S-Oil Corp. | 110 | 6,670 |
320,340 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Taiwan — 11.8% | ||
Accton Technology Corp. | 1,087 | 8,174 |
Advantech Co. Ltd. | 920 | 8,331 |
ASE Technology Holding Co. Ltd. | 2,153 | 5,316 |
Chailease Holding Co. Ltd. | 1,723 | 7,946 |
CTBC Financial Holding Co. Ltd. | 17,380 | 10,980 |
Delta Electronics, Inc. | 1,899 | 15,110 |
E.Sun Financial Holding Co. Ltd. | 12,126 | 8,714 |
Eclat Textile Co. Ltd. | 431 | 5,656 |
eMemory Technology, Inc. | 73 | 2,421 |
Evergreen Marine Corp. Taiwan Ltd. | 469 | 1,997 |
Fubon Financial Holding Co. Ltd. | 3,895 | 6,153 |
Giant Manufacturing Co. Ltd. | 488 | 3,105 |
Hon Hai Precision Industry Co. Ltd. | 4,016 | 12,755 |
Largan Precision Co. Ltd. | 63 | 3,604 |
MediaTek, Inc. | 376 | 6,854 |
Nan Ya Plastics Corp. | 4,037 | 8,554 |
Nan Ya Printed Circuit Board Corp. | 506 | 3,301 |
Nien Made Enterprise Co. Ltd. | 394 | 3,038 |
Novatek Microelectronics Corp. | 658 | 4,903 |
Powertech Technology, Inc. | 976 | 2,254 |
President Chain Store Corp. | 746 | 6,203 |
Realtek Semiconductor Corp. | 243 | 1,916 |
Taiwan Mobile Co. Ltd. | 1,228 | 3,621 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 297 | 18,300 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 10,227 | 122,950 |
Uni-President Enterprises Corp. | 4,862 | 9,873 |
United Microelectronics Corp. * | 2,882 | 3,465 |
Vanguard International Semiconductor Corp. | 793 | 1,628 |
Wiwynn Corp. | 245 | 5,488 |
Yang Ming Marine Transport Corp. | 780 | 1,452 |
Yuanta Financial Holding Co. Ltd. | 15,306 | 9,346 |
313,408 | ||
Thailand — 2.5% | ||
Airports of Thailand PCL * | 4,300 | 8,303 |
Indorama Ventures PCL | 3,287 | 3,643 |
Kasikornbank PCL | 693 | 2,674 |
Minor International PCL * | 5,991 | 4,450 |
PTT Exploration & Production PCL, NVDR | 85 | 405 |
PTT Exploration & Production PCL | 2,147 | 10,183 |
PTT Global Chemical PCL | 5,123 | 5,870 |
PTT Global Chemical PCL, NVDR | 127 | 146 |
PTT PCL | 5,533 | 5,233 |
PTT PCL, NVDR | 138 | 130 |
October 31, 2022 | J.P. Morgan International Equity Funds | 31 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Thailand — continued | ||
SCB X PCL | 2,524 | 7,053 |
SCG Packaging PCL | 2,534 | 3,465 |
Siam Cement PCL (The), NVDR | 18 | 153 |
Siam Cement PCL (The) (Registered) | 721 | 6,141 |
Thai Oil PCL, NVDR | 76 | 109 |
Thai Oil PCL | 3,331 | 4,790 |
Thai Union Group PCL, Class F | 6,153 | 2,912 |
65,660 | ||
United Arab Emirates — 0.9% | ||
Dubai Islamic Bank PJSC | 3,647 | 5,778 |
Emaar Properties PJSC | 4,604 | 7,601 |
Emirates Telecommunications Group Co. PJSC | 774 | 5,440 |
First Abu Dhabi Bank PJSC | 1,111 | 5,415 |
24,234 | ||
United States — 0.3% | ||
Genpact Ltd. | 67 | 3,262 |
Globant SA * | 12 | 2,327 |
JS Global Lifestyle Co. Ltd. (a) | 1,214 | 977 |
Parade Technologies Ltd. | 60 | 1,130 |
7,696 | ||
Total Common Stocks (Cost $3,011,874) | 2,479,058 | |
NO. OF RIGHTS (000) | ||
Rights — 0.0% | ||
Thailand — 0.0% ^ | ||
Thai Union Group PCL, expiring 12/31/2022(Cost $—) (d) | 174 | —(d) |
SHARES (000) | ||
Short-Term Investments — 2.1% | ||
Investment Companies — 1.8% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (e) (f)(Cost $47,042) | 47,035 | 47,040 |
Investment of Cash Collateral from Securities Loaned — 0.3% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (e) (f) | 3,487 | 3,487 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Investment of Cash Collateral from Securities Loaned — continued | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (e) (f) | 3,438 | 3,438 |
Total Investment of Cash Collateral from Securities Loaned (Cost $6,925) | 6,925 | |
Total Short-Term Investments (Cost $53,967) | 53,965 | |
Total Investments — 95.6% (Cost $3,065,841) | 2,533,023 | |
Other Assets Less Liabilities — 4.4% | 117,545 | |
NET ASSETS — 100.0% | 2,650,568 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
NVDR | Non-Voting Depositary Receipt |
PJSC | Public Joint Stock Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
PT | Limited liability company |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | The security or a portion of this security is on loan at October 31, 2022. The total value of securities on loan at October 31, 2022 is $6,699. | |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(d) | Value is zero. |
32 | J.P. Morgan International Equity Funds | October 31, 2022 |
(e) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(f) | The rate shown is the current yield as of October 31, 2022. |
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Banks | 17.5% |
Semiconductors & Semiconductor Equipment | 8.1 |
Oil, Gas & Consumable Fuels | 5.8 |
Internet & Direct Marketing Retail | 5.7 |
Technology Hardware, Storage & Peripherals | 5.0 |
Interactive Media & Services | 4.0 |
Chemicals | 3.6 |
Insurance | 3.2 |
Metals & Mining | 3.0 |
Food & Staples Retailing | 2.8 |
IT Services | 2.7 |
Food Products | 2.6 |
Diversified Financial Services | 2.4 |
Electronic Equipment, Instruments & Components | 2.1 |
Automobiles | 2.1 |
Wireless Telecommunication Services | 2.1 |
Real Estate Management & Development | 1.6 |
Diversified Telecommunication Services | 1.4 |
Construction Materials | 1.2 |
Hotels, Restaurants & Leisure | 1.2 |
Life Sciences Tools & Services | 1.1 |
Transportation Infrastructure | 1.1 |
Auto Components | 1.1 |
Machinery | 1.1 |
Personal Products | 1.1 |
Electric Utilities | 1.0 |
Entertainment | 1.0 |
Others (each less than 1.0%) | 12.3 |
Short-Term Investments | 2.1 |
October 31, 2022 | J.P. Morgan International Equity Funds | 33 |
AS OF October 31, 2022 (continued)
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
MSCI Emerging Markets E-Mini Index | 294 | 12/16/2022 | USD | 12,555 | (434) |
Abbreviations | |
MSCI | Morgan Stanley Capital International |
USD | United States Dollar |
34 | J.P. Morgan International Equity Funds | October 31, 2022 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 96.9% | ||
Australia — 2.3% | ||
Glencore plc | 2,131 | 12,215 |
Austria — 0.6% | ||
Erste Group Bank AG | 128 | 3,143 |
Denmark — 7.6% | ||
Carlsberg A/S, Class B | 36 | 4,266 |
Genmab A/S * | 28 | 10,868 |
Jyske Bank A/S (Registered) * | 129 | 6,978 |
Novo Nordisk A/S, Class B | 174 | 18,864 |
40,976 | ||
Finland — 3.1% | ||
Neste OYJ | 108 | 4,735 |
Nokia OYJ | 1,065 | 4,734 |
Nordea Bank Abp | 760 | 7,253 |
16,722 | ||
France — 18.5% | ||
Arkema SA | 58 | 4,554 |
BNP Paribas SA | 139 | 6,543 |
Capgemini SE | 51 | 8,337 |
Engie SA | 577 | 7,502 |
LVMH Moet Hennessy Louis Vuitton SE | 24 | 15,420 |
Pernod Ricard SA | 44 | 7,678 |
Sanofi | 131 | 11,282 |
Thales SA | 32 | 4,035 |
TotalEnergies SE | 395 | 21,559 |
Verallia SA (a) | 194 | 5,500 |
Vinci SA | 80 | 7,340 |
99,750 | ||
Germany — 17.6% | ||
AIXTRON SE | 145 | 3,574 |
Allianz SE (Registered) | 64 | 11,419 |
Bayer AG (Registered) | 157 | 8,261 |
Brenntag SE | 114 | 6,906 |
Deutsche Boerse AG | 57 | 9,315 |
Deutsche Lufthansa AG (Registered) * | 792 | 5,418 |
Deutsche Telekom AG (Registered) | 581 | 10,959 |
Dr Ing hc F Porsche AG (Preference) * | 42 | 4,322 |
HUGO BOSS AG | 124 | 5,717 |
Mercedes-Benz Group AG | 137 | 7,904 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 32 | 8,390 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Germany — continued | ||
RWE AG | 273 | 10,511 |
VERBIO Vereinigte BioEnergie AG | 32 | 2,507 |
95,203 | ||
Ireland — 3.0% | ||
AIB Group plc | 1,737 | 5,024 |
Bank of Ireland Group plc | 883 | 6,384 |
Bank of Ireland Group plc | 36 | 258 |
Smurfit Kappa Group plc | 146 | 4,846 |
16,512 | ||
Italy — 1.7% | ||
UniCredit SpA | 736 | 9,132 |
Netherlands — 5.3% | ||
Alfen Beheer BV * (a) | 52 | 5,520 |
Koninklijke Ahold Delhaize NV | 508 | 14,152 |
NN Group NV | 207 | 8,772 |
28,444 | ||
Norway — 0.8% | ||
Aker Solutions ASA (a) | 1,090 | 4,163 |
Spain — 1.0% | ||
Corp. ACCIONA Energias Renovables SA | 136 | 5,355 |
Sweden — 2.4% | ||
Billerud AB | 384 | 4,956 |
Hexatronic Group AB | 432 | 5,848 |
New Wave Group AB, Class B | 177 | 2,465 |
13,269 | ||
Switzerland — 5.4% | ||
Novartis AG (Registered) | 211 | 17,064 |
Zurich Insurance Group AG | 29 | 12,201 |
29,265 | ||
United Kingdom — 16.9% | ||
3i Group plc | 311 | 4,144 |
Ashtead Group plc | 113 | 5,918 |
Barclays plc | 4,827 | 8,203 |
BP plc | 3,559 | 19,692 |
Diageo plc | 266 | 10,938 |
Inchcape plc | 405 | 3,452 |
JD Sports Fashion plc | 2,152 | 2,404 |
Linde plc | 40 | 12,093 |
Lloyds Banking Group plc | 14,429 | 6,930 |
Reckitt Benckiser Group plc | 99 | 6,565 |
October 31, 2022 | J.P. Morgan International Equity Funds | 35 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United Kingdom — continued | ||
RELX plc | 305 | 8,184 |
Taylor Wimpey plc | 2,468 | 2,653 |
91,176 | ||
United States — 10.7% | ||
Nestle SA (Registered) | 241 | 26,261 |
Roche Holding AG | 54 | 17,973 |
Schneider Electric SE | 63 | 7,968 |
Stellantis NV | 423 | 5,694 |
57,896 | ||
Total Common Stocks (Cost $527,921) | 523,221 | |
Short-Term Investments — 1.2% | ||
Investment Companies — 1.2% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (b) (c)(Cost $6,343) | 6,342 | 6,343 |
Total Investments — 98.1% (Cost $534,264) | 529,564 | |
Other Assets Less Liabilities — 1.9% | 10,017 | |
NET ASSETS — 100.0% | 539,581 |
Percentages indicated are based on net assets. |
Abbreviations | |
OYJ | Public Limited Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of October 31, 2022. |
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Pharmaceuticals | 13.9% |
Banks | 11.3 |
Oil, Gas & Consumable Fuels | 9.2 |
Insurance | 7.7 |
Food Products | 5.0 |
Textiles, Apparel & Luxury Goods | 4.5 |
Beverages | 4.3 |
Electrical Equipment | 3.6 |
Automobiles | 3.4 |
Chemicals | 3.1 |
Independent Power and Renewable Electricity Producers | 3.0 |
Containers & Packaging | 2.9 |
Food & Staples Retailing | 2.7 |
Capital Markets | 2.5 |
Trading Companies & Distributors | 2.4 |
Metals & Mining | 2.3 |
Diversified Telecommunication Services | 2.1 |
Biotechnology | 2.0 |
IT Services | 1.6 |
Professional Services | 1.5 |
Multi-Utilities | 1.4 |
Construction & Engineering | 1.4 |
Household Products | 1.2 |
Airlines | 1.0 |
Others (each less than 1.0%) | 4.8 |
Short-Term Investments | 1.2 |
36 | J.P. Morgan International Equity Funds | October 31, 2022 |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
EURO STOXX 50 Index | 57 | 12/16/2022 | EUR | 2,038 | 5 |
FTSE 100 Index | 14 | 12/16/2022 | GBP | 1,142 | 9 |
14 |
Abbreviations | |
EUR | Euro |
FTSE | Financial Times and the London Stock Exchange |
GBP | British Pound |
October 31, 2022 | J.P. Morgan International Equity Funds | 37 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 98.3% | ||
Australia — 2.7% | ||
BHP Group Ltd. | 591 | 14,101 |
BHP Group Ltd. | 2,322 | 55,768 |
Woodside Energy Group Ltd. | 1,261 | 29,156 |
Woodside Energy Group Ltd. | 190 | 4,432 |
103,457 | ||
Austria — 0.6% | ||
Erste Group Bank AG | 912 | 22,486 |
Belgium — 1.2% | ||
KBC Group NV | 872 | 43,695 |
Denmark — 5.6% | ||
Carlsberg A/S, Class B | 345 | 40,580 |
Coloplast A/S, Class B | 245 | 27,369 |
Genmab A/S * | 69 | 26,551 |
Novo Nordisk A/S, Class B | 900 | 97,897 |
Orsted A/S (a) | 254 | 20,946 |
213,343 | ||
Finland — 0.7% | ||
Kone OYJ, Class B | 605 | 24,782 |
France — 17.3% | ||
AXA SA | 2,254 | 55,668 |
BNP Paribas SA | 1,009 | 47,297 |
Capgemini SE | 286 | 46,916 |
Kering SA | 103 | 47,029 |
L'Oreal SA | 201 | 63,055 |
LVMH Moet Hennessy Louis Vuitton SE | 157 | 98,793 |
Pernod Ricard SA | 243 | 42,708 |
Safran SA | 395 | 44,015 |
TotalEnergies SE | 2,879 | 157,055 |
Vinci SA | 633 | 58,282 |
660,818 | ||
Germany — 8.8% | ||
adidas AG | 172 | 16,755 |
Allianz SE (Registered) | 361 | 64,940 |
Deutsche Boerse AG | 361 | 58,732 |
Deutsche Telekom AG (Registered) | 1,039 | 19,616 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (b) | 238 | 62,893 |
RWE AG | 1,357 | 52,222 |
Symrise AG | 300 | 30,592 |
Volkswagen AG (Preference) | 234 | 29,964 |
335,714 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Hong Kong — 3.7% | ||
AIA Group Ltd. | 8,250 | 62,492 |
Hong Kong Exchanges & Clearing Ltd. | 920 | 24,428 |
Prudential plc | 3,213 | 29,851 |
Techtronic Industries Co. Ltd. | 2,415 | 22,862 |
139,633 | ||
India — 1.2% | ||
HDFC Bank Ltd., ADR | 740 | 46,123 |
Japan — 17.0% | ||
Bridgestone Corp. | 1,352 | 48,901 |
Daikin Industries Ltd. | 353 | 52,905 |
Hoya Corp. | 507 | 47,094 |
Keyence Corp. | 180 | 67,985 |
Kubota Corp. | 1,172 | 16,345 |
Kyowa Kirin Co. Ltd. | 1,538 | 36,218 |
Makita Corp. | 695 | 12,707 |
Nidec Corp. | 532 | 29,262 |
Nippon Telegraph & Telephone Corp. | 2,106 | 58,085 |
Recruit Holdings Co. Ltd. | 1,134 | 34,910 |
Shin-Etsu Chemical Co. Ltd. | 516 | 53,576 |
SMC Corp. | 82 | 32,835 |
Sony Group Corp. | 969 | 65,324 |
Tokio Marine Holdings, Inc. | 3,003 | 54,370 |
Tokyo Electron Ltd. | 143 | 37,570 |
648,087 | ||
Netherlands — 5.7% | ||
ASML Holding NV (b) | 184 | 86,050 |
ING Groep NV | 3,708 | 36,485 |
Shell plc | 3,418 | 94,688 |
217,223 | ||
Singapore — 2.4% | ||
DBS Group Holdings Ltd. | 3,828 | 92,557 |
South Africa — 1.0% | ||
Anglo American plc | 1,281 | 38,357 |
South Korea — 1.6% | ||
Delivery Hero SE * (a) (b) | 381 | 12,530 |
Samsung Electronics Co. Ltd., GDR (a) | 24 | 25,486 |
Samsung Electronics Co. Ltd., GDR (a) | 23 | 23,458 |
61,474 | ||
Spain — 1.7% | ||
Iberdrola SA | 6,404 | 65,120 |
38 | J.P. Morgan International Equity Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Sweden — 3.9% | ||
Assa Abloy AB, Class B | 1,581 | 31,927 |
Atlas Copco AB, Class A | 3,695 | 39,441 |
Svenska Handelsbanken AB, Class A | 5,040 | 46,829 |
Volvo AB, Class B | 1,843 | 30,160 |
148,357 | ||
Switzerland — 2.2% | ||
Lonza Group AG (Registered) | 95 | 48,681 |
SGS SA (Registered) | 11 | 23,879 |
Straumann Holding AG (Registered) | 123 | 11,755 |
84,315 | ||
Taiwan — 0.7% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 427 | 26,302 |
United Kingdom — 9.7% | ||
AstraZeneca plc | 821 | 96,286 |
Diageo plc | 2,222 | 91,457 |
Haleon plc * | 662 | 2,031 |
Linde plc (b) | 164 | 48,942 |
London Stock Exchange Group plc | 542 | 46,965 |
Persimmon plc | 1,269 | 18,994 |
RELX plc | 2,386 | 64,136 |
368,811 | ||
United States — 10.6% | ||
Ferguson plc | 360 | 39,257 |
GSK plc | 1,200 | 19,657 |
Nestle SA (Registered) | 1,411 | 153,618 |
Roche Holding AG | 410 | 135,879 |
Schneider Electric SE | 437 | 55,229 |
403,640 | ||
Total Common Stocks (Cost $3,666,547) | 3,744,294 | |
Short-Term Investments — 4.2% | ||
Investment Companies — 1.5% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (c) (d)(Cost $57,919) | 57,914 | 57,920 |
Investment of Cash Collateral from Securities Loaned — 2.7% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (c) (d) | 93,075 | 93,074 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Investment of Cash Collateral from Securities Loaned — continued | ||
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (c) (d) | 10,497 | 10,497 |
Total Investment of Cash Collateral from Securities Loaned (Cost $103,567) | 103,571 | |
Total Short-Term Investments (Cost $161,486) | 161,491 | |
Total Investments — 102.5% (Cost $3,828,033) | 3,905,785 | |
Liabilities in Excess of Other Assets — (2.5)% | (94,595) | |
NET ASSETS — 100.0% | 3,811,190 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
OYJ | Public Limited Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at October 31, 2022. The total value of securities on loan at October 31, 2022 is $97,049. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of October 31, 2022. |
October 31, 2022 | J.P. Morgan International Equity Funds | 39 |
AS OF October 31, 2022 (continued)
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Pharmaceuticals | 9.9% |
Banks | 8.6 |
Insurance | 8.5 |
Oil, Gas & Consumable Fuels | 7.3 |
Machinery | 4.6 |
Beverages | 4.5 |
Textiles, Apparel & Luxury Goods | 4.2 |
Food Products | 3.9 |
Semiconductors & Semiconductor Equipment | 3.8 |
Chemicals | 3.4 |
Capital Markets | 3.3 |
Professional Services | 3.1 |
Metals & Mining | 2.8 |
Health Care Equipment & Supplies | 2.2 |
Electric Utilities | 2.2 |
Building Products | 2.2 |
Electrical Equipment | 2.2 |
Household Durables | 2.2 |
Diversified Telecommunication Services | 2.0 |
Electronic Equipment, Instruments & Components | 1.7 |
Personal Products | 1.7 |
Construction & Engineering | 1.5 |
Independent Power and Renewable Electricity Producers | 1.3 |
Technology Hardware, Storage & Peripherals | 1.3 |
Auto Components | 1.2 |
Life Sciences Tools & Services | 1.2 |
IT Services | 1.2 |
Aerospace & Defense | 1.1 |
Trading Companies & Distributors | 1.0 |
Others (each less than 1.0%) | 1.8 |
Short-Term Investments | 4.1 |
40 | J.P. Morgan International Equity Funds | October 31, 2022 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.1% | ||
Australia — 3.6% | ||
BHP Group Ltd. | 1,134 | 27,075 |
Woodside Energy Group Ltd. | 296 | 6,835 |
Woodside Energy Group Ltd. | 254 | 5,910 |
39,820 | ||
Belgium — 1.7% | ||
KBC Group NV | 374 | 18,763 |
Canada — 8.1% | ||
Alimentation Couche-Tard, Inc. | 447 | 20,033 |
Canadian National Railway Co. | 288 | 34,073 |
Toronto-Dominion Bank (The) | 534 | 34,160 |
88,266 | ||
China — 1.6% | ||
Tencent Holdings Ltd. | 675 | 17,742 |
Denmark — 4.4% | ||
Coloplast A/S, Class B | 129 | 14,391 |
Novo Nordisk A/S, Class B | 307 | 33,414 |
47,805 | ||
France — 11.6% | ||
Capgemini SE | 101 | 16,452 |
L'Oreal SA | 70 | 22,078 |
LVMH Moet Hennessy Louis Vuitton SE | 48 | 30,430 |
TotalEnergies SE | 538 | 29,355 |
Vinci SA | 316 | 29,093 |
127,408 | ||
Germany — 5.6% | ||
adidas AG | 95 | 9,224 |
Allianz SE (Registered) | 150 | 27,072 |
Deutsche Boerse AG | 73 | 11,866 |
RWE AG | 344 | 13,240 |
61,402 | ||
Hong Kong — 3.0% | ||
AIA Group Ltd. | 3,136 | 23,753 |
Hong Kong Exchanges & Clearing Ltd. | 328 | 8,714 |
32,467 | ||
India — 3.0% | ||
HDFC Bank Ltd., ADR | 531 | 33,108 |
Indonesia — 2.0% | ||
Bank Central Asia Tbk. PT | 38,091 | 21,532 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — 7.0% | ||
Hoya Corp. | 135 | 12,587 |
Keyence Corp. | 47 | 17,798 |
Shin-Etsu Chemical Co. Ltd. | 115 | 11,962 |
Sony Group Corp. | 296 | 19,954 |
Tokio Marine Holdings, Inc. | 807 | 14,600 |
76,901 | ||
Mexico — 1.3% | ||
Wal-Mart de Mexico SAB de CV | 3,777 | 14,589 |
Netherlands — 7.0% | ||
ASML Holding NV (a) | 53 | 24,850 |
Shell plc | 1,845 | 51,115 |
75,965 | ||
Singapore — 3.0% | ||
DBS Group Holdings Ltd. | 1,352 | 32,679 |
South Africa — 1.3% | ||
Anglo American plc | 485 | 14,528 |
South Korea — 4.3% | ||
Delivery Hero SE * (a) (b) | 201 | 6,605 |
Samsung Electronics Co. Ltd. | 962 | 40,051 |
46,656 | ||
Spain — 2.2% | ||
Iberdrola SA | 2,383 | 24,229 |
Sweden — 1.5% | ||
Atlas Copco AB, Class A | 1,541 | 16,452 |
Switzerland — 1.4% | ||
Lonza Group AG (Registered) | 30 | 15,617 |
Taiwan — 2.7% | ||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 481 | 29,570 |
United Kingdom — 10.0% | ||
AstraZeneca plc | 126 | 14,812 |
Diageo plc | 807 | 33,190 |
Linde plc (a) | 90 | 26,857 |
Persimmon plc | 563 | 8,425 |
RELX plc | 965 | 25,947 |
109,231 | ||
United States — 10.8% | ||
Ferguson plc | 166 | 18,106 |
Nestle SA (Registered) | 456 | 49,654 |
October 31, 2022 | J.P. Morgan International Equity Funds | 41 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
Roche Holding AG | 99 | 32,723 |
Schneider Electric SE | 140 | 17,711 |
118,194 | ||
Total Common Stocks (Cost $1,046,890) | 1,062,924 | |
Short-Term Investments — 7.0% | ||
Investment Companies — 1.8% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (c) (d)(Cost $19,898) | 19,894 | 19,897 |
Investment of Cash Collateral from Securities Loaned — 5.2% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (c) (d) | 40,011 | 40,011 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (c) (d) | 16,404 | 16,404 |
Total Investment of Cash Collateral from Securities Loaned (Cost $56,412) | 56,415 | |
Total Short-Term Investments (Cost $76,310) | 76,312 | |
Total Investments — 104.1% (Cost $1,123,200) | 1,139,236 | |
Liabilities in Excess of Other Assets — (4.1)% | (44,455) | |
NET ASSETS — 100.0% | 1,094,781 |
Percentages indicated are based on net assets. |
Abbreviations | |
ADR | American Depositary Receipt |
PT | Limited liability company |
* | Non-income producing security. |
(a) | The security or a portion of this security is on loan at October 31, 2022. The total value of securities on loan at October 31, 2022 is $26,619. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of October 31, 2022. |
INDUSTRY October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Banks | 12.3% |
Oil, Gas & Consumable Fuels | 8.2 |
Pharmaceuticals | 7.1 |
Insurance | 5.7 |
Semiconductors & Semiconductor Equipment | 4.8 |
Food Products | 4.4 |
Metals & Mining | 3.6 |
Technology Hardware, Storage & Peripherals | 3.5 |
Textiles, Apparel & Luxury Goods | 3.5 |
Chemicals | 3.4 |
Food & Staples Retailing | 3.0 |
Road & Rail | 3.0 |
Beverages | 2.9 |
Construction & Engineering | 2.5 |
Household Durables | 2.5 |
Health Care Equipment & Supplies | 2.4 |
Professional Services | 2.3 |
Electric Utilities | 2.1 |
Personal Products | 1.9 |
Capital Markets | 1.8 |
Trading Companies & Distributors | 1.6 |
Electronic Equipment, Instruments & Components | 1.6 |
Interactive Media & Services | 1.6 |
Electrical Equipment | 1.6 |
IT Services | 1.4 |
Machinery | 1.4 |
Life Sciences Tools & Services | 1.4 |
Independent Power and Renewable Electricity Producers | 1.2 |
Internet & Direct Marketing Retail | 0.6 |
Short-Term Investments | 6.7 |
42 | J.P. Morgan International Equity Funds | October 31, 2022 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 94.1% | ||
Australia — 6.0% | ||
Aurizon Holdings Ltd. | 35 | 81 |
BHP Group Ltd. | 48 | 1,155 |
Commonwealth Bank of Australia | 14 | 909 |
Dexus, REIT | 70 | 347 |
Endeavour Group Ltd. | 32 | 147 |
Goodman Group, REIT | 53 | 582 |
GPT Group (The), REIT | 46 | 127 |
Insurance Australia Group Ltd. | 52 | 164 |
Macquarie Group Ltd. | 6 | 694 |
Medibank Pvt Ltd. | 138 | 248 |
Mirvac Group, REIT | 161 | 213 |
National Australia Bank Ltd. | 21 | 439 |
Newcrest Mining Ltd. | 9 | 102 |
QBE Insurance Group Ltd. | 41 | 318 |
Rio Tinto Ltd. | 21 | 1,220 |
Rio Tinto plc | 10 | 519 |
Santos Ltd. | 92 | 451 |
Wesfarmers Ltd. | 12 | 336 |
Westpac Banking Corp. | 61 | 938 |
Woodside Energy Group Ltd. | 9 | 201 |
Woolworths Group Ltd. | 21 | 437 |
9,628 | ||
Belgium — 0.5% | ||
KBC Group NV | 15 | 732 |
China — 0.6% | ||
BOC Hong Kong Holdings Ltd. | 131 | 405 |
Prosus NV * | 9 | 404 |
Xinyi Glass Holdings Ltd. | 160 | 206 |
1,015 | ||
Denmark — 3.3% | ||
Carlsberg A/S, Class B | 7 | 883 |
Genmab A/S * | 1 | 229 |
Novo Nordisk A/S, Class B | 29 | 3,106 |
Orsted A/S (a) | 11 | 898 |
Vestas Wind Systems A/S | 7 | 149 |
5,265 | ||
Finland — 0.9% | ||
Kone OYJ, Class B | 9 | 356 |
Nokia OYJ | 66 | 294 |
Nordea Bank Abp | 85 | 812 |
1,462 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
France — 11.0% | ||
Air Liquide SA | 13 | 1,745 |
Airbus SE | 5 | 475 |
Alstom SA | 16 | 328 |
BNP Paribas SA | 28 | 1,327 |
Capgemini SE | 8 | 1,318 |
Kering SA | 1 | 604 |
L'Oreal SA | 6 | 1,878 |
LVMH Moet Hennessy Louis Vuitton SE | 5 | 3,163 |
Pernod Ricard SA | 2 | 386 |
Safran SA | 7 | 815 |
Sanofi | 6 | 525 |
Societe Generale SA | 20 | 446 |
TotalEnergies SE | 42 | 2,265 |
Veolia Environnement SA | 42 | 930 |
Vinci SA | 17 | 1,567 |
17,772 | ||
Germany — 8.3% | ||
adidas AG | 5 | 467 |
Allianz SE (Registered) | 10 | 1,897 |
BASF SE | 2 | 81 |
Bayer AG (Registered) | 8 | 424 |
Brenntag SE | 2 | 133 |
Deutsche Post AG (Registered) | 25 | 886 |
Deutsche Telekom AG (Registered) | 97 | 1,836 |
Infineon Technologies AG | 40 | 976 |
Mercedes-Benz Group AG | 3 | 150 |
Merck KGaA | 3 | 505 |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 5 | 1,248 |
RWE AG | 36 | 1,373 |
SAP SE | 12 | 1,185 |
Siemens AG (Registered) | 9 | 971 |
Symrise AG | 5 | 473 |
Volkswagen AG (Preference) | 5 | 654 |
Zalando SE * (a) | 8 | 184 |
13,443 | ||
Hong Kong — 2.2% | ||
AIA Group Ltd. | 150 | 1,136 |
CK Asset Holdings Ltd. | 57 | 315 |
CLP Holdings Ltd. | 13 | 87 |
Hong Kong Exchanges & Clearing Ltd. | 20 | 518 |
Link, REIT | 53 | 313 |
Prudential plc | 45 | 422 |
October 31, 2022 | J.P. Morgan International Equity Funds | 43 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Hong Kong — continued | ||
Sun Hung Kai Properties Ltd. | 24 | 258 |
Techtronic Industries Co. Ltd. | 48 | 455 |
3,504 | ||
Ireland — 0.3% | ||
Kingspan Group plc | 3 | 161 |
Kingspan Group plc | 7 | 371 |
532 | ||
Italy — 0.7% | ||
Enel SpA | 12 | 54 |
FinecoBank Banca Fineco SpA | 54 | 722 |
UniCredit SpA | 29 | 362 |
1,138 | ||
Japan — 21.7% | ||
AGC, Inc. | 7 | 223 |
Asahi Group Holdings Ltd. | 26 | 725 |
Asahi Kasei Corp. | 77 | 491 |
Bridgestone Corp. | 25 | 893 |
Capcom Co. Ltd. | 14 | 389 |
Central Japan Railway Co. | 7 | 845 |
Daiichi Sankyo Co. Ltd. | 39 | 1,258 |
Daikin Industries Ltd. | 6 | 959 |
Daito Trust Construction Co. Ltd. | 1 | 99 |
Daiwa House Industry Co. Ltd. | 31 | 617 |
Denso Corp. | 10 | 481 |
Dentsu Group, Inc. | 29 | 914 |
Fast Retailing Co. Ltd. | — | 111 |
Hitachi Ltd. | 27 | 1,216 |
Honda Motor Co. Ltd. | 42 | 962 |
Hoya Corp. | 12 | 1,078 |
ITOCHU Corp. | 32 | 837 |
Japan Airlines Co. Ltd. * | 18 | 333 |
Kao Corp. | 12 | 437 |
Keyence Corp. | 4 | 1,433 |
Konami Group Corp. | 8 | 355 |
Kubota Corp. | 18 | 254 |
Kyowa Kirin Co. Ltd. | 20 | 483 |
Mitsubishi Corp. | 29 | 783 |
Mitsubishi UFJ Financial Group, Inc. | 131 | 618 |
Mitsui Fudosan Co. Ltd. | 39 | 745 |
Murata Manufacturing Co. Ltd. | 13 | 630 |
Nidec Corp. | 5 | 286 |
Nintendo Co. Ltd. | 8 | 325 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — continued | ||
NIPPON EXPRESS HOLDINGS, Inc. | 7 | 332 |
Nippon Paint Holdings Co. Ltd. | 63 | 404 |
Nippon Steel Corp. | 12 | 167 |
Nippon Telegraph & Telephone Corp. | 37 | 1,015 |
Nomura Research Institute Ltd. | 19 | 429 |
Ono Pharmaceutical Co. Ltd. | 17 | 393 |
ORIX Corp. | 41 | 602 |
Otsuka Corp. | 14 | 444 |
Recruit Holdings Co. Ltd. | 18 | 539 |
Rohm Co. Ltd. | 5 | 358 |
Seven & i Holdings Co. Ltd. | 13 | 482 |
Shimadzu Corp. | 7 | 192 |
Shin-Etsu Chemical Co. Ltd. | 9 | 946 |
Shionogi & Co. Ltd. | 9 | 413 |
SoftBank Group Corp. | 11 | 459 |
Sony Group Corp. | 23 | 1,524 |
Sumitomo Electric Industries Ltd. | 45 | 474 |
Sumitomo Metal Mining Co. Ltd. | 13 | 376 |
Sumitomo Mitsui Financial Group, Inc. | 38 | 1,062 |
Suzuki Motor Corp. | 20 | 669 |
T&D Holdings, Inc. | 40 | 397 |
Takeda Pharmaceutical Co. Ltd. | 5 | 127 |
Terumo Corp. | 24 | 734 |
Tokio Marine Holdings, Inc. | 64 | 1,168 |
Tokyo Electron Ltd. | 4 | 947 |
Toyota Motor Corp. | 112 | 1,557 |
34,990 | ||
Luxembourg — 0.1% | ||
ArcelorMittal SA | 8 | 184 |
Netherlands — 6.5% | ||
Adyen NV * (a) | — | 407 |
Akzo Nobel NV | 14 | 828 |
ASML Holding NV | 7 | 3,109 |
Koninklijke Ahold Delhaize NV | 19 | 541 |
Koninklijke DSM NV | 6 | 752 |
Koninklijke KPN NV | 260 | 727 |
NN Group NV | 17 | 722 |
Shell plc | 99 | 2,742 |
Wolters Kluwer NV | 6 | 639 |
10,467 | ||
Singapore — 1.1% | ||
DBS Group Holdings Ltd. | 43 | 1,054 |
44 | J.P. Morgan International Equity Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Singapore — continued | ||
Oversea-Chinese Banking Corp. Ltd. | 20 | 171 |
Sea Ltd., ADR * | 2 | 79 |
United Overseas Bank Ltd. | 22 | 424 |
1,728 | ||
South Korea — 0.1% | ||
Delivery Hero SE * (a) | 4 | 128 |
Spain — 2.4% | ||
Banco Bilbao Vizcaya Argentaria SA | 229 | 1,183 |
Banco Santander SA | 80 | 208 |
Iberdrola SA | 190 | 1,930 |
Industria de Diseno Textil SA | 27 | 609 |
3,930 | ||
Sweden — 1.9% | ||
Atlas Copco AB, Class A | 85 | 909 |
Boliden AB | 12 | 357 |
SKF AB, Class B | 39 | 557 |
Volvo AB, Class B | 77 | 1,264 |
3,087 | ||
Switzerland — 5.3% | ||
Cie Financiere Richemont SA (Registered) | 3 | 321 |
Givaudan SA (Registered) | — | 191 |
Julius Baer Group Ltd. | 3 | 144 |
Lonza Group AG (Registered) | 3 | 1,513 |
Novartis AG (Registered) | 34 | 2,727 |
SGS SA (Registered) | — | 712 |
Sika AG (Registered) | 5 | 992 |
UBS Group AG (Registered) | 36 | 575 |
Zurich Insurance Group AG | 3 | 1,364 |
8,539 | ||
United Kingdom — 13.1% | ||
3i Group plc | 104 | 1,389 |
AstraZeneca plc | 23 | 2,697 |
Barclays plc | 687 | 1,167 |
Berkeley Group Holdings plc | 17 | 661 |
BP plc | 469 | 2,594 |
British American Tobacco plc | 17 | 690 |
CK Hutchison Holdings Ltd. | 19 | 94 |
DCC plc | 5 | 276 |
Diageo plc | 52 | 2,143 |
HSBC Holdings plc | 145 | 746 |
InterContinental Hotels Group plc | 17 | 892 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United Kingdom — continued | ||
Intertek Group plc | 2 | 94 |
Lloyds Banking Group plc | 2,250 | 1,080 |
London Stock Exchange Group plc | 1 | 128 |
Reckitt Benckiser Group plc | 19 | 1,254 |
RELX plc | 59 | 1,574 |
SSE plc | 58 | 1,044 |
Standard Chartered plc | 134 | 803 |
Taylor Wimpey plc | 147 | 158 |
Tesco plc | 265 | 655 |
Unilever plc | 21 | 953 |
21,092 | ||
United States — 8.1% | ||
CSL Ltd. | 5 | 1,001 |
Ferguson plc | 1 | 114 |
GSK plc | 25 | 406 |
Nestle SA (Registered) | 41 | 4,453 |
Roche Holding AG | 12 | 3,975 |
Schneider Electric SE | 14 | 1,722 |
Stellantis NV | 98 | 1,320 |
12,991 | ||
Total Common Stocks (Cost $160,682) | 151,627 | |
NO. OF CONTRACTS | ||
Options Purchased — 1.1% | ||
Put Options Purchased — 1.1% | ||
United States — 1.1% | ||
MSCI EAFE Index | ||
12/30/2022 at USD 1,575.00, European Style | ||
Notional Amount: USD 159,600 | ||
Counterparty: Exchange-Traded * (Cost $4,516) | 912 | 1,806 |
SHARES (000) | ||
Short-Term Investments — 3.8% | ||
Investment Companies — 3.8% | ||
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.79% (b) (c)(Cost $6,096) | 6,096 | 6,096 |
Total Investments — 99.0% (Cost $171,294) | 159,529 | |
Other Assets Less Liabilities — 1.0% | 1,678 | |
NET ASSETS — 100.0% | 161,207 |
October 31, 2022 | J.P. Morgan International Equity Funds | 45 |
AS OF October 31, 2022 (continued)
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ADR | American Depositary Receipt |
EAFE | Europe, Australasia and Far East |
MSCI | Morgan Stanley Capital International |
OYJ | Public Limited Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
REIT | Real Estate Investment Trust |
USD | United States Dollar |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(c) | The rate shown is the current yield as of October 31, 2022. |
INDUSTRY October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Pharmaceuticals | 10.7% |
Banks | 9.8 |
Insurance | 5.7 |
Oil, Gas & Consumable Fuels | 5.2 |
Chemicals | 4.3 |
Semiconductors & Semiconductor Equipment | 3.4 |
Automobiles | 3.3 |
Textiles, Apparel & Luxury Goods | 2.9 |
Food Products | 2.8 |
Beverages | 2.6 |
Machinery | 2.6 |
Metals & Mining | 2.6 |
Electric Utilities | 2.5 |
Diversified Telecommunication Services | 2.2 |
Professional Services | 2.2 |
Capital Markets | 2.2 |
Personal Products | 2.0 |
IT Services | 1.6 |
Industrial Conglomerates | 1.6 |
Household Durables | 1.5 |
Food & Staples Retailing | 1.4 |
Electronic Equipment, Instruments & Components | 1.4 |
Electrical Equipment | 1.3 |
Real Estate Management & Development | 1.3 |
Building Products | 1.2 |
Trading Companies & Distributors | 1.2 |
Auto Components | 1.2 |
Health Care Equipment & Supplies | 1.1 |
Index Funds | 1.1 |
Equity Real Estate Investment Trusts (REITs) | 1.0 |
Construction & Engineering | 1.0 |
Others (each less than 1.0%) | 11.3 |
Short-Term Investments | 3.8 |
46 | J.P. Morgan International Equity Funds | October 31, 2022 |
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
SPI 200 Index | 31 | 12/15/2022 | AUD | 3,404 | (77) |
MSCI EAFE E-Mini Index | 47 | 12/16/2022 | USD | 4,127 | 207 |
130 |
Abbreviations | |
AUD | Australian Dollar |
EAFE | Europe, Australasia and Far East |
MSCI | Morgan Stanley Capital International |
SPI | Australian Securities Exchange |
USD | United States Dollar |
Written Call Options Contracts as of October 31, 2022 (amounts in thousands, except number of contracts): | ||||||
DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) |
MSCI EAFE Index | Exchange-Traded | 912 | USD 159,600 | USD 1,780.00 | 12/30/2022 | (4,998) |
Written Put Options Contracts as of October 31, 2022 | ||||||
DESCRIPTION | COUNTERPARTY | NUMBER OF CONTRACTS | NOTIONAL AMOUNT | EXERCISE PRICE | EXPIRATION DATE | VALUE ($) |
MSCI EAFE Index | Exchange-Traded | 912 | USD 159,600 | USD 1,325.00 | 12/30/2022 | (342) |
Total Written Options Contracts (Premiums Received $4,555) | (5,340) |
Abbreviations | |
EAFE | Europe, Australasia and Far East |
MSCI | Morgan Stanley Capital International |
USD | United States Dollar |
October 31, 2022 | J.P. Morgan International Equity Funds | 47 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 95.3% | ||
Australia — 8.4% | ||
Australia & New Zealand Banking Group Ltd. | 177 | 2,903 |
BHP Group Ltd. | 266 | 6,381 |
BlueScope Steel Ltd. | 117 | 1,176 |
Coronado Global Resources, Inc., CDI (a) | 989 | 1,180 |
Glencore plc | 695 | 3,985 |
JB Hi-Fi Ltd. | 11 | 310 |
Metcash Ltd. | 136 | 356 |
National Australia Bank Ltd. | 53 | 1,109 |
Qantas Airways Ltd. * | 268 | 1,001 |
Rio Tinto Ltd. | 24 | 1,380 |
Rio Tinto plc | 54 | 2,808 |
South32 Ltd. | 291 | 668 |
Westpac Banking Corp. | 250 | 3,869 |
Woodside Energy Group Ltd. | 119 | 2,743 |
29,869 | ||
Austria — 1.1% | ||
ANDRITZ AG | 12 | 569 |
BAWAG Group AG * (a) | 14 | 692 |
Erste Group Bank AG | 25 | 607 |
OMV AG | 34 | 1,566 |
Telekom Austria AG * | 59 | 342 |
3,776 | ||
Belgium — 0.2% | ||
Ageas SA | 18 | 640 |
Telenet Group Holding NV | 9 | 136 |
776 | ||
China — 0.7% | ||
BOC Hong Kong Holdings Ltd. | 316 | 980 |
Yangzijiang Shipbuilding Holdings Ltd. | 1,786 | 1,515 |
2,495 | ||
Denmark — 1.6% | ||
D/S Norden A/S | 22 | 1,147 |
Drilling Co. of 1972 A/S (The) * | 18 | 905 |
ISS A/S * | 47 | 859 |
Jyske Bank A/S (Registered) * | 11 | 594 |
Solar A/S, Class B | 9 | 663 |
Spar Nord Bank A/S | 83 | 1,006 |
Sydbank A/S | 23 | 695 |
5,869 | ||
Egypt — 0.3% | ||
Energean plc | 74 | 1,213 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Finland — 1.5% | ||
Nokia OYJ | 371 | 1,646 |
Nordea Bank Abp | 277 | 2,645 |
Outokumpu OYJ | 215 | 863 |
TietoEVRY OYJ | 10 | 244 |
5,398 | ||
France — 10.2% | ||
AXA SA | 117 | 2,890 |
BNP Paribas SA | 75 | 3,491 |
Carrefour SA | 81 | 1,308 |
Cie de Saint-Gobain | 25 | 1,006 |
Coface SA | 41 | 460 |
Eiffage SA | 12 | 1,035 |
Engie SA | 154 | 2,006 |
IPSOS | 18 | 874 |
Orange SA | 177 | 1,682 |
Publicis Groupe SA | 20 | 1,124 |
Renault SA * | 46 | 1,422 |
Rothschild & Co. | 28 | 998 |
Sanofi | 71 | 6,142 |
Societe Generale SA | 70 | 1,600 |
Sopra Steria Group SACA | 3 | 371 |
SPIE SA | 25 | 592 |
Technip Energies NV | 79 | 1,015 |
TotalEnergies SE | 138 | 7,551 |
Verallia SA (a) | 33 | 933 |
36,500 | ||
Germany — 8.7% | ||
Allianz SE (Registered) | 21 | 3,771 |
Aurubis AG | 7 | 455 |
Bayer AG (Registered) | 64 | 3,364 |
Bayerische Motoren Werke AG | 23 | 1,811 |
Daimler Truck Holding AG * | 26 | 679 |
Deutsche Bank AG (Registered) | 148 | 1,415 |
Deutsche Pfandbriefbank AG (a) | 77 | 577 |
Deutsche Post AG (Registered) | 60 | 2,119 |
Deutsche Telekom AG (Registered) | 152 | 2,874 |
E.ON SE | 127 | 1,066 |
Freenet AG | 21 | 412 |
HeidelbergCement AG | 12 | 557 |
HOCHTIEF AG | 5 | 234 |
Kloeckner & Co. SE | 71 | 556 |
Mercedes-Benz Group AG | 51 | 2,946 |
48 | J.P. Morgan International Equity Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Germany — continued | ||
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | 7 | 1,773 |
Siemens AG (Registered) | 40 | 4,389 |
Talanx AG | 10 | 365 |
Volkswagen AG (Preference) | 14 | 1,733 |
31,096 | ||
Hong Kong — 0.7% | ||
Hongkong Land Holdings Ltd. | 288 | 1,107 |
Kerry Properties Ltd. | 498 | 788 |
Pacific Basin Shipping Ltd. | 3,041 | 736 |
2,631 | ||
Ireland — 0.3% | ||
Bank of Ireland Group plc | 119 | 859 |
Italy — 3.2% | ||
Anima Holding SpA (a) | 50 | 154 |
Assicurazioni Generali SpA | 84 | 1,263 |
Azimut Holding SpA | 22 | 349 |
Credito Emiliano SpA | 68 | 405 |
Eni SpA | 209 | 2,746 |
Maire Tecnimont SpA (b) | 252 | 780 |
Mediobanca Banca di Credito Finanziario SpA | 73 | 664 |
OVS SpA (a) | 493 | 921 |
Pirelli & C SpA (a) | 196 | 739 |
Poste Italiane SpA (a) | 50 | 434 |
UniCredit SpA | 176 | 2,177 |
Unipol Gruppo SpA | 214 | 923 |
11,555 | ||
Japan — 21.3% | ||
AGC, Inc. | 26 | 818 |
Aiful Corp. | 138 | 376 |
Aozora Bank Ltd. | 23 | 387 |
Brother Industries Ltd. | 40 | 676 |
Chiba Bank Ltd. (The) | 98 | 539 |
Concordia Financial Group Ltd. | 148 | 450 |
Cosmo Energy Holdings Co. Ltd. | 53 | 1,357 |
Credit Saison Co. Ltd. | 92 | 981 |
Dai-ichi Life Holdings, Inc. | 102 | 1,625 |
Dentsu Group, Inc. | 38 | 1,173 |
Fuyo General Lease Co. Ltd. | 16 | 889 |
Hachijuni Bank Ltd. (The) | 96 | 305 |
Hitachi Ltd. | 50 | 2,251 |
Honda Motor Co. Ltd. | 105 | 2,399 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — continued | ||
Inpex Corp. | 147 | 1,484 |
Isuzu Motors Ltd. | 115 | 1,351 |
ITOCHU Corp. | 49 | 1,269 |
Japan Post Holdings Co. Ltd. | 193 | 1,299 |
Japan Post Insurance Co. Ltd. | 74 | 1,094 |
Kamigumi Co. Ltd. | 23 | 435 |
Kandenko Co. Ltd. | 41 | 232 |
KDDI Corp. | 105 | 3,100 |
Marubeni Corp. | 185 | 1,624 |
Mitsubishi Corp. | 98 | 2,663 |
Mitsubishi UFJ Financial Group, Inc. | 731 | 3,454 |
Mitsui & Co. Ltd. | 95 | 2,091 |
Mitsui Fudosan Co. Ltd. | 74 | 1,423 |
Mizuho Financial Group, Inc. | 178 | 1,923 |
MS&AD Insurance Group Holdings, Inc. | 44 | 1,173 |
Nippon Steel Corp. | 104 | 1,425 |
Nippon Telegraph & Telephone Corp. | 98 | 2,714 |
Nomura Real Estate Holdings, Inc. | 54 | 1,223 |
ORIX Corp. | 119 | 1,751 |
Resona Holdings, Inc. | 190 | 717 |
Sekisui House Ltd. | 64 | 1,056 |
Shizuoka Financial Group, Inc. | 91 | 573 |
SoftBank Corp. | 211 | 2,078 |
Sojitz Corp. | 71 | 1,040 |
Sompo Holdings, Inc. | 23 | 971 |
Subaru Corp. | 95 | 1,480 |
Sumitomo Corp. | 94 | 1,194 |
Sumitomo Forestry Co. Ltd. | 78 | 1,223 |
Sumitomo Mitsui Financial Group, Inc. | 93 | 2,609 |
Sumitomo Mitsui Trust Holdings, Inc. | 50 | 1,444 |
Sumitomo Warehouse Co. Ltd. (The) | 70 | 946 |
Takeda Pharmaceutical Co. Ltd. | 115 | 3,048 |
Tokyo Steel Manufacturing Co. Ltd. | 53 | 457 |
Tokyo Tatemono Co. Ltd. | 35 | 483 |
Tokyu Fudosan Holdings Corp. | 219 | 1,113 |
Toyota Boshoku Corp. | 74 | 944 |
Toyota Motor Corp. | 565 | 7,838 |
Yamaha Motor Co. Ltd. | 55 | 1,144 |
76,312 | ||
Luxembourg — 0.5% | ||
ArcelorMittal SA | 77 | 1,724 |
Netherlands — 6.0% | ||
ABN AMRO Bank NV, CVA (a) | 91 | 896 |
October 31, 2022 | J.P. Morgan International Equity Funds | 49 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Netherlands — continued | ||
Aegon NV | 337 | 1,560 |
ASR Nederland NV | 30 | 1,298 |
Heijmans NV, CVA | 100 | 1,012 |
Koninklijke Ahold Delhaize NV | 91 | 2,529 |
Koninklijke BAM Groep NV * | 372 | 812 |
NN Group NV | 26 | 1,114 |
Randstad NV | 13 | 629 |
Shell plc | 419 | 11,620 |
21,470 | ||
Norway — 3.0% | ||
Aker BP ASA, SDR * | 26 | 821 |
DNB Bank ASA | 100 | 1,766 |
Elkem ASA (a) | 230 | 763 |
Equinor ASA | 80 | 2,918 |
Europris ASA (a) | 133 | 792 |
Hoegh Autoliners ASA | 31 | 175 |
Norsk Hydro ASA | 170 | 1,078 |
Olav Thon Eiendomsselskap ASA | 24 | 408 |
SpareBank 1 Nord Norge | 80 | 666 |
SpareBank 1 SMN | 42 | 459 |
SpareBank 1 SR-Bank ASA | 46 | 470 |
Storebrand ASA | 60 | 464 |
10,780 | ||
Singapore — 1.4% | ||
DBS Group Holdings Ltd. | 64 | 1,555 |
Oversea-Chinese Banking Corp. Ltd. | 207 | 1,775 |
StarHub Ltd. | 378 | 286 |
United Overseas Bank Ltd. | 68 | 1,328 |
4,944 | ||
South Africa — 0.6% | ||
Anglo American plc | 76 | 2,281 |
Spain — 2.4% | ||
Banco Bilbao Vizcaya Argentaria SA | 518 | 2,672 |
Banco Santander SA (b) | 944 | 2,448 |
CaixaBank SA | 293 | 971 |
Repsol SA | 148 | 2,015 |
Unicaja Banco SA | 540 | 479 |
8,585 | ||
Sweden — 2.2% | ||
Bilia AB, Class A | 24 | 252 |
Boliden AB | 25 | 732 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Sweden — continued | ||
Loomis AB | 31 | 873 |
MEKO AB | 34 | 321 |
Securitas AB, Class B (b) | 174 | 1,425 |
Skandinaviska Enskilda Banken AB, Class A | 169 | 1,782 |
SSAB AB, Class B | 189 | 877 |
Svenska Handelsbanken AB, Class A | 173 | 1,602 |
7,864 | ||
Switzerland — 5.8% | ||
Julius Baer Group Ltd. | 15 | 737 |
Mobilezone Holding AG (Registered) | 51 | 807 |
Novartis AG (Registered) | 126 | 10,202 |
Swiss Life Holding AG (Registered) | 3 | 1,224 |
UBS Group AG (Registered) | 245 | 3,892 |
Zurich Insurance Group AG | 9 | 3,804 |
20,666 | ||
United Kingdom — 12.7% | ||
Aviva plc | 210 | 1,007 |
Balfour Beatty plc | 249 | 851 |
Barclays plc | 969 | 1,647 |
Barratt Developments plc | 139 | 601 |
Bellway plc | 9 | 187 |
Berkeley Group Holdings plc | 10 | 402 |
BP plc | 1,192 | 6,595 |
BT Group plc | 575 | 857 |
Centrica plc | 1,490 | 1,309 |
CK Hutchison Holdings Ltd. | 276 | 1,374 |
Crest Nicholson Holdings plc | 84 | 195 |
Drax Group plc | 122 | 731 |
DS Smith plc | 319 | 1,062 |
HSBC Holdings plc | 1,225 | 6,286 |
IG Group Holdings plc | 56 | 508 |
Inchcape plc | 157 | 1,341 |
Investec plc | 278 | 1,395 |
JD Sports Fashion plc | 818 | 914 |
JET2 plc * | 54 | 531 |
Land Securities Group plc, REIT | 157 | 1,026 |
Legal & General Group plc | 752 | 2,011 |
Lloyds Banking Group plc | 5,734 | 2,754 |
Man Group plc | 271 | 673 |
Marks & Spencer Group plc * | 530 | 642 |
Mitie Group plc | 948 | 778 |
Morgan Sindall Group plc | 20 | 348 |
NatWest Group plc | 371 | 998 |
50 | J.P. Morgan International Equity Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United Kingdom — continued | ||
OSB Group plc | 172 | 821 |
Paragon Banking Group plc | 75 | 365 |
Premier Foods plc | 451 | 536 |
Redrow plc | 48 | 231 |
Standard Chartered plc | 163 | 974 |
Taylor Wimpey plc | 325 | 350 |
Tesco plc | 599 | 1,478 |
Vistry Group plc | 77 | 531 |
Vodafone Group plc | 1,914 | 2,235 |
WPP plc | 106 | 933 |
45,477 | ||
United States — 2.5% | ||
GSK plc | 253 | 4,142 |
Roche Holding AG | 3 | 1,024 |
Stellantis NV | 131 | 1,763 |
Stellantis NV | 62 | 837 |
Tenaris SA | 73 | 1,151 |
8,917 | ||
Total Common Stocks (Cost $360,347) | 341,057 | |
Short-Term Investments — 5.4% | ||
Investment Companies — 4.3% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (c) (d)(Cost $15,394) | 15,392 | 15,394 |
Investment of Cash Collateral from Securities Loaned — 1.1% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (c) (d) | 705 | 705 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (c) (d) | 3,290 | 3,290 |
Total Investment of Cash Collateral from Securities Loaned (Cost $3,995) | 3,995 | |
Total Short-Term Investments (Cost $19,389) | 19,389 | |
Total Investments — 100.7% (Cost $379,736) | 360,446 | |
Liabilities in Excess of Other Assets — (0.7)% | (2,569) | |
NET ASSETS — 100.0% | 357,877 |
Percentages indicated are based on net assets. |
Abbreviations | |
CDI | Certificate of interbank deposits |
CVA | Dutch Certification |
OYJ | Public Limited Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
REIT | Real Estate Investment Trust |
SDR | Swedish Depositary Receipt |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
(b) | The security or a portion of this security is on loan at October 31, 2022. The total value of securities on loan at October 31, 2022 is $3,806. |
(c) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(d) | The rate shown is the current yield as of October 31, 2022. |
October 31, 2022 | J.P. Morgan International Equity Funds | 51 |
AS OF October 31, 2022 (continued)
PORTFOLIO COMPOSITION BY ASSET CLASS AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Banks | 18.9% |
Oil, Gas & Consumable Fuels | 11.8 |
Insurance | 8.6 |
Pharmaceuticals | 7.7 |
Metals & Mining | 7.6 |
Automobiles | 6.9 |
Trading Companies & Distributors | 3.1 |
Capital Markets | 2.8 |
Diversified Telecommunication Services | 2.3 |
Wireless Telecommunication Services | 2.2 |
Industrial Conglomerates | 2.2 |
Real Estate Management & Development | 1.8 |
Food & Staples Retailing | 1.7 |
Construction & Engineering | 1.5 |
Household Durables | 1.3 |
Commercial Services & Supplies | 1.3 |
Multi-Utilities | 1.2 |
Media | 1.2 |
Others (each less than 1.0%) | 10.5 |
Short-Term Investments | 5.4 |
52 | J.P. Morgan International Equity Funds | October 31, 2022 |
AS OF October 31, 2022
(Amounts in thousands, except per share amounts)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | |
ASSETS: | |||
Investments in non-affiliates, at value | $7,043,817 | $2,479,058 | $523,221 |
Investments in affiliates, at value | 113,774 | 47,040 | 6,343 |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | 4,793 | 6,925 | — |
Cash | 363 | 3,115 | 124 |
Foreign currency, at value | 1,771 | 1,368 | 64 |
Deposits at broker for futures contracts | — | 724 | 322 |
Receivables: | |||
Investment securities sold | 1,189 | 481 | 979 |
Fund shares sold | 40,745 | 124,257 | 9,767 |
Dividends from non-affiliates | 4,984 | 2,198 | 221 |
Dividends from affiliates | 63 | 73 | 15 |
Tax reclaims | — | 40 | 3,038 |
Securities lending income (See Note 2.C.) | —(a) | 3 | 1 |
Variation margin on futures contracts | — | — | 13 |
Total Assets | 7,211,499 | 2,665,282 | 544,108 |
LIABILITIES: | |||
Payables: | |||
Investment securities purchased | — | — | 2,970 |
Collateral received on securities loaned (See Note 2.C.) | 4,793 | 6,925 | — |
Fund shares redeemed | 13,131 | 115 | 1,045 |
Variation margin on futures contracts | — | 31 | — |
Accrued liabilities: | |||
Investment advisory fees | 4,090 | 515 | 265 |
Administration fees | 369 | 145 | 33 |
Distribution fees | 105 | — | 16 |
Service fees | 514 | 11 | 21 |
Custodian and accounting fees | 610 | 346 | 29 |
Deferred foreign capital gains tax | 32,221 | 6,549 | — |
Other | 670 | 77 | 148 |
Total Liabilities | 56,503 | 14,714 | 4,527 |
Net Assets | $7,154,996 | $2,650,568 | $539,581 |
October 31, 2022 | J.P. Morgan International Equity Funds | 53 |
AS OF October 31, 2022 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | |
NET ASSETS: | |||
Paid-in-Capital | $7,860,400 | $3,396,555 | $700,213 |
Total distributable earnings (loss) | (705,404) | (745,987) | (160,632) |
Total Net Assets | $7,154,996 | $2,650,568 | $539,581 |
Net Assets: | |||
Class A | $358,077 | $— | $64,573 |
Class C | 35,997 | — | 5,096 |
Class I | 1,871,401 | 171,538 | 83,608 |
Class L | 1,282,832 | — | 15,568 |
Class R2 | 407 | — | — |
Class R3 | 11,182 | — | — |
Class R4 | 2,485 | — | — |
Class R5 | 12,712 | — | — |
Class R6 | 3,579,903 | 2,479,030 | 370,736 |
Total | $7,154,996 | $2,650,568 | $539,581 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | |||
Class A | 15,016 | — | 2,724 |
Class C | 1,577 | — | 244 |
Class I | 76,438 | 12,857 | 3,455 |
Class L | 51,942 | — | 634 |
Class R2 | 17 | — | — |
Class R3 | 473 | — | — |
Class R4 | 102 | — | — |
Class R5 | 514 | — | — |
Class R6 | 145,017 | 186,780 | 15,169 |
Net Asset Value (a): | |||
Class A — Redemption price per share | $23.85 | $— | $23.70 |
Class C — Offering price per share (b) | 22.82 | — | 20.85 |
Class I — Offering and redemption price per share | 24.48 | 13.34 | 24.20 |
Class L — Offering and redemption price per share | 24.70 | — | 24.54 |
Class R2 — Offering and redemption price per share | 23.49 | — | — |
Class R3 — Offering and redemption price per share | 23.67 | — | — |
Class R4 — Offering and redemption price per share | 24.39 | — | — |
Class R5 — Offering and redemption price per share | 24.69 | — | — |
Class R6 — Offering and redemption price per share | 24.69 | 13.27 | 24.44 |
Class A maximum sales charge | 5.25% | —% | 5.25% |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $25.17 | $— | $25.01 |
Cost of investments in non-affiliates | $7,368,331 | $3,011,874 | $527,921 |
Cost of investments in affiliates | 113,774 | 47,042 | 6,343 |
Cost of foreign currency | — | 1,369 | 64 |
Investment securities on loan, at value (See Note 2.C.) | 4,595 | 6,699 | — |
Cost of investment of cash collateral (See Note 2.C.) | 4,791 | 6,925 | — |
54 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |
ASSETS: | |||
Investments in non-affiliates, at value | $3,744,294 | $1,062,924 | $151,627 |
Investments in affiliates, at value | 57,920 | 19,897 | 6,096 |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | 103,571 | 56,415 | — |
Options purchased, at value | — | — | 1,806 |
Cash | 87 | 55 | 811 |
Foreign currency, at value | 103 | 398 | 233 |
Deposits at broker for futures contracts | — | — | 616 |
Receivables: | |||
Investment securities sold | 56,993 | — | — |
Fund shares sold | 1,468 | 9,841 | 5,416 |
Dividends from non-affiliates | 4,238 | 1,049 | 340 |
Dividends from affiliates | 218 | 30 | 15 |
Tax reclaims | 8,223 | 4,104 | 390 |
Securities lending income (See Note 2.C.) | 8 | 2 | — |
Total Assets | 3,977,123 | 1,154,715 | 167,350 |
LIABILITIES: | |||
Payables: | |||
Investment securities purchased | 19,733 | — | — |
Collateral received on securities loaned (See Note 2.C.) | 103,571 | 56,415 | — |
Fund shares redeemed | 40,698 | 2,538 | 579 |
Variation margin on futures contracts | — | — | 24 |
Outstanding options written, at fair value | — | — | 5,340 |
Accrued liabilities: | |||
Investment advisory fees | 1,378 | 460 | 8 |
Administration fees | 100 | — | — |
Distribution fees | 74 | 59 | 1 |
Service fees | 137 | 111 | 33 |
Custodian and accounting fees | 100 | 146 | 25 |
Other | 142 | 205 | 133 |
Total Liabilities | 165,933 | 59,934 | 6,143 |
Net Assets | $3,811,190 | $1,094,781 | $161,207 |
October 31, 2022 | J.P. Morgan International Equity Funds | 55 |
AS OF October 31, 2022 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |
NET ASSETS: | |||
Paid-in-Capital | $3,910,637 | $1,245,611 | $176,837 |
Total distributable earnings (loss) | (99,447) | (150,830) | (15,630) |
Total Net Assets | $3,811,190 | $1,094,781 | $161,207 |
Net Assets: | |||
Class A | $304,284 | $237,262 | $4,032 |
Class C | 6,191 | 14,034 | 235 |
Class I | 513,812 | 433,591 | 156,582 |
Class R2 | 16,764 | 1,477 | — |
Class R5 | 8,328 | 1,961 | 20 |
Class R6 | 2,961,811 | 406,456 | 338 |
Total | $3,811,190 | $1,094,781 | $161,207 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | |||
Class A | 20,627 | 12,117 | 287 |
Class C | 446 | 729 | 17 |
Class I | 34,174 | 21,814 | 11,060 |
Class R2 | 1,153 | 76 | — |
Class R5 | 551 | 99 | 1 |
Class R6 | 196,186 | 20,420 | 24 |
Net Asset Value (a): | |||
Class A — Redemption price per share | $14.75 | $19.58 | $14.07 |
Class C — Offering price per share (b) | 13.87 | 19.23 | 14.00 |
Class I — Offering and redemption price per share | 15.04 | 19.88 | 14.16 |
Class R2 — Offering and redemption price per share | 14.53 | 19.40 | — |
Class R5 — Offering and redemption price per share | 15.13 | 19.89 | 14.19 |
Class R6 — Offering and redemption price per share | 15.10 | 19.90 | 14.20 |
Class A maximum sales charge | 5.25% | 5.25% | 5.25% |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $15.57 | $20.66 | $14.85 |
Cost of investments in non-affiliates | $3,666,547 | $1,046,890 | $160,682 |
Cost of investments in affiliates | 57,919 | 19,898 | 6,096 |
Cost of options purchased | — | — | 4,516 |
Cost of foreign currency | 108 | 400 | 231 |
Investment securities on loan, at value (See Note 2.C.) | 97,049 | 26,619 | — |
Cost of investment of cash collateral (See Note 2.C.) | 103,567 | 56,412 | — |
Premiums received from options written | — | — | 4,555 |
56 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan International Value Fund | |
ASSETS: | |
Investments in non-affiliates, at value | $341,057 |
Investments in affiliates, at value | 15,394 |
Investments of cash collateral received from securities loaned, at value (See Note 2.C.) | 3,995 |
Cash | 98 |
Foreign currency, at value | 20 |
Receivables: | |
Investment securities sold | 56 |
Fund shares sold | 494 |
Dividends from non-affiliates | 1,319 |
Dividends from affiliates | 40 |
Tax reclaims | 1,565 |
Securities lending income (See Note 2.C.) | 3 |
Total Assets | 364,041 |
LIABILITIES: | |
Payables: | |
Investment securities purchased | 603 |
Collateral received on securities loaned (See Note 2.C.) | 3,995 |
Fund shares redeemed | 423 |
Accrued liabilities: | |
Investment advisory fees | 67 |
Distribution fees | 34 |
Service fees | 30 |
Custodian and accounting fees | 20 |
Other | 992 |
Total Liabilities | 6,164 |
Net Assets | $357,877 |
October 31, 2022 | J.P. Morgan International Equity Funds | 57 |
AS OF October 31, 2022 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan International Value Fund | |
NET ASSETS: | |
Paid-in-Capital | $461,581 |
Total distributable earnings (loss) | (103,704) |
Total Net Assets | $357,877 |
Net Assets: | |
Class A | $160,039 |
Class C | 1,791 |
Class I | 29,816 |
Class L | 5,451 |
Class R2 | 454 |
Class R5 | 29 |
Class R6 | 160,297 |
Total | $357,877 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | |
Class A | 15,146 |
Class C | 175 |
Class I | 2,740 |
Class L | 504 |
Class R2 | 44 |
Class R5 | 3 |
Class R6 | 14,887 |
Net Asset Value (a): | |
Class A — Redemption price per share | $10.57 |
Class C — Offering price per share (b) | 10.23 |
Class I — Offering and redemption price per share | 10.88 |
Class L — Offering and redemption price per share | 10.83 |
Class R2 — Offering and redemption price per share | 10.37 |
Class R5 — Offering and redemption price per share | 10.75 |
Class R6 — Offering and redemption price per share | 10.77 |
Class A maximum sales charge | 5.25% |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $11.16 |
Cost of investments in non-affiliates | $360,347 |
Cost of investments in affiliates | 15,394 |
Cost of foreign currency | 20 |
Investment securities on loan, at value (See Note 2.C.) | 3,806 |
Cost of investment of cash collateral (See Note 2.C.) | 3,995 |
58 | J.P. Morgan International Equity Funds | October 31, 2022 |
FOR THE YEAR ENDED October 31, 2022
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | |
INVESTMENT INCOME: | |||
Interest income from non-affiliates | $2 | $— | $4 |
Interest income from affiliates | 1 | 3 | —(a) |
Dividend income from non-affiliates | 160,318 | 106,440 | 20,030 |
Dividend income from affiliates | 462 | 320 | 129 |
Income from securities lending (net) (See Note 2.C.) | 93 | 55 | 175 |
Foreign taxes withheld (net) | (14,899) | (10,543) | (2,465) |
Total investment income | 145,977 | 96,275 | 17,873 |
EXPENSES: | |||
Investment advisory fees | 69,534 | 8,038 | 4,500 |
Administration fees | 7,353 | 2,411 | 562 |
Distribution fees: | |||
Class A | 1,274 | — | 188 |
Class C | 418 | — | 58 |
Class R2 | 2 | — | — |
Class R3 | 32 | — | — |
Service fees: | |||
Class A | 1,274 | — | 188 |
Class C | 140 | — | 20 |
Class I | 7,876 | 415 | 488 |
Class L | 1,906 | — | 74 |
Class R2 | 1 | — | — |
Class R3 | 32 | — | — |
Class R4 | 8 | — | — |
Class R5 | 16 | — | — |
Custodian and accounting fees | 4,496 | 2,166 | 156 |
Interest expense to affiliates | 54 | 12 | 15 |
Professional fees | 323 | 112 | 131 |
Trustees’ and Chief Compliance Officer’s fees | 59 | 36 | 27 |
Printing and mailing costs | 730 | 46 | 102 |
Registration and filing fees | 222 | 105 | 62 |
Transfer agency fees (See Note 2.I.) | 251 | 37 | 41 |
Other | 775 | 61 | 82 |
Total expenses | 96,776 | 13,439 | 6,694 |
Less fees waived | (4,150) | (2,070) | (82) |
Less expense reimbursements | (114) | — | — |
Net expenses | 92,512 | 11,369 | 6,612 |
Net investment income (loss) | 53,465 | 84,906 | 11,261 |
October 31, 2022 | J.P. Morgan International Equity Funds | 59 |
FOR THE YEAR ENDED October 31, 2022 (continued)
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | |||
Net realized gain (loss) on transactions from: | |||
Investments in non-affiliates | $(320,022)(a) | $(209,716)(b) | $(85,967) |
Investments in affiliates | 27 | 6 | 2 |
Futures contracts | — | (531) | 1,173 |
Foreign currency transactions | (15,165) | (2,412) | (2,187) |
Net realized gain (loss) | (335,160) | (212,653) | (86,979) |
Distribution of capital gains received from investment company affiliates | —(c) | — | — |
Change in net unrealized appreciation/depreciation on: | |||
Investments in non-affiliates | (4,824,365)(d) | (1,083,790)(e) | (134,780) |
Investments in affiliates | 2 | (2) | — |
Futures contracts | — | (434) | (1,337) |
Foreign currency translations | 10,953 | 30 | (435) |
Change in net unrealized appreciation/depreciation | (4,813,410) | (1,084,196) | (136,552) |
Net realized/unrealized gains (losses) | (5,148,570) | (1,296,849) | (223,531) |
Change in net assets resulting from operations | $(5,095,105) | $(1,211,943) | $(212,270) |
60 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |
INVESTMENT INCOME: | |||
Interest income from non-affiliates | $2 | $1 | $3 |
Interest income from affiliates | — | —(a) | 1 |
Dividend income from non-affiliates | 132,705 | 58,979 | 5,164 |
Dividend income from affiliates | 883 | 227 | 35 |
Income from securities lending (net) (See Note 2.C.) | 730 | 117 | — |
Foreign taxes withheld (net) | (12,861) | (5,269) | (493) |
Total investment income | 121,459 | 54,055 | 4,710 |
EXPENSES: | |||
Investment advisory fees | 22,239 | 13,678 | 418 |
Administration fees | 3,336 | 1,710 | 126 |
Distribution fees: | |||
Class A | 933 | 710 | 11 |
Class C | 64 | 143 | 2 |
Class R2 | 104 | 9 | — |
Service fees: | |||
Class A | 933 | 710 | 11 |
Class C | 22 | 48 | 1 |
Class I | 1,499 | 1,628 | 406 |
Class R2 | 52 | 4 | — |
Class R5 | 9 | 2 | —(a) |
Custodian and accounting fees | 607 | 496 | 100 |
Interest expense to affiliates | 12 | 12 | 1 |
Professional fees | 147 | 99 | 94 |
Trustees’ and Chief Compliance Officer’s fees | 40 | 33 | 25 |
Printing and mailing costs | 196 | 164 | 33 |
Registration and filing fees | 109 | 194 | 123 |
Transfer agency fees (See Note 2.I.) | 113 | 64 | 1 |
Other | 149 | 132 | 23 |
Total expenses | 30,564 | 19,836 | 1,375 |
Less fees waived | (5,256) | (4,476) | (357) |
Less expense reimbursements | — | —(a) | —(a) |
Net expenses | 25,308 | 15,360 | 1,018 |
Net investment income (loss) | 96,151 | 38,695 | 3,692 |
October 31, 2022 | J.P. Morgan International Equity Funds | 61 |
FOR THE YEAR ENDED October 31, 2022 (continued)
(Amounts in thousands)
JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | |||
Net realized gain (loss) on transactions from: | |||
Investments in non-affiliates | $(241,534) | $195,962 | $(2,273) |
Investments in affiliates | (54) | (3) | — |
Options purchased | — | — | 5,401 |
Futures contracts | — | 71 | (913) |
Foreign currency transactions | (1,913) | (766) | (192) |
Options written | — | — | 14,601 |
Net realized gain (loss) | (243,501) | 195,264 | 16,624 |
Change in net unrealized appreciation/depreciation on: | |||
Investments in non-affiliates | (1,273,842) | (957,734) | (41,950) |
Investments in affiliates | 5 | 2 | — |
Options purchased | — | — | (1,067) |
Futures contracts | — | — | 120 |
Foreign currency translations | (950) | (473) | (26) |
Options written | — | — | (2,504) |
Change in net unrealized appreciation/depreciation | (1,274,787) | (958,205) | (45,427) |
Net realized/unrealized gains (losses) | (1,518,288) | (762,941) | (28,803) |
Change in net assets resulting from operations | $(1,422,137) | $(724,246) | $(25,111) |
62 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan International Value Fund | |
INVESTMENT INCOME: | |
Interest income from non-affiliates | $—(a) |
Interest income from affiliates | —(a) |
Dividend income from non-affiliates | 19,474 |
Dividend income from affiliates | 155 |
Income from securities lending (net) (See Note 2.C.) | 136 |
Foreign taxes withheld (net) | (1,740) |
Total investment income | 18,025 |
EXPENSES: | |
Investment advisory fees | 2,109 |
Administration fees | 288 |
Distribution fees: | |
Class A | 441 |
Class C | 20 |
Class R2 | 2 |
Service fees: | |
Class A | 441 |
Class C | 7 |
Class I | 90 |
Class L | 6 |
Class R2 | 1 |
Class R5 | —(a) |
Custodian and accounting fees | 109 |
Interest expense to affiliates | 2 |
Professional fees | 26 |
Trustees’ and Chief Compliance Officer’s fees | 26 |
Printing and mailing costs | 15 |
Registration and filing fees | 140 |
Transfer agency fees (See Note 2.I.) | 19 |
Other | 47 |
Total expenses | 3,789 |
Less fees waived | (868) |
Less expense reimbursements | (2) |
Net expenses | 2,919 |
Net investment income (loss) | 15,106 |
October 31, 2022 | J.P. Morgan International Equity Funds | 63 |
FOR THE YEAR ENDED October 31, 2022 (continued)
(Amounts in thousands)
JPMorgan International Value Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | |
Net realized gain (loss) on transactions from: | |
Investments in non-affiliates | $(9,226) |
Investments in affiliates | (2) |
Futures contracts | (355) |
Foreign currency transactions | (278) |
Net realized gain (loss) | (9,861) |
Change in net unrealized appreciation/depreciation on: | |
Investments in non-affiliates | (78,719) |
Investments in affiliates | —(a) |
Futures contracts | (50) |
Foreign currency translations | (225) |
Change in net unrealized appreciation/depreciation | (78,994) |
Net realized/unrealized gains (losses) | (88,855) |
Change in net assets resulting from operations | $(73,749) |
64 | J.P. Morgan International Equity Funds | October 31, 2022 |
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $53,465 | $(660) | $84,906 | $70,642 |
Net realized gain (loss) | (335,160) | 570,100 | (212,653) | 184,068 |
Change in net unrealized appreciation/depreciation | (4,813,410) | 749,583 | (1,084,196) | 221,738 |
Change in net assets resulting from operations | (5,095,105) | 1,319,023 | (1,211,943) | 476,448 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (22,535) | — | — | — |
Class C | (2,610) | — | — | — |
Class I | (162,208) | (4,875) | (231) | (1) |
Class L | (91,277) | (3,336) | — | — |
Class R2 | (19) | — | — | — |
Class R3 | (504) | — | — | — |
Class R4 | (135) | (1) | — | — |
Class R5 | (704) | (80) | — | — |
Class R6 | (206,914) | (10,851) | (199,236) | (50,836) |
Total distributions to shareholders | (486,906) | (19,143) | (199,467) | (50,837) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | (1,098,777) | 1,315,679 | 268,590 | 527,435 |
NET ASSETS: | ||||
Change in net assets | (6,680,788) | 2,615,559 | (1,142,820) | 953,046 |
Beginning of period | 13,835,784 | 11,220,225 | 3,793,388 | 2,840,342 |
End of period | $7,154,996 | $13,835,784 | $2,650,568 | $3,793,388 |
October 31, 2022 | J.P. Morgan International Equity Funds | 65 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $11,261 | $12,685 | $96,151 | $80,677 |
Net realized gain (loss) | (86,979) | 65,264 | (243,501) | 332,125 |
Change in net unrealized appreciation/depreciation | (136,552) | 119,032 | (1,274,787) | 630,933 |
Change in net assets resulting from operations | (212,270) | 196,981 | (1,422,137) | 1,043,735 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (1,773) | (839) | (27,845) | (3,040) |
Class C | (188) | (80) | (669) | (42) |
Class I | (9,923) | (772) | (38,399) | (4,786) |
Class L | (2,043) | (920) | — | — |
Class R2 | — | — | (1,477) | (292) |
Class R5 | — | — | (678) | (99) |
Class R6 | (11,157) | (4,405) | (256,785) | (33,732) |
Total distributions to shareholders | (25,084) | (7,016) | (325,853) | (41,991) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | (297,583) | 445,725 | 713,463 | 913,051 |
NET ASSETS: | ||||
Change in net assets | (534,937) | 635,690 | (1,034,527) | 1,914,795 |
Beginning of period | 1,074,518 | 438,828 | 4,845,717 | 2,930,922 |
End of period | $539,581 | $1,074,518 | $3,811,190 | $4,845,717 |
66 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $38,695 | $58,536 | $3,692 | $2,600 |
Net realized gain (loss) | 195,264 | 75,956 | 16,624 | (5,465) |
Change in net unrealized appreciation/depreciation | (958,205) | 610,179 | (45,427) | 26,744 |
Change in net assets resulting from operations | (724,246) | 744,671 | (25,111) | 23,879 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (5,362) | (1,160) | (77) | (29) |
Class C | (261) | (42) | (6) | (1) |
Class I | (14,693) | (4,486) | (4,049) | (2,175) |
Class R2 | (21) | (9) | — | — |
Class R5 | (56) | (32) | (1) | (1) |
Class R6 | (50,762) | (28,297) | (4) | (1) |
Total distributions to shareholders | (71,155) | (34,026) | (4,137) | (2,207) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | (2,030,106) | 407,973 | 37,679 | (6,164) |
NET ASSETS: | ||||
Change in net assets | (2,825,507) | 1,118,618 | 8,431 | 15,508 |
Beginning of period | 3,920,288 | 2,801,670 | 152,776 | 137,268 |
End of period | $1,094,781 | $3,920,288 | $161,207 | $152,776 |
October 31, 2022 | J.P. Morgan International Equity Funds | 67 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Value Fund | ||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||
Net investment income (loss) | $15,106 | $13,022 |
Net realized gain (loss) | (9,861) | 4,345 |
Change in net unrealized appreciation/depreciation | (78,994) | 104,838 |
Change in net assets resulting from operations | (73,749) | 122,205 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||
Class A | (8,496) | (4,156) |
Class C | (136) | (106) |
Class I | (1,804) | (914) |
Class L | (331) | (192) |
Class R2 | (22) | (11) |
Class R5 | (2) | (3) |
Class R6 | (7,825) | (3,877) |
Total distributions to shareholders | (18,616) | (9,259) |
CAPITAL TRANSACTIONS: | ||
Change in net assets resulting from capital transactions | 53,543 | 15,889 |
NET ASSETS: | ||
Change in net assets | (38,822) | 128,835 |
Beginning of period | 396,699 | 267,864 |
End of period | $357,877 | $396,699 |
68 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $106,700 | $254,285 | $— | $— |
Distributions reinvested | 21,957 | — | — | — |
Cost of shares redeemed | (198,433) | (192,488) | — | — |
Change in net assets resulting from Class A capital transactions | (69,776) | 61,797 | — | — |
Class C | ||||
Proceeds from shares issued | 1,744 | 21,002 | — | — |
Distributions reinvested | 2,464 | — | — | — |
Cost of shares redeemed | (19,963) | (18,983) | — | — |
Change in net assets resulting from Class C capital transactions | (15,755) | 2,019 | — | — |
Class I | ||||
Proceeds from shares issued | 1,051,591 | 2,529,253 | 338,191 | 6,294 |
Distributions reinvested | 152,054 | 4,534 | 232 | 1 |
Cost of shares redeemed | (2,325,538) | (2,287,926) | (94,988) | (466) |
Change in net assets resulting from Class I capital transactions | (1,121,893) | 245,861 | 243,435 | 5,829 |
Class L | ||||
Proceeds from shares issued | 564,411 | 1,202,345 | — | — |
Distributions reinvested | 90,633 | 3,299 | — | — |
Cost of shares redeemed | (934,130) | (693,103) | — | — |
Change in net assets resulting from Class L capital transactions | (279,086) | 512,541 | — | — |
Class R2 | ||||
Proceeds from shares issued | 143 | 415 | — | — |
Distributions reinvested | 19 | — | — | — |
Cost of shares redeemed | (69) | (288) | — | — |
Change in net assets resulting from Class R2 capital transactions | 93 | 127 | — | — |
Class R3 | ||||
Proceeds from shares issued | 5,710 | 13,765 | — | — |
Distributions reinvested | 227 | — | — | — |
Cost of shares redeemed | (2,826) | (5,183) | — | — |
Change in net assets resulting from Class R3 capital transactions | 3,111 | 8,582 | — | — |
Class R4 | ||||
Proceeds from shares issued | 891 | 2,383 | — | — |
Distributions reinvested | 135 | 1 | — | — |
Cost of shares redeemed | (693) | (1,833) | — | — |
Change in net assets resulting from Class R4 capital transactions | 333 | 551 | — | — |
October 31, 2022 | J.P. Morgan International Equity Funds | 69 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: (continued) | ||||
Class R5 | ||||
Proceeds from shares issued | $4,443 | $18,329 | $— | $— |
Distributions reinvested | 651 | 79 | — | — |
Cost of shares redeemed | (4,459) | (63,474) | — | — |
Change in net assets resulting from Class R5 capital transactions | 635 | (45,066) | — | — |
Class R6 | ||||
Proceeds from shares issued | 1,626,066 | 2,782,507 | 1,143,019 | 1,383,412 |
Distributions reinvested | 189,280 | 9,925 | 199,235 | 50,835 |
Cost of shares redeemed | (1,431,785) | (2,263,165) | (1,317,099) | (912,641) |
Change in net assets resulting from Class R6 capital transactions | 383,561 | 529,267 | 25,155 | 521,606 |
Total change in net assets resulting from capital transactions | $(1,098,777) | $1,315,679 | $268,590 | $527,435 |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 3,408 | 6,043 | — | — |
Reinvested | 591 | — | — | — |
Redeemed | (6,307) | (4,582) | — | — |
Change in Class A Shares | (2,308) | 1,461 | — | — |
Class C | ||||
Issued | 56 | 523 | — | — |
Reinvested | 69 | — | — | — |
Redeemed | (663) | (464) | — | — |
Change in Class C Shares | (538) | 59 | — | — |
Class I | ||||
Issued | 32,274 | 58,966 | 18,701 | 281 |
Reinvested | 3,999 | 106 | 12 | —(a) |
Redeemed | (74,112) | (52,366) | (6,117) | (22) |
Change in Class I Shares | (37,839) | 6,706 | 12,596 | 259 |
Class L | ||||
Issued | 17,254 | 27,731 | — | — |
Reinvested | 2,366 | 77 | — | — |
Redeemed | (29,603) | (15,762) | — | — |
Change in Class L Shares | (9,983) | 12,046 | — | — |
Class R2 | ||||
Issued | 4 | 10 | — | — |
Reinvested | 1 | — | — | — |
Redeemed | (2) | (7) | — | — |
Change in Class R2 Shares | 3 | 3 | — | — |
70 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
SHARE TRANSACTIONS: (continued) | ||||
Class R3 | ||||
Issued | 191 | 334 | — | — |
Reinvested | 6 | — | — | — |
Redeemed | (94) | (124) | — | — |
Change in Class R3 Shares | 103 | 210 | — | — |
Class R4 | ||||
Issued | 27 | 54 | — | — |
Reinvested | 4 | —(a) | — | — |
Redeemed | (21) | (42) | — | — |
Change in Class R4 Shares | 10 | 12 | — | — |
Class R5 | ||||
Issued | 140 | 416 | — | — |
Reinvested | 17 | 2 | — | — |
Redeemed | (137) | (1,466) | — | — |
Change in Class R5 Shares | 20 | (1,048) | — | — |
Class R6 | ||||
Issued | 50,537 | 63,838 | 70,374 | 64,804 |
Reinvested | 4,950 | 232 | 10,435 | 2,474 |
Redeemed | (45,388) | (51,699) | (76,413) | (42,567) |
Change in Class R6 Shares | 10,099 | 12,371 | 4,396 | 24,711 |
October 31, 2022 | J.P. Morgan International Equity Funds | 71 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $5,210 | $6,061 | $64,303 | $128,373 |
Distributions reinvested | 1,698 | 805 | 27,642 | 3,017 |
Cost of shares redeemed | (10,121) | (15,952) | (73,469) | (50,637) |
Change in net assets resulting from Class A capital transactions | (3,213) | (9,086) | 18,476 | 80,753 |
Class C | ||||
Proceeds from shares issued | 158 | 543 | 1,073 | 2,112 |
Distributions reinvested | 184 | 79 | 669 | 42 |
Cost of shares redeemed | (4,364) | (4,769) | (3,015) | (3,467) |
Change in net assets resulting from Class C capital transactions | (4,022) | (4,147) | (1,273) | (1,313) |
Class I | ||||
Proceeds from shares issued | 83,067 | 412,233 | 439,834 | 217,953 |
Distributions reinvested | 9,021 | 721 | 38,299 | 4,774 |
Cost of shares redeemed | (370,731) | (48,189) | (314,861) | (91,184) |
Change in net assets resulting from Class I capital transactions | (278,643) | 364,765 | 163,272 | 131,543 |
Class L | ||||
Proceeds from shares issued | 12,743 | 11,606 | — | — |
Distributions reinvested | 2,037 | 917 | — | — |
Cost of shares redeemed | (61,116) | (6,155) | — | — |
Change in net assets resulting from Class L capital transactions | (46,336) | 6,368 | — | — |
Class R2 | ||||
Proceeds from shares issued | — | — | 4,712 | 5,946 |
Distributions reinvested | — | — | 1,474 | 289 |
Cost of shares redeemed | — | — | (5,886) | (9,508) |
Change in net assets resulting from Class R2 capital transactions | — | — | 300 | (3,273) |
Class R5 | ||||
Proceeds from shares issued | — | — | 2,974 | 4,537 |
Distributions reinvested | — | — | 650 | 95 |
Cost of shares redeemed | — | — | (2,313) | (3,471) |
Change in net assets resulting from Class R5 capital transactions | — | — | 1,311 | 1,161 |
Class R6 | ||||
Proceeds from shares issued | 72,496 | 135,760 | 1,168,411 | 1,637,397 |
Distributions reinvested | 10,393 | 4,405 | 256,061 | 33,605 |
Cost of shares redeemed | (48,258) | (52,340) | (893,095) | (966,822) |
Change in net assets resulting from Class R6 capital transactions | 34,631 | 87,825 | 531,377 | 704,180 |
Total change in net assets resulting from capital transactions | $(297,583) | $445,725 | $713,463 | $913,051 |
72 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 189 | 204 | 3,518 | 6,338 |
Reinvested | 58 | 31 | 1,370 | 155 |
Redeemed | (380) | (561) | (4,281) | (2,491) |
Change in Class A Shares | (133) | (326) | 607 | 4,002 |
Class C | ||||
Issued | 7 | 21 | 62 | 108 |
Reinvested | 7 | 3 | 35 | 2 |
Redeemed | (185) | (189) | (185) | (179) |
Change in Class C Shares | (171) | (165) | (88) | (69) |
Class I | ||||
Issued | 2,991 | 13,177 | 24,681 | 10,466 |
Reinvested | 301 | 27 | 1,865 | 242 |
Redeemed | (13,869) | (1,563) | (18,906) | (4,423) |
Change in Class I Shares | (10,577) | 11,641 | 7,640 | 6,285 |
Class L | ||||
Issued | 453 | 384 | — | — |
Reinvested | 67 | 34 | — | — |
Redeemed | (2,576) | (212) | — | — |
Change in Class L Shares | (2,056) | 206 | — | — |
Class R2 | ||||
Issued | — | — | 272 | 296 |
Reinvested | — | — | 74 | 15 |
Redeemed | — | — | (347) | (468) |
Change in Class R2 Shares | — | — | (1) | (157) |
Class R5 | ||||
Issued | — | — | 169 | 219 |
Reinvested | — | — | 32 | 5 |
Redeemed | — | — | (123) | (165) |
Change in Class R5 Shares | — | — | 78 | 59 |
Class R6 | ||||
Issued | 2,666 | 4,263 | 63,877 | 79,648 |
Reinvested | 345 | 163 | 12,433 | 1,702 |
Redeemed | (1,835) | (1,668) | (51,308) | (46,388) |
Change in Class R6 Shares | 1,176 | 2,758 | 25,002 | 34,962 |
October 31, 2022 | J.P. Morgan International Equity Funds | 73 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $89,525 | $195,801 | $4,000 | $3,079 |
Distributions reinvested | 5,307 | 1,132 | 77 | 29 |
Cost of shares redeemed | (95,703) | (32,379) | (2,799) | (1,473) |
Change in net assets resulting from Class A capital transactions | (871) | 164,554 | 1,278 | 1,635 |
Class C | ||||
Proceeds from shares issued | 1,726 | 8,415 | 135 | 184 |
Distributions reinvested | 259 | 42 | 6 | 1 |
Cost of shares redeemed | (5,622) | (3,542) | (172) | (7) |
Change in net assets resulting from Class C capital transactions | (3,637) | 4,915 | (31) | 178 |
Class I | ||||
Proceeds from shares issued | 302,480 | 534,780 | 125,491 | 57,032 |
Distributions reinvested | 14,119 | 4,249 | 3,842 | 2,032 |
Cost of shares redeemed | (483,530) | (182,797) | (93,112) | (67,180) |
Change in net assets resulting from Class I capital transactions | (166,931) | 356,232 | 36,221 | (8,116) |
Class R2 | ||||
Proceeds from shares issued | 691 | 947 | — | — |
Distributions reinvested | 21 | 9 | — | — |
Cost of shares redeemed | (731) | (716) | — | — |
Change in net assets resulting from Class R2 capital transactions | (19) | 240 | — | — |
Class R5 | ||||
Proceeds from shares issued | 421 | 424 | — | — |
Distributions reinvested | 56 | 32 | 1 | —(a) |
Cost of shares redeemed | (853) | (749) | — | — |
Change in net assets resulting from Class R5 capital transactions | (376) | (293) | 1 | —(a) |
Class R6 | ||||
Proceeds from shares issued | 142,067 | 452,976 | 251 | 151 |
Distributions reinvested | 50,271 | 28,297 | 4 | 1 |
Cost of shares redeemed | (814,180) | (598,948) | (45) | (13) |
Redemptions in-kind | (1,236,430) | — | — | — |
Change in net assets resulting from Class R6 capital transactions | (1,858,272) | (117,675) | 210 | 139 |
Total change in net assets resulting from capital transactions | $(2,030,106) | $407,973 | $37,679 | $(6,164) |
74 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan International Focus Fund | JPMorgan International Hedged Equity Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 3,793 | 7,283 | 254 | 192 |
Reinvested | 205 | 45 | 5 | 2 |
Redeemed | (4,132) | (1,217) | (185) | (92) |
Change in Class A Shares | (134) | 6,111 | 74 | 102 |
Class C | ||||
Issued | 69 | 316 | 9 | 11 |
Reinvested | 10 | 2 | —(a) | —(a) |
Redeemed | (247) | (134) | (11) | —(a) |
Change in Class C Shares | (168) | 184 | (2) | 11 |
Class I | ||||
Issued | 12,761 | 19,663 | 8,117 | 3,560 |
Reinvested | 538 | 165 | 241 | 135 |
Redeemed | (21,255) | (6,676) | (6,134) | (4,418) |
Change in Class I Shares | (7,956) | 13,152 | 2,224 | (723) |
Class R2 | ||||
Issued | 30 | 36 | — | — |
Reinvested | 1 | —(a) | — | — |
Redeemed | (31) | (26) | — | — |
Change in Class R2 Shares | — | 10 | — | — |
Class R5 | ||||
Issued | 19 | 15 | — | — |
Reinvested | 2 | 1 | —(a) | —(a) |
Redeemed | (35) | (27) | — | — |
Change in Class R5 Shares | (14) | (11) | —(a) | —(a) |
Class R6 | ||||
Issued | 6,013 | 16,687 | 17 | 9 |
Reinvested | 1,917 | 1,099 | —(a) | —(a) |
Redeemed | (32,570) | (22,086) | (3) | (1) |
Redemptions in-kind | (52,192) | — | — | — |
Change in Class R6 Shares | (76,832) | (4,300) | 14 | 8 |
October 31, 2022 | J.P. Morgan International Equity Funds | 75 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan International Value Fund | ||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: | ||
Class A | ||
Proceeds from shares issued | $37,527 | $39,262 |
Distributions reinvested | 8,400 | 4,095 |
Cost of shares redeemed | (31,122) | (34,717) |
Change in net assets resulting from Class A capital transactions | 14,805 | 8,640 |
Class C | ||
Proceeds from shares issued | 234 | 165 |
Distributions reinvested | 135 | 104 |
Cost of shares redeemed | (1,871) | (2,175) |
Change in net assets resulting from Class C capital transactions | (1,502) | (1,906) |
Class I | ||
Proceeds from shares issued | 10,688 | 12,348 |
Distributions reinvested | 1,784 | 829 |
Cost of shares redeemed | (13,058) | (11,848) |
Change in net assets resulting from Class I capital transactions | (586) | 1,329 |
Class L | ||
Proceeds from shares issued | 397 | 2,881 |
Distributions reinvested | 310 | 179 |
Cost of shares redeemed | (803) | (3,956) |
Change in net assets resulting from Class L capital transactions | (96) | (896) |
Class R2 | ||
Proceeds from shares issued | 69 | 175 |
Distributions reinvested | 22 | 11 |
Cost of shares redeemed | (31) | (252) |
Change in net assets resulting from Class R2 capital transactions | 60 | (66) |
Class R5 | ||
Proceeds from shares issued | 25 | 21 |
Distributions reinvested | 2 | 3 |
Cost of shares redeemed | (54) | (64) |
Change in net assets resulting from Class R5 capital transactions | (27) | (40) |
Class R6 | ||
Proceeds from shares issued | 69,981 | 52,793 |
Distributions reinvested | 7,790 | 3,621 |
Cost of shares redeemed | (36,882) | (47,586) |
Change in net assets resulting from Class R6 capital transactions | 40,889 | 8,828 |
Total change in net assets resulting from capital transactions | $53,543 | $15,889 |
76 | J.P. Morgan International Equity Funds | October 31, 2022 |
JPMorgan International Value Fund | ||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
SHARE TRANSACTIONS: | ||
Class A | ||
Issued | 3,140 | 3,054 |
Reinvested | 685 | 356 |
Redeemed | (2,627) | (2,757) |
Change in Class A Shares | 1,198 | 653 |
Class C | ||
Issued | 21 | 12 |
Reinvested | 11 | 10 |
Redeemed | (158) | (181) |
Change in Class C Shares | (126) | (159) |
Class I | ||
Issued | 850 | 923 |
Reinvested | 141 | 70 |
Redeemed | (1,082) | (921) |
Change in Class I Shares | (91) | 72 |
Class L | ||
Issued | 33 | 219 |
Reinvested | 25 | 15 |
Redeemed | (65) | (301) |
Change in Class L Shares | (7) | (67) |
Class R2 | ||
Issued | 6 | 14 |
Reinvested | 2 | 1 |
Redeemed | (3) | (20) |
Change in Class R2 Shares | 5 | (5) |
Class R5 | ||
Issued | 2 | 2 |
Reinvested | —(a) | —(a) |
Redeemed | (4) | (5) |
Change in Class R5 Shares | (2) | (3) |
Class R6 | ||
Issued | 5,786 | 4,060 |
Reinvested | 626 | 310 |
Redeemed | (3,067) | (3,744) |
Change in Class R6 Shares | 3,345 | 626 |
October 31, 2022 | J.P. Morgan International Equity Funds | 77 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Emerging Markets Equity Fund | |||||||
Class A | |||||||
Year Ended October 31, 2022 | $40.54 | $0.06 | $(15.42) | $(15.36) | $(0.07) | $(1.26) | $(1.33) |
Year Ended October 31, 2021 | 36.44 | (0.14) | 4.24 | 4.10 | — | — | — |
Year Ended October 31, 2020 | 30.07 | (0.02) | 6.56 | 6.54 | (0.17) | — | (0.17) |
Year Ended October 31, 2019 | 23.84 | 0.19 | 6.16 | 6.35 | (0.12) | — | (0.12) |
Year Ended October 31, 2018 | 27.58 | 0.14 | (3.84) | (3.70) | (0.04) | — | (0.04) |
Class C | |||||||
Year Ended October 31, 2022 | 38.96 | (0.10) | (14.78) | (14.88) | — | (1.26) | (1.26) |
Year Ended October 31, 2021 | 35.20 | (0.34) | 4.10 | 3.76 | — | — | — |
Year Ended October 31, 2020 | 29.07 | (0.18) | 6.35 | 6.17 | (0.04) | — | (0.04) |
Year Ended October 31, 2019 | 23.08 | 0.04 | 5.98 | 6.02 | (0.03) | — | (0.03) |
Year Ended October 31, 2018 | 26.80 | 0.02 | (3.74) | (3.72) | —(d) | — | —(d) |
Class I | |||||||
Year Ended October 31, 2022 | 41.60 | 0.12 | (15.81) | (15.69) | (0.17) | (1.26) | (1.43) |
Year Ended October 31, 2021 | 37.34 | (0.04) | 4.34 | 4.30 | (0.04) | — | (0.04) |
Year Ended October 31, 2020 | 30.79 | 0.05 | 6.75 | 6.80 | (0.25) | — | (0.25) |
Year Ended October 31, 2019 | 24.45 | 0.27 | 6.29 | 6.56 | (0.22) | — | (0.22) |
Year Ended October 31, 2018 | 28.29 | 0.24 | (3.96) | (3.72) | (0.12) | �� | (0.12) |
Class L | |||||||
Year Ended October 31, 2022 | 41.96 | 0.17 | (15.95) | (15.78) | (0.22) | (1.26) | (1.48) |
Year Ended October 31, 2021 | 37.64 | 0.01 | 4.37 | 4.38 | (0.06) | — | (0.06) |
Year Ended October 31, 2020 | 31.03 | 0.08 | 6.80 | 6.88 | (0.27) | — | (0.27) |
Year Ended October 31, 2019 | 24.63 | 0.29 | 6.35 | 6.64 | (0.24) | — | (0.24) |
Year Ended October 31, 2018 | 28.49 | 0.26 | (3.99) | (3.73) | (0.13) | — | (0.13) |
Class R2 | |||||||
Year Ended October 31, 2022 | 39.99 | (0.02) | (15.22) | (15.24) | — | (1.26) | (1.26) |
Year Ended October 31, 2021 | 36.06 | (0.26) | 4.19 | 3.93 | — | — | — |
Year Ended October 31, 2020 | 29.78 | (0.13) | 6.52 | 6.39 | (0.11) | — | (0.11) |
Year Ended October 31, 2019 | 23.73 | 0.08 | 6.13 | 6.21 | (0.16) | — | (0.16) |
Year Ended October 31, 2018 | 27.57 | 0.07 | (3.83) | (3.76) | (0.08) | — | (0.08) |
Class R3 | |||||||
Year Ended October 31, 2022 | 40.30 | 0.06 | (15.32) | (15.26) | (0.11) | (1.26) | (1.37) |
Year Ended October 31, 2021 | 36.25 | (0.15) | 4.20 | 4.05 | — | — | — |
Year Ended October 31, 2020 | 29.96 | (0.05) | 6.55 | 6.50 | (0.21) | — | (0.21) |
Year Ended October 31, 2019 | 23.78 | 0.25 | 6.06 | 6.31 | (0.13) | — | (0.13) |
Year Ended October 31, 2018 | 27.59 | 0.22 | (3.92) | (3.70) | (0.11) | — | (0.11) |
Class R4 | |||||||
Year Ended October 31, 2022 | 41.45 | 0.13 | (15.77) | (15.64) | (0.16) | (1.26) | (1.42) |
Year Ended October 31, 2021 | 37.20 | (0.05) | 4.32 | 4.27 | (0.02) | — | (0.02) |
Year Ended October 31, 2020 | 30.68 | 0.04 | 6.70 | 6.74 | (0.22) | — | (0.22) |
Year Ended October 31, 2019 | 24.42 | 0.27 | 6.25 | 6.52 | (0.26) | — | (0.26) |
Year Ended October 31, 2018 | 28.28 | 0.18 | (3.91) | (3.73) | (0.13) | — | (0.13) |
78 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets | ||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses(c) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate |
$23.85 | (39.06)% | $358,077 | 1.25% | 0.19% | 1.33% | 18% |
40.54 | 11.25 | 702,288 | 1.24 | (0.33) | 1.30 | 25 |
36.44 | 21.84 | 578,112 | 1.24 | (0.06) | 1.33 | 15 |
30.07 | 26.77 | 524,357 | 1.24 | 0.69 | 1.47 | 34 |
23.84 | (13.44) | 369,490 | 1.24 | 0.51 | 1.52 | 13 |
22.82 | (39.36) | 35,997 | 1.75 | (0.35) | 1.83 | 18 |
38.96 | 10.68 | 82,409 | 1.74 | (0.83) | 1.80 | 25 |
35.20 | 21.24 | 72,364 | 1.74 | (0.58) | 1.83 | 15 |
29.07 | 26.12 | 56,830 | 1.74 | 0.15 | 1.98 | 34 |
23.08 | (13.87) | 43,612 | 1.74 | 0.06 | 2.02 | 13 |
24.48 | (38.92) | 1,871,401 | 1.00 | 0.37 | 1.07 | 18 |
41.60 | 11.51 | 4,753,438 | 0.99 | (0.09) | 1.05 | 25 |
37.34 | 22.19 | 4,016,180 | 0.99 | 0.15 | 1.07 | 15 |
30.79 | 27.04 | 1,725,882 | 0.99 | 0.94 | 1.21 | 34 |
24.45 | (13.23) | 773,142 | 0.99 | 0.84 | 1.26 | 13 |
24.70 | (38.84) | 1,282,832 | 0.90 | 0.53 | 0.92 | 18 |
41.96 | 11.63 | 2,598,326 | 0.89 | 0.02 | 0.90 | 25 |
37.64 | 22.29 | 1,877,489 | 0.89 | 0.25 | 0.92 | 15 |
31.03 | 27.20 | 926,781 | 0.89 | 1.00 | 1.06 | 34 |
24.63 | (13.16) | 475,997 | 0.89 | 0.91 | 1.11 | 13 |
23.49 | (39.24) | 407 | 1.55 | (0.07) | 1.83 | 18 |
39.99 | 10.90 | 585 | 1.54 | (0.63) | 1.78 | 25 |
36.06 | 21.51 | 414 | 1.54 | (0.41) | 2.00 | 15 |
29.78 | 26.35 | 145 | 1.54 | 0.31 | 2.26 | 34 |
23.73 | (13.69) | 95 | 1.54 | 0.26 | 2.04 | 13 |
23.67 | (39.08) | 11,182 | 1.30 | 0.19 | 1.32 | 18 |
40.30 | 11.17 | 14,918 | 1.29 | (0.36) | 1.30 | 25 |
36.25 | 21.80 | 5,797 | 1.29 | (0.15) | 1.33 | 15 |
29.96 | 26.67 | 2,151 | 1.29 | 0.90 | 1.49 | 34 |
23.78 | (13.49) | 341 | 1.29 | 0.81 | 1.59 | 13 |
24.39 | (38.93) | 2,485 | 1.05 | 0.43 | 1.08 | 18 |
41.45 | 11.48 | 3,810 | 1.04 | (0.12) | 1.06 | 25 |
37.20 | 22.09 | 2,962 | 1.04 | 0.12 | 1.08 | 15 |
30.68 | 26.98 | 1,300 | 1.04 | 0.94 | 1.23 | 34 |
24.42 | (13.25) | 26 | 1.04 | 0.63 | 1.62 | 13 |
October 31, 2022 | J.P. Morgan International Equity Funds | 79 |
FOR THE PERIODS INDICATED (continued)
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Emerging Markets Equity Fund (continued) | |||||||
Class R5 | |||||||
Year Ended October 31, 2022 | $41.88 | $0.18 | $(15.96) | $(15.78) | $(0.15) | $(1.26) | $(1.41) |
Year Ended October 31, 2021 | 37.56 | 0.01 | 4.36 | 4.37 | (0.05) | — | (0.05) |
Year Ended October 31, 2020 | 30.96 | 0.08 | 6.78 | 6.86 | (0.26) | — | (0.26) |
Year Ended October 31, 2019 | 24.60 | 0.31 | 6.31 | 6.62 | (0.26) | — | (0.26) |
Year Ended October 31, 2018 | 28.47 | 0.39 | (4.11) | (3.72) | (0.15) | — | (0.15) |
Class R6 | |||||||
Year Ended October 31, 2022 | 41.95 | 0.21 | (15.95) | (15.74) | (0.26) | (1.26) | (1.52) |
Year Ended October 31, 2021 | 37.61 | 0.05 | 4.37 | 4.42 | (0.08) | — | (0.08) |
Year Ended October 31, 2020 | 31.00 | 0.12 | 6.78 | 6.90 | (0.29) | — | (0.29) |
Year Ended October 31, 2019 | 24.60 | 0.31 | 6.35 | 6.66 | (0.26) | — | (0.26) |
Year Ended October 31, 2018 | 28.46 | 0.29 | (3.99) | (3.70) | (0.16) | — | (0.16) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(c) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(d) | Amount rounds to less than $0.005. |
80 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets | ||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses(c) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate |
$24.69 | (38.86)% | $12,712 | 0.90% | 0.55% | 0.93% | 18% |
41.88 | 11.64 | 20,676 | 0.89 | 0.02 | 0.91 | 25 |
37.56 | 22.29 | 57,909 | 0.89 | 0.26 | 0.93 | 15 |
30.96 | 27.19 | 41,872 | 0.89 | 1.08 | 1.08 | 34 |
24.60 | (13.14) | 1,672 | 0.89 | 1.37 | 1.11 | 13 |
24.69 | (38.78) | 3,579,903 | 0.80 | 0.67 | 0.82 | 18 |
41.95 | 11.75 | 5,659,334 | 0.79 | 0.11 | 0.80 | 25 |
37.61 | 22.39 | 4,608,998 | 0.79 | 0.37 | 0.82 | 15 |
31.00 | 27.36 | 3,034,359 | 0.79 | 1.09 | 0.96 | 34 |
24.60 | (13.08) | 2,936,830 | 0.79 | 1.00 | 1.01 | 13 |
October 31, 2022 | J.P. Morgan International Equity Funds | 81 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | |||||||
Class I | |||||||
Year Ended October 31, 2022 | $20.87 | $0.48 | $(6.96) | $(6.48) | $(0.52) | $(0.53) | $(1.05) |
Year Ended October 31, 2021 | 18.11 | 0.51 | 2.56 | 3.07 | (0.31) | — | (0.31) |
Year Ended October 31, 2020 | 16.78 | 0.33 | 1.04 | 1.37 | — | (0.04) | (0.04) |
January 30, 2019 (f) through October 31, 2019 | 16.22 | 0.31 | 0.25 | 0.56 | — | — | — |
Class R6 | |||||||
Year Ended October 31, 2022 | 20.77 | 0.45 | (6.88) | (6.43) | (0.54) | (0.53) | (1.07) |
Year Ended October 31, 2021 | 18.01 | 0.42 | 2.65 | 3.07 | (0.31) | — | (0.31) |
Year Ended October 31, 2020 | 16.80 | 0.31 | 1.07 | 1.38 | (0.13) | (0.04) | (0.17) |
December 11, 2018 (h) through October 31, 2019 | 15.00 | 0.42 | 1.46 | 1.88 | (0.08) | — | (0.08) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
(g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
(h) | Commencement of operations. |
82 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets(a) | ||||||
Net asset value, end of period | Total return(c)(d) | Net assets, end of period (000's) | Net expenses(e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate(c) |
$13.34 | (32.53)% | $171,538 | 0.45% | 3.00% | 0.68% | 34% |
20.87 | 16.95 | 5,435 | 0.45 | 2.36 | 0.69 | 53 |
18.11 | 8.15 | 33 | 0.45 | 1.98 | 1.39 | 47 |
16.78 | 3.45 | 5 | 0.44(g) | 2.52(g) | 0.70(g) | 28 |
13.27 | (32.48) | 2,479,030 | 0.35 | 2.62 | 0.40 | 34 |
20.77 | 17.09 | 3,787,953 | 0.35 | 1.97 | 0.40 | 53 |
18.01 | 8.22 | 2,840,309 | 0.35 | 1.87 | 0.41 | 47 |
16.80 | 12.60 | 2,090,569 | 0.34(g) | 2.90(g) | 0.46(g) | 28 |
October 31, 2022 | J.P. Morgan International Equity Funds | 83 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan Europe Dynamic Fund | |||||
Class A | |||||
Year Ended October 31, 2022 | $30.91 | $0.36 | $(6.95) | $(6.59) | $(0.62) |
Year Ended October 31, 2021 | 21.64 | 0.40(f) | 9.14 | 9.54 | (0.27) |
Year Ended October 31, 2020 | 24.25 | 0.25 | (2.16) | (1.91) | (0.70) |
Year Ended October 31, 2019 | 23.01 | 0.61 | 1.18 | 1.79 | (0.55) |
Year Ended October 31, 2018 | 27.04 | 0.42 | (4.08) | (3.66) | (0.37) |
Class C | |||||
Year Ended October 31, 2022 | 27.25 | 0.20 | (6.13) | (5.93) | (0.47) |
Year Ended October 31, 2021 | 19.10 | 0.22(f) | 8.08 | 8.30 | (0.15) |
Year Ended October 31, 2020 | 21.47 | 0.12 | (1.91) | (1.79) | (0.58) |
Year Ended October 31, 2019 | 20.39 | 0.44 | 1.06 | 1.50 | (0.42) |
Year Ended October 31, 2018 | 24.00 | 0.25 | (3.62) | (3.37) | (0.24) |
Class I | |||||
Year Ended October 31, 2022 | 31.57 | 0.24 | (6.88) | (6.64) | (0.73) |
Year Ended October 31, 2021 | 22.10 | 0.47(f) | 9.33 | 9.80 | (0.33) |
Year Ended October 31, 2020 | 24.75 | 0.31 | (2.19) | (1.88) | (0.77) |
Year Ended October 31, 2019 | 23.48 | 0.67 | 1.21 | 1.88 | (0.61) |
Year Ended October 31, 2018 | 27.60 | 0.49 | (4.17) | (3.68) | (0.44) |
Class L | |||||
Year Ended October 31, 2022 | 31.99 | 0.52 | (7.22) | (6.70) | (0.75) |
Year Ended October 31, 2021 | 22.38 | 0.54(f) | 9.44 | 9.98 | (0.37) |
Year Ended October 31, 2020 | 25.05 | 0.35 | (2.23) | (1.88) | (0.79) |
Year Ended October 31, 2019 | 23.70 | 0.65 | 1.27 | 1.92 | (0.57) |
Year Ended October 31, 2018 | 27.85 | 0.51 | (4.18) | (3.67) | (0.48) |
Class R6 | |||||
Year Ended October 31, 2022 | 31.86 | 0.49 | (7.13) | (6.64) | (0.78) |
Year Ended October 31, 2021 | 22.29 | 0.55(f) | 9.41 | 9.96 | (0.39) |
Year Ended October 31, 2020 | 24.96 | 0.37 | (2.22) | (1.85) | (0.82) |
Year Ended October 31, 2019 | 23.70 | 0.75 | 1.19 | 1.94 | (0.68) |
October 1, 2018 (g) through October 31, 2018 | 26.32 | 0.01 | (2.63) | (2.62) | — |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Reflects income from foreign withholding tax claims, including related interest income. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.38, $0.20, $0.45, $0.52 and $0.53 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment income (loss) ratios would have been 1.29%, 0.78%, 1.44%, 1.70% and 1.75% for Class A, Class C, Class I, Class L and Class R6, respectively. |
(g) | Commencement of offering of class of shares. |
84 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets(a) | ||||||
Net asset value, end of period | Total return (excludes sales charge)(c)(d) | Net assets, end of period (000's) | Net expenses(e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate(c) |
$23.70 | (21.70)% | $64,573 | 1.25% | 1.37% | 1.28% | 75% |
30.91 | 44.30 | 88,315 | 1.24 | 1.37(f) | 1.26 | 92 |
21.64 | (8.21) | 68,882 | 1.24 | 1.09 | 1.28 | 159 |
24.25 | 8.14 | 98,294 | 1.24 | 2.67 | 1.31 | 83 |
23.01 | (13.72) | 124,681 | 1.24 | 1.58 | 1.29 | 149 |
20.85 | (22.09) | 5,096 | 1.75 | 0.82 | 1.78 | 75 |
27.25 | 43.56 | 11,313 | 1.74 | 0.86(f) | 1.77 | 92 |
19.10 | (8.68) | 11,082 | 1.74 | 0.59 | 1.77 | 159 |
21.47 | 7.64 | 19,798 | 1.74 | 2.15 | 1.80 | 83 |
20.39 | (14.18) | 31,125 | 1.74 | 1.08 | 1.79 | 149 |
24.20 | (21.48) | 83,608 | 0.98 | 0.81 | 1.00 | 75 |
31.57 | 44.61 | 443,053 | 0.98 | 1.52(f) | 0.99 | 92 |
22.10 | (7.98) | 52,841 | 0.99 | 1.33 | 1.01 | 159 |
24.75 | 8.44 | 86,582 | 0.99 | 2.86 | 1.05 | 83 |
23.48 | (13.53) | 139,858 | 0.99 | 1.84 | 1.04 | 149 |
24.54 | (21.39) | 15,568 | 0.85 | 1.87 | 0.86 | 75 |
31.99 | 44.88 | 86,054 | 0.84 | 1.78(f) | 0.85 | 92 |
22.38 | (7.86) | 55,597 | 0.85 | 1.49 | 0.86 | 159 |
25.05 | 8.49 | 65,686 | 0.89 | 2.77 | 0.90 | 83 |
23.70 | (13.41) | 389,665 | 0.88 | 1.88 | 0.89 | 149 |
24.44 | (21.31) | 370,736 | 0.75 | 1.81 | 0.76 | 75 |
31.86 | 45.01 | 445,783 | 0.74 | 1.83(f) | 0.75 | 92 |
22.29 | (7.79) | 250,426 | 0.75 | 1.61 | 0.76 | 159 |
24.96 | 8.65 | 271,885 | 0.79 | 3.17 | 0.79 | 83 |
23.70 | (9.95) | 18 | 0.82 | 0.67 | 0.83 | 149 |
October 31, 2022 | J.P. Morgan International Equity Funds | 85 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan International Equity Fund | |||||||
Class A | |||||||
Year Ended October 31, 2022 | $21.63 | $0.31 | $(5.83) | $(5.52) | $(0.37) | $(0.99) | $(1.36) |
Year Ended October 31, 2021 | 16.47 | 0.30(d) | 5.04 | 5.34 | (0.18) | — | (0.18) |
Year Ended October 31, 2020 | 17.27 | 0.19 | (0.49) | (0.30) | (0.50) | — | (0.50) |
Year Ended October 31, 2019 | 15.56 | 0.33 | 1.89 | 2.22 | (0.33) | (0.18) | (0.51) |
Year Ended October 31, 2018 | 17.81 | 0.33 | (2.33) | (2.00) | (0.25) | — | (0.25) |
Class C | |||||||
Year Ended October 31, 2022 | 20.41 | 0.20 | (5.48) | (5.28) | (0.27) | (0.99) | (1.26) |
Year Ended October 31, 2021 | 15.53 | 0.18(d) | 4.77 | 4.95 | (0.07) | — | (0.07) |
Year Ended October 31, 2020 | 16.29 | 0.09 | (0.45) | (0.36) | (0.40) | — | (0.40) |
Year Ended October 31, 2019 | 14.68 | 0.23 | 1.80 | 2.03 | (0.24) | (0.18) | (0.42) |
Year Ended October 31, 2018 | 16.83 | 0.25 | (2.23) | (1.98) | (0.17) | — | (0.17) |
Class I | |||||||
Year Ended October 31, 2022 | 22.02 | 0.38 | (5.95) | (5.57) | (0.42) | (0.99) | (1.41) |
Year Ended October 31, 2021 | 16.76 | 0.36(d) | 5.13 | 5.49 | (0.23) | — | (0.23) |
Year Ended October 31, 2020 | 17.56 | 0.21 | (0.47) | (0.26) | (0.54) | — | (0.54) |
Year Ended October 31, 2019 | 15.82 | 0.36 | 1.93 | 2.29 | (0.37) | (0.18) | (0.55) |
Year Ended October 31, 2018 | 18.09 | 0.41 | (2.40) | (1.99) | (0.28) | — | (0.28) |
Class R2 | |||||||
Year Ended October 31, 2022 | 21.31 | 0.25 | (5.74) | (5.49) | (0.30) | (0.99) | (1.29) |
Year Ended October 31, 2021 | 16.31 | 0.23(d) | 4.99 | 5.22 | (0.22) | — | (0.22) |
Year Ended October 31, 2020 | 17.14 | 0.13 | (0.48) | (0.35) | (0.48) | — | (0.48) |
Year Ended October 31, 2019 | 15.44 | 0.28 | 1.88 | 2.16 | (0.28) | (0.18) | (0.46) |
Year Ended October 31, 2018 | 17.70 | 0.29 | (2.33) | (2.04) | (0.22) | — | (0.22) |
Class R5 | |||||||
Year Ended October 31, 2022 | 22.14 | 0.38 | (5.96) | (5.58) | (0.44) | (0.99) | (1.43) |
Year Ended October 31, 2021 | 16.85 | 0.39(d) | 5.15 | 5.54 | (0.25) | — | (0.25) |
Year Ended October 31, 2020 | 17.60 | 0.24 | (0.48) | (0.24) | (0.51) | — | (0.51) |
Year Ended October 31, 2019 | 15.85 | 0.38 | 1.94 | 2.32 | (0.39) | (0.18) | (0.57) |
Year Ended October 31, 2018 | 18.13 | 0.41 | (2.40) | (1.99) | (0.29) | — | (0.29) |
Class R6 | |||||||
Year Ended October 31, 2022 | 22.10 | 0.39 | (5.94) | (5.55) | (0.46) | (0.99) | (1.45) |
Year Ended October 31, 2021 | 16.81 | 0.42(d) | 5.13 | 5.55 | (0.26) | — | (0.26) |
Year Ended October 31, 2020 | 17.61 | 0.26 | (0.49) | (0.23) | (0.57) | — | (0.57) |
Year Ended October 31, 2019 | 15.86 | 0.40 | 1.93 | 2.33 | (0.40) | (0.18) | (0.58) |
Year Ended October 31, 2018 | 18.13 | 0.43 | (2.39) | (1.96) | (0.31) | — | (0.31) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(c) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(d) | Reflects income from foreign withholding tax claims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net investment income (loss) ratios for each share class would have remained the same. |
86 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets | ||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses(c) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate |
$14.75 | (27.15)% | $304,284 | 0.95% | 1.76% | 1.11% | 31% |
21.63 | 32.56 | 433,033 | 0.95 | 1.47(d) | 1.11 | 35 |
16.47 | (1.88) | 263,791 | 0.95 | 1.17 | 1.12 | 28 |
17.27 | 14.93 | 328,312 | 0.95 | 2.03 | 1.22 | 25 |
15.56 | (11.42) | 240,394 | 0.95 | 1.88 | 1.32 | 33 |
13.87 | (27.51) | 6,191 | 1.45 | 1.23 | 1.64 | 31 |
20.41 | 31.94 | 10,899 | 1.45 | 0.91(d) | 1.62 | 35 |
15.53 | (2.38) | 9,358 | 1.45 | 0.61 | 1.62 | 28 |
16.29 | 14.39 | 14,549 | 1.45 | 1.51 | 1.74 | 25 |
14.68 | (11.89) | 18,899 | 1.45 | 1.48 | 1.83 | 33 |
15.04 | (26.95) | 513,812 | 0.70 | 2.16 | 0.86 | 31 |
22.02 | 32.94 | 584,191 | 0.70 | 1.71(d) | 0.86 | 35 |
16.76 | (1.64) | 339,416 | 0.70 | 1.26 | 0.86 | 28 |
17.56 | 15.20 | 190,885 | 0.70 | 2.22 | 0.96 | 25 |
15.82 | (11.20) | 179,831 | 0.70 | 2.30 | 1.06 | 33 |
14.53 | (27.36) | 16,764 | 1.25 | 1.46 | 1.46 | 31 |
21.31 | 32.18 | 24,598 | 1.25 | 1.13(d) | 1.47 | 35 |
16.31 | (2.21) | 21,379 | 1.25 | 0.79 | 1.37 | 28 |
17.14 | 14.58 | 2,099 | 1.25 | 1.75 | 1.57 | 25 |
15.44 | (11.68) | 1,833 | 1.25 | 1.64 | 1.60 | 33 |
15.13 | (26.88) | 8,328 | 0.60 | 2.13 | 0.71 | 31 |
22.14 | 33.04 | 10,463 | 0.60 | 1.85(d) | 0.71 | 35 |
16.85 | (1.52) | 6,970 | 0.60 | 1.41 | 0.72 | 28 |
17.60 | 15.38 | 3,778 | 0.60 | 2.31 | 0.83 | 25 |
15.85 | (11.16) | 19,516 | 0.60 | 2.31 | 0.91 | 33 |
15.10 | (26.81) | 2,961,811 | 0.50 | 2.22 | 0.61 | 31 |
22.10 | 33.20 | 3,782,533 | 0.50 | 1.98(d) | 0.60 | 35 |
16.81 | (1.46) | 2,290,008 | 0.50 | 1.56 | 0.61 | 28 |
17.61 | 15.50 | 2,457,383 | 0.50 | 2.46 | 0.72 | 25 |
15.86 | (11.04) | 3,808,621 | 0.50 | 2.42 | 0.81 | 33 |
October 31, 2022 | J.P. Morgan International Equity Funds | 87 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan International Focus Fund | |||||
Class A | |||||
Year Ended October 31, 2022 | $27.55 | $0.41 | $(7.95) | $(7.54) | $(0.43) |
Year Ended October 31, 2021 | 22.07 | 0.35(d) | 5.32 | 5.67 | (0.19) |
Year Ended October 31, 2020 | 21.15 | 0.18 | 0.75 | 0.93 | (0.01) |
Year Ended October 31, 2019 | 18.24 | 0.26 | 3.02 | 3.28 | (0.37) |
Year Ended October 31, 2018 | 21.14 | 0.36 | (3.13) | (2.77) | (0.13) |
Class C | |||||
Year Ended October 31, 2022 | 27.06 | 0.29 | (7.83) | (7.54) | (0.29) |
Year Ended October 31, 2021 | 21.68 | 0.20(d) | 5.24 | 5.44 | (0.06) |
Year Ended October 31, 2020 | 20.86 | 0.07 | 0.75 | 0.82 | — |
Year Ended October 31, 2019 | 17.98 | 0.16 | 2.97 | 3.13 | (0.25) |
Year Ended October 31, 2018 | 20.90 | 0.26 | (3.09) | (2.83) | (0.09) |
Class I | |||||
Year Ended October 31, 2022 | 27.95 | 0.47 | (8.06) | (7.59) | (0.48) |
Year Ended October 31, 2021 | 22.39 | 0.42(d) | 5.39 | 5.81 | (0.25) |
Year Ended October 31, 2020 | 21.43 | 0.23 | 0.78 | 1.01 | (0.05) |
Year Ended October 31, 2019 | 18.49 | 0.31 | 3.04 | 3.35 | (0.41) |
Year Ended October 31, 2018 | 21.41 | 0.44 | (3.19) | (2.75) | (0.17) |
Class R2 | |||||
Year Ended October 31, 2022 | 27.25 | 0.34 | (7.89) | (7.55) | (0.30) |
Year Ended October 31, 2021 | 21.85 | 0.27(d) | 5.26 | 5.53 | (0.13) |
Year Ended October 31, 2020 | 20.99 | 0.13 | 0.73 | 0.86 | — |
Year Ended October 31, 2019 | 18.14 | 0.21 | 2.98 | 3.19 | (0.34) |
Year Ended October 31, 2018 | 21.11 | 0.35 | (3.17) | (2.82) | (0.15) |
Class R5 | |||||
Year Ended October 31, 2022 | 27.96 | 0.49 | (8.06) | (7.57) | (0.50) |
Year Ended October 31, 2021 | 22.38 | 0.44(d) | 5.40 | 5.84 | (0.26) |
Year Ended October 31, 2020 | 21.42 | 0.25 | 0.78 | 1.03 | (0.07) |
Year Ended October 31, 2019 | 18.49 | 0.34 | 3.03 | 3.37 | (0.44) |
Year Ended October 31, 2018 | 21.39 | 0.53 | (3.25) | (2.72) | (0.18) |
Class R6 | |||||
Year Ended October 31, 2022 | 27.98 | 0.39 | (7.94) | (7.55) | (0.53) |
Year Ended October 31, 2021 | 22.40 | 0.46(d) | 5.40 | 5.86 | (0.28) |
Year Ended October 31, 2020 | 21.44 | 0.28 | 0.77 | 1.05 | (0.09) |
Year Ended October 31, 2019 | 18.50 | 0.27 | 3.13 | 3.40 | (0.46) |
Year Ended October 31, 2018 | 21.40 | 0.44 | (3.16) | (2.72) | (0.18) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(c) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(d) | Reflects income from foreign withholding tax claims. Had the Fund not received these proceeds, the net investment income (loss) per share and the net investment income (loss) ratios for each share class would have remained the same. |
88 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets | ||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses(c) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate |
$19.58 | (27.75)% | $237,262 | 1.00% | 1.75% | 1.24% | 30% |
27.55 | 25.74 | 337,503 | 1.00 | 1.31(d) | 1.21 | 32 |
22.07 | 4.39 | 135,527 | 1.00 | 0.86 | 1.22 | 38 |
21.15 | 18.41 | 114,629 | 1.00 | 1.33 | 1.32 | 34 |
18.24 | (13.20) | 84,325 | 1.00 | 1.75 | 1.38 | 63 |
19.23 | (28.13) | 14,034 | 1.50 | 1.26 | 1.76 | 30 |
27.06 | 25.11 | 24,272 | 1.50 | 0.77(d) | 1.72 | 32 |
21.68 | 3.93 | 15,463 | 1.50 | 0.32 | 1.73 | 38 |
20.86 | 17.73 | 18,447 | 1.50 | 0.83 | 1.84 | 34 |
17.98 | (13.60) | 22,532 | 1.50 | 1.29 | 1.89 | 63 |
19.88 | (27.56) | 433,591 | 0.75 | 1.99 | 0.99 | 30 |
27.95 | 26.04 | 832,039 | 0.75 | 1.54(d) | 0.96 | 32 |
22.39 | 4.71 | 372,068 | 0.75 | 1.05 | 0.96 | 38 |
21.43 | 18.62 | 177,764 | 0.75 | 1.57 | 1.08 | 34 |
18.49 | (12.96) | 189,061 | 0.75 | 2.09 | 1.13 | 63 |
19.40 | (27.97) | 1,477 | 1.30 | 1.46 | 1.53 | 30 |
27.25 | 25.35 | 2,078 | 1.30 | 1.00(d) | 1.48 | 32 |
21.85 | 4.10 | 1,441 | 1.30 | 0.61 | 1.51 | 38 |
20.99 | 18.01 | 1,049 | 1.30 | 1.05 | 1.74 | 34 |
18.14 | (13.46) | 773 | 1.30 | 1.70 | 1.72 | 63 |
19.89 | (27.51) | 1,961 | 0.65 | 2.06 | 0.91 | 30 |
27.96 | 26.19 | 3,172 | 0.65 | 1.61(d) | 0.87 | 32 |
22.38 | 4.79 | 2,772 | 0.65 | 1.16 | 0.88 | 38 |
21.42 | 18.76 | 3,082 | 0.65 | 1.71 | 1.04 | 34 |
18.49 | (12.84) | 3,341 | 0.65 | 2.56 | 1.07 | 63 |
19.90 | (27.44) | 406,456 | 0.55 | 1.55 | 0.72 | 30 |
27.98 | 26.28 | 2,721,224 | 0.55 | 1.68(d) | 0.71 | 32 |
22.40 | 4.89 | 2,274,399 | 0.55 | 1.31 | 0.71 | 38 |
21.44 | 18.95 | 2,284,670 | 0.55 | 1.32 | 0.77 | 34 |
18.50 | (12.81) | 175,198 | 0.55 | 2.12 | 0.87 | 63 |
October 31, 2022 | J.P. Morgan International Equity Funds | 89 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan International Hedged Equity Fund | |||||
Class A | |||||
Year Ended October 31, 2022 | $16.73 | $0.32 | $(2.60) | $(2.28) | $(0.38) |
Year Ended October 31, 2021 | 14.12 | 0.30 | 2.58 | 2.88 | (0.27) |
Year Ended October 31, 2020 | 15.58 | 0.27 | (1.49) | (1.22) | (0.24) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.19 | 0.39 | 0.58 | — |
Class C | |||||
Year Ended October 31, 2022 | 16.68 | 0.20 | (2.56) | (2.36) | (0.32) |
Year Ended October 31, 2021 | 14.06 | 0.22 | 2.57 | 2.79 | (0.17) |
Year Ended October 31, 2020 | 15.53 | 0.20 | (1.50) | (1.30) | (0.17) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.16 | 0.37 | 0.53 | — |
Class I | |||||
Year Ended October 31, 2022 | 16.83 | 0.33 | (2.59) | (2.26) | (0.41) |
Year Ended October 31, 2021 | 14.18 | 0.32 | 2.61 | 2.93 | (0.28) |
Year Ended October 31, 2020 | 15.61 | 0.31 | (1.50) | (1.19) | (0.24) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.32 | 0.29 | 0.61 | — |
Class R5 | |||||
Year Ended October 31, 2022 | 16.86 | 0.35 | (2.59) | (2.24) | (0.43) |
Year Ended October 31, 2021 | 14.20 | 0.35 | 2.61 | 2.96 | (0.30) |
Year Ended October 31, 2020 | 15.62 | 0.31 | (1.48) | (1.17) | (0.25) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.34 | 0.28 | 0.62 | — |
Class R6 | |||||
Year Ended October 31, 2022 | 16.88 | 0.37 | (2.60) | (2.23) | (0.45) |
Year Ended October 31, 2021 | 14.22 | 0.39 | 2.59 | 2.98 | (0.32) |
Year Ended October 31, 2020 | 15.63 | 0.34 | (1.49) | (1.15) | (0.26) |
March 15, 2019 (f) through October 31, 2019 | 15.00 | 0.35 | 0.28 | 0.63 | — |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(f) | Commencement of operations. |
(g) | Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
90 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets(a) | ||||||
Net asset value, end of period | Total return (excludes sales charge)(c)(d) | Net assets, end of period (000's) | Net expenses(e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate(c) |
$14.07 | (13.89)% | $4,032 | 0.85% | 2.13% | 1.07% | 17% |
16.73 | 20.60 | 3,561 | 0.85 | 1.85 | 1.05 | 50 |
14.12 | (8.02) | 1,573 | 0.85 | 1.84 | 1.30 | 85 |
15.58 | 3.87 | 330 | 0.85(g) | 1.95(g) | 1.31(g) | 9 |
14.00 | (14.36) | 235 | 1.35 | 1.35 | 1.58 | 17 |
16.68 | 19.97 | 320 | 1.35 | 1.35 | 1.55 | 50 |
14.06 | (8.47) | 115 | 1.35 | 1.34 | 1.81 | 85 |
15.53 | 3.53 | 119 | 1.35(g) | 1.73(g) | 1.92(g) | 9 |
14.16 | (13.68) | 156,582 | 0.60 | 2.21 | 0.81 | 17 |
16.83 | 20.90 | 148,703 | 0.60 | 2.02 | 0.79 | 50 |
14.18 | (7.78) | 135,542 | 0.60 | 2.12 | 1.03 | 85 |
15.61 | 4.07 | 59,751 | 0.60(g) | 3.38(g) | 1.19(g) | 9 |
14.19 | (13.56) | 20 | 0.45 | 2.30 | 0.73 | 17 |
16.86 | 21.10 | 23 | 0.45 | 2.19 | 0.71 | 50 |
14.20 | (7.68) | 19 | 0.45 | 2.08 | 1.04 | 85 |
15.62 | 4.13 | 21 | 0.45(g) | 3.59(g) | 1.03(g) | 9 |
14.20 | (13.52) | 338 | 0.35 | 2.43 | 0.60 | 17 |
16.88 | 21.19 | 169 | 0.35 | 2.42 | 0.58 | 50 |
14.22 | (7.53) | 19 | 0.35 | 2.33 | 0.94 | 85 |
15.63 | 4.20 | 21 | 0.35(g) | 3.69(g) | 0.93(g) | 9 |
October 31, 2022 | J.P. Morgan International Equity Funds | 91 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan International Value Fund | |||||
Class A | |||||
Year Ended October 31, 2022 | $13.46 | $0.44 | $(2.72) | $(2.28) | $(0.61) |
Year Ended October 31, 2021 | 9.46 | 0.43(d) | 3.89 | 4.32 | (0.32) |
Year Ended October 31, 2020 | 12.22 | 0.28 | (2.55) | (2.27) | (0.49) |
Year Ended October 31, 2019 | 12.44 | 0.44 | (0.20) | 0.24 | (0.46) |
Year Ended October 31, 2018 | 14.26 | 0.36 | (1.87) | (1.51) | (0.31) |
Class C | |||||
Year Ended October 31, 2022 | 13.02 | 0.35 | (2.62) | (2.27) | (0.52) |
Year Ended October 31, 2021 | 9.14 | 0.33(d) | 3.79 | 4.12 | (0.24) |
Year Ended October 31, 2020 | 11.81 | 0.21 | (2.47) | (2.26) | (0.41) |
Year Ended October 31, 2019 | 12.02 | 0.36 | (0.18) | 0.18 | (0.39) |
Year Ended October 31, 2018 | 13.78 | 0.28 | (1.82) | (1.54) | (0.22) |
Class I | |||||
Year Ended October 31, 2022 | 13.84 | 0.49 | (2.81) | (2.32) | (0.64) |
Year Ended October 31, 2021 | 9.72 | 0.47(d) | 3.99 | 4.46 | (0.34) |
Year Ended October 31, 2020 | 12.54 | 0.31 | (2.61) | (2.30) | (0.52) |
Year Ended October 31, 2019 | 12.76 | 0.48 | (0.20) | 0.28 | (0.50) |
Year Ended October 31, 2018 | 14.62 | 0.41 | (1.92) | (1.51) | (0.35) |
Class L | |||||
Year Ended October 31, 2022 | 13.78 | 0.49 | (2.79) | (2.30) | (0.65) |
Year Ended October 31, 2021 | 9.66 | 0.47(d) | 3.99 | 4.46 | (0.34) |
Year Ended October 31, 2020 | 12.47 | 0.30 | (2.58) | (2.28) | (0.53) |
Year Ended October 31, 2019 | 12.70 | 0.46 | (0.17) | 0.29 | (0.52) |
Year Ended October 31, 2018 | 14.55 | 0.41 | (1.90) | (1.49) | (0.36) |
Class R2 | |||||
Year Ended October 31, 2022 | 13.22 | 0.40 | (2.68) | (2.28) | (0.57) |
Year Ended October 31, 2021 | 9.29 | 0.39(d) | 3.82 | 4.21 | (0.28) |
Year Ended October 31, 2020 | 11.96 | 0.24 | (2.51) | (2.27) | (0.40) |
Year Ended October 31, 2019 | 12.20 | 0.40 | (0.20) | 0.20 | (0.44) |
Year Ended October 31, 2018 | 14.01 | 0.31 | (1.84) | (1.53) | (0.28) |
Class R5 | |||||
Year Ended October 31, 2022 | 13.67 | 0.52 | (2.80) | (2.28) | (0.64) |
Year Ended October 31, 2021 | 9.60 | 0.41(d) | 4.02 | 4.43 | (0.36) |
Year Ended October 31, 2020 | 12.40 | 0.33 | (2.59) | (2.26) | (0.54) |
Year Ended October 31, 2019 | 12.65 | 0.49 | (0.21) | 0.28 | (0.53) |
Year Ended October 31, 2018 | 14.51 | 0.42 | (1.91) | (1.49) | (0.37) |
92 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets | ||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses(c) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate |
$10.57 | (17.56)% | $160,039 | 0.98% | 3.71% | 1.23% | 26% |
13.46 | 46.20 | 187,774 | 1.00 | 3.39(d) | 1.24 | 33 |
9.46 | (19.51) | 125,744 | 1.00 | 2.66 | 1.26 | 59 |
12.22 | 2.30 | 181,458 | 1.00 | 3.69 | 1.28 | 61 |
12.44 | (10.88) | 242,231 | 1.00 | 2.59 | 1.27 | 90 |
10.23 | (18.04) | 1,791 | 1.49 | 3.01 | 1.76 | 26 |
13.02 | 45.54 | 3,923 | 1.50 | 2.70(d) | 1.77 | 33 |
9.14 | (19.94) | 4,202 | 1.50 | 2.07 | 1.78 | 59 |
11.81 | 1.82 | 9,358 | 1.50 | 3.15 | 1.80 | 61 |
12.02 | (11.37) | 14,055 | 1.50 | 2.06 | 1.78 | 90 |
10.88 | (17.38) | 29,816 | 0.73 | 4.00 | 0.98 | 26 |
13.84 | 46.51 | 39,188 | 0.75 | 3.58(d) | 0.99 | 33 |
9.72 | (19.31) | 26,805 | 0.75 | 2.88 | 1.02 | 59 |
12.54 | 2.56 | 45,503 | 0.75 | 3.91 | 1.03 | 61 |
12.76 | (10.62) | 66,291 | 0.75 | 2.84 | 1.02 | 90 |
10.83 | (17.31) | 5,451 | 0.63 | 4.04 | 0.83 | 26 |
13.78 | 46.77 | 7,042 | 0.66 | 3.66(d) | 0.84 | 33 |
9.66 | (19.25) | 5,585 | 0.65 | 2.72 | 0.85 | 59 |
12.47 | 2.69 | 30,256 | 0.65 | 3.81 | 0.87 | 61 |
12.70 | (10.57) | 73,651 | 0.65 | 2.84 | 0.87 | 90 |
10.37 | (17.88) | 454 | 1.28 | 3.41 | 1.58 | 26 |
13.22 | 45.84 | 514 | 1.30 | 3.14(d) | 1.59 | 33 |
9.29 | (19.74) | 412 | 1.30 | 2.27 | 1.61 | 59 |
11.96 | 2.00 | 722 | 1.30 | 3.47 | 1.69 | 61 |
12.20 | (11.19) | 1,025 | 1.30 | 2.27 | 1.59 | 90 |
10.75 | (17.31) | 29 | 0.63 | 4.23 | 0.83 | 26 |
13.67 | 46.74 | 67 | 0.65 | 3.24(d) | 0.85 | 33 |
9.60 | (19.26) | 77 | 0.65 | 3.13 | 0.86 | 59 |
12.40 | 2.64 | 88 | 0.65 | 4.08 | 0.87 | 61 |
12.65 | (10.58) | 70 | 0.65 | 2.97 | 0.91 | 90 |
October 31, 2022 | J.P. Morgan International Equity Funds | 93 |
FOR THE PERIODS INDICATED (continued)
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan International Value Fund (continued) | |||||
Class R6 | |||||
Year Ended October 31, 2022 | $13.71 | $0.50 | $(2.77) | $(2.27) | $(0.67) |
Year Ended October 31, 2021 | 9.62 | 0.49(d) | 3.97 | 4.46 | (0.37) |
Year Ended October 31, 2020 | 12.43 | 0.34 | (2.60) | (2.26) | (0.55) |
Year Ended October 31, 2019 | 12.67 | 0.51 | (0.21) | 0.30 | (0.54) |
Year Ended October 31, 2018 | 14.53 | 0.43 | (1.91) | (1.48) | (0.38) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(c) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(d) | Reflects income from foreign withholding tax claims, including related interest income, less IRS compliance fees. Without these proceeds, the net investment income (loss) per share would have been $0.38, $0.28, $0.42, $0.41, $0.34, $0.35 and $0.44 for Class A, Class C, Class I, Class L, Class R2, Class R5, and Class R6,respectively, and the net investment income (loss) ratios would have been 3.00%, 2.26%, 3.19%, 3.23%, 2.72%, 2.80% and 3.44% for Class A, Class C, Class I, Class L, Class R2, Class R5, and Class R6, respectively. |
94 | J.P. Morgan International Equity Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets | ||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses(c) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate |
$10.77 | (17.23)% | $160,297 | 0.52% | 4.19% | 0.72% | 26% |
13.71 | 46.99 | 158,191 | 0.55 | 3.83(d) | 0.73 | 33 |
9.62 | (19.22) | 105,039 | 0.55 | 3.18 | 0.76 | 59 |
12.43 | 2.83 | 125,887 | 0.55 | 4.22 | 0.77 | 61 |
12.67 | (10.49) | 124,246 | 0.55 | 3.06 | 0.77 | 90 |
October 31, 2022 | J.P. Morgan International Equity Funds | 95 |
AS OF October 31, 2022
(Dollar values in thousands)
Classes Offered | Trust | Diversification Classification | |
JPMorgan Emerging Markets Equity Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | JPM I | Diversified |
JPMorgan Emerging Markets Research Enhanced Equity Fund | Class I and Class R6 | JPM IV | Diversified |
JPMorgan Europe Dynamic Fund | Class A, Class C, Class I, Class L and Class R6 | JPM I | Diversified |
JPMorgan International Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
JPMorgan International Focus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
JPMorgan International Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
JPMorgan International Value Fund | Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6 | JPM I | Diversified |
96 | J.P. Morgan International Equity Funds | October 31, 2022 |
October 31, 2022 | J.P. Morgan International Equity Funds | 97 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Emerging Markets Equity Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Brazil | $575,131 | $— | $— | $575,131 |
China | 148,115 | 1,395,034 | — | 1,543,149 |
Hong Kong | — | 411,163 | — | 411,163 |
India | 297,551 | 1,483,903 | — | 1,781,454 |
Indonesia | — | 365,041 | — | 365,041 |
Macau | — | 38,127 | — | 38,127 |
Mexico | 317,815 | — | — | 317,815 |
Panama | 64,991 | — | — | 64,991 |
Poland | — | 23,925 | — | 23,925 |
Portugal | — | 96,946 | — | 96,946 |
South Africa | 54,571 | 127,215 | — | 181,786 |
South Korea | — | 612,541 | — | 612,541 |
Taiwan | 491,198 | 274,785 | — | 765,983 |
United States | 233,181 | 32,584 | — | 265,765 |
Total Common Stocks | 2,182,553 | 4,861,264 | — | 7,043,817 |
Short-Term Investments | ||||
Investment Companies | 113,774 | — | — | 113,774 |
Investment of Cash Collateral from Securities Loaned | 4,793 | — | — | 4,793 |
Total Short-Term Investments | 118,567 | — | — | 118,567 |
Total Investments in Securities | $2,301,120 | $4,861,264 | $— | $7,162,384 |
Emerging Markets Research Enhanced Equity Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Brazil | $189,552 | $— | $— | $189,552 |
Chile | 7,834 | — | — | 7,834 |
China | 35,603 | 646,103 | — | 681,706 |
Colombia | 3,473 | — | — | 3,473 |
Greece | — | 12,522 | — | 12,522 |
Hong Kong | — | 5,521 | — | 5,521 |
Hungary | — | 9,771 | — | 9,771 |
India | 43,998 | 349,644 | — | 393,642 |
Indonesia | — | 57,083 | — | 57,083 |
Malaysia | — | 31,917 | — | 31,917 |
Mexico | 92,461 | — | — | 92,461 |
Peru | 12,487 | — | — | 12,487 |
Philippines | — | 4,685 | — | 4,685 |
Poland | — | 13,105 | — | 13,105 |
Qatar | — | 24,495 | — | 24,495 |
Russia | — | — | 1,123 | 1,123 |
Saudi Arabia | — | 102,461 | — | 102,461 |
98 | J.P. Morgan International Equity Funds | October 31, 2022 |
Emerging Markets Research Enhanced Equity Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Singapore | $— | $2,477 | $— | $2,477 |
South Africa | 32,282 | 69,123 | — | 101,405 |
South Korea | — | 320,340 | — | 320,340 |
Taiwan | 18,300 | 295,108 | — | 313,408 |
Thailand | 49,757 | 15,903 | — | 65,660 |
United Arab Emirates | — | 24,234 | — | 24,234 |
United States | 5,589 | 2,107 | — | 7,696 |
Total Common Stocks | 491,336 | 1,986,599 | 1,123 | 2,479,058 |
Rights | ||||
Thailand | — | — | — | — |
Short-Term Investments | ||||
Investment Companies | 47,040 | — | — | 47,040 |
Investment of Cash Collateral from Securities Loaned | 6,925 | — | — | 6,925 |
Total Short-Term Investments | 53,965 | — | — | 53,965 |
Total Investments in Securities | $545,301 | $1,986,599 | $1,123 | $2,533,023 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | $(434) | $— | $— | $(434) |
Europe Dynamic Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $— | $12,215 | $— | $12,215 |
Austria | — | 3,143 | — | 3,143 |
Denmark | — | 40,976 | — | 40,976 |
Finland | — | 16,722 | — | 16,722 |
France | — | 99,750 | — | 99,750 |
Germany | 4,322 | 90,881 | — | 95,203 |
Ireland | 6,384 | 10,128 | — | 16,512 |
Italy | — | 9,132 | — | 9,132 |
Netherlands | — | 28,444 | — | 28,444 |
Norway | — | 4,163 | — | 4,163 |
Spain | — | 5,355 | — | 5,355 |
Sweden | — | 13,269 | — | 13,269 |
Switzerland | — | 29,265 | — | 29,265 |
United Kingdom | — | 91,176 | — | 91,176 |
United States | — | 57,896 | — | 57,896 |
Total Common Stocks | 10,706 | 512,515 | — | 523,221 |
Short-Term Investments | ||||
Investment Companies | 6,343 | — | — | 6,343 |
Total Investments in Securities | $17,049 | $512,515 | $— | $529,564 |
October 31, 2022 | J.P. Morgan International Equity Funds | 99 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Europe Dynamic Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $14 | $— | $— | $14 |
International Equity Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $— | $103,457 | $— | $103,457 |
Austria | — | 22,486 | — | 22,486 |
Belgium | — | 43,695 | — | 43,695 |
Denmark | — | 213,343 | — | 213,343 |
Finland | — | 24,782 | — | 24,782 |
France | — | 660,818 | — | 660,818 |
Germany | — | 335,714 | — | 335,714 |
Hong Kong | — | 139,633 | — | 139,633 |
India | 46,123 | — | — | 46,123 |
Japan | — | 648,087 | — | 648,087 |
Netherlands | — | 217,223 | — | 217,223 |
Singapore | — | 92,557 | — | 92,557 |
South Africa | — | 38,357 | — | 38,357 |
South Korea | — | 61,474 | — | 61,474 |
Spain | — | 65,120 | — | 65,120 |
Sweden | — | 148,357 | — | 148,357 |
Switzerland | — | 84,315 | — | 84,315 |
Taiwan | 26,302 | — | — | 26,302 |
United Kingdom | — | 368,811 | — | 368,811 |
United States | — | 403,640 | — | 403,640 |
Total Common Stocks | 72,425 | 3,671,869 | — | 3,744,294 |
Short-Term Investments | ||||
Investment Companies | 57,920 | — | — | 57,920 |
Investment of Cash Collateral from Securities Loaned | 103,571 | — | — | 103,571 |
Total Short-Term Investments | 161,491 | — | — | 161,491 |
Total Investments in Securities | $233,916 | $3,671,869 | $— | $3,905,785 |
International Focus Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $— | $39,820 | $— | $39,820 |
Belgium | — | 18,763 | — | 18,763 |
Canada | 88,266 | — | — | 88,266 |
China | — | 17,742 | — | 17,742 |
Denmark | — | 47,805 | — | 47,805 |
France | — | 127,408 | — | 127,408 |
100 | J.P. Morgan International Equity Funds | October 31, 2022 |
International Focus Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Germany | $— | $61,402 | $— | $61,402 |
Hong Kong | — | 32,467 | — | 32,467 |
India | 33,108 | — | — | 33,108 |
Indonesia | — | 21,532 | — | 21,532 |
Japan | — | 76,901 | — | 76,901 |
Mexico | 14,589 | — | — | 14,589 |
Netherlands | — | 75,965 | — | 75,965 |
Singapore | — | 32,679 | — | 32,679 |
South Africa | — | 14,528 | — | 14,528 |
South Korea | — | 46,656 | — | 46,656 |
Spain | — | 24,229 | — | 24,229 |
Sweden | — | 16,452 | — | 16,452 |
Switzerland | — | 15,617 | — | 15,617 |
Taiwan | 29,570 | — | — | 29,570 |
United Kingdom | — | 109,231 | — | 109,231 |
United States | — | 118,194 | — | 118,194 |
Total Common Stocks | 165,533 | 897,391 | — | 1,062,924 |
Short-Term Investments | ||||
Investment Companies | 19,897 | — | — | 19,897 |
Investment of Cash Collateral from Securities Loaned | 56,415 | — | — | 56,415 |
Total Short-Term Investments | 76,312 | — | — | 76,312 |
Total Investments in Securities | $241,845 | $897,391 | $— | $1,139,236 |
International Hedged Equity Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $— | $9,628 | $— | $9,628 |
Belgium | — | 732 | — | 732 |
China | — | 1,015 | — | 1,015 |
Denmark | — | 5,265 | — | 5,265 |
Finland | — | 1,462 | — | 1,462 |
France | — | 17,772 | — | 17,772 |
Germany | — | 13,443 | — | 13,443 |
Hong Kong | — | 3,504 | — | 3,504 |
Ireland | — | 532 | — | 532 |
Italy | — | 1,138 | — | 1,138 |
Japan | — | 34,990 | — | 34,990 |
Luxembourg | — | 184 | — | 184 |
Netherlands | — | 10,467 | — | 10,467 |
Singapore | 79 | 1,649 | — | 1,728 |
South Korea | — | 128 | — | 128 |
Spain | — | 3,930 | — | 3,930 |
Sweden | — | 3,087 | — | 3,087 |
Switzerland | — | 8,539 | — | 8,539 |
United Kingdom | — | 21,092 | — | 21,092 |
October 31, 2022 | J.P. Morgan International Equity Funds | 101 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
International Hedged Equity Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
United States | $— | $12,991 | $— | $12,991 |
Total Common Stocks | 79 | 151,548 | — | 151,627 |
Options Purchased | 1,806 | — | — | 1,806 |
Short-Term Investments | ||||
Investment Companies | 6,096 | — | — | 6,096 |
Total Investments in Securities | $7,981 | $151,548 | $— | $159,529 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $207 | $— | $— | $207 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | (77) | — | — | (77) |
Options Written | ||||
Call Options Written | (4,998) | — | — | (4,998) |
Put Options Written | (342) | — | — | (342) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $(5,210) | $— | $— | $(5,210) |
International Value Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Common Stocks | ||||
Australia | $— | $29,869 | $— | $29,869 |
Austria | — | 3,776 | — | 3,776 |
Belgium | — | 776 | — | 776 |
China | — | 2,495 | — | 2,495 |
Denmark | — | 5,869 | — | 5,869 |
Egypt | 1,213 | — | — | 1,213 |
Finland | — | 5,398 | — | 5,398 |
France | — | 36,500 | — | 36,500 |
Germany | — | 31,096 | — | 31,096 |
Hong Kong | — | 2,631 | — | 2,631 |
Ireland | — | 859 | — | 859 |
Italy | — | 11,555 | — | 11,555 |
Japan | — | 76,312 | — | 76,312 |
Luxembourg | — | 1,724 | — | 1,724 |
Netherlands | — | 21,470 | — | 21,470 |
Norway | 583 | 10,197 | — | 10,780 |
Singapore | — | 4,944 | — | 4,944 |
South Africa | — | 2,281 | — | 2,281 |
Spain | — | 8,585 | — | 8,585 |
Sweden | — | 7,864 | — | 7,864 |
Switzerland | — | 20,666 | — | 20,666 |
United Kingdom | 1,918 | 43,559 | — | 45,477 |
United States | — | 8,917 | — | 8,917 |
Total Common Stocks | 3,714 | 337,343 | — | 341,057 |
102 | J.P. Morgan International Equity Funds | October 31, 2022 |
International Value Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Short-Term Investments | ||||
Investment Companies | $15,394 | $— | $— | $15,394 |
Investment of Cash Collateral from Securities Loaned | 3,995 | — | — | 3,995 |
Total Short-Term Investments | 19,389 | — | — | 19,389 |
Total Investments in Securities | $23,103 | $337,343 | $— | $360,446 |
Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower* | Net Amount Due to Counterparty (not less than zero) | |
Emerging Markets Equity Fund | $4,595 | $(4,595) | $— |
Emerging Markets Research Enhanced Equity Fund | 6,699 | (6,699) | — |
International Equity Fund | 97,049 | (97,049) | — |
International Focus Fund | 26,619 | (26,619) | — |
October 31, 2022 | J.P. Morgan International Equity Funds | 103 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower* | Net Amount Due to Counterparty (not less than zero) | |
International Value Fund | $3,806 | $(3,806) | $— |
* | Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Emerging Markets Equity Fund | $9 |
Emerging Markets Research Enhanced Equity Fund | 3 |
Europe Dynamic Fund | 5 |
International Equity Fund | 18 |
International Focus Fund | 6 |
International Value Fund | 2 |
Emerging Markets Equity Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | $24,800 | $2,286,615 | $2,197,668 | $27 | $—(c) | $113,774 | 113,762 | $462 | $—(c) |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (a) (b) | 222,040 | 193,500 | 411,499 | (21)* | 2 | 4,022 | 4,022 | 147* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (a) (b) | 25,886 | 424,397 | 449,512 | — | — | 771 | 771 | 56* | — |
Total | $272,726 | $2,904,512 | $3,058,679 | $6 | $2 | $118,567 | $665 | $—(c) |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
104 | J.P. Morgan International Equity Funds | October 31, 2022 |
Emerging Markets Research Enhanced Equity Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | $3,718 | $1,275,230 | $1,231,912 | $6 | $(2) | $47,040 | 47,035 | $320 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (a) (b) | 22,493 | 54,000 | 73,000 | (6)* | —(c) | 3,487 | 3,487 | 23* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (a) (b) | 2,859 | 148,705 | 148,126 | — | — | 3,438 | 3,438 | 33* | — |
Total | $29,070 | $1,477,935 | $1,453,038 | $— | $(2) | $53,965 | $376 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Europe Dynamic Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | $46,060 | $377,334 | $417,053 | $2 | $— | $6,343 | 6,342 | $129 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (a) (b) | — | 118,000 | 118,021 | 21* | — | — | — | 192* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (a) (b) | 7,173 | 218,772 | 225,945 | — | — | — | — | 51* | — |
Total | $53,233 | $714,106 | $761,019 | $23 | $— | $6,343 | $372 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
International Equity Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | $123,785 | $1,489,471 | $1,555,283 | $(54) | $1 | $57,920 | 57,914 | $883 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (a) (b) | 111,000 | 1,001,000 | 1,018,975 | 45* | 4 | 93,074 | 93,075 | 788* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (a) (b) | 13,466 | 1,265,827 | 1,268,796 | — | — | 10,497 | 10,497 | 255* | — |
Total | $248,251 | $3,756,298 | $3,843,054 | $(9) | $5 | $161,491 | $1,926 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
October 31, 2022 | J.P. Morgan International Equity Funds | 105 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
(b) | The rate shown is the current yield as of October 31, 2022. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
International Focus Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | $47,837 | $750,870 | $778,806 | $(3) | $(1) | $19,897 | 19,894 | $227 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (a) (b) | 33,000 | 335,000 | 327,985 | (7)* | 3 | 40,011 | 40,011 | 215* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (a) (b) | 3,469 | 322,935 | 310,000 | — | — | 16,404 | 16,404 | 90* | — |
Total | $84,306 | $1,408,805 | $1,416,791 | $(10) | $2 | $76,312 | $532 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
International Hedged Equity Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 2.79% (a) (b) | $3,536 | $80,682 | $78,122 | $— | $— | $6,096 | 6,096 | $35 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
International Value Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | $2,400 | $75,384 | $62,388 | $(2) | $—(c) | $15,394 | 15,392 | $155 | $— |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (a) (b) | 3,199 | 56,500 | 59,000 | 6* | — | 705 | 705 | 71* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (a) (b) | 945 | 100,448 | 98,103 | — | — | 3,290 | 3,290 | 26* | — |
Total | $6,544 | $232,332 | $219,491 | $4 | $—(c) | $19,389 | $252 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
(c) | Amount rounds to less than one thousand. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
106 | J.P. Morgan International Equity Funds | October 31, 2022 |
October 31, 2022 | J.P. Morgan International Equity Funds | 107 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Emerging Markets Research Enhanced Equity Fund | Europe Dynamic Fund | International Focus Fund | International Hedged Equity Fund | International Value Fund | |
Futures Contracts: | |||||
Average Notional Balance Long | $45,395 | $15,748 | $7,890 | $6,396 | $2,091 |
Ending Notional Balance Long | 12,555 | 3,180 | — | 7,531 | — |
Exchange-Traded Options: | |||||
Average Number of Contracts Purchased | — | — | — | 813 | — |
Average Number of Contracts Written | — | — | — | (1,626) | — |
Ending Number of Contracts Purchased | — | — | — | 912 | — |
Ending Number of Contracts Written | — | — | — | (1,824) | — |
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |
Emerging Markets Equity Fund | ||||||||||
Transfer agency fees | $33 | $4 | $75 | $21 | $1 | $1 | $1 | $1 | $114 | $251 |
Emerging Markets Research Enhanced Equity Fund | ||||||||||
Transfer agency fees | n/a | n/a | 17 | n/a | n/a | n/a | n/a | n/a | 20 | 37 |
Europe Dynamic Fund | ||||||||||
Transfer agency fees | 13 | 2 | 22 | 1 | n/a | n/a | n/a | n/a | 3 | 41 |
International Equity Fund | ||||||||||
Transfer agency fees | 23 | 3 | 27 | n/a | 21 | n/a | n/a | —(a) | 39 | 113 |
108 | J.P. Morgan International Equity Funds | October 31, 2022 |
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |
International Focus Fund | ||||||||||
Transfer agency fees | $9 | $3 | $32 | n/a | $1 | n/a | n/a | $2 | $17 | $64 |
International Hedged Equity Fund | ||||||||||
Transfer agency fees | —(a) | —(a) | 1 | n/a | n/a | n/a | n/a | —(a) | —(a) | 1 |
International Value Fund | ||||||||||
Transfer agency fees | 13 | 1 | 2 | $—(a) | 1 | n/a | n/a | —(a) | 2 | 19 |
(a) | Amount rounds to less than one thousand. |
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | |
Emerging Markets Equity Fund | $— | $1,394 | $(1,394) |
Emerging Markets Research Enhanced Equity Fund | 6,032 | 1,705 | (7,737) |
Europe Dynamic Fund | — | 3,759 | (3,759) |
International Equity Fund | — | 12,347 | (12,347) |
International Focus Fund | 267,587 | 14,908 | (282,495) |
International Hedged Equity Fund | — | 14 | (14) |
International Value Fund | — | 2,337 | (2,337) |
Emerging Markets Equity Fund | 0.68% |
Emerging Markets Research Enhanced Equity Fund | 0.25 |
October 31, 2022 | J.P. Morgan International Equity Funds | 109 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Europe Dynamic Fund | 0.60% |
International Equity Fund | 0.50 |
International Focus Fund | 0.60 |
International Hedged Equity Fund | 0.25 |
International Value Fund | 0.55 |
Class A | Class C | Class R2 | Class R3 | |
Emerging Markets Equity Fund | 0.25% | 0.75% | 0.50% | 0.25% |
Europe Dynamic Fund | 0.25 | 0.75 | n/a | n/a |
International Equity Fund | 0.25 | 0.75 | 0.50 | n/a |
International Focus Fund | 0.25 | 0.75 | 0.50 | n/a |
International Hedged Equity Fund | 0.25 | 0.75 | n/a | n/a |
International Value Fund | 0.25 | 0.75 | 0.50 | n/a |
Front-End Sales Charge | CDSC | |
Emerging Markets Equity Fund | $10 | $—(a) |
Europe Dynamic Fund | 1 | — |
International Equity Fund | 36 | 1 |
International Focus Fund | 62 | 1 |
International Hedged Equity Fund | 2 | — |
International Value Fund | 31 | — |
(a) | Amount rounds to less than one thousand. |
110 | J.P. Morgan International Equity Funds | October 31, 2022 |
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | |
Emerging Markets Equity Fund | 0.25% | 0.25% | 0.25% | 0.10% | 0.25% | 0.25% | 0.25% | 0.10% |
Emerging Markets Research Enhanced Equity Fund | n/a | n/a | 0.25 | n/a | n/a | n/a | n/a | n/a |
Europe Dynamic Fund | 0.25 | 0.25 | 0.25 | 0.10 | n/a | n/a | n/a | n/a |
International Equity Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 |
International Focus Fund | 0.25 | 0.25 | 0.25 | n/a | 0.25 | n/a | n/a | 0.10 |
International Hedged Equity Fund | 0.25 | 0.25 | 0.25 | n/a | n/a | n/a | n/a | 0.10 |
International Value Fund | 0.25 | 0.25 | 0.25 | 0.10 | 0.25 | n/a | n/a | 0.10 |
Class A | Class C | Class I | Class L | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | |
Emerging Markets Equity Fund | 1.24% | 1.74% | 0.99% | n/a | 1.54% | 1.29% | 1.04% | 0.89% | 0.79% |
Emerging Markets Research Enhanced Equity Fund | n/a | n/a | 0.45 | n/a | n/a | n/a | n/a | n/a | 0.35 |
Europe Dynamic Fund | 1.24 | 1.74 | 0.99 | n/a | n/a | n/a | n/a | n/a | n/a |
International Equity Fund | 0.95 | 1.45 | 0.70 | n/a | 1.25 | n/a | n/a | 0.60 | 0.50 |
International Focus Fund | 1.00 | 1.50 | 0.75 | n/a | 1.30 | n/a | n/a | 0.65 | 0.55 |
International Hedged Equity Fund | 0.85 | 1.35 | 0.60 | n/a | n/a | n/a | n/a | 0.45 | 0.35 |
International Value Fund | 1.00 | 1.50 | 0.75 | n/a | 1.30 | n/a | n/a | 0.65 | 0.55 |
October 31, 2022 | J.P. Morgan International Equity Funds | 111 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Contractual Waivers | |||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | |
Emerging Markets Equity Fund | $1,220 | $817 | $1,974 | $4,011 | $114 |
Emerging Markets Research Enhanced Equity Fund | 1,039 | 692 | 264 | 1,995 | — |
Europe Dynamic Fund | — | — | 47 | 47 | — |
International Equity Fund | 2,724 | 1,813 | 554 | 5,091 | — |
International Focus Fund | 2,402 | 1,505 | 505 | 4,412 | —(a) |
International Hedged Equity Fund | 227 | 122 | —(a) | 349 | —(a) |
International Value Fund | 459 | 267 | 124 | 850 | 2 |
(a) | Amount rounds to less than one thousand. |
Emerging Markets Equity Fund | $137 |
Emerging Markets Research Enhanced Equity Fund | 73 |
Europe Dynamic Fund | 34 |
International Equity Fund | 163 |
International Focus Fund | 62 |
International Hedged Equity Fund | 7 |
International Value Fund | 17 |
Emerging Markets Equity Fund | $2 |
Emerging Markets Research Enhanced Equity Fund | 2 |
Europe Dynamic Fund | 1 |
International Equity Fund | 2 |
International Focus Fund | 2 |
International Hedged Equity Fund | 1 |
International Value Fund | 1 |
112 | J.P. Morgan International Equity Funds | October 31, 2022 |
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |
Emerging Markets Equity Fund | $1,820,297 | $3,447,431 |
Emerging Markets Research Enhanced Equity Fund | 1,122,070 | 1,061,069 |
Europe Dynamic Fund | 554,449 | 822,653 |
International Equity Fund | 1,857,747 | 1,329,780 |
International Focus Fund | 671,371 | 1,569,645 |
International Hedged Equity Fund | 75,285 | 26,134 |
International Value Fund | 129,748 | 94,535 |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Emerging Markets Equity Fund | $7,551,845 | $1,332,227 | $1,721,688 | $(389,461) |
Emerging Markets Research Enhanced Equity Fund | 3,131,143 | 169,635 | 768,189 | (598,554) |
Europe Dynamic Fund | 541,865 | 32,206 | 44,493 | (12,287) |
International Equity Fund | 3,896,606 | 421,048 | 411,869 | 9,179 |
International Focus Fund | 1,141,965 | 117,960 | 120,689 | (2,729) |
International Hedged Equity Fund | 168,470 | 9,710 | 23,861 | (14,151) |
International Value Fund | 385,707 | 19,338 | 44,599 | (25,261) |
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | |
Emerging Markets Equity Fund | $72,043 | $414,863 | $486,906 |
Emerging Markets Research Enhanced Equity Fund | 104,428 | 95,039 | 199,467 |
Europe Dynamic Fund | 25,084 | — | 25,084 |
International Equity Fund | 104,877 | 220,976 | 325,853 |
International Focus Fund | 71,155 | — | 71,155 |
International Hedged Equity Fund | 4,137 | — | 4,137 |
International Value Fund | 18,616 | — | 18,616 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
October 31, 2022 | J.P. Morgan International Equity Funds | 113 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Ordinary Income* | Total Distributions Paid | |
Emerging Markets Equity Fund | $19,143 | $19,143 |
Emerging Markets Research Enhanced Equity Fund | 50,837 | 50,837 |
Europe Dynamic Fund | 7,016 | 7,016 |
International Equity Fund | 41,991 | 41,991 |
International Focus Fund | 34,026 | 34,026 |
International Hedged Equity Fund | 2,207 | 2,207 |
International Value Fund | 9,259 | 9,259 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | |
Emerging Markets Equity Fund | $34,114 | $(328,713) | $(410,724) |
Emerging Markets Research Enhanced Equity Fund | 53,880 | (194,816) | (605,024) |
Europe Dynamic Fund | 5,961 | (153,878) | (12,671) |
International Equity Fund | 104,346 | (212,015) | 8,313 |
International Focus Fund | 42,783 | (190,446) | (3,132) |
International Hedged Equity Fund | 3,097 | (4,530) | (14,177) |
International Value Fund | 13,099 | (91,310) | (25,432) |
Capital Loss Carryforward Character | ||
Short-Term | Long-Term | |
Emerging Markets Equity Fund | $328,713 | $— |
Emerging Markets Research Enhanced Equity Fund | 128,445 | 66,371 |
Europe Dynamic Fund | 153,878 | — |
International Equity Fund | 72,180 | 139,835 |
International Focus Fund | 190,446 | — |
International Hedged Equity Fund | 435* | 4,095* |
International Value Fund | 54,421 | 36,889 |
* | Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384. |
Capital Loss Utilized | ||
Short-Term | Long-Term | |
International Hedged Equity Fund | $4,146 | $9,123 |
114 | J.P. Morgan International Equity Funds | October 31, 2022 |
Average Borrowings | Average Interest Rate paid | Number of Days Outstanding | Interest Paid | |
Emerging Markets Equity Fund | $27,442 | 1.99% | 47 | $54 |
Emerging Markets Research Enhanced Equity Fund | 13,848 | 1.62 | 6 | 7 |
Europe Dynamic Fund | 39,339 | 1.31 | 9 | 8 |
International Equity Fund | 52,801 | 1.55 | 4 | 6 |
International Focus Fund | 16,226 | 2.40 | 11 | 8 |
International Value Fund | 1,651 | 0.82 | 2 | —(a) |
(a) | Amount rounds to less than one thousand. |
October 31, 2022 | J.P. Morgan International Equity Funds | 115 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Number of Individual Shareholder and/or Affiliated Omnibus Accounts | % of the Fund | Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts | % of the Fund | |
Emerging Markets Equity Fund | — | —% | 3 | 43.7% |
Emerging Markets Research Enhanced Equity Fund | — | — | 1 | 11.9 |
Europe Dynamic Fund | 3 | 46.3 | 1 | 10.2 |
International Focus Fund | — | — | 1 | 27.8 |
International Hedged Equity Fund | 1 | 11.4 | 4 | 62.5 |
International Value Fund | — | — | 1 | 82.6 |
J.P. Morgan Investor Funds | JPMorgan SmartRetirement Funds | JPMorgan SmartRetirement Blend Funds | |
Emerging Markets Research Enhanced Equity Fund | —% | 29.3% | 39.1% |
Europe Dynamic Fund | 51.6 | — | — |
International Equity Fund | — | 49.5 | — |
International Focus Fund | 13.8 | — | — |
Emerging Markets Equity Fund | Emerging Markets Research Enhanced Equity Fund | Europe Dynamic Fund | International Equity Fund | International Focus Fund | International Hedged Equity Fund | International Value Fund | |
China | 21.6% | 27.0% | —% | —% | —% | —% | —% |
France | — | — | 18.8 | 17.4 | 11.8 | 11.1 | 10.2 |
Germany | — | — | 18.0 | — | — | — | — |
India | 24.9 | 15.6 | — | — | — | — | — |
Japan | — | — | — | 17.0 | — | 21.9 | 21.4 |
South Korea | — | 12.7 | — | — | — | — | — |
Taiwan | 10.7 | 12.4 | — | — | — | — | — |
United Kingdom | — | — | 17.2 | — | 10.1 | 13.2 | 12.8 |
116 | J.P. Morgan International Equity Funds | October 31, 2022 |
Fund | Value | Gain/(Loss) | Type |
International Focus Fund | $1,236,430(a) | $280,048 | Redemption in-kind |
(a) | This amount includes cash of $99,867 associated with the redemption in-kind. |
October 31, 2022 | J.P. Morgan International Equity Funds | 117 |
118 | J.P. Morgan International Equity Funds | October 31, 2022 |
(Unaudited)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Independent Trustees | |||
John F. Finn (1947); Chair since 2020; Trustee since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 166 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present). |
Stephen P. Fisher (1959); Trustee since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 166 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
Gary L. French (1951); Trustee since 2014. | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | 166 | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
Kathleen M. Gallagher (1958); Trustee since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 166 | Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Robert J. Grassi (1957); Trustee since 2014. | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | 166 | None |
October 31, 2022 | J.P. Morgan International Equity Funds | 119 |
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Frankie D. Hughes (1952); Trustee since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 166 | None |
Raymond Kanner (1953); Trustee since 2017. | Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). | 166 | Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
Thomas P. Lemke (1954); Trustee since 2014. | Retired since 2013. | 166 | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee since 2014 | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | 166 | Director, ICI Mutual Insurance Company (1999-2013). |
Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 166 | None |
Marilyn McCoy (1948); Trustee since 2005. | Vice President of Administration and Planning, Northwestern University (1985-present). | 166 | None |
120 | J.P. Morgan International Equity Funds | October 31, 2022 |
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 166 | Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021);Trustee, Dartmouth- Hitchcock MedicalCenter (2011-2020). |
Marian U. Pardo* (1946); Trustee since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 166 | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
Emily A. Youssouf (1951); Trustee since 2022. | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | 166 | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | |||
Robert F. Deutsch** (1957); Trustee since 2014. | Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013). | 166 | Treasurer and Director of the JUST Capital Foundation (2017-present). |
Nina O. Shenker** (1957); Trustee since 2022. | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | 166 | Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
(1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. | ||
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (166 J.P. Morgan Funds). | ||
* | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. | ||
** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. |
October 31, 2022 | J.P. Morgan International Equity Funds | 121 |
(Unaudited) (continued)
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |
122 | J.P. Morgan International Equity Funds | October 31, 2022 |
(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary 2010-2019)** | Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with JPMorgan Chase & Co. since 2010. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 through June 2021. |
Matthew Beck (1988), Assistant Secretary (2021)*** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962) Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971), Assistant Secretary (2018)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
Carmine Lekstutis (1980), Assistant Secretary (2011)** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with JPMorgan Chase & Co. since 2011. |
Max Vogel (1990), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2016. |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
Shannon Gaines (1977), Assistant Treasurer (2018)*** | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
Michael Mannarino (1985), Assistant Treasurer (2020) | Vice President, J.P. Morgan Investment Management Inc. since 2014. |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Executive Director, J.P. Morgan Investment Management, Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006. |
Gillian I. Sands (1969), Assistant Treasurer (2012) | Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. |
October 31, 2022 | J.P. Morgan International Equity Funds | 123 |
(Unaudited) (continued)
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
124 | J.P. Morgan International Equity Funds | October 31, 2022 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Emerging Markets Equity Fund | ||||
Class A | ||||
Actual | $1,000.00 | $826.70 | $5.80 | 1.26% |
Hypothetical | 1,000.00 | 1,018.85 | 6.41 | 1.26 |
Class C | ||||
Actual | 1,000.00 | 824.70 | 8.09 | 1.76 |
Hypothetical | 1,000.00 | 1,016.33 | 8.94 | 1.76 |
Class I | ||||
Actual | 1,000.00 | 827.60 | 4.65 | 1.01 |
Hypothetical | 1,000.00 | 1,020.11 | 5.14 | 1.01 |
Class L | ||||
Actual | 1,000.00 | 828.30 | 4.19 | 0.91 |
Hypothetical | 1,000.00 | 1,020.62 | 4.63 | 0.91 |
Class R2 | ||||
Actual | 1,000.00 | 825.70 | 7.18 | 1.56 |
Hypothetical | 1,000.00 | 1,017.34 | 7.93 | 1.56 |
Class R3 | ||||
Actual | 1,000.00 | 826.50 | 5.98 | 1.30 |
Hypothetical | 1,000.00 | 1,018.65 | 6.61 | 1.30 |
Class R4 | ||||
Actual | 1,000.00 | 827.60 | 4.84 | 1.05 |
Hypothetical | 1,000.00 | 1,019.91 | 5.35 | 1.05 |
Class R5 | ||||
Actual | 1,000.00 | 828.00 | 4.19 | 0.91 |
Hypothetical | 1,000.00 | 1,020.62 | 4.63 | 0.91 |
October 31, 2022 | J.P. Morgan International Equity Funds | 125 |
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Emerging Markets Equity Fund (continued) | ||||
Class R6 | ||||
Actual | $1,000.00 | $828.80 | $3.69 | 0.80% |
Hypothetical | 1,000.00 | 1,021.17 | 4.08 | 0.80 |
JPMorgan Emerging Markets Research Enhanced Equity Fund | ||||
Class I | ||||
Actual | 1,000.00 | 802.20 | 2.04 | 0.45 |
Hypothetical | 1,000.00 | 1,022.94 | 2.29 | 0.45 |
Class R6 | ||||
Actual | 1,000.00 | 802.30 | 1.59 | 0.35 |
Hypothetical | 1,000.00 | 1,023.44 | 1.79 | 0.35 |
JPMorgan Europe Dynamic Fund | ||||
Class A | ||||
Actual | 1,000.00 | 914.40 | 6.08 | 1.26 |
Hypothetical | 1,000.00 | 1,018.85 | 6.41 | 1.26 |
Class C | ||||
Actual | 1,000.00 | 912.10 | 8.48 | 1.76 |
Hypothetical | 1,000.00 | 1,016.33 | 8.94 | 1.76 |
Class I | ||||
Actual | 1,000.00 | 915.60 | 4.88 | 1.01 |
Hypothetical | 1,000.00 | 1,020.11 | 5.14 | 1.01 |
Class L | ||||
Actual | 1,000.00 | 916.00 | 4.30 | 0.89 |
Hypothetical | 1,000.00 | 1,020.72 | 4.53 | 0.89 |
Class R6 | ||||
Actual | 1,000.00 | 916.40 | 3.82 | 0.79 |
Hypothetical | 1,000.00 | 1,021.22 | 4.02 | 0.79 |
JPMorgan International Equity Fund | ||||
Class A | ||||
Actual | 1,000.00 | 877.50 | 4.50 | 0.95 |
Hypothetical | 1,000.00 | 1,020.42 | 4.84 | 0.95 |
Class C | ||||
Actual | 1,000.00 | 875.10 | 6.85 | 1.45 |
Hypothetical | 1,000.00 | 1,017.90 | 7.38 | 1.45 |
Class I | ||||
Actual | 1,000.00 | 878.50 | 3.31 | 0.70 |
Hypothetical | 1,000.00 | 1,021.68 | 3.57 | 0.70 |
Class R2 | ||||
Actual | 1,000.00 | 875.80 | 5.91 | 1.25 |
Hypothetical | 1,000.00 | 1,018.90 | 6.36 | 1.25 |
Class R5 | ||||
Actual | 1,000.00 | 879.10 | 2.84 | 0.60 |
Hypothetical | 1,000.00 | 1,022.18 | 3.06 | 0.60 |
Class R6 | ||||
Actual | 1,000.00 | 879.40 | 2.37 | 0.50 |
Hypothetical | 1,000.00 | 1,022.68 | 2.55 | 0.50 |
JPMorgan International Focus Fund | ||||
Class A | ||||
Actual | 1,000.00 | 867.50 | 4.75 | 1.01 |
Hypothetical | 1,000.00 | 1,020.11 | 5.14 | 1.01 |
126 | J.P. Morgan International Equity Funds | October 31, 2022 |
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan International Focus Fund (continued) | ||||
Class C | ||||
Actual | $1,000.00 | $865.00 | $7.10 | 1.51% |
Hypothetical | 1,000.00 | 1,017.59 | 7.68 | 1.51 |
Class I | ||||
Actual | 1,000.00 | 868.50 | 3.58 | 0.76 |
Hypothetical | 1,000.00 | 1,021.37 | 3.87 | 0.76 |
Class R2 | ||||
Actual | 1,000.00 | 866.10 | 6.16 | 1.31 |
Hypothetical | 1,000.00 | 1,018.60 | 6.67 | 1.31 |
Class R5 | ||||
Actual | 1,000.00 | 868.90 | 3.11 | 0.66 |
Hypothetical | 1,000.00 | 1,021.88 | 3.36 | 0.66 |
Class R6 | ||||
Actual | 1,000.00 | 869.00 | 2.69 | 0.57 |
Hypothetical | 1,000.00 | 1,022.33 | 2.91 | 0.57 |
JPMorgan International Hedged Equity Fund | ||||
Class A | ||||
Actual | 1,000.00 | 958.40 | 4.20 | 0.85 |
Hypothetical | 1,000.00 | 1,020.92 | 4.33 | 0.85 |
Class C | ||||
Actual | 1,000.00 | 955.60 | 6.65 | 1.35 |
Hypothetical | 1,000.00 | 1,018.40 | 6.87 | 1.35 |
Class I | ||||
Actual | 1,000.00 | 959.30 | 2.96 | 0.60 |
Hypothetical | 1,000.00 | 1,022.18 | 3.06 | 0.60 |
Class R5 | ||||
Actual | 1,000.00 | 960.10 | 2.22 | 0.45 |
Hypothetical | 1,000.00 | 1,022.94 | 2.29 | 0.45 |
Class R6 | ||||
Actual | 1,000.00 | 960.10 | 1.73 | 0.35 |
Hypothetical | 1,000.00 | 1,023.44 | 1.79 | 0.35 |
JPMorgan International Value Fund | ||||
Class A | ||||
Actual | 1,000.00 | 896.50 | 4.54 | 0.95 |
Hypothetical | 1,000.00 | 1,020.42 | 4.84 | 0.95 |
Class C | ||||
Actual | 1,000.00 | 894.20 | 6.97 | 1.46 |
Hypothetical | 1,000.00 | 1,017.85 | 7.43 | 1.46 |
Class I | ||||
Actual | 1,000.00 | 897.70 | 3.40 | 0.71 |
Hypothetical | 1,000.00 | 1,021.63 | 3.62 | 0.71 |
Class L | ||||
Actual | 1,000.00 | 898.80 | 2.87 | 0.60 |
Hypothetical | 1,000.00 | 1,022.18 | 3.06 | 0.60 |
Class R2 | ||||
Actual | 1,000.00 | 894.70 | 5.97 | 1.25 |
Hypothetical | 1,000.00 | 1,018.90 | 6.36 | 1.25 |
Class R5 | ||||
Actual | 1,000.00 | 898.10 | 2.92 | 0.61 |
Hypothetical | 1,000.00 | 1,022.13 | 3.11 | 0.61 |
October 31, 2022 | J.P. Morgan International Equity Funds | 127 |
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan International Value Fund (continued) | ||||
Class R6 | ||||
Actual | $1,000.00 | $899.00 | $2.39 | 0.50% |
Hypothetical | 1,000.00 | 1,022.68 | 2.55 | 0.50 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
128 | J.P. Morgan International Equity Funds | October 31, 2022 |
(Unaudited)
129 |
(Unaudited)
130 |
131 |
(Unaudited)
132 |
133 |
(Unaudited)
(Dollar values in thousands)
Long-Term Capital Gain Distribution | |
JPMorgan Emerging Markets Equity Fund | $414,863 |
JPMorgan Emerging Markets Research Enhanced Equity Fund | 95,039 |
JPMorgan International Equity Fund | 220,976 |
Qualified Dividend Income | |
JPMorgan Emerging Markets Equity Fund | $90,647 |
JPMorgan Emerging Markets Research Enhanced Equity Fund | 52,427 |
JPMorgan Europe Dynamic Fund | 17,517 |
JPMorgan International Equity Fund | 112,014 |
JPMorgan International Focus Fund | 55,969 |
JPMorgan International Hedged Equity Fund | 4,630 |
JPMorgan International Value Fund | 16,716 |
Total Foreign Source Income | Foreign Tax Credit | |
JPMorgan Emerging Markets Equity Fund | $176,392 | $18,604 |
JPMorgan Emerging Markets Research Enhanced Equity Fund | 118,387 | 11,387 |
JPMorgan Europe Dynamic Fund | 22,377 | 2,090 |
JPMorgan International Equity Fund | 147,232 | 9,713 |
JPMorgan International Focus Fund | 67,288 | 5,167 |
JPMorgan International Hedged Equity Fund | 5,365 | 493 |
JPMorgan International Value Fund | 21,305 | 1,346 |
134 | J.P. Morgan International Equity Funds | October 31, 2022 |
FACT | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
○Social Security number and account balances | |
○transaction history and account transactions | |
○checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don't share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don't share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img6f6273f511.gif)
Who we are | |
Who is providing this notice? | J.P. Morgan Funds |
What we do | |
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. |
How does J.P. Morgan Funds protect my personal information? | We collect your personal information, for example, when you: |
○open an account or provide contact information | |
○give us your account information or pay us by check | |
○make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: |
○sharing for affiliates’ everyday business purposes – information about your creditworthiness | |
○affiliates from using your information to market to you | |
○sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
○J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
○J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
○J.P. Morgan Funds doesn’t jointly market. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img6f6273f511.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img6f6273f511.gif)
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g390119img36986c6112.jpg)
JPMorgan Tax Aware Equity Fund |
JPMorgan Tax Aware Real Return Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g358565img5f643bf21.jpg)
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2 | |
3 | |
5 | |
8 | |
24 | |
30 | |
34 | |
47 | |
48 | |
52 | |
54 | |
56 | |
60 | |
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
December 15, 2022 (Unaudited)
![]() | “While investors seek to adapt to the current market environment, we believe a well-diversified portfolio and a patient outlook remain crucial components of a successful invest- ment approach.” — Brian S. Shlissel |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g358565img0f7ab0e83.jpg)
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
October 31, 2022 | J.P. Morgan Tax Aware Funds | 1 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
2 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (16.63)% |
S&P 500 Index | (14.61)% |
Net Assets as of 10/31/2022 (In Thousands) | $1,065,418 |
TOP TEN HOLDINGS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | Microsoft Corp. | 8.9% |
2. | Apple, Inc. | 5.8 |
3. | UnitedHealth Group, Inc. | 5.4 |
4. | Amazon.com, Inc. | 4.8 |
5. | Alphabet, Inc., Class A | 3.7 |
6. | Alphabet, Inc., Class C | 3.6 |
7. | Eli Lilly & Co. | 3.5 |
8. | AbbVie, Inc. | 3.2 |
9. | Mastercard, Inc., Class A | 2.8 |
10. | Texas Instruments, Inc. | 2.8 |
PORTFOLIO COMPOSITION BY SECTOR AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Information Technology | 25.8% |
Health Care | 17.3 |
Communication Services | 9.9 |
Consumer Discretionary | 9.8 |
Industrials | 9.3 |
Financials | 9.1 |
Consumer Staples | 6.5 |
Energy | 5.5 |
Utilities | 2.3 |
Materials | 1.7 |
Short-Term Investments | 2.8 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 3 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
1 YEAR | 5 YEAR | 10 YEAR | ||||||||
Inception Date of Class | Before Taxes | After Taxes on Distributions | After Taxes on Distributions and Sale of Fund Shares | Before Taxes | After Taxes on Distributions | After Taxes on Distributions and Sale of Fund Shares | Before Taxes | After Taxes on Distributions | After Taxes on Distributions and Sale of Fund Shares | |
CLASS A SHARES | March 22, 2011 | |||||||||
With Sales Charge * | (21.33)% | (23.78)% | (10.15)% | 9.12% | 6.91% | 7.16% | 12.24% | 10.70% | 10.00% | |
Without Sales Charge | (16.96) | (19.55) | (7.43) | 10.30 | 8.07 | 8.05 | 12.85 | 11.30 | 10.54 | |
CLASS C SHARES | March 22, 2011 | |||||||||
With CDSC ** | (18.38) | (20.97) | (8.24) | 9.75 | 7.57 | 7.67 | 12.40 | 10.93 | 10.18 | |
Without CDSC | (17.38) | (19.97) | (7.65) | 9.75 | 7.57 | 7.67 | 12.40 | 10.93 | 10.18 | |
Class I SHARES | January 30, 1997 | (16.63) | (19.29) | (7.20) | 10.75 | 8.42 | 8.39 | 13.32 | 11.67 | 10.92 |
Class R6 SHARES | October 01, 2018 | (16.53) | (19.21) | (7.12) | 10.85 | 8.49 | 8.46 | 13.37 | 11.71 | 10.96 |
* | Sales Charge for Class A Shares is 5.25%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g358565img5cdb22f24.jpg)
4 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (7.20)% |
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index | (8.94)% |
Tax Aware Real Return Composite Benchmark ** | (4.62)% |
Net Assets as of 10/31/2022 (In Thousands) | $562,823 |
PORTFOLIO COMPOSITION AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Municipal Bonds | 90.5% |
Short-Term Investments | 9.5 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 5 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index).
6 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
1 YEAR | 5 YEAR | 10 YEAR | ||||||||
Inception Date of Class | Before Taxes | After Taxes on Distributions | After Taxes on Distributions and Sale of Fund Shares | Before Taxes | After Taxes on Distributions | After Taxes on Distributions and Sale of Fund Shares | Before Taxes | After Taxes on Distributions | After Taxes on Distributions and Sale of Fund Shares | |
CLASS A SHARES | August 31, 2005 | |||||||||
With Sales Charge * | (10.95)% | (10.97)% | (5.93)% | 0.37% | 0.33% | 0.71% | 0.38% | 0.35% | 0.76% | |
Without Sales Charge | (7.46) | (7.48) | (3.84) | 1.15 | 1.11 | 1.31 | 0.77 | 0.74 | 1.07 | |
CLASS C SHARES | August 31, 2005 | |||||||||
With CDSC ** | (8.93) | (8.95) | (4.90) | 0.66 | 0.63 | 0.83 | 0.30 | 0.29 | 0.62 | |
Without CDSC | (7.93) | (7.95) | (4.31) | 0.66 | 0.63 | 0.83 | 0.30 | 0.29 | 0.62 | |
Class I SHARES | August 31, 2005 | (7.20) | (7.22) | (3.59) | 1.42 | 1.38 | 1.58 | 1.03 | 1.00 | 1.32 |
Class R6 SHARES | August 16, 2013 | (7.11) | (7.14) | (3.50) | 1.50 | 1.48 | 1.68 | 1.11 | 1.10 | 1.42 |
* | Sales Charge for Class A Shares is 3.75%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g358565img19641f7c5.jpg)
October 31, 2022 | J.P. Morgan Tax Aware Funds | 7 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 97.7% | ||
Banks — 4.1% | ||
Bank of America Corp. | 653 | 23,547 |
First Republic Bank | 19 | 2,274 |
Wells Fargo & Co. | 379 | 17,430 |
43,251 | ||
Beverages — 3.0% | ||
Monster Beverage Corp. * | 118 | 11,012 |
PepsiCo, Inc. | 115 | 20,899 |
31,911 | ||
Biotechnology — 3.9% | ||
AbbVie, Inc. | 230 | 33,686 |
Biogen, Inc. * | 13 | 3,685 |
Regeneron Pharmaceuticals, Inc. * | 6 | 4,268 |
41,639 | ||
Capital Markets — 1.6% | ||
Morgan Stanley | 200 | 16,448 |
Chemicals — 1.7% | ||
Linde plc (United Kingdom) | 60 | 17,979 |
Commercial Services & Supplies — 1.5% | ||
Waste Connections, Inc. | 122 | 16,040 |
Consumer Finance — 1.4% | ||
American Express Co. | 104 | 15,379 |
Electric Utilities — 2.4% | ||
NextEra Energy, Inc. | 323 | 25,069 |
Food & Staples Retailing — 1.9% | ||
Costco Wholesale Corp. | 40 | 19,859 |
Food Products — 1.6% | ||
Mondelez International, Inc., Class A | 281 | 17,267 |
Health Care Equipment & Supplies — 1.0% | ||
Boston Scientific Corp. * | 252 | 10,872 |
Health Care Providers & Services — 5.5% | ||
UnitedHealth Group, Inc. | 105 | 58,100 |
Hotels, Restaurants & Leisure — 2.1% | ||
Booking Holdings, Inc. * | 3 | 6,450 |
Hilton Worldwide Holdings, Inc. | 83 | 11,186 |
Yum! Brands, Inc. | 43 | 5,085 |
22,721 | ||
Industrial Conglomerates — 1.6% | ||
Honeywell International, Inc. | 81 | 16,616 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Insurance — 2.2% | ||
Arthur J Gallagher & Co. | 29 | 5,463 |
Progressive Corp. (The) | 140 | 17,912 |
23,375 | ||
Interactive Media & Services — 8.1% | ||
Alphabet, Inc., Class A * | 423 | 39,989 |
Alphabet, Inc., Class C * | 411 | 38,917 |
Meta Platforms, Inc., Class A * | 80 | 7,421 |
86,327 | ||
Internet & Direct Marketing Retail — 4.8% | ||
Amazon.com, Inc. * | 501 | 51,282 |
IT Services — 3.7% | ||
Fiserv, Inc. * | 89 | 9,103 |
Mastercard, Inc., Class A | 92 | 30,271 |
39,374 | ||
Life Sciences Tools & Services — 2.2% | ||
Danaher Corp. | 93 | 23,506 |
Machinery — 1.4% | ||
Deere & Co. | 38 | 15,160 |
Media — 0.7% | ||
Charter Communications, Inc., Class A * | 21 | 7,843 |
Oil, Gas & Consumable Fuels — 5.5% | ||
ConocoPhillips | 222 | 28,017 |
Coterra Energy, Inc. | 146 | 4,530 |
Exxon Mobil Corp. | 238 | 26,384 |
58,931 | ||
Pharmaceuticals — 4.8% | ||
Bristol-Myers Squibb Co. | 182 | 14,084 |
Eli Lilly & Co. | 103 | 37,243 |
51,327 | ||
Road & Rail — 4.8% | ||
Norfolk Southern Corp. | 95 | 21,691 |
Old Dominion Freight Line, Inc. | 21 | 5,931 |
Union Pacific Corp. | 120 | 23,598 |
51,220 | ||
Semiconductors & Semiconductor Equipment — 7.4% | ||
Analog Devices, Inc. | 71 | 10,140 |
ASML Holding NV (Registered), NYRS (Netherlands) | 11 | 4,937 |
NVIDIA Corp. | 78 | 10,582 |
8 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Semiconductors & Semiconductor Equipment — continued | ||
NXP Semiconductors NV (China) | 161 | 23,533 |
Texas Instruments, Inc. | 187 | 30,086 |
79,278 | ||
Software — 9.0% | ||
Microsoft Corp. | 411 | 95,501 |
Specialty Retail — 2.9% | ||
AutoZone, Inc. * | 6 | 14,364 |
Lowe's Cos., Inc. | 87 | 16,903 |
31,267 | ||
Technology Hardware, Storage & Peripherals — 5.8% | ||
Apple, Inc. | 406 | 62,233 |
Wireless Telecommunication Services — 1.1% | ||
T-Mobile US, Inc. * | 75 | 11,420 |
Total Common Stocks (Cost $424,390) | 1,041,195 | |
Short-Term Investments — 2.8% | ||
Investment Companies — 2.8% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 3.18% (a) (b) (Cost $29,647) | 29,643 | 29,645 |
Total Investments — 100.5% (Cost $454,037) | 1,070,840 | |
Liabilities in Excess of Other Assets — (0.5)% | (5,422) | |
NET ASSETS — 100.0% | 1,065,418 |
Percentages indicated are based on net assets. |
Abbreviations | |
NYRS | New York Registry Shares |
* | Non-income producing security. |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 9 |
AS OF October 31, 2022
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — 78.1% (a) | ||
Alabama — 1.9% | ||
Alabama Public School and College Authority Series 2016-A, Rev., 4.00%, 6/1/2031 | 35 | 35 |
Black Belt Energy Gas District, Gas Project No. 8 Series 2022A, Rev., 4.00%, 12/1/2029 (b) | 1,615 | 1,511 |
Southeast Energy Authority A Cooperative District | ||
Series 2022B-1, Rev., 5.00%, 8/1/2028 (b) | 4,685 | 4,613 |
Series 2022A-1, Rev., 5.50%, 12/1/2029 (b) (c) | 1,000 | 1,011 |
Southeast Energy Authority A Cooperative District, Project No. 2 Series 2021B, Rev., 4.00%, 12/1/2031 (b) | 3,825 | 3,443 |
Total Alabama | 10,613 | |
Alaska — 0.6% | ||
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project | ||
Series 2016, Rev., 5.00%, 9/1/2024 | 15 | 15 |
Rev., 5.25%, 9/1/2029 | 3,490 | 3,612 |
Total Alaska | 3,627 | |
Arizona — 0.7% | ||
Arizona Board of Regents Series 2022A, Rev., 5.00%, 7/1/2034 | 350 | 378 |
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2036 (d) | 275 | 223 |
Arizona Industrial Development Authority, Macombs Facility Project Series 2021A, Rev., 4.00%, 7/1/2041 | 135 | 106 |
Arizona Industrial Development Authority, Pinecrest Academy of Northern Nevada Project Series 2022A, Rev., 4.50%, 7/15/2029 (d) | 150 | 141 |
City of Phoenix Series 2018 A, GO, 5.00%, 7/1/2031 | 1,500 | 1,665 |
City of San Luis Series 2017A, Rev., AGM, 5.00%, 7/1/2025 | 50 | 52 |
City of Sedona, Excise Tax | ||
Rev., 5.00%, 7/1/2031 | 175 | 192 |
Rev., 5.00%, 7/1/2033 | 300 | 327 |
County of Pima Rev., 3.00%, 7/1/2023 | 5 | 5 |
Industrial Development Authority of the County of Pima (The) Series 2022B-3, Rev., 5.13%, 11/15/2029 (d) | 500 | 491 |
Pima County Unified School District No. 16 Catalina Foothills, School Improvement Projects Series 2018 B, GO, 5.00%, 7/1/2028 | 10 | 11 |
Pinal County Electric District No. 3 Rev., 4.00%, 7/1/2034 | 150 | 149 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Arizona — continued | ||
Salt River Project Agricultural Improvement & Power District, Electric System Series 2017A, Rev., 5.00%, 1/1/2028 | 185 | 200 |
Town of Queen Creek, Excise Tax Series 2022A, Rev., 5.00%, 8/1/2029 | 10 | 10 |
Total Arizona | 3,950 | |
Arkansas — 0.2% | ||
City of Fort Smith, Water and Sewer Series 2019A, Rev., 5.00%, 10/1/2027 | 1,305 | 1,379 |
City of Springdale Public Facilities Board Hospital, Arkansas Children's Northwest Project Series 2016, Rev., 5.00%, 3/1/2030 | 10 | 10 |
Total Arkansas | 1,389 | |
California — 12.7% | ||
Briggs Elementary School District, Election of 2014 Series B, GO, 4.00%, 8/1/2030 | 5 | 5 |
California Community Choice Financing Authority, Clean Energy Project Series 2021B-1, Rev., 4.00%, 8/1/2031 (b) | 12,200 | 11,381 |
California Enterprise Development Authority, Rocketship Public Schools | ||
Series 2022A, Rev., 4.00%, 6/1/2031 (d) | 250 | 221 |
Series 2022A, Rev., 4.00%, 6/1/2042 (d) | 550 | 411 |
California Health Facilities Financing Authority, Kaiser Permanente Series 2017A, Subseries 2017A-2, Rev., 4.00%, 11/1/2038 | 1,000 | 913 |
California Health Facilities Financing Authority, Sutter Health Series 2016B, Rev., 4.00%, 11/15/2038 | 3,740 | 3,409 |
California Municipal Finance Authority, Lutheran University | ||
Rev., 5.00%, 10/1/2029 | 225 | 231 |
Series 2022B1, Rev., 5.00%, 10/1/2030 | 225 | 230 |
Rev., 5.00%, 10/1/2031 | 225 | 229 |
California Municipal Finance Authority, Mount San Antonio Garden Series 2022B1, Rev., 2.75%, 11/15/2027 | 100 | 89 |
California Municipal Finance Authority, Recovery Zone Facility, Chevron USA, Inc., Project Series 2010A, Rev., VRDO, 1.00%, 11/9/2022 (b) | 600 | 600 |
California Public Finance Authority, Enso Village Project | ||
Series 2021B-3, Rev., 2.13%, 11/15/2027 (d) | 150 | 137 |
Series 2021B-2, Rev., 2.38%, 11/15/2028 (d) | 260 | 234 |
Series 2021B-1, Rev., 3.13%, 5/15/2029 (d) | 100 | 85 |
Series 2021A, Rev., 5.00%, 11/15/2036 (d) | 100 | 88 |
Series 2021A, Rev., 5.00%, 11/15/2046 (d) | 100 | 81 |
10 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
California — continued | ||
California Statewide Communities Development Authority, San Francisco Campus for Jewish Living Project | ||
Series 2021B-2, Rev., 4.00%, 11/1/2031 | 100 | 101 |
Series 2021B-3, Rev., 4.00%, 11/1/2032 | 160 | 161 |
City of Culver City, Wastewater Facilities Series 2019 A, Rev., 4.00%, 9/1/2035 | 25 | 25 |
City of Los Angeles Department of Airports Series 2022A, Rev., 5.00%, 5/15/2025 | 150 | 156 |
City of Los Angeles, Department of Water and Power, Power System | ||
Series 2014B, Rev., 5.00%, 7/1/2031 | 2,100 | 2,144 |
Series 2014B, Rev., 5.00%, 7/1/2032 | 1,925 | 1,963 |
Series 2014D, Rev., 5.00%, 7/1/2032 | 3,300 | 3,392 |
Series 2017A, Rev., 5.00%, 7/1/2032 | 2,550 | 2,707 |
Series 2017A, Rev., 5.00%, 7/1/2033 | 5,000 | 5,303 |
Series 2017A, Rev., 5.00%, 7/1/2034 | 710 | 748 |
Series 2019 C, Rev., 5.00%, 7/1/2034 | 5 | 5 |
City of Santa Rosa, Wastewater Series 2002B, Rev., AGM-CR, AMBAC, Zero Coupon, 9/1/2023 | 4,750 | 4,623 |
Clovis Unified School District COP, 4.00%, 6/1/2026 | 115 | 117 |
Contra Costa County Public Financing Authority Series 2021B, Rev., 5.00%, 6/1/2036 | 690 | 742 |
County of San Bernardino, Arrowhead Project Series 2019 A, COP, 5.00%, 10/1/2026 | 200 | 212 |
CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (d) | 1,500 | 1,011 |
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | 200 | 142 |
CSCDA Community Improvement Authority, Essential Housing, Senior Lien Series 2021A-1, Rev., 2.45%, 2/1/2047 (d) | 1,420 | 945 |
Golden State Tobacco Securitization Corp., Tobacco Settlement Series 2015A, Rev., 5.00%, 6/1/2025 (e) | 4,950 | 5,166 |
Lompoc Valley Medical Center GO, 5.00%, 8/1/2024 | 15 | 15 |
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2024 (e) | 145 | 147 |
Los Angeles County Public Works Financing Authority Series 2020A, Rev., 5.00%, 12/1/2034 | 3,700 | 4,037 |
Los Angeles Department of Water and Power System Series 2017B, Rev., 5.00%, 7/1/2029 | 3,580 | 3,819 |
Mission Viejo Community Development Financing Authority Series 2022B, Rev., 4.00%, 5/1/2026 | 135 | 138 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
California — continued | ||
Ontario Public Financing Authority, Civic Center Improvements | ||
Series 2022A, Rev., AGM, 5.00%, 11/1/2027 | 90 | 96 |
Series 2022A, Rev., AGM, 5.00%, 11/1/2029 | 100 | 109 |
Series 2022A, Rev., AGM, 5.00%, 11/1/2030 | 140 | 153 |
Orange County Community Facilities District | ||
Series A, 5.00%, 8/15/2037 | 100 | 100 |
Series A, 5.00%, 8/15/2042 | 200 | 194 |
River Islands Public Financing Authority,Community of Facilities District No. 2003-1 Series 2022A-1, AGM, 4.00%, 9/1/2037 | 250 | 233 |
Sacramento Municipal Utility District, Financing Authority, Cosumnes Project Series 2022A, Rev., 5.00%, 7/1/2028 | 1,290 | 1,349 |
San Francisco Bay Area Rapid Transit District, Sales Tax Series 2015A, Rev., 5.00%, 7/1/2026 | 125 | 130 |
San Francisco City and County, Airport Commission, San Francisco International Airport Series 2019A, Rev., AMT, 5.00%, 5/1/2034 | 25 | 25 |
San Joaquin County Transportation Authority, Measure K Sales Tax Series 2015A, Rev., 5.00%, 3/1/2030 | 2,000 | 2,137 |
San Marcos Redevelopment Agency Successor Agency Series 2019 A, 5.00%, 10/1/2026 | 100 | 106 |
Sanger Unified School District | ||
COP, AGM, 5.00%, 6/1/2033 | 145 | 155 |
COP, AGM, 5.00%, 6/1/2034 | 400 | 426 |
COP, AGM, 5.00%, 6/1/2035 | 425 | 450 |
South Placer Wastewater Authority Rev., 5.00%, 11/1/2024 | 10 | 10 |
South San Francisco Public Facilities Financing Authority | ||
Rev., 5.00%, 6/1/2035 | 185 | 197 |
Rev., 5.00%, 6/1/2036 | 215 | 229 |
State of California Series 2021A, GO, 4.00%, 10/1/2027 | 410 | 422 |
State of California, Various Purpose Series 2018 A, GO, 5.00%, 8/1/2030 | 5,370 | 5,553 |
Vista Unified School District | ||
GO, 5.00%, 8/1/2033 | 365 | 395 |
Series 2022B, GO, 5.00%, 8/1/2034 | 1,225 | 1,320 |
Series 2022B, GO, 5.00%, 8/1/2035 | 1,150 | 1,235 |
Westminster School District Series 2016, GO, 5.00%, 8/1/2030 | 5 | 5 |
Total California | 71,192 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 11 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Colorado — 2.4% | ||
Arapahoe County School District No. 5 Cherry Creek GO, 5.00%, 12/15/2037 | 425 | 454 |
Arapahoe County Water & Wastewater Authority Rev., 4.00%, 12/1/2039 | 1,150 | 1,050 |
City and County of Denver, Airport System Series 2022A, Rev., AMT, 5.50%, 11/15/2040 | 5,000 | 5,171 |
City of Greeley COP, 4.00%, 12/1/2034 | 10 | 10 |
Colorado Educational and Cultural Facilities Authority, Aspen View Academy Project | ||
Rev., 4.00%, 5/1/2026 | 30 | 29 |
Rev., 4.00%, 5/1/2028 | 35 | 33 |
Rev., 4.00%, 5/1/2030 | 35 | 32 |
Rev., 4.00%, 5/1/2036 | 85 | 72 |
Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037 | 1,000 | 837 |
Dominion Water & Sanitation District Rev., 5.25%, 12/1/2032 | 500 | 469 |
Jefferson County School District R-1 GO, 5.00%, 12/15/2035 | 515 | 545 |
Rampart Range Metropolitan District No. 5 Rev., 4.00%, 12/1/2036 | 500 | 393 |
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | 500 | 339 |
State of Colorado Series 2021A, COP, 5.00%, 12/15/2028 | 1,800 | 1,949 |
Third Creek Metropolitan District No. 1 Series 2022A-1, GO, 4.50%, 12/1/2037 | 825 | 664 |
University of Colorado, Enterprise System Series 2021C-3B, Rev., 2.00%, 10/15/2026 (b) | 25 | 23 |
Waterview II Metropolitan District Series 2022A, GO, 4.50%, 12/1/2031 | 525 | 456 |
Windler Public Improvement Authority, Limited Tax | ||
Series 2021A-1, Rev., 4.00%, 12/1/2036 | 885 | 655 |
Series 2021A-1, Rev., 4.00%, 12/1/2041 | 750 | 505 |
Total Colorado | 13,686 | |
Connecticut — 0.7% | ||
State of Connecticut Special Tax | ||
Series 2022A, Rev., 5.00%, 7/1/2031 (c) | 1,250 | 1,364 |
Series 2022B, Rev., 5.00%, 7/1/2031 (c) | 2,500 | 2,727 |
Town of Southington Series 2020C, GO, 5.00%, 6/1/2028 | 5 | 5 |
Town of Stafford GO, 3.00%, 8/1/2026 | 10 | 10 |
Total Connecticut | 4,106 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
District of Columbia — 1.8% | ||
District of Columbia | ||
Series 2017A, GO, 5.00%, 6/1/2029 | 290 | 309 |
Series 2017A, GO, 5.00%, 6/1/2030 | 400 | 427 |
Series 2017A, GO, 5.00%, 6/1/2031 | 600 | 638 |
District of Columbia, Gallaudet University Project | ||
Series 2021A, Rev., 4.00%, 4/1/2033 | 160 | 150 |
Series 2021A, Rev., 4.00%, 4/1/2034 | 165 | 153 |
Series 2021A, Rev., 4.00%, 4/1/2035 | 200 | 180 |
Series 2021A, Rev., 4.00%, 4/1/2036 | 200 | 178 |
Metropolitan Washington Airports Authority Aviation | ||
Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | 3,000 | 3,111 |
Series 2020 A, Rev., AMT, 5.00%, 10/1/2032 | 3,000 | 3,064 |
Series 2021A, Rev., AMT, 4.00%, 10/1/2039 | 1,590 | 1,403 |
Metropolitan Washington Airports Authority Dulles Toll Road Series 2019A, Rev., 5.00%, 10/1/2036 | 270 | 279 |
Total District of Columbia | 9,892 | |
Florida — 4.9% | ||
Broward County, Water and Sewer Utility Series B, Rev., 5.00%, 10/1/2030 | 5,000 | 5,192 |
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (d) | 175 | 134 |
Capital Trust Agency, Inc., The Marie Selby Botanical Gardens, Inc., Project Rev., 4.00%, 6/15/2031 (d) | 100 | 85 |
City of Jacksonville Series 2022A, Rev., 5.00%, 10/1/2029 | 205 | 222 |
City of Pompano Beach, John Knox Village Project | ||
Rev., 3.50%, 9/1/2030 | 1,900 | 1,651 |
Series 2020, Rev., 3.50%, 9/1/2035 | 2,250 | 1,786 |
Series 2021A, Rev., 4.00%, 9/1/2036 | 115 | 94 |
County of St. Lucie, Power and Light Co. Project Rev., VRDO, 1.40%, 11/9/2022 (b) | 3,000 | 3,000 |
Florida Atlantic University Finance Corp., Student Housing Project Series 2019B, Rev., 5.00%, 7/1/2029 | 250 | 268 |
Florida Development Finance Corp., IPS Florida LLC Rev., 5.25%, 6/15/2029 (d) | 100 | 95 |
Florida Development Finance Corp., Mater Academy Project | ||
Series 2022A, Rev., 5.00%, 6/15/2028 | 180 | 181 |
Series 2022A, Rev., 5.00%, 6/15/2031 | 260 | 259 |
Florida Development Finance Corp., River city Science Academy Series 2022B, Rev., 5.00%, 7/1/2031 (c) | 165 | 164 |
12 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Florida — continued | ||
Florida Development Finance Corp., The Mayflower Retirement Community Project | ||
Series 2021B2, Rev., 1.75%, 6/1/2026 (d) | 100 | 88 |
Series 2021B-1, Rev., 2.38%, 6/1/2027 (d) | 100 | 88 |
Series 2021A, Rev., 4.00%, 6/1/2029 (d) | 1,375 | 1,225 |
Series 2021A, Rev., 4.00%, 6/1/2030 (d) | 1,435 | 1,254 |
Series 2021A, Rev., 4.00%, 6/1/2031 (d) | 1,395 | 1,197 |
Series 2021A, Rev., 4.00%, 6/1/2036 (d) | 2,105 | 1,661 |
Florida Gulf Coast University Financing Corp., Housing Project Series 2017A, Rev., 5.00%, 8/1/2032 | 500 | 517 |
Florida Higher Educational Facilities Financial Authority, Rollins College Project Series 2020A, Rev., 4.00%, 12/1/2037 | 1,590 | 1,393 |
Hillsborough County Industrial Development Authority, Baycare Health System Series 2020B, Rev., VRDO, LOC : TD Bank NA, 1.20%, 11/9/2022 (b) | 300 | 300 |
JEA Electric System Series 2017B, Rev., 5.00%, 10/1/2033 | 4,000 | 4,155 |
Lee County Industrial Development Authority, Cypress Cove at Healthpark Florida, Inc., Project Series 2022B2, Rev., 3.25%, 10/1/2026 | 1,500 | 1,419 |
Middleton Community Development District A 5.20%, 5/1/2027 | 225 | 223 |
Palm Beach County Health Facilities Authority, Jupiter Medical Center Projects Series 2022A, Rev., 5.00%, 11/1/2028 | 150 | 155 |
Palm Beach County Health Facilities Authority, Toby and Leon Cooperman Sinai Rev., 4.00%, 6/1/2041 | 500 | 380 |
St. Johns County Industrial Development Authority, Vicar's Landing Project Series 2021A, Rev., 4.00%, 12/15/2029 | 225 | 201 |
University of Central Florida Housing Facility Series 2021A, Rev., 5.00%, 10/1/2024 | 50 | 51 |
Wildwood Utility Dependent District Series 2021A, Rev., 5.00%, 10/1/2030 | 125 | 136 |
Total Florida | 27,574 | |
Georgia — 0.7% | ||
Albany-Dougherty Inner City Authority, Albany State University Projects Series 2022A, Rev., 5.00%, 7/1/2032 | 1,000 | 1,071 |
Clayton County Development Authority, Clayton State University Project | ||
Rev., 5.00%, 7/1/2026 | 50 | 52 |
Rev., 5.00%, 7/1/2028 | 125 | 134 |
Georgia Ports Authority Rev., 4.00%, 7/1/2052 | 400 | 336 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Georgia — continued | ||
Lee County School District GO, 5.00%, 2/1/2030 | 325 | 349 |
Main Street Natural Gas, Inc., Gas Supply Series 2021A, Rev., 4.00%, 9/1/2027 (b) | 1,000 | 966 |
Polk School District, Sales Tax Series 2018, GO, 5.00%, 3/1/2025 | 325 | 338 |
Savannah Economic Development Authority, University Project | ||
Series 2021B, Rev., 5.00%, 6/15/2027 | 195 | 206 |
Series 2021B, Rev., 5.00%, 6/15/2030 | 340 | 368 |
State of Georgia Series 2015A, GO, 5.00%, 2/1/2025 | 130 | 135 |
Total Georgia | 3,955 | |
Idaho — 0.1% | ||
Idaho Housing and Finance Association Series 2021A, Rev., 5.00%, 7/15/2035 | 750 | 795 |
Illinois — 4.4% | ||
City of Chicago, Second Lien Waterworks Project | ||
Rev., 5.00%, 11/1/2022 | 400 | 400 |
Rev., 5.00%, 11/1/2029 | 1,000 | 1,017 |
Illinois Finance Authority | ||
Series 2022B-3, Rev., 4.75%, 11/15/2027 (c) | 200 | 200 |
Series 2022B-2, Rev., 5.25%, 11/15/2027 (c) | 200 | 200 |
Series 2022B-1, Rev., 6.00%, 11/15/2027 (c) | 100 | 100 |
Illinois Finance Authority, Northwestern Memorial Healthcare Series 2021B, Rev., VRDO, LIQ : Royal Bank of Canada, 1.15%, 11/9/2022 (b) | 600 | 600 |
Illinois Finance Authority, Smith Crossing | ||
Series 2017 A, Rev., 4.00%, 10/15/2025 | 295 | 284 |
Rev., 4.00%, 10/15/2029 | 150 | 136 |
Rev., 4.00%, 10/15/2030 | 100 | 89 |
Rev., 4.00%, 10/15/2031 | 135 | 119 |
Northern Illinois University, Auxiliary Facilities System | ||
Series 2021A, Rev., 5.00%, 10/1/2026 | 250 | 259 |
Series 2021A, Rev., 5.00%, 10/1/2027 | 325 | 339 |
Rev., 5.00%, 10/1/2028 | 325 | 340 |
Regional Transportation Authority Series 2002A, Rev., NATL -RE, 6.00%, 7/1/2024 | 750 | 780 |
State of Illinois | ||
Series 2017D, GO, 5.00%, 11/1/2025 | 5,000 | 5,039 |
Series 2017D, GO, 5.00%, 11/1/2028 | 1,350 | 1,352 |
Series 2021A, GO, 5.00%, 3/1/2030 | 1,260 | 1,260 |
Series 2018A, GO, 5.00%, 10/1/2030 | 2,000 | 1,998 |
Series 2021A, GO, 5.00%, 3/1/2033 | 6,000 | 5,927 |
Series 2021B, GO, 5.00%, 12/1/2033 | 1,000 | 983 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 13 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Illinois — continued | ||
Series 2021A, GO, 4.00%, 3/1/2038 | 1,000 | 836 |
Series 2021A, GO, 4.00%, 3/1/2039 | 3,000 | 2,475 |
Total Illinois | 24,733 | |
Indiana — 1.4% | ||
City of Valparaiso, Green Oaks of Valparaiso LLC Rev., 5.38%, 12/1/2041 (d) | 200 | 144 |
Fort Wayne Community School Building Corp. Series 2020 A, Rev., 5.00%, 7/15/2038 | 650 | 680 |
Fort Wayne Redevelopment Authority, Harrison Square Project Series 2020 A, Rev., 5.00%, 2/1/2026 | 1,110 | 1,131 |
Indiana Finance Authority, DEPAUW University Projects | ||
Series 2022A, Rev., 5.00%, 7/1/2027 | 200 | 208 |
Series 2022A, Rev., 5.00%, 7/1/2029 | 200 | 209 |
Series 2022A, Rev., 5.00%, 7/1/2030 | 230 | 240 |
Series 2022A, Rev., 5.00%, 10/1/2030 | 380 | 417 |
Series 2022A, Rev., 5.00%, 7/1/2031 | 230 | 240 |
Series 2022A, Rev., 5.00%, 7/1/2032 | 230 | 238 |
Indiana Finance Authority, Rose-Hulman Institute of Technology Project Series 2008-J, Rev., 5.00%, 6/1/2029 | 125 | 132 |
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2026 | 4,050 | 4,062 |
Lake Ridge School Building Corp., First Mortgage Rev., 4.00%, 7/15/2028 | 125 | 126 |
Total Indiana | 7,827 | |
Iowa — 0.0% ^ | ||
Iowa Finance Authority, State Revolving Fund Series 2013D, Rev., 5.00%, 8/1/2032 | 20 | 21 |
Kentucky — 1.9% | ||
City of Hazard, Appalachian Regional Healthcare, Inc. Rev., 4.00%, 7/1/2036 | 805 | 734 |
City of Henderson, Pratt Paper LLC Project | ||
Series 2022B, Rev., AMT, 3.70%, 1/1/2032 (d) | 440 | 399 |
Series 2022B, Rev., AMT, 4.45%, 1/1/2042 (d) | 500 | 420 |
County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | 740 | 711 |
County of Carroll, Kentucky Environmental Facilities | ||
Series 2008A, Rev., AMT, 2.00%, 2/1/2032 | 1,225 | 910 |
Series 2006 B, Rev., AMT, 2.13%, 10/1/2034 | 1,000 | 698 |
Kentucky Bond Development Corp., Centre College | ||
Rev., 4.00%, 6/1/2029 | 160 | 160 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Kentucky — continued | ||
Rev., 4.00%, 6/1/2030 | 65 | 64 |
Kentucky Public Energy Authority, Gas Supply Series 2022A-1, Rev., 4.00%, 8/1/2030 (b) | 7,265 | 6,652 |
Total Kentucky | 10,748 | |
Louisiana — 0.4% | ||
City of Alexandria, Utilities Series 2013A, Rev., 5.00%, 5/1/2023 (e) | 1,250 | 1,261 |
Lafayette Public Power Authority Rev., 5.00%, 11/1/2025 | 15 | 16 |
Louisiana Local Government Environmental Facilities and Community Development Authority, Bossier City Project Series 2017A, Rev., 5.00%, 10/1/2027 | 25 | 27 |
Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project | ||
Series 2020A, Rev., 5.00%, 5/15/2036 | 675 | 687 |
Series 2020A, Rev., 5.00%, 5/15/2037 | 65 | 66 |
Louisiana Public Facilities Authority, School Master Project Series 2021A, Rev., 4.00%, 6/1/2031 (d) | 290 | 258 |
St. Tammany Parish Hospital Service District No. 1 Series 2018 A, Rev., 5.00%, 7/1/2032 | 15 | 15 |
State of Louisiana, State Highway Improvement Series 2013-A, Rev., 5.00%, 6/15/2023 | 40 | 40 |
Terrebonne Parish Recreation District No. 5 Series 2021A, GO, 5.00%, 3/1/2027 | 20 | 21 |
Total Louisiana | 2,391 | |
Maine — 0.3% | ||
Maine Municipal Bond Bank | ||
Series 2022A, Rev., 5.00%, 11/1/2033 | 800 | 868 |
Series 2022A, Rev., 5.00%, 11/1/2034 | 700 | 750 |
Total Maine | 1,618 | |
Maryland — 1.4% | ||
County of Howard Series 2019 B, GO, 5.00%, 8/15/2027 | 15 | 16 |
County of Montgomery, Consolidated Public Improvements Series 2016 A, GO, 4.00%, 12/1/2033 | 5 | 5 |
Maryland Economic Development Corp. | ||
Series 2022A, Rev., 5.25%, 7/1/2029 (c) | 295 | 305 |
Series 2022A, Rev., 5.25%, 7/1/2030 (c) | 670 | 693 |
Maryland Health and Higher Educational Facilities Authority, Stevenson University Issue | ||
Series 2021A, Rev., 5.00%, 6/1/2030 | 395 | 402 |
Series 2021A, Rev., 5.00%, 6/1/2032 | 450 | 453 |
Series 2021A, Rev., 4.00%, 6/1/2038 | 790 | 670 |
14 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Maryland — continued | ||
State of Maryland | ||
Series 2021-A, GO, 5.00%, 8/1/2034 | 3,500 | 3,857 |
Series 2013A, GO, 4.00%, 8/1/2036 | 590 | 575 |
State of Maryland Department of Transportation Series 2021-A, Rev., 5.00%, 10/1/2027 | 450 | 484 |
Washington Suburban Sanitary Commission Rev., GTD, 5.00%, 6/15/2029 | 395 | 423 |
Total Maryland | 7,883 | |
Massachusetts — 0.5% | ||
Commonwealth of Massachusetts Series 2004C, GO, AGM, 5.50%, 12/1/2022 | 200 | 200 |
Massachusetts Development Finance Agency, Salem Community Corp. | ||
Rev., 5.00%, 1/1/2026 | 290 | 285 |
Rev., 5.00%, 1/1/2027 | 300 | 293 |
Rev., 5.00%, 1/1/2028 | 265 | 256 |
Rev., 5.00%, 1/1/2029 | 500 | 479 |
Rev., 5.00%, 1/1/2030 | 230 | 218 |
Rev., 5.00%, 1/1/2031 | 245 | 230 |
Rev., 5.13%, 1/1/2040 | 100 | 88 |
Massachusetts Development Finance Agency, Southcoast Health System Obligated Group Issue Series 2021G, Rev., 5.00%, 7/1/2036 | 200 | 202 |
Massachusetts Health and Educational Facilities Authority, Baystate Medical Centre Series 2009K-1, Rev., VRDO, LOC : TD Bank NA, 1.15%, 11/9/2022 (b) | 500 | 500 |
Total Massachusetts | 2,751 | |
Michigan — 0.9% | ||
Avondale School District Series 2022A, GO, Q-SBLF, 5.00%, 11/1/2027 | 15 | 16 |
Eastern Michigan University, Board of Regents Series 2017A, Rev., 5.00%, 3/1/2033 | 1,000 | 1,047 |
Lakeview School District, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2028 | 10 | 11 |
Michigan Finance Authority, Lawrence Technological University Obligated Group | ||
Rev., 4.00%, 2/1/2027 | 45 | 42 |
Rev., 4.00%, 2/1/2032 | 95 | 84 |
Michigan Strategic Fund, Graphic Packaging International LLC, Coated Recycled Board Machine Project Rev., AMT, 4.00%, 10/1/2026 (b) | 125 | 119 |
Northern Michigan University Rev., 5.00%, 6/1/2031 | 190 | 206 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Michigan — continued | ||
Onekama Consolidated Schools GO, AGM, 4.00%, 5/1/2025 | 15 | 15 |
University of Michigan Series 2012D-1, Rev., VRDO, 1.20%, 11/9/2022 (b) | 3,400 | 3,400 |
Watervliet Public Schools, School Building and Site GO, Q-SBLF, 5.00%, 5/1/2025 | 10 | 10 |
Wayne-Westland Community Schools Series 2019, GO, Q-SBLF, 4.00%, 11/1/2031 | 10 | 10 |
Western Michigan University, Tax Exempt Series 2021A, Rev., AGM, 5.00%, 11/15/2036 | 200 | 210 |
Total Michigan | 5,170 | |
Minnesota — 0.9% | ||
County of Hennepin GO, 5.00%, 12/15/2029 | 450 | 492 |
Duluth Economic Development Authority, Benedictine Health System | ||
Series 2021A, Rev., 3.00%, 7/1/2025 | 100 | 96 |
Series 2021A, Rev., 3.00%, 7/1/2026 | 180 | 169 |
Minnesota Higher Education Facilities Authority | ||
Rev., 5.00%, 10/1/2025 | 170 | 176 |
Rev., 5.00%, 10/1/2026 | 100 | 105 |
Series 2022A, Rev., 5.00%, 10/1/2027 | 275 | 289 |
Series 2022A, Rev., 5.00%, 10/1/2028 | 290 | 307 |
Series 2022B, Rev., 5.00%, 10/1/2028 | 655 | 694 |
Series 2022A, Rev., 5.00%, 10/1/2029 | 315 | 336 |
Series 2022A, Rev., 5.00%, 10/1/2030 | 225 | 239 |
Series 2022A, Rev., 5.00%, 10/1/2031 | 350 | 370 |
Series 2022A, Rev., 5.00%, 10/1/2032 | 245 | 258 |
Minnesota Municipal Gas Agency Series 2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 12/1/2027 | 1,435 | 1,388 |
Moorhead Independent School District No. 152 Series 2020A, GO, 4.00%, 2/1/2028 | 10 | 10 |
Total Minnesota | 4,929 | |
Missouri — 0.8% | ||
Health and Educational Facilities Authority of the State of Missouri | ||
Rev., 5.00%, 2/15/2030 | 670 | 693 |
Series 2015A, Rev., 5.00%, 2/15/2031 | 705 | 729 |
Rev., 5.00%, 2/15/2032 | 500 | 508 |
Rev., 5.00%, 2/15/2033 | 500 | 506 |
Rev., 4.00%, 2/15/2034 | 400 | 354 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 15 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Missouri — continued | ||
Health and Educational Facilities Authority of the State of Missouri, St. Luke's Health System, Inc. Rev., 5.00%, 11/15/2029 | 1,000 | 1,064 |
Industrial Development Authority of the City of St Louis Missouri (The), St. Louis Innovation District Rev., 5.00%, 5/15/2041 | 400 | 370 |
Total Missouri | 4,224 | |
Montana — 0.2% | ||
Montana State Board of Regents,The University of Montana Series 2019B, Rev., 5.00%, 11/15/2028 | 1,000 | 1,081 |
Silver Bow County School District No. 1 Series 2021B, GO, 5.00%, 7/1/2029 | 5 | 5 |
Total Montana | 1,086 | |
Nebraska — 0.4% | ||
Central Plains Energy Project, Gas Project No. 3 Series 2017A, Rev., 5.00%, 9/1/2042 | 2,550 | 2,440 |
Nevada — 0.2% | ||
County of Clark, Nevada Improvement District No. 158 Series 2006 B, 5.00%, 8/1/2034 | 10 | 11 |
County of Clark, Southern California Edison Co. Series 2008A, Rev., 2.10%, 6/1/2031 | 1,215 | 964 |
Total Nevada | 975 | |
New Hampshire — 0.4% | ||
New Hampshire Business Finance Authority, St. Luke's Hospital Obligated Group | ||
Series 2021B, Rev., 5.00%, 8/15/2032 | 1,475 | 1,514 |
Series 2021B, Rev., 5.00%, 8/15/2035 | 650 | 656 |
Total New Hampshire | 2,170 | |
New Jersey — 3.2% | ||
Borough of Bergenfield GO, 4.00%, 8/1/2036 | 1,420 | 1,345 |
Camden County Improvement Authority (The), Camden Prep High School Project | ||
Rev., 4.00%, 7/15/2027 (d) | 215 | 206 |
Rev., 5.00%, 7/15/2032 (d) | 285 | 280 |
Rev., 5.00%, 7/15/2042 (d) | 585 | 538 |
County of Morris GO, 3.00%, 2/1/2030 | 20 | 19 |
New Jersey Economic Development Authority, School Facilities Construction Series 2014PP, Rev., 5.00%, 6/15/2024 (e) | 5,000 | 5,138 |
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Series 2018 A, Rev., 5.00%, 6/15/2028 | 3,000 | 3,092 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
New Jersey — continued | ||
New Jersey Transportation Trust Fund Authority, Transportation Program | ||
Series 2013AA, Rev., 5.00%, 6/15/2036 | 2,500 | 2,503 |
Series 2020 AA, Rev., 4.00%, 6/15/2050 | 1,125 | 899 |
Series 2020 AA, Rev., 5.00%, 6/15/2050 | 1,000 | 952 |
New Jersey Turnpike Authority Series 2017B, Rev., 4.00%, 1/1/2035 | 5 | 5 |
Tobacco Settlement Financing Corp. Series 2018A, Rev., 5.00%, 6/1/2027 | 2,800 | 2,896 |
Total New Jersey | 17,873 | |
New Mexico — 0.6% | ||
Loving Municipal School District No. 10 | ||
Series 2020 A, GO, 5.00%, 9/15/2023 | 700 | 709 |
Series 2020 A, GO, 5.00%, 9/15/2024 | 430 | 441 |
GO, 5.00%, 9/15/2025 | 300 | 311 |
GO, 5.00%, 9/15/2026 | 360 | 377 |
GO, 5.00%, 9/15/2027 | 340 | 360 |
GO, 5.00%, 9/15/2028 | 300 | 317 |
State of New Mexico GO, 5.00%, 3/1/2031 | 755 | 840 |
Total New Mexico | 3,355 | |
New York — 11.1% | ||
Broome County Local Development Corp., Good Shepherd Village at Endwell, Inc. | ||
Rev., 4.00%, 7/1/2031 | 100 | 88 |
Rev., 4.00%, 7/1/2036 | 160 | 130 |
Build NYC Resource Corp., New World Preparatory Charter School Project | ||
Series 2021A, Rev., 4.00%, 6/15/2031 | 150 | 134 |
Series 2021A, Rev., 4.00%, 6/15/2056 | 225 | 149 |
City of New York | ||
Series 2021A-1, GO, 4.00%, 8/1/2034 | 150 | 143 |
Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2036 | 1,000 | 1,059 |
Series F, Subseries F-1, GO, 5.00%, 3/1/2037 | 2,000 | 2,108 |
City of New York, Fiscal Year 2018 Series 2018-1, GO, 5.00%, 8/1/2030 | 20 | 21 |
County of St. Lawrence GO, AGM, 3.00%, 5/15/2034 | 10 | 8 |
Hudson Yards Infrastructure Corp., Second Indenture, Fiscal Year 2017 Series 2017 A, Rev., 5.00%, 2/15/2033 | 1,500 | 1,563 |
Long Island Power Authority Series 2019 A, Rev., 3.00%, 9/1/2036 | 10 | 8 |
Metropolitan Transportation Authority | ||
Series 2015F, Rev., 5.00%, 11/15/2025 | 15 | 15 |
16 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
New York — continued | ||
Series C-1, Rev., 5.25%, 11/15/2028 | 5,000 | 5,092 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2021 Series 2021D, Rev., 4.00%, 11/1/2042 | 3,000 | 2,653 |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series 2022F, Rev., 5.00%, 2/1/2036 | 1,005 | 1,060 |
New York City Water and Sewer System, Second General Resolution, Fiscal Year 2015 Series 2015 FF, Rev., 5.00%, 6/15/2031 | 3,000 | 3,119 |
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured Series B, Rev., AGM-CR, Zero Coupon, 11/15/2052 | 10,000 | 1,799 |
New York Liberty Development Corp. | ||
Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | 500 | 316 |
Rev., 2.75%, 2/15/2044 | 1,000 | 658 |
New York State Dormitory Authority | ||
Rev., 4.00%, 2/15/2034 | 1,000 | 970 |
Series 2018A, Rev., 5.00%, 7/1/2038 | 3,500 | 3,665 |
New York State Dormitory Authority, School Districts Financing Program Series 2018A, Rev., 5.00%, 10/1/2030 | 875 | 918 |
New York State Dormitory Authority, State Personal Income Tax, General Purpose Series 2020 A, Rev., 4.00%, 3/15/2044 | 1,000 | 873 |
New York State Dormitory Authority, State Sales Tax Series A, Rev., 5.00%, 3/15/2033 | 1,000 | 1,016 |
New York State Environmental Facilities Corp., State Clean Water and Drinking Water Revolving Funds, New York City Municipal Water Finance Authority Series 2017A, Rev., 5.00%, 6/15/2028 | 2,000 | 2,142 |
New York State Thruway Authority, Junior Lien | ||
Series 2016-A, Rev., 5.00%, 1/1/2025 | 25 | 26 |
Series J, Rev., 5.00%, 1/1/2025 | 5 | 5 |
New York State Urban Development Corp., Sales Tax Series 2021A, Rev., 4.00%, 3/15/2046 | 1,000 | 867 |
New York State Urban Development Corp., State Personal Income Tax, General Purpose Series 2017C, Rev., 5.00%, 3/15/2027 | 5,475 | 5,817 |
Port Authority of New York & New Jersey, Consolidated Series 194, Rev., 5.00%, 10/15/2041 | 6,500 | 6,693 |
Port Washington Union Free School District GO, 4.00%, 8/1/2035 | 5,045 | 4,924 |
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series 2015A, Rev., 5.00%, 10/15/2024 (e) | 1,890 | 1,955 |
Syracuse Industrial Development Agency, School District Series 2019 A, Rev., 4.00%, 5/1/2034 | 10 | 10 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
New York — continued | ||
Utility Debt Securitization Authority | ||
Series 2013TE, Rev., 5.00%, 12/15/2028 | 4,000 | 4,074 |
Series 2013TE, Rev., 5.00%, 12/15/2041 | 4,250 | 4,313 |
Village of Stewart Manor, Public Improvement | ||
Series 2013TE, GO, 5.00%, 8/1/2026 | 20 | 21 |
Series 2013TE, GO, 4.00%, 8/1/2028 | 20 | 20 |
Wellsville Central School District Series 2017 B, GO, AGM, 5.00%, 6/15/2023 | 20 | 20 |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project | ||
Series 2021D, Rev., 2.88%, 7/1/2026 (d) | 465 | 442 |
Series 2021C, Rev., 3.20%, 7/1/2028 (d) | 3,025 | 2,806 |
Series 2021A, Rev., 5.00%, 7/1/2041 (d) | 1,000 | 808 |
Total New York | 62,508 | |
North Carolina — 0.8% | ||
County of Cabarrus Series 2022A, Rev., 5.00%, 6/1/2028 | 1,000 | 1,082 |
County of Duplin Series 2021B, Rev., 5.00%, 6/1/2029 | 140 | 150 |
County of New Hanover Series 2016 A, Rev., 5.00%, 6/1/2026 | 220 | 233 |
North Carolina Capital Facilities Finance Agency, High Point University | ||
Series 2017C, Rev., 5.00%, 5/1/2030 | 560 | 593 |
Rev., 4.00%, 5/1/2032 | 1,000 | 965 |
North Carolina Medical Care Commission, The Forest at Duke Project Rev., 4.00%, 9/1/2034 | 190 | 167 |
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029 | 700 | 731 |
University of North Carolina at Chapel Hill Series B, Rev., VRDO, LIQ : TD Bank NA, 1.20%, 11/9/2022 (b) | 575 | 575 |
University of North Carolina at Greensboro Series 2021A, Rev., 4.00%, 4/1/2035 | 10 | 10 |
Total North Carolina | 4,506 | |
North Dakota — 0.2% | ||
City of Grand Forks Rev., 4.00%, 12/1/2038 | 1,200 | 1,011 |
North Dakota Building Authority Series 2020A, Rev., 5.00%, 12/1/2035 | 220 | 235 |
Total North Dakota | 1,246 | |
Ohio — 1.8% | ||
Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron Series 2022A, Rev., 5.00%, 11/15/2029 | 650 | 697 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 17 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Ohio — continued | ||
American Municipal Power, Inc., Fremont Energy Center Project Series 2021A, Rev., 5.00%, 2/15/2033 | 1,250 | 1,342 |
Butler County Port Authority, Community First Solutions | ||
Series 2021A, Rev., 4.00%, 5/15/2038 | 110 | 101 |
Series 2021A, Rev., 4.00%, 5/15/2039 | 110 | 100 |
Series 2021A, Rev., 4.00%, 5/15/2040 | 120 | 108 |
Series 2021A, Rev., 4.00%, 5/15/2041 | 125 | 111 |
County of Cuyahoga, Eliza Jennings Senior Care Network Series 2022-A, Rev., 5.00%, 5/15/2032 | 170 | 162 |
County of Summit Series 2019 A, GO, 5.00%, 12/1/2029 | 200 | 219 |
Northeast Ohio Medical University | ||
Series 2021A, Rev., 5.00%, 12/1/2030 | 70 | 72 |
Series 2021A, Rev., 4.00%, 12/1/2035 | 150 | 137 |
Ohio Higher Educational Facility Commission | ||
Rev., 5.00%, 9/1/2030 | 275 | 270 |
Rev., 5.75%, 9/1/2037 | 205 | 205 |
Ohio Higher Educational Facility Commission, Cleveland Institute of Music 2 | ||
Rev., 5.00%, 12/1/2027 | 100 | 101 |
Rev., 5.00%, 12/1/2032 | 100 | 98 |
Ohio Higher Educational Facility Commission, John Carroll University | ||
Rev., 5.00%, 10/1/2028 | 370 | 380 |
Rev., 5.00%, 10/1/2029 | 445 | 457 |
Rev., 5.00%, 10/1/2030 | 425 | 435 |
Rev., 5.00%, 10/1/2031 | 645 | 655 |
Rev., 5.00%, 10/1/2032 | 700 | 705 |
Ohio Water Development Authority | ||
Rev., 5.00%, 12/1/2037 | 1,020 | 1,086 |
Series 2021A, Rev., 5.00%, 12/1/2039 | 1,025 | 1,095 |
State of Ohio Series 2016A, GO, 5.00%, 9/1/2025 | 385 | 403 |
State of Ohio, Capital Facilities Lease Appropriation Series 2018A, Rev., 5.00%, 4/1/2028 | 1,020 | 1,097 |
Total Ohio | 10,036 | |
Oklahoma — 0.6% | ||
Oklahoma County Finance Authority, Educational Facilities, Lease Midwest City-Del City Public Schools Project | ||
Rev., 5.00%, 10/1/2023 | 180 | 183 |
Rev., 5.00%, 10/1/2025 | 500 | 519 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Oklahoma — continued | ||
Rev., 5.00%, 10/1/2026 | 500 | 523 |
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038 | 2,000 | 2,067 |
Total Oklahoma | 3,292 | |
Oregon — 2.3% | ||
City of Portland, Second Lien Sewer System Series 2014B, Rev., 4.00%, 10/1/2036 | 2,180 | 2,123 |
County of Marion Series 2022B, GO, AMBAC, 5.50%, 6/1/2023 | 100 | 101 |
Hospital Facilities Authority of Multnomah County Oregon | ||
Series 2021B-2, Rev., 0.95%, 6/1/2027 | 5,800 | 4,965 |
Series 2021B-1, Rev., 1.20%, 6/1/2028 | 2,000 | 1,663 |
Linn & Benton Counties, School District No. 8J, Greater Albany Series 2022B2, GO, 5.00%, 6/15/2030 | 500 | 530 |
Salem Hospital Facility Authority, Capital Manor Project | ||
Rev., 5.00%, 5/15/2028 | 155 | 152 |
Rev., 4.00%, 5/15/2029 | 130 | 119 |
Rev., 4.00%, 5/15/2030 | 190 | 172 |
Rev., 4.00%, 5/15/2031 | 200 | 178 |
Rev., 4.00%, 5/15/2032 | 185 | 163 |
State of Oregon Series 2017O, GO, VRDO, LIQ : US Bank NA, 1.24%, 11/9/2022 (b) | 400 | 400 |
Tri-County Metropolitan Transportation District of Oregon Series 2017A, Rev., 5.00%, 10/1/2023 | 50 | 51 |
Umatilla County School District No. 61R Stanfield GO, 4.00%, 6/15/2039 | 275 | 252 |
Washington & Multnomah Counties School District No. 48J Beaverton Series 2022B, GO, 5.00%, 6/15/2025 | 1,455 | 1,517 |
Washington Counties, Hillsborough School District No. 1J Series 2017, GO, 5.00%, 6/15/2027 | 570 | 608 |
Yamhill County Hospital Authority, Friendsview Manor Series 2021A, Rev., 5.00%, 11/15/2056 | 240 | 180 |
Total Oregon | 13,174 | |
Pennsylvania — 1.9% | ||
Allegheny County Higher Education Building Authority, Chatham University | ||
Series 2016A, Rev., 5.00%, 9/1/2028 | 100 | 100 |
Rev., 5.00%, 9/1/2029 | 100 | 99 |
Rev., 5.00%, 9/1/2030 | 105 | 103 |
Rev., 5.00%, 9/1/2031 | 100 | 97 |
18 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Pennsylvania — continued | ||
Rev., 5.00%, 9/1/2032 | 100 | 96 |
Berks County Industrial Development Authority, Tower Health Project | ||
Series 2021C, Rev., 5.00%, 11/1/2027 | 350 | 310 |
Rev., 5.00%, 11/1/2028 | 450 | 390 |
Rev., 5.00%, 11/1/2029 | 150 | 127 |
Rev., 5.00%, 11/1/2030 | 150 | 124 |
Bucks County Industrial Development Authority, Grand View Hospital Project Rev., 5.00%, 7/1/2036 | 1,225 | 1,131 |
Commonwealth Financing Authority, Tobacco Master Settlement Payment | ||
Rev., 5.00%, 6/1/2024 | 500 | 509 |
Rev., 5.00%, 6/1/2025 | 630 | 646 |
Rev., 5.00%, 6/1/2026 | 380 | 392 |
Rev., 5.00%, 6/1/2027 | 500 | 520 |
Rev., 5.00%, 6/1/2028 | 880 | 920 |
Rev., 5.00%, 6/1/2029 | 380 | 397 |
County of Lancaster Series A, GO, 4.00%, 5/1/2026 | 15 | 15 |
County of Montgomery Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2043 | 2,000 | 1,714 |
Fairview School District Series A, GO, 4.00%, 2/1/2028 | 10 | 10 |
Pennsylvania Economic Development Financing Authority, Presbyterian Senior Living Rev., 4.00%, 7/1/2030 | 335 | 312 |
Pennsylvania Turnpike Commission Series 2021B, Rev., 5.00%, 12/1/2025 | 165 | 171 |
Philadelphia Authority for Industrial Development, Holy Family University Project Rev., 5.00%, 9/1/2029 (c) | 675 | 680 |
Sayre Health Care Facilities Authority, Guthrie Health Issue Series 2021B, Rev., (ICE LIBOR USD 3 Month + 0.78%), 2.84%, 12/1/2022 (f) | 1,475 | 1,476 |
Township of Hampton GO, 5.00%, 1/1/2030 | 100 | 107 |
Total Pennsylvania | 10,446 | |
Rhode Island — 0.0% ^ | ||
Rhode Island Turnpike and Bridge Authority, Motor Fuel Tax Series 2016A, Rev., 5.00%, 10/1/2029 | 10 | 10 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
South Carolina — 0.0% ^ | ||
City of Charleston, Waterworks & Sewer System Rev., 5.00%, 1/1/2028 | 15 | 16 |
Spartanburg County Tourist Public Facilities Corp. Series 2021B, COP, 4.00%, 4/1/2028 | 10 | 10 |
Total South Carolina | 26 | |
Tennessee — 1.8% | ||
City of Memphis, Electric System Series 2022A, Rev., 5.00%, 12/1/2026 | 345 | 367 |
City of Murfreesboro GO, 5.00%, 6/1/2029 | 725 | 792 |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities, The Blakeford at Green Hills Corp. Series 2020A, Rev., 4.00%, 11/1/2038 | 1,305 | 1,077 |
Metropolitan Nashville Airport Authority (The), Subordinate Airport Series 2019A, Rev., 5.00%, 7/1/2034 | 130 | 136 |
Tennessee Energy Acquisition Corp., Gas Project Series 2018, Rev., 4.00%, 11/1/2025 (b) | 8,000 | 7,776 |
Total Tennessee | 10,148 | |
Texas — 7.8% | ||
Baytown Municipal Development District, Third-Lien Hotel Series 2021C, Rev., 5.00%, 10/1/2032 | 535 | 566 |
Bexar County Hospital District GO, 4.00%, 2/15/2035 | 10 | 10 |
Board of Regents of the University of Texas System Financing System Series 2014B, Rev., 5.00%, 8/15/2026 | 5,000 | 5,295 |
Central Texas Regional Mobility Authority, Senior Lien Series 2021D, Rev., 4.00%, 1/1/2044 | 2,000 | 1,647 |
City of Austin, Airport System Series 2022A, Rev., AMT, 5.00%, 11/15/2034 | 1,500 | 1,499 |
City of El Paso, Water and Sewer Rev., 5.00%, 3/1/2031 | 1,250 | 1,372 |
City of Houston, Airport System Series 2021A, Rev., AMT, 5.00%, 7/1/2032 | 950 | 965 |
City of Houston, Airport System, United Airlines, Inc., Terminal Improvements Projects Series 2021B-1, Rev., AMT, 4.00%, 7/15/2041 | 400 | 307 |
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (e) | 5,550 | 6,560 |
City of Houston, Public Improvement Series 2014A, GO, 5.00%, 3/1/2024 (e) | 4,000 | 4,089 |
City of Mesquite, Waterworks and Sewer System | ||
Series 2020 A, Rev., 5.00%, 3/1/2026 | 650 | 680 |
Rev., 5.00%, 3/1/2029 | 655 | 708 |
Rev., 5.00%, 3/1/2035 | 1,000 | 1,070 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 19 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Texas — continued | ||
Clifton Higher Education Finance Corp., IDEA Public Schools Rev., PSF-GTD, 5.00%, 8/15/2030 | 460 | 497 |
Conroe Local Government Corp., Conroe Convention Center Hotel Series 2021A, Rev., 2.50%, 10/1/2031 | 100 | 79 |
County of El Paso GO, 5.00%, 2/15/2032 | 1,490 | 1,582 |
County of Tarrant GO, 5.00%, 7/15/2033 | 500 | 547 |
Denton Independent School District Series 2021A, GO, PSF-GTD, 5.00%, 8/15/2030 | 460 | 503 |
Lower Neches Valley Authority Industrial Development Corp. Rev., VRDO, 1.20%, 11/9/2022 (b) | 5,000 | 5,000 |
Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project Series 2002A, Rev., VRDO, 1.20%, 11/9/2022 (b) | 600 | 600 |
New Hope Cultural Education Facilities Finance Corp. Series 2022B-3, Rev., 4.25%, 10/1/2026 | 325 | 315 |
New Hope Cultural Education Facilities Finance Corp., Jubilee Academic Center, Inc. Series 2021B, Rev., 4.00%, 8/15/2031 (d) | 485 | 432 |
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Rev., 4.00%, 1/1/2037 | 100 | 77 |
New Hope Cultural Education Facilities Finance Corp., Westminster Project Rev., 4.00%, 11/1/2055 | 100 | 72 |
North Texas Tollway Authority System, First Tier | ||
Series A, Rev., 5.00%, 1/1/2026 | 100 | 100 |
Series A, Rev., 5.00%, 1/1/2027 | 550 | 576 |
Series A, Rev., 5.00%, 1/1/2030 | 360 | 374 |
Series A, Rev., 5.00%, 1/1/2035 | 600 | 619 |
North Texas Tollway Authority System, Second Tier | ||
Series B, Rev., 5.00%, 1/1/2027 | 300 | 314 |
Series B, Rev., 5.00%, 1/1/2030 | 400 | 414 |
Northwest Independent School District GO, PSF-GTD, 5.00%, 2/15/2031 | 3,635 | 3,988 |
Round Rock Independent School District Series 2016A, GO, 5.00%, 8/1/2029 | 115 | 123 |
San Antonio Education Facilities Corp., Hallmark University Project Series 2021A, Rev., 5.00%, 10/1/2041 | 200 | 164 |
San Antonio Education Facilities Corp., University of the Incarnate Word Series 2021A, Rev., 4.00%, 4/1/2037 | 600 | 519 |
Trinity River Authority, Walker-Calloway System | ||
Rev., 5.00%, 2/1/2026 | 275 | 288 |
Series 2017 A, Rev., 5.00%, 2/1/2027 | 290 | 307 |
Rev., 5.00%, 2/1/2028 | 305 | 326 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Texas — continued | ||
Rev., 5.00%, 2/1/2029 | 320 | 343 |
Rev., 5.00%, 2/1/2030 | 340 | 364 |
Rev., 5.00%, 2/1/2031 | 355 | 377 |
Tyler Independent School District GO, PSF-GTD, 5.00%, 2/15/2028 | 175 | 186 |
Total Texas | 43,854 | |
Utah — 0.7% | ||
Mida Golf and Equestrian Center Public Infrastructure District, Limited Tax GO, 4.13%, 6/1/2036 (d) | 895 | 704 |
Military Installation Development Authority, Tax Allocation and Hotel Tax | ||
Series 2021A-1, Rev., 4.00%, 6/1/2036 | 100 | 80 |
Series 2021A-2, Rev., 4.00%, 6/1/2036 | 100 | 80 |
Series 2021A-1, Rev., 4.00%, 6/1/2041 | 100 | 76 |
Utah Charter School Finance Authority, Wallace Stegner Academy | ||
Series 2022A, Rev., 5.25%, 6/15/2032 (d) | 500 | 478 |
Series 2022A, Rev., 5.63%, 6/15/2042 (d) | 805 | 746 |
Utah Infrastructure Agency Telecommunications and Franchise Tax Rev., 4.00%, 10/15/2025 (e) | 250 | 254 |
Utah Infrastructure Agency, Tax-Exempt Telecommunications | ||
Rev., 5.00%, 10/15/2027 | 100 | 100 |
Rev., 4.00%, 10/15/2031 | 500 | 450 |
Rev., 5.00%, 10/15/2032 | 100 | 97 |
Rev., 4.00%, 10/15/2033 | 525 | 457 |
Weber Basin Water Conservancy District Series 2017B, Rev., 5.00%, 10/1/2031 | 470 | 497 |
Total Utah | 4,019 | |
Virginia — 0.4% | ||
Henrico County Economic Development Authority, Westminster Canterbury Richmond Rev., 4.00%, 10/1/2040 | 330 | 283 |
Lynchburg Economic Development Authority, Central Health, Inc. Rev., 4.00%, 1/1/2037 | 665 | 583 |
Virginia Small Business Financing Authority, The Obligated Group of National Senior Campuses, Inc. Series 2020A, Rev., 5.00%, 1/1/2034 | 1,200 | 1,227 |
Total Virginia | 2,093 | |
Washington — 3.0% | ||
County of Kitsap Series 2022B, GO, 5.00%, 12/1/2034 | 1,715 | 1,878 |
Energy Northwest Series 2021A, Rev., 5.00%, 7/1/2026 | 10 | 10 |
20 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Municipal Bonds — continued | ||
Washington — continued | ||
Port of Seattle Series 2022B, Rev., AMT, 4.00%, 8/1/2047 | 600 | 476 |
Port of Seattle, Intermediate Lien | ||
Series B, Rev., 5.00%, 3/1/2033 | 3,750 | 3,825 |
Series 2022B, Rev., AMT, 5.00%, 8/1/2033 | 2,830 | 2,911 |
Series B, Rev., 5.00%, 3/1/2034 | 1,000 | 1,018 |
Washington Health Care Facilities Authority, Providence St. Joseph Health | ||
Series 2018B, Rev., 5.00%, 10/1/2025 | 1,250 | 1,295 |
Series 2018B, Rev., 5.00%, 10/1/2026 | 1,500 | 1,569 |
Series 2018B, Rev., 5.00%, 10/1/2027 | 2,500 | 2,640 |
Washington State Housing Finance Commission, New Haven Apartments Series 2018 B, Rev., VRDO, LOC : Federal National Mortgage Association, 2.33%, 11/10/2022 (b) | 250 | 250 |
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041 (d) | 1,415 | 1,105 |
Total Washington | 16,977 | |
Wisconsin — 1.1% | ||
Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (d) | 130 | 104 |
Public Finance Authority, Coral Academy of Science | ||
Series 2021A, Rev., 4.00%, 7/1/2030 | 305 | 278 |
Series 2021A, Rev., 4.00%, 7/1/2041 | 500 | 390 |
Public Finance Authority, Entrance Fee Principal Redemption, Searstone CCRC Project Series 2021B2, Rev., 2.25%, 6/1/2027 (d) | 215 | 188 |
Public Finance Authority, Roseman University of Health Sciences Project Rev., 4.00%, 4/1/2032 (d) | 100 | 88 |
Public Finance Authority, Scotland Healthcare System | ||
Series 2021A, Rev., 5.00%, 10/1/2025 | 695 | 711 |
Series 2021A, Rev., 5.00%, 10/1/2026 | 730 | 750 |
Public Finance Authority, The Carmelite System, Inc., Obligated Group Series 2021A, Rev., 3.25%, 1/1/2029 | 860 | 782 |
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (d) | 105 | 88 |
Public Finance Authority, Triad Math and Science Academy Co. | ||
Series 2021A, Rev., 4.00%, 6/15/2024 | 340 | 337 |
Series 2021A, Rev., 4.00%, 6/15/2026 | 370 | 360 |
Series 2021A, Rev., 4.00%, 6/15/2028 | 400 | 381 |
Series 2021A, Rev., 4.00%, 6/15/2030 | 435 | 404 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Wisconsin — continued | ||
Series 2021A, Rev., 4.00%, 6/15/2041 | 280 | 226 |
Public Finance Authority, Viticus Group Project | ||
Series 2022A, Rev., 4.00%, 12/1/2031 (d) | 100 | 87 |
Series 2022A, Rev., 4.00%, 12/1/2041 (d) | 290 | 222 |
Wisconsin Health and Educational Facilities Authority, Hope Christian Schools Rev., 4.00%, 12/1/2041 | 160 | 120 |
Wisconsin Health and Educational Facilities Authority, Marquette University Series 2021A-1, Rev., 5.00%, 10/1/2032 | 500 | 522 |
Wisconsin Health and Educational Facilities Authority, Oakwood Lutheran Senior Ministries Rev., 4.00%, 1/1/2037 | 325 | 264 |
Total Wisconsin | 6,302 | |
Total Municipal Bonds (Cost $476,079) | 439,610 | |
SHARES (000) | ||
Short-Term Investments — 8.2% | ||
Investment Companies — 8.2% | ||
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.04% (g) (h) (Cost $46,359) | 46,345 | 46,363 |
Total Investments — 86.3% (Cost $522,438) | 485,973 | |
Other Assets Less Liabilities — 13.7% | 76,850 | |
NET ASSETS — 100.0% | 562,823 |
Percentages indicated are based on net assets. |
Abbreviations | |
AGM | Insured by Assured Guaranty Municipal Corp. |
AMBAC | Insured by American Municipal Bond Assurance Corp. |
AMT | Alternative Minimum Tax |
CCRC | Congregate Care Retirement Center |
COP | Certificate of Participation |
CR | Custodial Receipts |
GO | General Obligation |
GTD | Guaranteed |
ICE | Intercontinental Exchange |
LIBOR | London Interbank Offered Rate |
LIQ | Liquidity Agreement |
LOC | Letter of Credit |
NATL | Insured by National Public Finance Guarantee Corp. |
PSF-GTD | Permanent School Fund Guaranteed |
Q-SBLF | Qualified School Bond Loan Fund |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 21 |
AS OF October 31, 2022 (continued)
RE | Reinsured |
Rev. | Revenue |
USD | United States Dollar |
VRDO | Variable Rate Demand Obligation |
^ | Amount rounds to less than 0.1% of net assets. | |
(a) | The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
(b) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2022. | |
(c) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. |
(d) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(e) | Security is prerefunded or escrowed to maturity. | |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2022. | |
(g) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(h) | The rate shown is the current yield as of October 31, 2022. |
FLOATING RATE INDEX(a) | FIXED RATE | PAY/ RECEIVE FLOATING RATE | MATURITY DATE | NOTIONAL AMOUNT | UPFRONT PAYMENTS (RECEIPTS) $ | UNREALIZED APPRECIATION (DEPRECIATION) ($) | VALUE ($) |
CPI-U at termination | 2.37% at termination | Receive | 10/4/2032 | USD 46,362 | (112) | 1,620 | 1,508 |
CPI-U at termination | 2.45% at termination | Receive | 10/4/2027 | USD 68,296 | (189) | 1,447 | 1,258 |
CPI-U at termination | 2.47% at termination | Receive | 10/6/2032 | USD��22,675 | (42) | 583 | 541 |
CPI-U at termination | 2.47% at termination | Receive | 10/6/2032 | USD 6,298 | (12) | 162 | 150 |
CPI-U at termination | 2.67% at termination | Receive | 10/19/2032 | USD 15,312 | (48) | 158 | 110 |
CPI-U at termination | 2.73% at termination | Receive | 10/19/2029 | USD 70,437 | (185) | 558 | 373 |
CPI-U at termination | 2.95% at termination | Receive | 10/19/2025 | USD 80,135 | (111) | 193 | 82 |
CPI-U at termination | 3.23% at termination | Receive | 5/31/2027 | USD 30,813 | — | 33 | 33 |
(699) | 4,754 | 4,055 | |||||
CPI-U at termination | 2.97% at termination | Receive | 6/7/2032 | USD 10,720 | 13 | (34) | (21) |
CPI-U at termination | 3.32% at termination | Receive | 6/6/2027 | USD 6,988 | — | (26) | (26) |
CPI-U at termination | 3.35% at termination | Receive | 5/19/2027 | USD 6,081 | — | (6) | (6) |
CPI-U at termination | 3.37% at termination | Receive | 6/8/2027 | USD 6,357 | — | (38) | (38) |
13 | (104) | (91) | |||||
(686) | 4,650 | 3,964 |
Abbreviations | |
CPI-U | Consumer Price Index for All Urban Consumers |
USD | United States Dollar |
(a) Value of floating rate index at October 31, 2022 was as follows: |
FLOATING RATE INDEX | VALUE |
CPI-U | 2.98% |
22 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
REFERENCE OBLIGATION/INDEX | FINANCING RATE PAID BY THE FUND (%) | PAYMENT FREQUENCY | MATURITY DATE | IMPLIED CREDIT SPREAD (%)(a) | NOTIONAL AMOUNT(b) | UPFRONT PAYMENTS (RECEIPTS) ($)(c) | UNREALIZED APPRECIATION (DEPRECIATION) ($) | VALUE ($) |
CDX.NA.HY.39-V1 | 5.00 | Quarterly | 12/20/2027 | 5.44 | USD 19,900 | 800 | (765) | 35 |
(*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the terms of individual swap contracts. | ||||||||
(a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract.Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index. | ||||||||
(b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event. | ||||||||
(c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |
Abbreviations | |
CDX | Credit Default Swap Index |
USD | United States Dollar |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 23 |
AS OF October 31, 2022
(Amounts in thousands, except per share amounts)
JPMorgan Tax Aware Equity Fund | JPMorgan Tax Aware Real Return Fund | |
ASSETS: | ||
Investments in non-affiliates, at value | $1,041,195 | $439,610 |
Investments in affiliates, at value | 29,645 | 46,363 |
Cash | 49 | — |
Deposits at broker for centrally cleared swaps | — | 13,403 |
Receivables: | ||
Investment securities sold | 4,965 | 4,222 |
Investment securities sold — delayed delivery securities | — | 2,717 |
Fund shares sold | 693 | 65,398 |
Interest from non-affiliates | — | 5,501 |
Dividends from non-affiliates | 1,117 | — |
Dividends from affiliates | 3 | 89 |
Variation margin on centrally cleared swaps | — | 1,781 |
Total Assets | 1,077,667 | 579,084 |
LIABILITIES: | ||
Payables: | ||
Investment securities purchased | 8,952 | 5,600 |
Investment securities purchased — delayed delivery securities | — | 8,806 |
Fund shares redeemed | 2,755 | 1,547 |
Accrued liabilities: | ||
Investment advisory fees | 296 | 113 |
Administration fees | 59 | 11 |
Distribution fees | 17 | 21 |
Service fees | 67 | 39 |
Custodian and accounting fees | 6 | 30 |
Other | 97 | 94 |
Total Liabilities | 12,249 | 16,261 |
Net Assets | $1,065,418 | $562,823 |
24 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
JPMorgan Tax Aware Equity Fund | JPMorgan Tax Aware Real Return Fund | |
NET ASSETS: | ||
Paid-in-Capital | $377,281 | $695,590 |
Total distributable earnings (loss) | 688,137 | (132,767) |
Total Net Assets | $1,065,418 | $562,823 |
Net Assets: | ||
Class A | $38,736 | $77,066 |
Class C | 15,356 | 6,183 |
Class I | 629,462 | 415,000 |
Class R6 | 381,864 | 64,574 |
Total | $1,065,418 | $562,823 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||
Class A | 1,078 | 8,503 |
Class C | 438 | 684 |
Class I | 17,370 | 45,676 |
Class R6 | 10,536 | 7,111 |
Net Asset Value (a): | ||
Class A — Redemption price per share | $35.92 | $9.06 |
Class C — Offering price per share (b) | 35.04 | 9.04 |
Class I — Offering and redemption price per share | 36.24 | 9.09 |
Class R6 — Offering and redemption price per share | 36.25 | 9.08 |
Class A maximum sales charge | 5.25% | 3.75% |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $37.91 | $9.41 |
Cost of investments in non-affiliates | $424,390 | $476,079 |
Cost of investments in affiliates | 29,647 | 46,359 |
Net upfront payments on centrally cleared swaps | — | 114 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 25 |
FOR THE YEAR ENDED October 31, 2022
(Amounts in thousands)
JPMorgan Tax Aware Equity Fund | JPMorgan Tax Aware Real Return Fund | |
INVESTMENT INCOME: | ||
Interest income from non-affiliates | $— | $12,708 |
Dividend income from non-affiliates | 13,733 | — |
Dividend income from affiliates | 142 | 362 |
Total investment income | 13,875 | 13,070 |
EXPENSES: | ||
Investment advisory fees | 4,224 | 2,047 |
Administration fees | 905 | 438 |
Distribution fees: | ||
Class A | 101 | 236 |
Class C | 129 | 55 |
Service fees: | ||
Class A | 101 | 236 |
Class C | 43 | 18 |
Class I | 1,755 | 1,092 |
Custodian and accounting fees | 41 | 166 |
Interest expense to affiliates | —(a) | —(a) |
Professional fees | 58 | 87 |
Trustees’ and Chief Compliance Officer’s fees | 29 | 26 |
Printing and mailing costs | 75 | 21 |
Registration and filing fees | 101 | 94 |
Transfer agency fees (See Note 2.I.) | 18 | 7 |
Other | 74 | 34 |
Total expenses | 7,654 | 4,557 |
Less fees waived | (1,148) | (1,434) |
Less expense reimbursements | (5) | — |
Net expenses | 6,501 | 3,123 |
Net investment income (loss) | 7,374 | 9,947 |
REALIZED/UNREALIZED GAINS (LOSSES): | ||
Net realized gain (loss) on transactions from: | ||
Investments in non-affiliates | 94,204 | (23,975) |
Investments in affiliates | —(a) | (11) |
Futures contracts | — | (81) |
Swaps | — | 26,628 |
Net realized gain (loss) | 94,204 | 2,561 |
Distribution of capital gains received from investment company affiliates | — | 1 |
Change in net unrealized appreciation/depreciation on: | ||
Investments in non-affiliates | (321,484) | (53,595) |
Investments in affiliates | (2) | 3 |
Swaps | — | (3,544) |
Change in net unrealized appreciation/depreciation | (321,486) | (57,136) |
Net realized/unrealized gains (losses) | (227,282) | (54,574) |
Change in net assets resulting from operations | $(219,908) | $(44,627) |
26 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Tax Aware Equity Fund | JPMorgan Tax Aware Real Return Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $7,374 | $6,211 | $9,947 | $6,491 |
Net realized gain (loss) | 94,204 | 216,878 | 2,561 | 33,316 |
Distributions of capital gains received from investment company affiliates | — | — | 1 | —(a) |
Change in net unrealized appreciation/depreciation | (321,486) | 223,729 | (57,136) | (779) |
Change in net assets resulting from operations | (219,908) | 446,818 | (44,627) | 39,028 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (5,888) | (4,005) | (1,380) | (795) |
Class C | (2,555) | (1,733) | (72) | (39) |
Class I | (108,264) | (88,662) | (7,608) | (5,235) |
Class R6 | (73,207) | (69,665) | (895) | (444) |
Total distributions to shareholders | (189,914) | (164,065) | (9,955) | (6,513) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | 35,927 | (17,513) | 51,571 | 258,426 |
NET ASSETS: | ||||
Change in net assets | (373,895) | 265,240 | (3,011) | 290,941 |
Beginning of period | 1,439,313 | 1,174,073 | 565,834 | 274,893 |
End of period | $1,065,418 | $1,439,313 | $562,823 | $565,834 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 27 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Tax Aware Equity Fund | JPMorgan Tax Aware Real Return Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $12,257 | $6,213 | $49,207 | $65,111 |
Distributions reinvested | 5,801 | 3,935 | 1,199 | 693 |
Cost of shares redeemed | (8,437) | (5,023) | (62,521) | (7,320) |
Change in net assets resulting from Class A capital transactions | 9,621 | 5,125 | (12,115) | 58,484 |
Class C | ||||
Proceeds from shares issued | 4,553 | 4,381 | 3,232 | 5,286 |
Distributions reinvested | 2,496 | 1,683 | 64 | 36 |
Cost of shares redeemed | (5,064) | (2,848) | (3,545) | (1,439) |
Change in net assets resulting from Class C capital transactions | 1,985 | 3,216 | (249) | 3,883 |
Class I | ||||
Proceeds from shares issued | 189,928 | 155,474 | 371,668 | 237,630 |
Distributions reinvested | 106,211 | 86,764 | 4,272 | 2,990 |
Cost of shares redeemed | (267,812) | (203,733) | (349,501) | (51,812) |
Change in net assets resulting from Class I capital transactions | 28,327 | 38,505 | 26,439 | 188,808 |
Class R6 | ||||
Proceeds from shares issued | 49,338 | 61,647 | 57,291 | 12,045 |
Distributions reinvested | 72,864 | 69,432 | 678 | 440 |
Cost of shares redeemed | (126,208) | (195,438) | (20,473) | (5,234) |
Change in net assets resulting from Class R6 capital transactions | (4,006) | (64,359) | 37,496 | 7,251 |
Total change in net assets resulting from capital transactions | $35,927 | $(17,513) | $51,571 | $258,426 |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 308 | 136 | 5,082 | 6,679 |
Reinvested | 131 | 101 | 126 | 72 |
Redeemed | (215) | (114) | (6,545) | (762) |
Change in Class A Shares | 224 | 123 | (1,337) | 5,989 |
Class C | ||||
Issued | 116 | 99 | 330 | 544 |
Reinvested | 58 | 44 | 7 | 4 |
Redeemed | (129) | (64) | (368) | (148) |
Change in Class C Shares | 45 | 79 | (31) | 400 |
Class I | ||||
Issued | 4,762 | 3,388 | 38,920 | 24,612 |
Reinvested | 2,393 | 2,193 | 448 | 309 |
Redeemed | (6,510) | (4,477) | (36,763) | (5,359) |
Change in Class I Shares | 645 | 1,104 | 2,605 | 19,562 |
28 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
JPMorgan Tax Aware Equity Fund | JPMorgan Tax Aware Real Return Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
SHARE TRANSACTIONS: (continued) | ||||
Class R6 | ||||
Issued | 1,220 | 1,381 | 6,022 | 1,230 |
Reinvested | 1,642 | 1,754 | 71 | 45 |
Redeemed | (3,068) | (4,628) | (2,152) | (540) |
Change in Class R6 Shares | (206) | (1,493) | 3,941 | 735 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 29 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Tax Aware Equity Fund | |||||||
Class A | |||||||
Year Ended October 31, 2022 | $49.77 | $0.08 | $(7.30) | $(7.22) | $(0.07) | $(6.56) | $(6.63) |
Year Ended October 31, 2021 | 40.37 | 0.02 | 14.90 | 14.92 | (0.04) | (5.48) | (5.52) |
Year Ended October 31, 2020 | 36.83 | 0.17 | 5.79 | 5.96 | (0.18) | (2.24) | (2.42) |
Year Ended October 31, 2019 | 33.50 | 0.23 | 4.28 | 4.51 | (0.25) | (0.93) | (1.18) |
Year Ended October 31, 2018 | 34.41 | 0.17 | 1.46 | 1.63 | (0.18) | (2.36) | (2.54) |
Class C | |||||||
Year Ended October 31, 2022 | 48.84 | (0.12) | (7.12) | (7.24) | — | (6.56) | (6.56) |
Year Ended October 31, 2021 | 39.86 | (0.20) | 14.66 | 14.46 | — | (5.48) | (5.48) |
Year Ended October 31, 2020 | 36.42 | (0.02) | 5.74 | 5.72 | (0.04) | (2.24) | (2.28) |
Year Ended October 31, 2019 | 33.17 | 0.07 | 4.22 | 4.29 | (0.11) | (0.93) | (1.04) |
Year Ended October 31, 2018 | 34.13 | —(f) | 1.44 | 1.44 | (0.04) | (2.36) | (2.40) |
Class I | |||||||
Year Ended October 31, 2022 | 50.15 | 0.24 | (7.36) | (7.12) | (0.23) | (6.56) | (6.79) |
Year Ended October 31, 2021 | 40.64 | 0.20 | 15.00 | 15.20 | (0.21) | (5.48) | (5.69) |
Year Ended October 31, 2020 | 37.05 | 0.32 | 5.84 | 6.16 | (0.33) | (2.24) | (2.57) |
Year Ended October 31, 2019 | 33.67 | 0.40 | 4.28 | 4.68 | (0.37) | (0.93) | (1.30) |
Year Ended October 31, 2018 | 34.57 | 0.32 | 1.45 | 1.77 | (0.31) | (2.36) | (2.67) |
Class R6 | |||||||
Year Ended October 31, 2022 | 50.16 | 0.29 | (7.37) | (7.08) | (0.27) | (6.56) | (6.83) |
Year Ended October 31, 2021 | 40.64 | 0.25 | 15.00 | 15.25 | (0.25) | (5.48) | (5.73) |
Year Ended October 31, 2020 | 37.06 | 0.37 | 5.82 | 6.19 | (0.37) | (2.24) | (2.61) |
Year Ended October 31, 2019 | 33.68 | 0.38 | 4.33 | 4.71 | (0.40) | (0.93) | (1.33) |
October 1, 2018 (g) through October 31, 2018 | 37.04 | 0.01 | (3.37) | (3.36) | — | — | — |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Amount rounds to less than $0.005. |
(g) | Commencement of offering of class of shares. |
30 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets(a) | ||||||
Net asset value, end of period | Total return (excludes sales charge)(c)(d) | Net assets, end of period (000's) | Net expenses(e) | Net investment income (loss) | Expenses without waivers and reimbursements | Portfolio turnover rate(c) |
$35.92 | (16.96)% | $38,736 | 0.95% | 0.21% | 0.96% | 31% |
49.77 | 40.69 | 42,525 | 0.94 | 0.05 | 0.95 | 21 |
40.37 | 16.96 | 29,515 | 0.95 | 0.45 | 0.96 | 19 |
36.83 | 13.99 | 25,640 | 0.96 | 0.67 | 0.98 | 14 |
33.50 | 4.83 | 25,594 | 0.96 | 0.50 | 0.96 | 38 |
35.04 | (17.38) | 15,356 | 1.45 | (0.30) | 1.46 | 31 |
48.84 | 39.96 | 19,177 | 1.44 | (0.45) | 1.45 | 21 |
39.86 | 16.40 | 12,499 | 1.45 | (0.05) | 1.46 | 19 |
36.42 | 13.42 | 11,345 | 1.44 | 0.19 | 1.46 | 14 |
33.17 | 4.31 | 12,197 | 1.46 | (0.01) | 1.47 | 38 |
36.24 | (16.63) | 629,462 | 0.55 | 0.60 | 0.71 | 31 |
50.15 | 41.22 | 838,765 | 0.55 | 0.45 | 0.70 | 21 |
40.64 | 17.47 | 634,799 | 0.55 | 0.85 | 0.71 | 19 |
37.05 | 14.45 | 586,825 | 0.55 | 1.16 | 0.71 | 14 |
33.67 | 5.26 | 1,364,073 | 0.55 | 0.91 | 0.70 | 38 |
36.25 | (16.53) | 381,864 | 0.44 | 0.70 | 0.46 | 31 |
50.16 | 41.39 | 538,846 | 0.44 | 0.56 | 0.45 | 21 |
40.64 | 17.57 | 497,260 | 0.44 | 0.98 | 0.45 | 19 |
37.06 | 14.55 | 650,680 | 0.44 | 1.08 | 0.46 | 14 |
33.68 | (9.07) | 18 | 0.44 | 0.31 | 0.48 | 38 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 31 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||
Investment operations | Distributions | ||||
Net asset value, beginning of period | Net investment income (loss)(a) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | |
JPMorgan Tax Aware Real Return Fund | |||||
Class A | |||||
Year Ended October 31, 2022 | $9.94 | $0.14 | $(0.88) | $(0.74) | $(0.14) |
Year Ended October 31, 2021 | 9.11 | 0.13 | 0.84 | 0.97 | (0.14) |
Year Ended October 31, 2020 | 9.25 | 0.18 | (0.13) | 0.05 | (0.19) |
Year Ended October 31, 2019 | 9.19 | 0.22 | 0.07 | 0.29 | (0.23) |
Year Ended October 31, 2018 | 9.46 | 0.23 | (0.26) | (0.03) | (0.24) |
Class C | |||||
Year Ended October 31, 2022 | 9.92 | 0.09 | (0.87) | (0.78) | (0.10) |
Year Ended October 31, 2021 | 9.09 | 0.08 | 0.84 | 0.92 | (0.09) |
Year Ended October 31, 2020 | 9.23 | 0.14 | (0.14) | —(d) | (0.14) |
Year Ended October 31, 2019 | 9.17 | 0.17 | 0.07 | 0.24 | (0.18) |
Year Ended October 31, 2018 | 9.43 | 0.18 | (0.25) | (0.07) | (0.19) |
Class I | |||||
Year Ended October 31, 2022 | 9.97 | 0.17 | (0.88) | (0.71) | (0.17) |
Year Ended October 31, 2021 | 9.13 | 0.16 | 0.84 | 1.00 | (0.16) |
Year Ended October 31, 2020 | 9.27 | 0.20 | (0.13) | 0.07 | (0.21) |
Year Ended October 31, 2019 | 9.21 | 0.24 | 0.07 | 0.31 | (0.25) |
Year Ended October 31, 2018 | 9.48 | 0.26 | (0.27) | (0.01) | (0.26) |
Class R6 | |||||
Year Ended October 31, 2022 | 9.96 | 0.18 | (0.88) | (0.70) | (0.18) |
Year Ended October 31, 2021 | 9.13 | 0.17 | 0.83 | 1.00 | (0.17) |
Year Ended October 31, 2020 | 9.27 | 0.23 | (0.15) | 0.08 | (0.22) |
Year Ended October 31, 2019 | 9.21 | 0.25 | 0.07 | 0.32 | (0.26) |
Year Ended October 31, 2018 | 9.48 | 0.27 | (0.27) | —(d) | (0.27) |
(a) | Calculated based upon average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(c) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(d) | Amount rounds to less than $0.005. |
(e) | Amount rounds to less than 0.005%. |
32 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets | ||||||
Net asset value, end of period | Total return (excludes sales charge)(b) | Net assets, end of period (000's) | Net expenses(c) | Net investment income (loss) | Expenses without waivers | Portfolio turnover rate |
$9.06 | (7.46)% | $77,066 | 0.74% | 1.48% | 1.00% | 68% |
9.94 | 10.68 | 97,845 | 0.75 | 1.33 | 1.01 | 7 |
9.11 | 0.57 | 35,094 | 0.75 | 1.96 | 1.01 | 12 |
9.25 | 3.14 | 39,846 | 0.76 | 2.32 | 0.99 | 4 |
9.19 | (0.36) | 33,051 | 0.74 | 2.47 | 0.98 | 30 |
9.04 | (7.93) | 6,183 | 1.24 | 0.98 | 1.50 | 68 |
9.92 | 10.17 | 7,095 | 1.25 | 0.84 | 1.51 | 7 |
9.09 | 0.04 | 2,859 | 1.25 | 1.50 | 1.51 | 12 |
9.23 | 2.60 | 8,353 | 1.26 | 1.85 | 1.48 | 4 |
9.17 | (0.76) | 18,315 | 1.24 | 1.97 | 1.48 | 30 |
9.09 | (7.20) | 415,000 | 0.49 | 1.74 | 0.75 | 68 |
9.97 | 11.04 | 429,314 | 0.50 | 1.61 | 0.76 | 7 |
9.13 | 0.82 | 214,709 | 0.50 | 2.24 | 0.75 | 12 |
9.27 | 3.38 | 384,626 | 0.51 | 2.58 | 0.73 | 4 |
9.21 | (0.10) | 411,760 | 0.49 | 2.72 | 0.73 | 30 |
9.08 | (7.11) | 64,574 | 0.39 | 1.90 | 0.50 | 68 |
9.96 | 11.04 | 31,580 | 0.40 | 1.76 | 0.51 | 7 |
9.13 | 0.92 | 22,231 | 0.40 | 2.48 | 0.49 | 12 |
9.27 | 3.49 | 316,009 | 0.41 | 2.70 | 0.48 | 4 |
9.21 | 0.00(e) | 588,549 | 0.39 | 2.82 | 0.48 | 30 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 33 |
AS OF October 31, 2022
(Dollar values in thousands)
Classes Offered | Diversification Classification | |
JPMorgan Tax Aware Equity Fund | Class A, Class C, Class I and Class R6 | Diversified |
JPMorgan Tax Aware Real Return Fund | Class A, Class C, Class I and Class R6 | Diversified |
34 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Tax Aware Equity Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Total Investments in Securities (a) | $1,070,840 | $— | $— | $1,070,840 |
(a) | Please refer to the SOI for specifics of portfolio holdings. |
Tax Aware Real Return Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Municipal Bonds | $— | $439,610 | $— | $439,610 |
Short-Term Investments | ||||
Investment Companies | 46,363 | — | — | 46,363 |
Total Investments in Securities | $46,363 | $439,610 | $— | $485,973 |
Appreciation in Other Financial Instruments | ||||
Swaps | $— | $4,754 | $— | $4,754 |
Depreciation in Other Financial Instruments | ||||
Swaps | — | (869) | — | (869) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $— | $3,885 | $— | $3,885 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 35 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
36 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Tax Aware Equity Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 3.18% (a) (b) | $14,898 | $199,799 | $185,050 | $—(c) | $(2) | $29,645 | 29,643 | $142 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
(c) | Amount rounds to less than one thousand. |
Tax Aware Real Return Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 2.04% (a) (b) | $56,696 | $352,441 | $362,766 | $(11) | $3 | $46,363 | 46,345 | $362 | $1 |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 37 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Tax Aware Real Return Fund | |
Interest Rate Risk Exposure: | |
Swaps at Value (Assets) * | $4,055 |
Swaps at Value (Liabilities) * | (91) |
Credit Risk Exposure: | |
Swaps at Value (Assets) * | 35 |
Net Fair Value of Derivative Contracts: | |
Swaps at Value * | 3,999 |
* | Includes the fair value of centrally cleared swap contracts as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
Tax Aware Real Return Fund | |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: | |
Interest Rate Risk Exposure: | |
Futures Contracts | $(81) |
Swap Contracts | 26,515 |
Credit Exposure Risk: | |
Swap Contracts | 113 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: | |
Interest Rate Risk Exposure: | |
Swap Contracts | (2,779) |
38 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Tax Aware Real Return Fund | |
Credit Exposure Risk: | |
Swap Contracts | $(765) |
Tax Aware Real Return Fund | |
Futures Contracts: | |
Average Notional Balance Long | $2,056 |
Average Notional Balance Short | (2,706) |
Interest Rate-Related Swaps : | |
Average Notional Balance - Pays Fixed Rate | 475,785 |
Ending Notional Balance - Pays Fixed Rate | 370,474 |
Credit Default Swaps: | |
Average Notional Balance - Buy Protection | 2,677 |
Ending Notional Balance - Buy Protection | 19,900 |
Class A | Class C | Class I | Class R6 | Total | |
Tax Aware Equity Fund | |||||
Transfer agency fees | $1 | $1 | $11 | $5 | $18 |
Tax Aware Real Return Fund | |||||
Transfer agency fees | 2 | —(a) | 4 | 1 | 7 |
(a) | Amount rounds to less than one thousand. |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 39 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | |
Tax Aware Equity Fund | $22,743 | $(—) (a) | $(22,743) |
Tax Aware Real Return Fund | (12) | (11) | 23 |
(a) | Amount rounds to less than one thousand. |
Class A | Class C | |
Tax Aware Equity Fund | 0.25% | 0.75% |
40 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Class A | Class C | |
Tax Aware Real Return Fund | 0.25% | 0.75% |
Front-End Sales Charge | CDSC | |
Tax Aware Equity Fund | $9 | $— |
Tax Aware Real Return Fund | 2 | 1 |
Class A | Class C | Class I | |
Tax Aware Equity Fund | 0.25% | 0.25% | 0.25% |
Tax Aware Real Return Fund | 0.25 | 0.25 | 0.25 |
Class A | Class C | Class I | Class R6 | |
Tax Aware Equity Fund | n/a | n/a | 0.55% | 0.44% |
Tax Aware Real Return Fund | 0.75%(1) | 1.25%(1) | 0.50(1) | 0.40(1) |
(1) | Effective November 1, 2022, the contractual expense limitation changed to 0.70%, 1.20%, 0.45% and 0.35%, for Class A, Class C, Class I, and Class R6, respectively. |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 41 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Contractual Waivers | |||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | |
Tax Aware Equity Fund | $86 | $57 | $994 | $1,137 | $5 |
Tax Aware Real Return Fund | 338 | 225 | 808 | 1,371 | — |
Tax Aware Equity Fund | $10 |
Tax Aware Real Return Fund | 62 |
Tax Aware Equity Fund | $1 |
Tax Aware Real Return Fund | 1 |
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | |
Tax Aware Equity Fund | $372,043 | $523,194 |
Tax Aware Real Return Fund | 376,862 | 345,032 |
42 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Tax Aware Equity Fund | $455,231 | $615,961 | $352 | $615,609 |
Tax Aware Real Return Fund | 522,551 | 5,270 | 37,849 | (32,579) |
Ordinary Income* | Tax Exempt Income | Net Long-Term Capital Gains | Total Distributions Paid | |
Tax Aware Equity Fund | $6,939 | $— | $182,975 | $189,914 |
Tax Aware Real Return Fund | 5 | 9,950 | — | 9,955 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Ordinary Income* | Tax Exempt Income | Net Long-Term Capital Gains | Total Distributions Paid | |
Tax Aware Equity Fund | $6,458 | $— | $157,607 | $164,065 |
Tax Aware Real Return Fund | 298 | 6,215 | — | 6,513 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | |
Tax Aware Equity Fund | $1,132 | $71,461 | $615,609 |
Tax Aware Real Return Fund | — | (100,122) | (32,579) |
Capital Loss Carryforward Character | ||
Short-Term | Long-Term | |
Tax Aware Real Return Fund | $88,178 | $11,944 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 43 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Capital Loss Utilized | ||
Short-Term | Long-Term | |
Tax Aware Real Return Fund | $14,541 | $— |
Average Borrowings | Average Interest Rate paid | Number of Days Outstanding | Interest Paid | |
Tax Aware Equity Fund | $2,698 | 0.82% | 1 | $—(a) |
(a) | Amount rounds to less than one thousand. |
44 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Number of Individual Shareholder and/or Affiliated Omnibus Accounts | % of the Fund | Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts | % of the Fund | |
Tax Aware Equity Fund | 1 | 47.1% | 1 | 28.5% |
Tax Aware Real Return Fund | 1 | 23.0 | 1 | 29.5 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 45 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
46 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 47 |
(Unaudited)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Independent Trustees | |||
John F. Finn (1947); Chair since 2020; Trustee since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 166 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present). |
Stephen P. Fisher (1959); Trustee since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 166 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
Gary L. French (1951); Trustee since 2014. | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | 166 | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
Kathleen M. Gallagher (1958); Trustee since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 166 | Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Robert J. Grassi (1957); Trustee since 2014. | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | 166 | None |
48 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Frankie D. Hughes (1952); Trustee since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 166 | None |
Raymond Kanner (1953); Trustee since 2017. | Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). | 166 | Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
Thomas P. Lemke (1954); Trustee since 2014. | Retired since 2013. | 166 | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee since 2014 | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | 166 | Director, ICI Mutual Insurance Company (1999-2013). |
Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 166 | None |
Marilyn McCoy (1948); Trustee since 2005. | Vice President of Administration and Planning, Northwestern University (1985-present). | 166 | None |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 49 |
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 166 | Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021);Trustee, Dartmouth- Hitchcock MedicalCenter (2011-2020). |
Marian U. Pardo* (1946); Trustee since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 166 | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
Emily A. Youssouf (1951); Trustee since 2022. | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | 166 | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | |||
Robert F. Deutsch** (1957); Trustee since 2014. | Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013). | 166 | Treasurer and Director of the JUST Capital Foundation (2017-present). |
Nina O. Shenker** (1957); Trustee since 2022. | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | 166 | Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
(1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. | ||
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (166 J.P. Morgan Funds). | ||
* | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. | ||
** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. |
50 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 51 |
(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary 2010-2019)** | Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with JPMorgan Chase & Co. since 2010. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 through June 2021. |
Matthew Beck (1988), Assistant Secretary (2021)*** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962) Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971), Assistant Secretary (2018)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
Carmine Lekstutis (1980), Assistant Secretary (2011)** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with JPMorgan Chase & Co. since 2011. |
Max Vogel (1990), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2016. |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
Shannon Gaines (1977), Assistant Treasurer (2018)*** | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
Michael Mannarino (1985), Assistant Treasurer (2020) | Vice President, J.P. Morgan Investment Management Inc. since 2014. |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Executive Director, J.P. Morgan Investment Management, Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006. |
Gillian I. Sands (1969), Assistant Treasurer (2012) | Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. |
52 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 53 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Tax Aware Equity Fund | ||||
Class A | ||||
Actual | $1,000.00 | $945.70 | $4.66 | 0.95% |
Hypothetical | 1,000.00 | 1,020.42 | 4.84 | 0.95 |
Class C | ||||
Actual | 1,000.00 | 943.20 | 7.10 | 1.45 |
Hypothetical | 1,000.00 | 1,017.90 | 7.38 | 1.45 |
Class I | ||||
Actual | 1,000.00 | 947.40 | 2.70 | 0.55 |
Hypothetical | 1,000.00 | 1,022.43 | 2.80 | 0.55 |
Class R6 | ||||
Actual | 1,000.00 | 948.00 | 2.16 | 0.44 |
Hypothetical | 1,000.00 | 1,022.99 | 2.24 | 0.44 |
JPMorgan Tax Aware Real Return Fund | ||||
Class A | ||||
Actual | 1,000.00 | 959.80 | 3.66 | 0.74 |
Hypothetical | 1,000.00 | 1,021.47 | 3.77 | 0.74 |
Class C | ||||
Actual | 1,000.00 | 957.30 | 6.12 | 1.24 |
Hypothetical | 1,000.00 | 1,018.95 | 6.31 | 1.24 |
Class I | ||||
Actual | 1,000.00 | 962.10 | 2.42 | 0.49 |
Hypothetical | 1,000.00 | 1,022.73 | 2.50 | 0.49 |
54 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Tax Aware Real Return Fund (continued) | ||||
Class R6 | ||||
Actual | $1,000.00 | $961.60 | $1.93 | 0.39% |
Hypothetical | 1,000.00 | 1,023.24 | 1.99 | 0.39 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
October 31, 2022 | J.P. Morgan Tax Aware Funds | 55 |
(Unaudited)
56 |
57 |
(Unaudited)
58 |
59 |
(Unaudited)
(Dollar values in thousands)
Dividends Received Deduction | |
JPMorgan Tax Aware Equity Fund | 100.00% |
Long-Term Capital Gain Distribution | |
JPMorgan Tax Aware Equity Fund | $205,718 |
Qualified Dividend Income | |
JPMorgan Tax Aware Equity Fund | $6,939 |
Exempt Distributions Paid | |
JPMorgan Tax Aware Real Return Fund | $9,950 |
60 | J.P. Morgan Tax Aware Funds | October 31, 2022 |
FACT | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
○Social Security number and account balances | |
○transaction history and account transactions | |
○checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don't share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don't share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com |
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Who we are | |
Who is providing this notice? | J.P. Morgan Funds |
What we do | |
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How does J.P. Morgan Funds protect my personal information? | We collect your personal information, for example, when you: |
○open an account or provide contact information | |
○give us your account information or pay us by check | |
○make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: |
○sharing for affiliates’ everyday business purposes – information about your creditworthiness | |
○affiliates from using your information to market to you | |
○sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
○J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
○J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
○J.P. Morgan Funds doesn’t jointly market. |
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JPMorgan Global Allocation Fund |
JPMorgan Income Builder Fund |
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Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
December 15, 2022 (Unaudited)
![]() | “While investors seek to adapt to the current market environment, we believe a well-diversified portfolio and a patient outlook remain crucial components of a successful invest- ment approach.” — Brian S. Shlissel |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g425432img8e62e78e3.jpg)
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
October 31, 2022 | J.P. Morgan Funds | 1 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
2 | J.P. Morgan Funds | October 31, 2022 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class I Shares) * | (20.69)% |
MSCI All Country World Index (net of foreign withholding taxes) | (19.96)% |
Bloomberg Global Aggregate Index (Unhedged USD) | (20.79)% |
60% MSCI All Country World Index (net of foreign withholding taxes) / 40% Bloomberg Global Aggregate Index (Unhedged) (formerly known as Global Allocation Composite Benchmark) | (19.20)% |
Net Assets as of 10/31/2022 (In Thousands) | $3,281,291 |
TOP TEN POSITIONS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | JPMorgan Income Fund, Class R6 | 4.4% |
2. | Microsoft Corp. | 2.0 |
3. | U.S. Treasury Notes 0.13, 1/31/2023 | 1.9 |
4. | Amazon.com, Inc. | 1.5 |
5. | Apple, Inc. | 1.0 |
6. | Bristol-Myers Squibb Co. | 0.9 |
7. | UnitedHealth Group, Inc. | 0.9 |
8. | Bank of America Corp. | 0.9 |
9. | LVMH Moet Hennessy Louis Vuitton SE (France) | 0.9 |
10. | Japan Government Bond 0.10, 12/20/2022 (Japan) | 0.9 |
PORTFOLIO COMPOSITION AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Common Stocks | 57.6% |
Foreign Government Securities | 17.6 |
Corporate Bonds | 5.2 |
Investment Companies | 4.4 |
U.S. Treasury Obligations | 1.9 |
Others (each less than 1.0%) | 1.1 |
Short-Term Investments | 12.2 |
October 31, 2022 | J.P. Morgan Funds | 3 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited) (continued)
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | May 31, 2011 | |||
With Sales Charge * | (24.45)% | 0.95% | 4.58% | |
Without Sales Charge | (20.90) | 1.88 | 5.06 | |
CLASS C SHARES | May 31, 2011 | |||
With CDSC ** | (22.26) | 1.38 | 4.64 | |
Without CDSC | (21.26) | 1.38 | 4.64 | |
Class I SHARES | May 31, 2011 | (20.69) | 2.15 | 5.33 |
Class R2 SHARES | May 31, 2011 | (21.17) | 1.52 | 4.74 |
Class R3 SHARES | October 1, 2018 | (21.01) | 1.78 | 5.01 |
Class R4 SHARES | October 1, 2018 | (20.78) | 2.05 | 5.28 |
Class R5 SHARES | October 1, 2018 | (20.66) | 2.17 | 5.34 |
Class R6 SHARES | November 1, 2017 | (20.59) | 2.28 | 5.39 |
* | Sales Charge for Class A Shares is 4.50%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
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4 | J.P. Morgan Funds | October 31, 2022 |
October 31, 2022 | J.P. Morgan Funds | 5 |
TWELVE MONTHS ENDED October 31, 2022 (Unaudited)
REPORTING PERIOD RETURN: | |
Fund (Class A Shares, without a sales charge) * | (15.40)% |
MSCI World Index (net total return) | (18.48)% |
Bloomberg U.S. Aggregate Index | (15.68)% |
60% MSCI World Index (net of foreign withholding taxes) / 40% Bloomberg U.S. Aggregate Index (formerly known as Income Builder Composite Benchmark) | (17.10)% |
Net Assets as of 10/31/2022 (In Thousands) | $10,174,117 |
TOP TEN POSITIONS OF THE PORTFOLIO AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS | |
1. | JPMorgan Equity Premium Income ETF | 2.9% |
2. | National Bank of Canada, ELN, 8.00%, 12/28/2022, (linked to NASDAQ - 100 Index) | 1.0 |
3. | Royal Bank of Canada, ELN, 8.00%, 12/21/2022, (linked to NASDAQ - 100 Index) | 1.0 |
4. | Societe Generale SA, ELN, 8.00%, 12/15/2022, (linked to NASDAQ - 100 Index) | 1.0 |
5. | Barclays Bank plc, ELN, 8.00%, 12/12/2022, (linked to NASDAQ - 100 Index) | 1.0 |
6. | Citigroup Global Markets Holdings, Inc., ELN, 9.00%, 12/30/2022, (linked to NASDAQ - 100 Index) | 1.0 |
7. | Citigroup Global Markets Holdings, Inc., ELN, 8.00%, 12/5/2022, (linked to NASDAQ - 100 Index) | 1.0 |
8. | BNP Paribas, ELN, 8.00%, 11/23/2022, (linked to NASDAQ - 100 Index) | 1.0 |
9. | U.S. Treasury Notes0.13,1/31/2023 | 0.7 |
10. | Johnson & Johnson | 0.6 |
PORTFOLIO COMPOSITION AS OF October 31, 2022 | PERCENT OF TOTAL INVESTMENTS |
Common Stocks | 35.5% |
Corporate Bonds | 33.0 |
Equity Linked Notes | 7.0 |
Commercial Mortgage-Backed Securities | 4.2 |
Collateralized Mortgage Obligations | 3.9 |
Exchange-Traded Funds | 2.8 |
Loan Assignments | 2.2 |
Asset-Backed Securities | 1.5 |
Others (each less than 1.0%) | 2.9 |
Short-Term Investments | 7.0 |
6 | J.P. Morgan Funds | October 31, 2022 |
INCEPTION DATE OF CLASS | 1 YEAR | 5 YEAR | 10 YEAR | |
CLASS A SHARES | May 31, 2007 | |||
With Sales Charge * | (19.22)% | 0.64% | 3.46% | |
Without Sales Charge | (15.40) | 1.57 | 3.94 | |
CLASS C SHARES | May 31, 2007 | |||
With CDSC ** | (16.80) | 1.06 | 3.53 | |
Without CDSC | (15.80) | 1.06 | 3.53 | |
Class I SHARES | May 31, 2007 | (15.24) | 1.74 | 4.10 |
Class R6 SHARES | November 1, 2017 | (15.16) | 1.83 | 4.15 |
* | Sales Charge for Class A Shares is 4.50%. |
** | Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter. |
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October 31, 2022 | J.P. Morgan Funds | 7 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 58.2% | ||
Australia — 0.6% | ||
Ampol Ltd. | 2 | 30 |
APA Group | 8 | 57 |
Aristocrat Leisure Ltd. | 4 | 102 |
ASX Ltd. | 1 | 60 |
Aurizon Holdings Ltd. | 13 | 30 |
Australia & New Zealand Banking Group Ltd. | 21 | 347 |
BHP Group Ltd. | 176 | 4,193 |
BHP Group Ltd. | 14 | 345 |
BlueScope Steel Ltd. | 3 | 34 |
Brambles Ltd. | 10 | 76 |
Cochlear Ltd. | — | 60 |
Coles Group Ltd. | 9 | 99 |
Commonwealth Bank of Australia | 12 | 814 |
Dexus, REIT | 8 | 38 |
Domino's Pizza Enterprises Ltd. | — | 18 |
Endeavour Group Ltd. | 10 | 44 |
Evolution Mining Ltd. | 13 | 17 |
Flutter Entertainment plc * | 1 | 157 |
Fortescue Metals Group Ltd. | 12 | 113 |
Glencore plc | 70 | 402 |
Goodman Group, REIT | 12 | 130 |
GPT Group (The), REIT | 14 | 38 |
IDP Education Ltd. | 1 | 28 |
Insurance Australia Group Ltd. | 18 | 55 |
LendLease Corp. Ltd. | 5 | 27 |
Lottery Corp. Ltd. (The) * | 16 | 43 |
Macquarie Group Ltd. | 3 | 281 |
Medibank Pvt Ltd. | 20 | 35 |
Mineral Resources Ltd. | 1 | 57 |
Mirvac Group, REIT | 28 | 37 |
National Australia Bank Ltd. | 23 | 474 |
Newcrest Mining Ltd. | 6 | 70 |
Northern Star Resources Ltd. | 8 | 46 |
Orica Ltd. | 3 | 28 |
Origin Energy Ltd. | 13 | 45 |
Qantas Airways Ltd. * | 7 | 25 |
QBE Insurance Group Ltd. | 11 | 83 |
Ramsay Health Care Ltd. | 1 | 49 |
REA Group Ltd. | — | 29 |
Reece Ltd. | 2 | 16 |
Rio Tinto Ltd. | 3 | 150 |
Rio Tinto plc | 110 | 5,760 |
Santos Ltd. | 23 | 112 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Australia — continued | ||
Scentre Group, REIT | 37 | 69 |
SEEK Ltd. | 2 | 33 |
Sonic Healthcare Ltd. | 3 | 68 |
South32 Ltd. | 33 | 76 |
Stockland, REIT | 17 | 39 |
Suncorp Group Ltd. | 9 | 66 |
Telstra Group Ltd. | 29 | 72 |
Transurban Group | 22 | 185 |
Treasury Wine Estates Ltd. | 5 | 43 |
Vicinity Ltd., REIT | 28 | 34 |
Washington H Soul Pattinson & Co. Ltd. | 2 | 28 |
Wesfarmers Ltd. | 8 | 234 |
Westpac Banking Corp. | 25 | 384 |
WiseTech Global Ltd. | 1 | 39 |
Woodside Energy Group Ltd. | 51 | 1,181 |
Woodside Energy Group Ltd. | 37 | 863 |
Woolworths Group Ltd. | 9 | 182 |
18,250 | ||
Austria — 0.0% ^ | ||
Erste Group Bank AG | 2 | 60 |
Mondi plc | 3 | 58 |
OMV AG | 1 | 48 |
Verbund AG | 1 | 38 |
voestalpine AG | 1 | 18 |
222 | ||
Belgium — 0.2% | ||
Ageas SA | 1 | 40 |
Anheuser-Busch InBev SA | 6 | 309 |
D'ieteren Group | — | 29 |
Elia Group SA/NV (a) | — | 30 |
Groupe Bruxelles Lambert NV | 1 | 52 |
KBC Group NV | 117 | 5,885 |
Proximus SADP | 1 | 11 |
Sofina SA | — | 21 |
Solvay SA | 1 | 48 |
UCB SA | 1 | 68 |
Umicore SA | 2 | 49 |
Warehouses De Pauw CVA, REIT | 1 | 27 |
6,569 | ||
Brazil — 0.6% | ||
EDP - Energias do Brasil SA | 314 | 1,404 |
Gerdau SA (Preference) | 219 | 1,089 |
8 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Brazil — continued | ||
Itau Unibanco Holding SA (Preference) * | 359 | 2,106 |
Localiza Rent a Car SA | 128 | 1,747 |
Lojas Renner SA * | 443 | 2,652 |
NU Holdings Ltd., Class A * | 123 | 616 |
Petroleo Brasileiro SA (Preference) | 727 | 4,195 |
Raia Drogasil SA | 348 | 1,785 |
Suzano SA | 132 | 1,360 |
XP, Inc., Class A * (a) | 56 | 1,015 |
Yara International ASA | 1 | 53 |
18,022 | ||
Canada — 0.4% | ||
Alimentation Couche-Tard, Inc. | 68 | 3,033 |
Canadian National Railway Co. | 39 | 4,610 |
Fairfax Financial Holdings Ltd. | 2 | 1,212 |
Toronto-Dominion Bank (The) | 66 | 4,236 |
13,091 | ||
Chile — 0.0% ^ | ||
Antofagasta plc | 3 | 38 |
Banco Santander Chile | 26,210 | 939 |
977 | ||
China — 3.3% | ||
Acrobiosystems Co. Ltd., Class A | 2 | 36 |
Acrobiosystems Co. Ltd., Class A | 4 | 58 |
Advanced Micro-Fabrication Equipment, Inc., Class A * | 27 | 414 |
Aier Eye Hospital Group Co. Ltd., Class A | 145 | 490 |
Alibaba Group Holding Ltd. * | 509 | 3,954 |
Amoy Diagnostics Co. Ltd., Class A | 41 | 132 |
Angel Yeast Co. Ltd., Class A | 207 | 1,024 |
Anjoy Foods Group Co. Ltd., Class A | 21 | 387 |
Asymchem Laboratories Tianjin Co. Ltd., Class A | 4 | 80 |
Asymchem Laboratories Tianjin Co. Ltd., Class H (b) | 23 | 251 |
Bank of Ningbo Co. Ltd., Class A | 146 | 475 |
Baoshan Iron & Steel Co. Ltd., Class A | 1,454 | 955 |
Beijing Huafeng Test & Control Technology Co. Ltd., Class A | 13 | 479 |
Beijing Kingsoft Office Software, Inc., Class A | 22 | 846 |
BOC Hong Kong Holdings Ltd. | 27 | 82 |
BOE Technology Group Co. Ltd., Class A | 705 | 322 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
China — continued | ||
Budweiser Brewing Co. APAC Ltd. (b) | 743 | 1,564 |
Chacha Food Co. Ltd., Class A | 56 | 339 |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A | 25 | 411 |
China Construction Bank Corp., Class H | 6,978 | 3,703 |
China Longyuan Power Group Corp. Ltd., Class H | 863 | 986 |
China Merchants Bank Co. Ltd., Class A | 254 | 934 |
China Merchants Bank Co. Ltd., Class H | 595 | 1,950 |
China Resources Land Ltd. | 292 | 914 |
China State Construction Engineering Corp. Ltd., Class A | 318 | 205 |
China Vanke Co. Ltd., Class A | 164 | 303 |
China Yangtze Power Co. Ltd., Class A | 213 | 590 |
Chongqing Brewery Co. Ltd., Class A | 34 | 406 |
Chongqing Fuling Zhacai Group Co. Ltd., Class A | 308 | 945 |
Chow Tai Fook Jewellery Group Ltd. | 14 | 24 |
Contemporary Amperex Technology Co. Ltd., Class A | 17 | 868 |
Dongguan Yiheda Automation Co. Ltd., Class A | 1 | 11 |
Dongguan Yiheda Automation Co. Ltd., Class A | 2 | 23 |
ESR Cayman Ltd. (b) | 14 | 24 |
Flat Glass Group Co. Ltd., Class H | 157 | 368 |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | 209 | 1,703 |
Futu Holdings Ltd., ADR * (a) | — | 14 |
Fuyao Glass Industry Group Co. Ltd., Class A | 22 | 98 |
Fuyao Glass Industry Group Co. Ltd., Class H (b) | 76 | 274 |
Glodon Co. Ltd., Class A | 62 | 419 |
Guangdong Haid Group Co. Ltd., Class A | 46 | 359 |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | 23 | 238 |
H World Group Ltd. | 350 | 956 |
Haier Smart Home Co. Ltd., Class H | 893 | 2,234 |
Hangzhou Tigermed Consulting Co. Ltd., Class A | 30 | 335 |
Han's Laser Technology Industry Group Co. Ltd., Class A | 344 | 1,193 |
Hefei Meiya Optoelectronic Technology, Inc., Class A | 102 | 330 |
Hongfa Technology Co. Ltd., Class A | 71 | 332 |
October 31, 2022 | J.P. Morgan Funds | 9 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
China — continued | ||
Hundsun Technologies, Inc., Class A | 114 | 650 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 486 | 1,676 |
Jade Bird Fire Co. Ltd., Class A | 396 | 1,345 |
JD.com, Inc., Class A | 125 | 2,279 |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | 190 | 1,427 |
Kanzhun Ltd., ADR * | 38 | 413 |
Kingdee International Software Group Co. Ltd. * | 587 | 962 |
Kunlun Energy Co. Ltd. | 1,578 | 943 |
Kweichow Moutai Co. Ltd., Class A | 5 | 872 |
Laobaixing Pharmacy Chain JSC, Class A | 62 | 298 |
LONGi Green Energy Technology Co. Ltd., Class A | 112 | 735 |
Maxscend Microelectronics Co. Ltd., Class A | 26 | 331 |
Meituan * (b) | 232 | 3,707 |
Midea Group Co. Ltd., Class A | 81 | 443 |
Montage Technology Co. Ltd., Class A | 46 | 357 |
NARI Technology Co. Ltd., Class A | 206 | 688 |
NetEase, Inc. | 153 | 1,695 |
NIO, Inc., Class A * | 45 | 429 |
NXP Semiconductors NV | 144 | 21,004 |
Oppein Home Group, Inc., Class A | 24 | 271 |
Pharmaron Beijing Co. Ltd., Class H (b) | 73 | 247 |
Ping An Bank Co. Ltd., Class A | 227 | 321 |
Ping An Insurance Group Co. of China Ltd., Class A | 127 | 629 |
Ping An Insurance Group Co. of China Ltd., Class H | 424 | 1,695 |
Poly Developments and Holdings Group Co. Ltd., Class A | 238 | 451 |
Prosus NV * | 6 | 255 |
Proya Cosmetics Co. Ltd., Class A | 16 | 354 |
Qingdao Haier Biomedical Co. Ltd., Class A | 29 | 302 |
Shandong Sinocera Functional Material Co. Ltd., Class A | 59 | 186 |
Shanghai Baosight Software Co. Ltd., Class A | 110 | 638 |
Shanghai Liangxin Electrical Co. Ltd., Class A | 838 | 1,286 |
Shanghai M&G Stationery, Inc., Class A | 32 | 177 |
Shanghai Putailai New Energy Technology Co. Ltd., Class A | 39 | 268 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
China — continued | ||
Shenzhen Inovance Technology Co. Ltd., Class A | 80 | 731 |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 49 | 2,188 |
Shenzhou International Group Holdings Ltd. | 106 | 738 |
Silergy Corp. | 76 | 876 |
SITC International Holdings Co. Ltd. | 10 | 16 |
Skshu Paint Co. Ltd., Class A * | 120 | 1,419 |
StarPower Semiconductor Ltd., Class A | 9 | 427 |
Sungrow Power Supply Co. Ltd., Class A | 21 | 375 |
Suzhou Maxwell Technologies Co. Ltd., Class A | 11 | 719 |
Tencent Holdings Ltd. | 348 | 9,152 |
Tongwei Co. Ltd., Class A | 254 | 1,508 |
Wanhua Chemical Group Co. Ltd., Class A | 174 | 1,910 |
Wilmar International Ltd. | 14 | 38 |
Wuliangye Yibin Co. Ltd., Class A | 76 | 1,392 |
WuXi AppTec Co. Ltd., Class H (b) | 123 | 986 |
Wuxi Biologics Cayman, Inc. * (b) | 189 | 850 |
Xinyi Glass Holdings Ltd. | 12 | 15 |
Xinyi Solar Holdings Ltd. | 966 | 959 |
XPeng, Inc., Class A * | 91 | 291 |
Yangzhou Yangjie Electronic Technology Co. Ltd., Class A | 35 | 246 |
Yonyou Network Technology Co. Ltd., Class A | 153 | 511 |
Yunnan Energy New Material Co. Ltd. | 53 | 1,068 |
Zhejiang Dingli Machinery Co. Ltd., Class A | 53 | 323 |
Zhejiang Supcon Technology Co. Ltd., Class A | 3 | 37 |
Zhejiang Supcon Technology Co. Ltd., Class A | 19 | 256 |
Zhuzhou CRRC Times Electric Co. Ltd. | 23 | 99 |
Zhuzhou CRRC Times Electric Co. Ltd., Class A | 42 | 363 |
Zijin Mining Group Co. Ltd., Class H | 928 | 885 |
ZWSOFT Co. Ltd. Guangzhou, Class A | 8 | 245 |
108,995 | ||
Denmark — 0.8% | ||
AP Moller - Maersk A/S, Class A | — | 44 |
AP Moller - Maersk A/S, Class B | — | 75 |
Carlsberg A/S, Class B | 43 | 5,020 |
10 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Denmark — continued | ||
Chr Hansen Holding A/S | 1 | 42 |
Coloplast A/S, Class B | 18 | 2,064 |
Danske Bank A/S | 5 | 79 |
Demant A/S * | 1 | 18 |
DSV A/S | 1 | 180 |
Genmab A/S * | — | 180 |
GN Store Nord A/S | 1 | 20 |
Novo Nordisk A/S, Class B | 163 | 17,672 |
Novozymes A/S, Class B | 1 | 76 |
Orsted A/S (b) | 1 | 111 |
Pandora A/S | 1 | 34 |
ROCKWOOL A/S, Class B | — | 12 |
Tryg A/S | 3 | 55 |
Vestas Wind Systems A/S | 7 | 142 |
25,824 | ||
Finland — 0.2% | ||
Elisa OYJ | 1 | 49 |
Fortum OYJ | 3 | 44 |
Kesko OYJ, Class B | 2 | 38 |
Kone OYJ, Class B | 2 | 99 |
Neste OYJ | 3 | 132 |
Nokia OYJ | 39 | 171 |
Nordea Bank Abp | 594 | 5,674 |
Orion OYJ, Class B | 1 | 35 |
Sampo OYJ, Class A | 3 | 156 |
Stora Enso OYJ, Class R | 4 | 51 |
UPM-Kymmene OYJ | 4 | 128 |
Wartsila OYJ Abp | 3 | 23 |
6,600 | ||
France — 3.0% | ||
Accor SA * | 1 | 29 |
Adevinta ASA * | 2 | 14 |
Aeroports de Paris * | — | 29 |
Air Liquide SA | 4 | 486 |
Airbus SE | 83 | 9,013 |
Alstom SA | 2 | 46 |
Amundi SA (b) | — | 20 |
Arkema SA | — | 33 |
AXA SA | 13 | 328 |
BioMerieux | — | 26 |
BNP Paribas SA | 95 | 4,441 |
Bollore SE | 6 | 31 |
Bouygues SA | 2 | 47 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
France — continued | ||
Bureau Veritas SA | 2 | 52 |
Capgemini SE | 57 | 9,275 |
Carrefour SA | 4 | 69 |
Cie de Saint-Gobain | 4 | 145 |
Cie Generale des Etablissements Michelin SCA | 344 | 8,757 |
Covivio, REIT | — | 18 |
Credit Agricole SA | 9 | 78 |
Danone SA | 5 | 227 |
Dassault Aviation SA | — | 26 |
Dassault Systemes SE | 5 | 159 |
Edenred | 2 | 91 |
Eiffage SA | 1 | 54 |
Electricite de France SA | 4 | 47 |
Engie SA | 13 | 169 |
EssilorLuxottica SA | 2 | 324 |
Eurazeo SE | — | 18 |
Gecina SA, REIT | — | 29 |
Getlink SE | 3 | 49 |
Hermes International | — | 291 |
Ipsen SA | — | 28 |
Kering SA | 1 | 244 |
Klepierre SA, REIT * | 2 | 31 |
La Francaise des Jeux SAEM (b) | 1 | 24 |
Legrand SA | 2 | 145 |
L'Oreal SA | 11 | 3,512 |
LVMH Moet Hennessy Louis Vuitton SE | 46 | 29,318 |
Orange SA | 14 | 135 |
Pernod Ricard SA | 2 | 261 |
Publicis Groupe SA | 2 | 91 |
Remy Cointreau SA | — | 25 |
Renault SA * | 1 | 42 |
Safran SA | 56 | 6,239 |
Sanofi | 8 | 697 |
Sartorius Stedim Biotech | — | 62 |
SEB SA | — | 12 |
Societe Generale SA | 6 | 130 |
Sodexo SA | 1 | 56 |
Teleperformance | — | 112 |
Thales SA | 1 | 97 |
TotalEnergies SE | 91 | 4,948 |
Ubisoft Entertainment SA * | 1 | 18 |
Unibail-Rodamco-Westfield, REIT * | 1 | 40 |
Valeo | 1 | 24 |
October 31, 2022 | J.P. Morgan Funds | 11 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
France — continued | ||
Veolia Environnement SA | 5 | 106 |
Vinci SA | 198 | 18,231 |
Vivendi SE | 5 | 42 |
Wendel SE | — | 15 |
Worldline SA * (b) | 2 | 74 |
99,180 | ||
Germany — 1.0% | ||
adidas AG | 14 | 1,365 |
Allianz SE (Registered) | 23 | 4,168 |
Aroundtown SA | 7 | 14 |
BASF SE | 7 | 293 |
Bayer AG (Registered) | 7 | 367 |
Bayerische Motoren Werke AG | 2 | 185 |
Bayerische Motoren Werke AG (Preference) | — | 31 |
Bechtle AG (a) | 1 | 20 |
Beiersdorf AG | 1 | 69 |
Brenntag SE | 1 | 67 |
Carl Zeiss Meditec AG | — | 35 |
Commerzbank AG * | 8 | 61 |
Continental AG | 1 | 41 |
Covestro AG (b) | 1 | 47 |
Daimler Truck Holding AG * | 3 | 86 |
Deutsche Bank AG (Registered) | 15 | 140 |
Deutsche Boerse AG | 14 | 2,292 |
Deutsche Lufthansa AG (Registered) * | 4 | 29 |
Deutsche Post AG (Registered) | 183 | 6,461 |
Deutsche Telekom AG (Registered) | 23 | 435 |
Dr Ing hc F Porsche AG (Preference) * | 1 | 83 |
E.ON SE | 16 | 134 |
Evonik Industries AG | 2 | 27 |
Fresenius Medical Care AG & Co. KGaA | 1 | 40 |
Fresenius SE & Co. KGaA | 3 | 69 |
GEA Group AG | 1 | 38 |
Hannover Rueck SE | — | 70 |
HeidelbergCement AG | 1 | 47 |
HelloFresh SE * | 1 | 24 |
Henkel AG & Co. KGaA | 1 | 43 |
Henkel AG & Co. KGaA (Preference) | 1 | 80 |
Infineon Technologies AG | 9 | 225 |
KION Group AG | 1 | 11 |
Knorr-Bremse AG | 1 | 23 |
LEG Immobilien SE | 1 | 34 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Germany — continued | ||
Mercedes-Benz Group AG | 6 | 330 |
Merck KGaA | 1 | 150 |
MTU Aero Engines AG | — | 68 |
Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | 1 | 263 |
Nemetschek SE | — | 20 |
Porsche Automobil Holding SE (Preference) | 1 | 61 |
Puma SE | 1 | 33 |
Rational AG | — | 20 |
Rheinmetall AG | — | 50 |
RWE AG | 149 | 5,726 |
SAP SE | 7 | 715 |
Sartorius AG (Preference) | — | 61 |
Scout24 SE (b) | 1 | 29 |
Siemens AG (Registered) | 5 | 594 |
Siemens Energy AG | 3 | 36 |
Siemens Healthineers AG (b) | 2 | 92 |
Symrise AG | 1 | 96 |
Telefonica Deutschland Holding AG | 7 | 16 |
Uniper SE (a) | 1 | 2 |
United Internet AG (Registered) | 1 | 13 |
Volkswagen AG | — | 36 |
Volkswagen AG (Preference) | 45 | 5,766 |
Vonovia SE | 5 | 113 |
Zalando SE * (a) (b) | 2 | 37 |
31,481 | ||
Greece — 0.0% ^ | ||
Hellenic Telecommunications Organization SA | 73 | 1,140 |
Hong Kong — 0.5% | ||
AIA Group Ltd. | 1,147 | 8,691 |
CK Asset Holdings Ltd. | 14 | 80 |
CK Infrastructure Holdings Ltd. | 5 | 21 |
CLP Holdings Ltd. | 12 | 77 |
Hang Lung Properties Ltd. | 14 | 18 |
Hang Seng Bank Ltd. | 5 | 76 |
Henderson Land Development Co. Ltd. | 10 | 24 |
HK Electric Investments & HK Electric Investments Ltd. (b) | 19 | 12 |
HKT Trust & HKT Ltd. | 27 | 31 |
Hong Kong & China Gas Co. Ltd. | 79 | 61 |
Hong Kong Exchanges & Clearing Ltd. | 81 | 2,145 |
12 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Hong Kong — continued | ||
Hongkong Land Holdings Ltd. | 8 | 31 |
Jardine Matheson Holdings Ltd. | 1 | 51 |
Link, REIT | 15 | 89 |
MTR Corp. Ltd. | 11 | 48 |
New World Development Co. Ltd. | 11 | 21 |
Power Assets Holdings Ltd. | 10 | 48 |
Prudential plc | 171 | 1,584 |
Sino Land Co. Ltd. | 24 | 26 |
Sun Hung Kai Properties Ltd. | 11 | 113 |
Swire Pacific Ltd., Class A | 4 | 23 |
Swire Properties Ltd. | 8 | 16 |
Techtronic Industries Co. Ltd. | 166 | 1,577 |
WH Group Ltd. (b) | 59 | 30 |
Wharf Real Estate Investment Co. Ltd. | 12 | 47 |
14,940 | ||
India — 0.8% | ||
HDFC Bank Ltd., ADR | 297 | 18,505 |
ICICI Bank Ltd., ADR (a) | 120 | 2,652 |
Infosys Ltd., ADR | 213 | 3,992 |
25,149 | ||
Indonesia — 0.3% | ||
Bank Central Asia Tbk. PT | 12,426 | 7,024 |
Bank Rakyat Indonesia Persero Tbk. PT | 8,971 | 2,677 |
Telkom Indonesia Persero Tbk. PT | 4,915 | 1,380 |
11,081 | ||
Ireland — 0.0% ^ | ||
AerCap Holdings NV * | 1 | 51 |
CRH plc | 5 | 196 |
Kerry Group plc, Class A | 1 | 86 |
Kerry Group plc, Class A | — | 13 |
Kingspan Group plc | — | 7 |
Kingspan Group plc | 1 | 48 |
Smurfit Kappa Group plc | 2 | 58 |
459 | ||
Israel — 0.0% ^ | ||
Azrieli Group Ltd. | — | 22 |
Bank Hapoalim BM | 9 | 87 |
Bank Leumi Le-Israel BM | 11 | 105 |
Bezeq The Israeli Telecommunication Corp. Ltd. | 15 | 26 |
Check Point Software Technologies Ltd. * | 1 | 94 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Israel — continued | ||
Elbit Systems Ltd. | — | 38 |
ICL Group Ltd. | 5 | 46 |
Israel Discount Bank Ltd., Class A | 9 | 50 |
Mizrahi Tefahot Bank Ltd. | 1 | 41 |
Nice Ltd. * | — | 85 |
Teva Pharmaceutical Industries Ltd., ADR * | 8 | 71 |
Tower Semiconductor Ltd. * | 1 | 33 |
Wix.com Ltd. * | — | 34 |
ZIM Integrated Shipping Services Ltd. (a) | 1 | 14 |
746 | ||
Italy — 0.1% | ||
Amplifon SpA | 1 | 22 |
Assicurazioni Generali SpA | 8 | 119 |
Atlantia SpA | 4 | 79 |
Coca-Cola HBC AG | 1 | 31 |
Davide Campari-Milano NV | 4 | 33 |
DiaSorin SpA | — | 23 |
Enel SpA | 58 | 258 |
Eni SpA | 18 | 236 |
Ferrari NV | 1 | 177 |
FinecoBank Banca Fineco SpA | 4 | 59 |
Infrastrutture Wireless Italiane SpA (b) | 2 | 21 |
Intesa Sanpaolo SpA (a) | 117 | 224 |
Mediobanca Banca di Credito Finanziario SpA | 4 | 39 |
Moncler SpA | 1 | 63 |
Nexi SpA * (b) | 4 | 32 |
Poste Italiane SpA (b) | 4 | 32 |
Prysmian SpA | 2 | 59 |
Recordati Industria Chimica e Farmaceutica SpA | 1 | 28 |
Snam SpA | 14 | 64 |
Telecom Italia SpA * | 71 | 14 |
Terna - Rete Elettrica Nazionale | 10 | 66 |
UniCredit SpA | 15 | 183 |
1,862 | ||
Japan — 1.8% | ||
Advantest Corp. | 1 | 68 |
Aeon Co. Ltd. | 5 | 88 |
AGC, Inc. | 1 | 44 |
Aisin Corp. | 1 | 26 |
October 31, 2022 | J.P. Morgan Funds | 13 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Japan — continued | ||
Ajinomoto Co., Inc. | 3 | 88 |
ANA Holdings, Inc. * | 1 | 21 |
Asahi Group Holdings Ltd. | 3 | 90 |
Asahi Intecc Co. Ltd. | 2 | 26 |
Asahi Kasei Corp. | 9 | 57 |
Astellas Pharma, Inc. | 13 | 181 |
Azbil Corp. | 1 | 22 |
Bandai Namco Holdings, Inc. | 1 | 93 |
Bridgestone Corp. | 4 | 148 |
Brother Industries Ltd. | 2 | 29 |
Canon, Inc. | 7 | 150 |
Capcom Co. Ltd. | 1 | 36 |
Central Japan Railway Co. | 1 | 116 |
Chiba Bank Ltd. (The) | 4 | 21 |
Chubu Electric Power Co., Inc. | 5 | 37 |
Chugai Pharmaceutical Co. Ltd. | 5 | 111 |
Concordia Financial Group Ltd. | 8 | 23 |
CyberAgent, Inc. | 3 | 25 |
Dai Nippon Printing Co. Ltd. | 2 | 32 |
Daifuku Co. Ltd. | 1 | 32 |
Dai-ichi Life Holdings, Inc. | 7 | 111 |
Daiichi Sankyo Co. Ltd. | 12 | 400 |
Daikin Industries Ltd. | 2 | 270 |
Daito Trust Construction Co. Ltd. | — | 40 |
Daiwa House Industry Co. Ltd. | 4 | 87 |
Daiwa House REIT Investment Corp., REIT | — | 32 |
Daiwa Securities Group, Inc. | 9 | 37 |
Denso Corp. | 3 | 154 |
Dentsu Group, Inc. | 1 | 47 |
Disco Corp. | — | 48 |
East Japan Railway Co. | 2 | 117 |
Eisai Co. Ltd. | 2 | 109 |
ENEOS Holdings, Inc. | 22 | 72 |
FANUC Corp. | 34 | 4,488 |
Fast Retailing Co. Ltd. | — | 223 |
Fuji Electric Co. Ltd. | 1 | 35 |
FUJIFILM Holdings Corp. | 3 | 119 |
Fujitsu Ltd. | 1 | 161 |
GLP J-REIT, REIT | — | 31 |
GMO Payment Gateway, Inc. | — | 22 |
Hakuhodo DY Holdings, Inc. | 2 | 14 |
Hamamatsu Photonics KK | 1 | 45 |
Hankyu Hanshin Holdings, Inc. | 2 | 48 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — continued | ||
Hikari Tsushin, Inc. | — | 12 |
Hirose Electric Co. Ltd. | — | 26 |
Hitachi Construction Machinery Co. Ltd. | 1 | 16 |
Hitachi Ltd. | 7 | 313 |
Honda Motor Co. Ltd. | 12 | 264 |
Hoshizaki Corp. | 1 | 23 |
Hoya Corp. | 92 | 8,515 |
Hulic Co. Ltd. | 3 | 20 |
Ibiden Co. Ltd. | 1 | 27 |
Idemitsu Kosan Co. Ltd. | 2 | 33 |
Iida Group Holdings Co. Ltd. | 1 | 14 |
Inpex Corp. | 7 | 75 |
Isuzu Motors Ltd. | 4 | 48 |
Ito En Ltd. | — | 14 |
ITOCHU Corp. | 8 | 220 |
Itochu Techno-Solutions Corp. | 1 | 16 |
Japan Airlines Co. Ltd. * | 1 | 19 |
Japan Exchange Group, Inc. | 4 | 47 |
Japan Metropolitan Fund Invest, REIT | — | 37 |
Japan Post Bank Co. Ltd. | 3 | 19 |
Japan Post Holdings Co. Ltd. | 17 | 114 |
Japan Post Insurance Co. Ltd. | 1 | 21 |
Japan Real Estate Investment Corp., REIT | — | 38 |
Japan Tobacco, Inc. | 8 | 142 |
JFE Holdings, Inc. | 3 | 32 |
JSR Corp. | 1 | 25 |
Kajima Corp. | 3 | 28 |
Kakaku.com, Inc. | 1 | 15 |
Kansai Electric Power Co., Inc. (The) | 5 | 38 |
Kao Corp. | 3 | 127 |
KDDI Corp. | 11 | 340 |
Keio Corp. | 1 | 25 |
Keisei Electric Railway Co. Ltd. | 1 | 24 |
Keyence Corp. | 22 | 8,182 |
Kikkoman Corp. | 1 | 54 |
Kintetsu Group Holdings Co. Ltd. | 1 | 41 |
Kirin Holdings Co. Ltd. | 6 | 87 |
Kobayashi Pharmaceutical Co. Ltd. | — | 21 |
Kobe Bussan Co. Ltd. | 1 | 24 |
Koei Tecmo Holdings Co. Ltd. | 1 | 12 |
Koito Manufacturing Co. Ltd. | 1 | 21 |
Komatsu Ltd. | 7 | 129 |
Konami Group Corp. | 1 | 31 |
14 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Japan — continued | ||
Kose Corp. | — | 20 |
Kubota Corp. | 7 | 102 |
Kurita Water Industries Ltd. | 1 | 26 |
Kyocera Corp. | 2 | 111 |
Kyowa Kirin Co. Ltd. | 2 | 45 |
Lasertec Corp. | 1 | 70 |
Lixil Corp. | 2 | 32 |
M3, Inc. | 3 | 92 |
Makita Corp. | 2 | 29 |
Marubeni Corp. | 11 | 96 |
Mazda Motor Corp. | 4 | 27 |
McDonald's Holdings Co. Japan Ltd. | 1 | 21 |
MEIJI Holdings Co. Ltd. | 1 | 33 |
MINEBEA MITSUMI, Inc. | 3 | 38 |
MISUMI Group, Inc. | 2 | 43 |
Mitsubishi Chemical Group Corp. | 9 | 41 |
Mitsubishi Corp. | 9 | 244 |
Mitsubishi Electric Corp. | 14 | 121 |
Mitsubishi Estate Co. Ltd. | 8 | 106 |
Mitsubishi HC Capital, Inc. | 5 | 20 |
Mitsubishi Heavy Industries Ltd. | 2 | 79 |
Mitsubishi UFJ Financial Group, Inc. | 85 | 402 |
Mitsui & Co. Ltd. | 10 | 219 |
Mitsui Chemicals, Inc. | 1 | 24 |
Mitsui Fudosan Co. Ltd. | 6 | 123 |
Mitsui OSK Lines Ltd. | 2 | 47 |
Mizuho Financial Group, Inc. | 17 | 186 |
MonotaRO Co. Ltd. | 2 | 27 |
MS&AD Insurance Group Holdings, Inc. | 3 | 85 |
Murata Manufacturing Co. Ltd. | 4 | 194 |
NEC Corp. | 2 | 56 |
Nexon Co. Ltd. | 3 | 59 |
NGK Insulators Ltd. | 2 | 20 |
Nidec Corp. | 3 | 176 |
Nihon M&A Center Holdings, Inc. | 2 | 25 |
Nintendo Co. Ltd. | 8 | 321 |
Nippon Building Fund, Inc., REIT | — | 49 |
NIPPON EXPRESS HOLDINGS, Inc. | 1 | 25 |
Nippon Paint Holdings Co. Ltd. | 6 | 38 |
Nippon Prologis REIT, Inc., REIT | — | 31 |
Nippon Sanso Holdings Corp. | 1 | 19 |
Nippon Shinyaku Co. Ltd. | — | 17 |
Nippon Steel Corp. | 6 | 78 |
Nippon Telegraph & Telephone Corp. | 8 | 234 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — continued | ||
Nippon Yusen KK | 3 | 62 |
Nissan Chemical Corp. | 1 | 40 |
Nissan Motor Co. Ltd. | 16 | 53 |
Nisshin Seifun Group, Inc. | 1 | 15 |
Nissin Foods Holdings Co. Ltd. | — | 26 |
Nitori Holdings Co. Ltd. | 1 | 54 |
Nitto Denko Corp. | 1 | 53 |
Nomura Holdings, Inc. | 21 | 67 |
Nomura Real Estate Holdings, Inc. | 1 | 18 |
Nomura Real Estate Master Fund, Inc., REIT | — | 34 |
Nomura Research Institute Ltd. | 2 | 53 |
NTT Data Corp. | 4 | 65 |
Obayashi Corp. | 5 | 30 |
Obic Co. Ltd. | 1 | 75 |
Odakyu Electric Railway Co. Ltd. | 2 | 25 |
Oji Holdings Corp. | 6 | 20 |
Olympus Corp. | 9 | 186 |
Omron Corp. | 1 | 61 |
Ono Pharmaceutical Co. Ltd. | 3 | 61 |
Open House Group Co. Ltd. | 1 | 21 |
Oracle Corp. | — | 16 |
Oriental Land Co. Ltd. | 1 | 187 |
ORIX Corp. | 8 | 125 |
Osaka Gas Co. Ltd. | 3 | 40 |
Otsuka Corp. | 1 | 25 |
Otsuka Holdings Co. Ltd. | 3 | 90 |
Pan Pacific International Holdings Corp. | 3 | 44 |
Panasonic Holdings Corp. | 16 | 112 |
Persol Holdings Co. Ltd. | 1 | 26 |
Rakuten Group, Inc. | 6 | 28 |
Recruit Holdings Co. Ltd. | 10 | 317 |
Renesas Electronics Corp. * | 8 | 69 |
Resona Holdings, Inc. | 15 | 58 |
Ricoh Co. Ltd. | 4 | 30 |
Rohm Co. Ltd. | 1 | 42 |
SBI Holdings, Inc. | 2 | 31 |
SCSK Corp. | 1 | 16 |
Secom Co. Ltd. | 2 | 85 |
Seiko Epson Corp. | 2 | 27 |
Sekisui Chemical Co. Ltd. | 3 | 32 |
Sekisui House Ltd. | 4 | 73 |
Seven & i Holdings Co. Ltd. | 5 | 202 |
SG Holdings Co. Ltd. | 2 | 26 |
October 31, 2022 | J.P. Morgan Funds | 15 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Japan — continued | ||
Sharp Corp. | 2 | 10 |
Shimadzu Corp. | 2 | 45 |
Shimano, Inc. | 1 | 77 |
Shimizu Corp. | 4 | 19 |
Shin-Etsu Chemical Co. Ltd. | 95 | 9,873 |
Shionogi & Co. Ltd. | 2 | 88 |
Shiseido Co. Ltd. | 3 | 97 |
Shizuoka Financial Group, Inc. | 3 | 20 |
SMC Corp. | — | 161 |
SoftBank Corp. | 20 | 201 |
SoftBank Group Corp. | 9 | 369 |
Sompo Holdings, Inc. | 2 | 92 |
Sony Group Corp. | 49 | 3,331 |
Square Enix Holdings Co. Ltd. | 1 | 27 |
Subaru Corp. | 4 | 69 |
SUMCO Corp. | 2 | 32 |
Sumitomo Chemical Co. Ltd. | 11 | 36 |
Sumitomo Corp. | 8 | 102 |
Sumitomo Electric Industries Ltd. | 5 | 53 |
Sumitomo Metal Mining Co. Ltd. | 2 | 50 |
Sumitomo Mitsui Financial Group, Inc. | 9 | 261 |
Sumitomo Mitsui Trust Holdings, Inc. | 2 | 69 |
Sumitomo Realty & Development Co. Ltd. | 2 | 50 |
Suntory Beverage & Food Ltd. | 1 | 33 |
Suzuki Motor Corp. | 3 | 88 |
Sysmex Corp. | 1 | 65 |
T&D Holdings, Inc. | 4 | 38 |
Taisei Corp. | 1 | 35 |
Takeda Pharmaceutical Co. Ltd. | 11 | 283 |
TDK Corp. | 3 | 87 |
Terumo Corp. | 5 | 140 |
TIS, Inc. | 2 | 43 |
Tobu Railway Co. Ltd. | 1 | 30 |
Toho Co. Ltd. | 1 | 28 |
Tokio Marine Holdings, Inc. | 122 | 2,212 |
Tokyo Electric Power Co. Holdings, Inc. * | 11 | 35 |
Tokyo Electron Ltd. | 21 | 5,657 |
Tokyo Gas Co. Ltd. | 3 | 50 |
Tokyu Corp. | 4 | 44 |
TOPPAN, Inc. | 2 | 28 |
Toray Industries, Inc. | 10 | 48 |
Toshiba Corp. | 3 | 97 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Japan — continued | ||
Tosoh Corp. | 2 | 20 |
TOTO Ltd. | 1 | 29 |
Toyota Industries Corp. | 1 | 52 |
Toyota Motor Corp. | 75 | 1,046 |
Toyota Tsusho Corp. | 2 | 50 |
Trend Micro, Inc. | 1 | 50 |
Unicharm Corp. | 3 | 88 |
USS Co. Ltd. | 2 | 24 |
Welcia Holdings Co. Ltd. | 1 | 15 |
West Japan Railway Co. | 2 | 63 |
Yakult Honsha Co. Ltd. | 1 | 50 |
Yamaha Corp. | 1 | 38 |
Yamaha Motor Co. Ltd. | 2 | 43 |
Yamato Holdings Co. Ltd. | 2 | 31 |
Yaskawa Electric Corp. | 2 | 47 |
Yokogawa Electric Corp. | 2 | 27 |
Z Holdings Corp. | 19 | 49 |
ZOZO, Inc. | 1 | 19 |
60,088 | ||
Jordan — 0.0% ^ | ||
Hikma Pharmaceuticals plc | 1 | 17 |
Luxembourg — 0.0% ^ | ||
ArcelorMittal SA | 4 | 84 |
Eurofins Scientific SE | 1 | 61 |
145 | ||
Macau — 0.0% ^ | ||
Galaxy Entertainment Group Ltd. | 16 | 73 |
Sands China Ltd. * | 322 | 563 |
636 | ||
Mexico — 0.5% | ||
Grupo Aeroportuario del Pacifico SAB de CV, Class B | 150 | 2,326 |
Grupo Aeroportuario del Sureste SAB de CV, ADR | 10 | 2,250 |
Grupo Financiero Banorte SAB de CV, Class O | 600 | 4,882 |
Wal-Mart de Mexico SAB de CV | 1,363 | 5,267 |
14,725 | ||
Netherlands — 0.8% | ||
ABN AMRO Bank NV, CVA (b) | 3 | 30 |
Adyen NV * (b) | — | 220 |
Aegon NV | 13 | 59 |
16 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Netherlands — continued | ||
Akzo Nobel NV | 1 | 80 |
Argenx SE * | — | 87 |
Argenx SE * | — | 65 |
ASM International NV | — | 74 |
ASML Holding NV (a) | 36 | 16,678 |
Euronext NV (b) | 1 | 39 |
EXOR NV * | 1 | 52 |
Heineken Holding NV | 1 | 49 |
Heineken NV | 2 | 154 |
IMCD NV | — | 52 |
ING Groep NV | 28 | 273 |
JDE Peet's NV | 1 | 20 |
Koninklijke Ahold Delhaize NV | 7 | 207 |
Koninklijke DSM NV | 1 | 146 |
Koninklijke KPN NV | 23 | 66 |
Koninklijke Philips NV | 6 | 80 |
NN Group NV | 2 | 84 |
OCI NV | 1 | 29 |
Randstad NV | 1 | 42 |
Shell plc | 307 | 8,496 |
Universal Music Group NV | 5 | 101 |
Wolters Kluwer NV | 2 | 198 |
27,381 | ||
New Zealand — 0.0% ^ | ||
Auckland International Airport Ltd. * | 9 | 40 |
Fisher & Paykel Healthcare Corp. Ltd. | 4 | 47 |
Mercury NZ Ltd. | 5 | 16 |
Meridian Energy Ltd. | 9 | 26 |
Spark New Zealand Ltd. | 13 | 40 |
Xero Ltd. * | 1 | 47 |
216 | ||
Norway — 0.0% ^ | ||
Aker BP ASA | 2 | 72 |
DNB Bank ASA | 7 | 117 |
Equinor ASA | 7 | 253 |
Gjensidige Forsikring ASA | 1 | 26 |
Kongsberg Gruppen ASA | 1 | 23 |
Mowi ASA | 3 | 44 |
Norsk Hydro ASA | 10 | 61 |
Orkla ASA | 5 | 36 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Norway — continued | ||
Salmar ASA | — | 14 |
Telenor ASA | 5 | 45 |
691 | ||
Peru — 0.1% | ||
Credicorp Ltd. | 14 | 1,995 |
Poland — 0.0% ^ | ||
Dino Polska SA * (b) | 23 | 1,502 |
Portugal — 0.0% ^ | ||
EDP - Energias de Portugal SA | 20 | 86 |
Galp Energia SGPS SA | 3 | 36 |
Jeronimo Martins SGPS SA | 2 | 42 |
164 | ||
Qatar — 0.1% | ||
Qatar National Bank QPSC | 310 | 1,699 |
Russia — 0.0% ^ | ||
Severstal PAO, GDR ‡ (b) | 58 | 19 |
TCS Group Holding plc, GDR ‡ * (b) | 17 | 12 |
31 | ||
Saudi Arabia — 0.0% ^ | ||
Saudi National Bank (The) | 84 | 1,320 |
Singapore — 0.2% | ||
CapitaLand Ascendas REIT, REIT | 24 | 44 |
CapitaLand Integrated Commercial Trust, REIT | 38 | 50 |
Capitaland Investment Ltd. | 19 | 39 |
City Developments Ltd. | 3 | 16 |
DBS Group Holdings Ltd. | 196 | 4,748 |
Genting Singapore Ltd. | 43 | 25 |
Grab Holdings Ltd., Class A * | 9 | 24 |
Keppel Corp. Ltd. | 10 | 51 |
Mapletree Logistics Trust, REIT | 23 | 25 |
Mapletree Pan Asia Commercial Trust, REIT | 17 | 19 |
Oversea-Chinese Banking Corp. Ltd. | 24 | 207 |
Sea Ltd., ADR * (a) | 3 | 128 |
Singapore Airlines Ltd. * | 10 | 35 |
Singapore Exchange Ltd. | 6 | 36 |
Singapore Technologies Engineering Ltd. | 11 | 26 |
Singapore Telecommunications Ltd. | 59 | 103 |
STMicroelectronics NV | 5 | 151 |
October 31, 2022 | J.P. Morgan Funds | 17 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Singapore — continued | ||
United Overseas Bank Ltd. | 8 | 165 |
UOL Group Ltd. | 3 | 14 |
Venture Corp. Ltd. | 2 | 23 |
5,929 | ||
South Africa — 0.3% | ||
Anglo American plc | 98 | 2,924 |
Bid Corp. Ltd. | 76 | 1,221 |
Capitec Bank Holdings Ltd. | 12 | 1,239 |
Clicks Group Ltd. | 99 | 1,678 |
FirstRand Ltd. | 549 | 1,918 |
Sanlam Ltd. | 402 | 1,173 |
Vodacom Group Ltd. | 119 | 810 |
10,963 | ||
South Korea — 1.0% | ||
Delivery Hero SE * (b) | 28 | 919 |
HL Mando Co. Ltd. | 25 | 876 |
JYP Entertainment Corp. | 30 | 1,156 |
KB Financial Group, Inc. | 56 | 1,898 |
Kia Corp. | 28 | 1,292 |
KIWOOM Securities Co. Ltd. | 11 | 632 |
LG Chem Ltd. | 8 | 3,541 |
LG H&H Co. Ltd. | 2 | 551 |
NAVER Corp. | 8 | 955 |
NCSoft Corp. | 2 | 627 |
Samsung Electronics Co. Ltd. | 387 | 16,102 |
SK Hynix, Inc. | 50 | 2,874 |
S-Oil Corp. | 18 | 1,070 |
32,493 | ||
Spain — 0.2% | ||
Acciona SA | — | 32 |
ACS Actividades de Construccion y Servicios SA | 2 | 42 |
Aena SME SA * (b) | 1 | 63 |
Amadeus IT Group SA * | 3 | 167 |
Banco Bilbao Vizcaya Argentaria SA (a) | 47 | 245 |
Banco Santander SA (a) | 121 | 315 |
CaixaBank SA | 32 | 105 |
Cellnex Telecom SA (b) | 4 | 126 |
EDP Renovaveis SA | 2 | 43 |
Enagas SA | 2 | 29 |
Endesa SA | 2 | 38 |
Ferrovial SA | 3 | 84 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Spain — continued | ||
Grifols SA * | 2 | 18 |
Iberdrola SA | 361 | 3,668 |
Industria de Diseno Textil SA | 8 | 176 |
Naturgy Energy Group SA | 1 | 26 |
Red Electrica Corp. SA | 3 | 47 |
Repsol SA | 10 | 140 |
Siemens Gamesa Renewable Energy SA * | 2 | 30 |
Telefonica SA | 37 | 128 |
5,522 | ||
Sweden — 0.6% | ||
Alfa Laval AB | 2 | 51 |
Assa Abloy AB, Class B | 7 | 144 |
Atlas Copco AB, Class A | 237 | 2,533 |
Atlas Copco AB, Class B | 11 | 107 |
Boliden AB | 2 | 57 |
Electrolux AB, Class B (a) | 2 | 19 |
Embracer Group AB * (a) | 5 | 23 |
Epiroc AB, Class A | 5 | 72 |
Epiroc AB, Class B | 3 | 37 |
EQT AB | 2 | 42 |
Essity AB, Class B | 4 | 92 |
Evolution AB (b) | 1 | 121 |
Fastighets AB Balder, Class B * | 4 | 17 |
Getinge AB, Class B | 2 | 33 |
H & M Hennes & Mauritz AB, Class B (a) | 5 | 52 |
Hexagon AB, Class B | 14 | 137 |
Holmen AB, Class B | 1 | 24 |
Husqvarna AB, Class B | 3 | 18 |
Industrivarden AB, Class A | 1 | 21 |
Industrivarden AB, Class C | 1 | 25 |
Indutrade AB | 2 | 34 |
Investment AB Latour, Class B | 1 | 18 |
Investor AB, Class A | 4 | 60 |
Investor AB, Class B | 13 | 211 |
Kinnevik AB, Class B * | 2 | 21 |
L E Lundbergforetagen AB, Class B | 1 | 21 |
Lifco AB, Class B | 2 | 24 |
Nibe Industrier AB, Class B | 11 | 86 |
Sagax AB, Class B | 1 | 25 |
Sandvik AB | 8 | 119 |
Securitas AB, Class B (a) | 3 | 29 |
18 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Sweden — continued | ||
Skandinaviska Enskilda Banken AB, Class A | 12 | 122 |
Skanska AB, Class B | 2 | 38 |
SKF AB, Class B | 3 | 39 |
Svenska Cellulosa AB SCA, Class B | 4 | 51 |
Svenska Handelsbanken AB, Class A | 10 | 96 |
Swedbank AB, Class A | 6 | 96 |
Swedish Match AB | 11 | 112 |
Swedish Orphan Biovitrum AB * | 1 | 22 |
Tele2 AB, Class B | 4 | 33 |
Telefonaktiebolaget LM Ericsson, Class B | 21 | 115 |
Telia Co. AB (a) | 19 | 50 |
Volvo AB, Class A | 1 | 24 |
Volvo AB, Class B | 783 | 12,821 |
Volvo Car AB, Class B * (a) | 4 | 18 |
17,910 | ||
Switzerland — 0.3% | ||
ABB Ltd. (Registered) | 12 | 324 |
Adecco Group AG (Registered) | 1 | 36 |
Alcon, Inc. | 4 | 216 |
Bachem Holding AG, Class B | — | 17 |
Baloise Holding AG (Registered) | — | 45 |
Barry Callebaut AG (Registered) | — | 47 |
Chocoladefabriken Lindt & Spruengli AG | — | 77 |
Chocoladefabriken Lindt & Spruengli AG (Registered) | — | 97 |
Cie Financiere Richemont SA (Registered) | 4 | 363 |
Clariant AG (Registered) * | 2 | 25 |
Credit Suisse Group AG (Registered) | 19 | 78 |
EMS-Chemie Holding AG (Registered) | — | 31 |
Geberit AG (Registered) | — | 113 |
Givaudan SA (Registered) | — | 197 |
Holcim AG * | 4 | 179 |
Julius Baer Group Ltd. | 2 | 76 |
Kuehne + Nagel International AG (Registered) | — | 82 |
Logitech International SA (Registered) | 1 | 61 |
Lonza Group AG (Registered) | 5 | 2,376 |
Novartis AG (Registered) | 16 | 1,245 |
Partners Group Holding AG | — | 145 |
Schindler Holding AG | — | 47 |
Schindler Holding AG (Registered) | — | 26 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Switzerland — continued | ||
SGS SA (Registered) | — | 99 |
SIG Group AG * | 2 | 42 |
Sika AG (Registered) | 1 | 234 |
Sonova Holding AG (Registered) | — | 90 |
Straumann Holding AG (Registered) | 1 | 76 |
Swatch Group AG (The) | — | 46 |
Swatch Group AG (The) (Registered) | — | 16 |
Swiss Life Holding AG (Registered) | — | 109 |
Swiss Prime Site AG (Registered) | 1 | 44 |
Swisscom AG (Registered) | — | 91 |
Temenos AG (Registered) | 1 | 27 |
UBS Group AG (Registered) | 25 | 397 |
VAT Group AG (b) | — | 44 |
Wizz Air Holdings plc * (b) | 22 | 431 |
Zurich Insurance Group AG | 1 | 456 |
8,105 | ||
Taiwan — 1.0% | ||
Accton Technology Corp. | 152 | 1,143 |
Advantech Co. Ltd. | 112 | 1,017 |
ASPEED Technology, Inc. | 18 | 933 |
Chailease Holding Co. Ltd. | 190 | 874 |
Eclat Textile Co. Ltd. | 82 | 1,076 |
Global Unichip Corp. | 92 | 1,384 |
Largan Precision Co. Ltd. | 16 | 915 |
Realtek Semiconductor Corp. | 102 | 804 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 988 | 11,878 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 201 | 12,396 |
32,420 | ||
Tanzania, United Republic of — 0.0% ^ | ||
AngloGold Ashanti Ltd. | 34 | 442 |
Thailand — 0.1% | ||
PTT Exploration & Production PCL | 328 | 1,554 |
SCB X PCL | 449 | 1,256 |
Thai Oil PCL | 1,355 | 1,948 |
4,758 | ||
United Arab Emirates — 0.0% ^ | ||
NMC Health plc ‡ * | 3 | —(c) |
United Kingdom — 1.9% | ||
3i Group plc | 7 | 92 |
abrdn plc | 16 | 28 |
October 31, 2022 | J.P. Morgan Funds | 19 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United Kingdom — continued | ||
Admiral Group plc | 1 | 30 |
Ashtead Group plc | 3 | 164 |
Associated British Foods plc | 3 | 39 |
AstraZeneca plc | 124 | 14,542 |
Auto Trader Group plc (b) | 7 | 40 |
AVEVA Group plc | 1 | 31 |
Aviva plc | 20 | 97 |
BAE Systems plc | 22 | 210 |
Barclays plc | 119 | 202 |
Barratt Developments plc | 7 | 31 |
Berkeley Group Holdings plc | 1 | 32 |
BP plc | 1,867 | 10,330 |
British American Tobacco plc | 15 | 605 |
British Land Co. plc (The), REIT | 6 | 26 |
BT Group plc | 49 | 74 |
Bunzl plc | 2 | 78 |
Burberry Group plc | 3 | 59 |
CK Hutchison Holdings Ltd. | 4 | 22 |
CK Hutchison Holdings Ltd. | 15 | 72 |
CNH Industrial NV | 7 | 94 |
Coca-Cola Europacific Partners plc | 2 | 69 |
Compass Group plc | 13 | 267 |
Croda International plc | 1 | 77 |
DCC plc | 1 | 39 |
Diageo plc | 530 | 21,802 |
Entain plc | 4 | 61 |
Experian plc | 7 | 209 |
Haleon plc * | 36 | 111 |
Halma plc | 3 | 65 |
Hargreaves Lansdown plc | 3 | 22 |
HSBC Holdings plc | 143 | 734 |
Imperial Brands plc | 6 | 156 |
Informa plc | 10 | 66 |
InterContinental Hotels Group plc | 1 | 70 |
Intertek Group plc | 1 | 48 |
J Sainsbury plc | 13 | 28 |
JD Sports Fashion plc | 18 | 21 |
Johnson Matthey plc | 1 | 29 |
Just Eat Takeaway.com NV * (b) | 1 | 22 |
Kingfisher plc | 14 | 36 |
Land Securities Group plc, REIT | 5 | 33 |
Legal & General Group plc | 43 | 114 |
Linde plc | 12 | 3,626 |
Lloyds Banking Group plc | 495 | 238 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United Kingdom — continued | ||
London Stock Exchange Group plc | 2 | 203 |
M&G plc | 18 | 37 |
Melrose Industries plc | 31 | 42 |
National Grid plc | 26 | 283 |
NatWest Group plc | 38 | 103 |
Next plc | 1 | 52 |
Ocado Group plc * | 4 | 22 |
Pearson plc | 5 | 53 |
Persimmon plc | 81 | 1,216 |
Phoenix Group Holdings plc | 5 | 33 |
Reckitt Benckiser Group plc | 5 | 338 |
RELX plc | 14 | 368 |
RELX plc | 130 | 3,503 |
Rentokil Initial plc | 18 | 111 |
Rolls-Royce Holdings plc * | 60 | 53 |
Sage Group plc (The) | 7 | 60 |
Schroders plc | 5 | 23 |
Segro plc, REIT | 9 | 77 |
Severn Trent plc | 2 | 51 |
Smith & Nephew plc | 6 | 73 |
Smiths Group plc | 3 | 48 |
Spirax-Sarco Engineering plc | 1 | 65 |
SSE plc | 8 | 136 |
St. James's Place plc | 4 | 47 |
Standard Chartered plc | 18 | 107 |
Taylor Wimpey plc | 25 | 27 |
Tesco plc | 54 | 133 |
Unilever plc | 18 | 825 |
United Utilities Group plc | 5 | 52 |
Vodafone Group plc | 190 | 222 |
Whitbread plc | 1 | 42 |
WPP plc | 8 | 68 |
63,314 | ||
United States — 37.5% | ||
AbbVie, Inc. | 196 | 28,742 |
Advanced Micro Devices, Inc. * | 49 | 2,972 |
AGCO Corp. | 3 | 310 |
Albertsons Cos., Inc., Class A | 30 | 606 |
Alcoa Corp. | 27 | 1,038 |
Alnylam Pharmaceuticals, Inc. * | 14 | 2,960 |
Alphabet, Inc., Class C * | 158 | 14,928 |
Amazon.com, Inc. * | 489 | 50,056 |
Ameren Corp. | 24 | 1,916 |
20 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
American Electric Power Co., Inc. | 12 | 1,013 |
American Express Co. | 74 | 11,043 |
American Homes 4 Rent, Class A, REIT | 46 | 1,460 |
American International Group, Inc. | 11 | 603 |
AmerisourceBergen Corp. | 17 | 2,607 |
AMETEK, Inc. | 30 | 3,841 |
Analog Devices, Inc. | 90 | 12,783 |
Apple Hospitality REIT, Inc., REIT | 47 | 797 |
Apple, Inc. | 220 | 33,704 |
Aramark | 64 | 2,344 |
Arista Networks, Inc. * | 15 | 1,806 |
Arthur J Gallagher & Co. | 21 | 3,986 |
Atlassian Corp., Class A * | 9 | 1,807 |
AutoZone, Inc. * | 1 | 2,819 |
Axalta Coating Systems Ltd. * | 26 | 617 |
Baker Hughes Co. | 333 | 9,207 |
Bank of America Corp. | 846 | 30,474 |
Bath & Body Works, Inc. | 26 | 871 |
Baxter International, Inc. | 17 | 924 |
BellRing Brands, Inc. * | 33 | 804 |
Berkshire Hathaway, Inc., Class B * | 29 | 8,574 |
Best Buy Co., Inc. | 18 | 1,205 |
BioMarin Pharmaceutical, Inc. * | 11 | 944 |
BJ's Wholesale Club Holdings, Inc. * | 25 | 1,927 |
BlackRock, Inc. | 11 | 6,877 |
Blackstone, Inc. | 50 | 4,558 |
Booking Holdings, Inc. * | 7 | 13,124 |
Boston Scientific Corp. * | 450 | 19,403 |
Bristol-Myers Squibb Co. | 402 | 31,129 |
Brixmor Property Group, Inc., REIT | 66 | 1,400 |
Bumble, Inc., Class A * (a) | 87 | 2,220 |
Bunge Ltd. | 11 | 1,086 |
Burlington Stores, Inc. * | 18 | 2,563 |
Capital One Financial Corp. | 35 | 3,734 |
Cardinal Health, Inc. | 27 | 2,057 |
Carlisle Cos., Inc. | 5 | 1,144 |
CarMax, Inc. * | 21 | 1,348 |
Carrier Global Corp. | 33 | 1,316 |
Catalent, Inc. * | 28 | 1,852 |
CBRE Group, Inc., Class A * | 19 | 1,344 |
Centene Corp. * | 68 | 5,776 |
CenterPoint Energy, Inc. | 51 | 1,448 |
Charles Schwab Corp. (The) | 85 | 6,791 |
Charter Communications, Inc., Class A * | 30 | 11,170 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United States — continued | ||
Chemours Co. (The) | 29 | 822 |
Cheniere Energy, Inc. | 20 | 3,565 |
Chevron Corp. | 135 | 24,361 |
Chord Energy Corp. | — | 69 |
Chubb Ltd. | 11 | 2,430 |
Cigna Corp. | 7 | 2,101 |
Cisco Systems, Inc. | 20 | 891 |
Citigroup, Inc. | 42 | 1,918 |
Citizens Financial Group, Inc. | 59 | 2,396 |
Claire's Stores, Inc. ‡ * | — | 98 |
CME Group, Inc. | 48 | 8,248 |
CNA Financial Corp. | 15 | 635 |
Coca-Cola Co. (The) | 19 | 1,107 |
Columbia Sportswear Co. | 15 | 1,086 |
Comcast Corp., Class A | 126 | 4,015 |
CommScope Holding Co., Inc. * | 40 | 536 |
Computershare Ltd. | 4 | 63 |
Confluent, Inc., Class A * (a) | 80 | 2,144 |
ConocoPhillips | 113 | 14,276 |
Constellation Brands, Inc., Class A | 17 | 4,269 |
Cooper Cos., Inc. (The) | 9 | 2,573 |
Copart, Inc. * | 34 | 3,889 |
Coterra Energy, Inc. | 71 | 2,207 |
Coupa Software, Inc. * | 6 | 330 |
Crowdstrike Holdings, Inc., Class A * | 12 | 1,908 |
CSL Ltd. | 3 | 613 |
CSX Corp. | 27 | 785 |
CVS Health Corp. | 27 | 2,540 |
CyberArk Software Ltd. * | — | 46 |
Darden Restaurants, Inc. | 8 | 1,074 |
Deere & Co. | 44 | 17,398 |
Delta Air Lines, Inc. * | 47 | 1,595 |
Dexcom, Inc. * | 30 | 3,642 |
Diamondback Energy, Inc. | 25 | 3,906 |
Dick's Sporting Goods, Inc. (a) | 11 | 1,256 |
Dollar General Corp. | 4 | 993 |
Dover Corp. | 15 | 1,936 |
EastGroup Properties, Inc., REIT | 3 | 530 |
Eastman Chemical Co. | 59 | 4,511 |
Eaton Corp. plc | 69 | 10,336 |
Edison International | 18 | 1,053 |
Elanco Animal Health, Inc. * | 22 | 290 |
Eli Lilly & Co. | 10 | 3,573 |
Energizer Holdings, Inc. | 35 | 1,012 |
October 31, 2022 | J.P. Morgan Funds | 21 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
Entegris, Inc. | 26 | 2,102 |
Entergy Corp. | ��� 11 | 1,151 |
EOG Resources, Inc. | 56 | 7,684 |
EP Energy Corp. * | 5 | 37 |
EPAM Systems, Inc. * | 4 | 1,402 |
Equifax, Inc. | 10 | 1,658 |
Equity LifeStyle Properties, Inc., REIT | 32 | 2,047 |
Estee Lauder Cos., Inc. (The), Class A | 9 | 1,708 |
Exact Sciences Corp. * | 26 | 895 |
Exelixis, Inc. * | 85 | 1,413 |
Exxon Mobil Corp. | 28 | 3,092 |
Federal Realty Investment Trust, REIT (a) | 12 | 1,157 |
FedEx Corp. | 16 | 2,497 |
Ferguson plc | 24 | 2,645 |
Fidelity National Information Services, Inc. | 14 | 1,195 |
Fifth Third Bancorp | 56 | 1,999 |
First Republic Bank | 22 | 2,650 |
Fiserv, Inc. * | 6 | 637 |
FleetCor Technologies, Inc. * | 5 | 966 |
Fortune Brands Home & Security, Inc. | 19 | 1,173 |
Freeport-McMoRan, Inc. | 97 | 3,073 |
Gap, Inc. (The) (a) | 45 | 504 |
Garmin Ltd. | 17 | 1,465 |
General Dynamics Corp. | 7 | 1,668 |
Genpact Ltd. | 21 | 1,032 |
Global Payments, Inc. | 22 | 2,536 |
Globant SA * (a) | 12 | 2,222 |
Goodman Networks, Inc. ‡ * | 2 | —(c) |
GSK plc | 29 | 474 |
Hartford Financial Services Group, Inc. (The) | 40 | 2,932 |
HCA Healthcare, Inc. | 8 | 1,733 |
Hess Corp. | 29 | 4,021 |
Hilton Worldwide Holdings, Inc. | 28 | 3,723 |
Home Depot, Inc. (The) | 2 | 728 |
Honeywell International, Inc. | 17 | 3,414 |
Horizon Therapeutics plc * | 44 | 2,768 |
Hubbell, Inc. | 11 | 2,616 |
HubSpot, Inc. * | 5 | 1,452 |
Humana, Inc. | 5 | 2,567 |
IAC, Inc. * | 19 | 932 |
Ingersoll Rand, Inc. | 165 | 8,345 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United States — continued | ||
Insulet Corp. * (a) | 9 | 2,299 |
Intel Corp. | 24 | 671 |
Intercontinental Exchange, Inc. | 8 | 745 |
International Business Machines Corp. | 10 | 1,359 |
Intuit, Inc. | 38 | 16,291 |
Intuitive Surgical, Inc. * | 42 | 10,430 |
Invesco Ltd. | 35 | 543 |
ITT, Inc. | 13 | 962 |
James Hardie Industries plc, CHDI | 3 | 70 |
Jazz Pharmaceuticals plc * | 19 | 2,785 |
JBG SMITH Properties, REIT | 32 | 624 |
Johnson & Johnson | 17 | 2,876 |
KB Home | 21 | 595 |
Keurig Dr Pepper, Inc. | 46 | 1,801 |
Keysight Technologies, Inc. * | 13 | 2,250 |
Kimco Realty Corp., REIT | 91 | 1,952 |
Kinder Morgan, Inc. | 106 | 1,925 |
Kite Realty Group Trust, REIT | 25 | 485 |
Knight-Swift Transportation Holdings, Inc. | 5 | 245 |
Kohl's Corp. | — | 7 |
Kontoor Brands, Inc. | 17 | 611 |
Kraft Heinz Co. (The) | 51 | 1,978 |
Laboratory Corp. of America Holdings | 7 | 1,447 |
Lam Research Corp. | 5 | 2,189 |
Lamar Advertising Co., Class A, REIT | 11 | 1,034 |
Lamb Weston Holdings, Inc. | 18 | 1,514 |
Leidos Holdings, Inc. | 18 | 1,832 |
Liberty Broadband Corp., Class C * | 12 | 1,055 |
Liberty Media Corp.-Liberty SiriusXM, Class C * | 35 | 1,480 |
Loews Corp. | 60 | 3,429 |
Lowe's Cos., Inc. | 9 | 1,710 |
M&T Bank Corp. | 23 | 3,853 |
Marriott International, Inc., Class A | 97 | 15,586 |
Marsh & McLennan Cos., Inc. | 3 | 502 |
Martin Marietta Materials, Inc. | 7 | 2,228 |
Marvell Technology, Inc. | 45 | 1,781 |
Mastercard, Inc., Class A | 83 | 27,109 |
McDonald's Corp. | 48 | 13,021 |
McKesson Corp. | 10 | 4,073 |
Medtronic plc | 23 | 1,998 |
Merck & Co., Inc. | 15 | 1,535 |
Meta Platforms, Inc., Class A * | 146 | 13,583 |
22 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
Mettler-Toledo International, Inc. * | 2 | 2,352 |
Microsoft Corp. | 279 | 64,766 |
Mid-America Apartment Communities, Inc., REIT | 9 | 1,482 |
Middleby Corp. (The) * | 7 | 1,008 |
Mohawk Industries, Inc. * | 12 | 1,094 |
MongoDB, Inc. * | 6 | 1,163 |
Moran Foods Backstop Equity ‡ * | 24 | 61 |
Morgan Stanley | 48 | 3,911 |
Murphy USA, Inc. | 4 | 1,224 |
MYT Holding Co. ‡ * | 23 | 19 |
Natera, Inc. * | 28 | 1,332 |
National Vision Holdings, Inc. * | 32 | 1,175 |
Nestle SA (Registered) | 82 | 8,874 |
Newell Brands, Inc. | 86 | 1,188 |
Nexstar Media Group, Inc., Class A | 4 | 613 |
NextEra Energy, Inc. | 206 | 15,955 |
NIKE, Inc., Class B | 135 | 12,544 |
NMG, Inc. * | 1 | 190 |
Norfolk Southern Corp. | 42 | 9,577 |
Northern Trust Corp. | 15 | 1,229 |
Northrop Grumman Corp. | 2 | 1,336 |
NVIDIA Corp. | 35 | 4,765 |
Old Dominion Freight Line, Inc. | 6 | 1,533 |
Packaging Corp. of America | 14 | 1,670 |
Palo Alto Networks, Inc. * | 28 | 4,811 |
Parker-Hannifin Corp. | 4 | 1,221 |
Performance Food Group Co. * | 21 | 1,103 |
PG&E Corp. * | 84 | 1,259 |
Philip Morris International, Inc. | 14 | 1,320 |
Phillips 66 | 19 | 2,027 |
PNC Financial Services Group, Inc. (The) | 15 | 2,478 |
Post Holdings, Inc. * | 19 | 1,695 |
PPG Industries, Inc. | 5 | 617 |
Procter & Gamble Co. (The) | 14 | 1,941 |
Progressive Corp. (The) | 212 | 27,230 |
Prologis, Inc., REIT | 106 | 11,768 |
Public Service Enterprise Group, Inc. | 24 | 1,351 |
Public Storage, REIT | 3 | 898 |
QIAGEN NV * | 2 | 70 |
QUALCOMM, Inc. | 32 | 3,809 |
Quanta Services, Inc. | 47 | 6,727 |
Ralph Lauren Corp. (a) | 11 | 1,040 |
Raymond James Financial, Inc. | 6 | 744 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United States — continued | ||
Rayonier, Inc., REIT | 43 | 1,437 |
Raytheon Technologies Corp. | 71 | 6,693 |
Regeneron Pharmaceuticals, Inc. * | 32 | 23,790 |
Roche Holding AG | 18 | 6,070 |
Roche Holding AG | — | 77 |
Rockwell Automation, Inc. | 4 | 1,021 |
Ross Stores, Inc. | 137 | 13,143 |
Royal Caribbean Cruises Ltd. * (a) | 70 | 3,740 |
Royalty Pharma plc, Class A | 70 | 2,978 |
S&P Global, Inc. | 36 | 11,467 |
SBA Communications Corp., REIT | 3 | 702 |
Schneider Electric SE | 23 | 2,870 |
Seagate Technology Holdings plc | 54 | 2,694 |
ServiceNow, Inc. * | 8 | 3,290 |
Sherwin-Williams Co. (The) | 2 | 450 |
SolarEdge Technologies, Inc. * | 10 | 2,255 |
Stellantis NV | 308 | 4,154 |
Sun Communities, Inc., REIT | 30 | 4,048 |
SVB Financial Group * | 5 | 1,062 |
Swiss Re AG | 2 | 159 |
Synopsys, Inc. * | 11 | 3,266 |
Sysco Corp. | 13 | 1,140 |
T. Rowe Price Group, Inc. | 11 | 1,168 |
Take-Two Interactive Software, Inc. * | 14 | 1,642 |
Tapestry, Inc. | 55 | 1,734 |
Target Corp. | 58 | 9,563 |
TD SYNNEX Corp. | 12 | 1,126 |
Tenaris SA | 3 | 53 |
Tesla, Inc. * | 78 | 17,813 |
Texas Instruments, Inc. (d) | 13 | 2,066 |
Texas Roadhouse, Inc. | 11 | 1,107 |
Thermo Fisher Scientific, Inc. | 6 | 3,193 |
Timken Co. (The) | 11 | 810 |
T-Mobile US, Inc. * | 81 | 12,313 |
Toro Co. (The) | 21 | 2,183 |
Tractor Supply Co. | 13 | 2,819 |
Trade Desk, Inc. (The), Class A * (a) | 29 | 1,542 |
Trane Technologies plc | 110 | 17,560 |
Travelers Cos., Inc. (The) | 15 | 2,787 |
Truist Financial Corp. | 197 | 8,834 |
Uber Technologies, Inc. * | 344 | 9,151 |
Union Pacific Corp. | 3 | 619 |
UnitedHealth Group, Inc. (d) | 56 | 31,037 |
US Bancorp | 99 | 4,199 |
October 31, 2022 | J.P. Morgan Funds | 23 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
US Foods Holding Corp. * | 66 | 1,958 |
Ventas, Inc., REIT | 39 | 1,517 |
Verizon Communications, Inc. (d) | 60 | 2,257 |
Vertex Pharmaceuticals, Inc. * | 8 | 2,574 |
Vulcan Materials Co. | 4 | 648 |
Walmart, Inc. | 20 | 2,832 |
Wells Fargo & Co. | 430 | 19,759 |
Welltower, Inc., REIT | 9 | 566 |
Westrock Co. | 27 | 932 |
Weyerhaeuser Co., REIT | 70 | 2,159 |
Williams Cos., Inc. (The) | 55 | 1,800 |
Wolfspeed, Inc. * (a) | 22 | 1,716 |
Xcel Energy, Inc. | 28 | 1,827 |
Zebra Technologies Corp., Class A * | 5 | 1,542 |
Zimmer Biomet Holdings, Inc. | 21 | 2,423 |
Zoom Video Communications, Inc., Class A * | 34 | 2,816 |
Zscaler, Inc. * | 9 | 1,447 |
1,231,598 | ||
Total Common Stocks (Cost $1,678,031) | 1,908,652 | |
PRINCIPAL AMOUNT ($000) | ||
Foreign Government Securities — 17.7% | ||
Australia — 0.3% | ||
Commonwealth of Australia | ||
2.75%, 4/21/2024 (b) | AUD 1,785 | 1,135 |
3.25%, 4/21/2025 (b) | AUD 3,441 | 2,201 |
0.50%, 9/21/2026 (b) | AUD 2,280 | 1,307 |
2.75%, 11/21/2029 (b) | AUD 4,005 | 2,425 |
2.75%, 6/21/2035 (b) | AUD 1,676 | 948 |
2.75%, 5/21/2041 (b) | AUD 1,136 | 598 |
3.00%, 3/21/2047 (b) | AUD 614 | 326 |
1.75%, 6/21/2051 (b) | AUD 710 | 276 |
9,216 | ||
Belgium — 0.5% | ||
Kingdom of Belgium | ||
0.80%, 6/22/2027 (b) | EUR 3,755 | 3,474 |
0.90%, 6/22/2029 (b) | EUR 2,270 | 2,032 |
0.10%, 6/22/2030 (b) | EUR 2,727 | 2,251 |
1.00%, 6/22/2031 (b) | EUR 3,490 | 3,037 |
1.45%, 6/22/2037 (b) | EUR 473 | 378 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Belgium — continued | ||
1.90%, 6/22/2038 (b) | EUR 1,835 | 1,549 |
3.75%, 6/22/2045 (b) | EUR 705 | 756 |
1.60%, 6/22/2047 (b) | EUR 267 | 194 |
1.70%, 6/22/2050 (b) | EUR 1,206 | 875 |
2.15%, 6/22/2066 (b) | EUR 942 | 755 |
15,301 | ||
Canada — 0.8% | ||
Canada Government Bond | ||
2.50%, 6/1/2024 | CAD 3,280 | 2,355 |
2.25%, 6/1/2025 | CAD 4,680 | 3,308 |
1.00%, 6/1/2027 | CAD 3,855 | 2,545 |
2.25%, 6/1/2029 | CAD 1,340 | 924 |
0.50%, 12/1/2030 | CAD 11,512 | 6,788 |
4.00%, 6/1/2041 | CAD 300 | 237 |
2.75%, 12/1/2048 | CAD 1,083 | 710 |
2.00%, 12/1/2051 | CAD 3,264 | 1,800 |
2.75%, 12/1/2064 | CAD 807 | 516 |
Province of Alberta 2.90%, 12/1/2028 | CAD 410 | 285 |
Province of British Columbia | ||
4.70%, 6/18/2037 | CAD 880 | 670 |
2.95%, 6/18/2050 | CAD 505 | 288 |
Province of Ontario | ||
2.30%, 9/8/2024 | CAD 3,210 | 2,281 |
0.01%, 11/25/2030 (b) | EUR 5,800 | 4,445 |
27,152 | ||
China — 0.3% | ||
Export-Import Bank of China (The) 0.75%, 5/28/2023 (b) | EUR 3,800 | 3,713 |
People's Republic of China 2.69%, 8/15/2032 | CNY 41,000 | 5,588 |
9,301 | ||
Denmark — 0.1% | ||
Kingdom of Denmark | ||
1.75%, 11/15/2025 | DKK 2,373 | 311 |
0.50%, 11/15/2027 | DKK 3,009 | 364 |
0.50%, 11/15/2029 | DKK 10,080 | 1,170 |
4.50%, 11/15/2039 | DKK 5,082 | 840 |
0.25%, 11/15/2052 | DKK 2,400 | 170 |
2,855 |
24 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
France — 1.0% | ||
French Republic | ||
0.75%, 5/25/2028 (b) | EUR 16,710 | 15,163 |
1.25%, 5/25/2036 (b) | EUR 7,825 | 6,287 |
1.75%, 6/25/2039 (b) | EUR 2,653 | 2,223 |
3.25%, 5/25/2045 (b) | EUR 3,064 | 3,099 |
2.00%, 5/25/2048 (b) | EUR 2,977 | 2,383 |
1.50%, 5/25/2050 (b) | EUR 4,492 | 3,177 |
0.75%, 5/25/2053 (b) | EUR 1,089 | 596 |
1.75%, 5/25/2066 (b) | EUR 1,101 | 783 |
33,711 | ||
Germany — 0.5% | ||
Bundesrepublik Deutschland | ||
0.25%, 2/15/2029 (b) | EUR 3,110 | 2,759 |
4.00%, 1/4/2037 (b) | EUR 5,650 | 6,712 |
2.50%, 7/4/2044 (b) | EUR 3,880 | 3,971 |
0.00%, 8/15/2050 (b) | EUR 2,876 | 1,571 |
15,013 | ||
Hungary — 0.0% ^ | ||
Hungary Government Bond | ||
0.13%, 9/21/2028 (e) | EUR 893 | 634 |
2.13%, 9/22/2031 (e) | 1,158 | 824 |
1,458 | ||
Indonesia — 0.1% | ||
Republic of Indonesia | ||
2.15%, 7/18/2024 (b) | EUR 1,120 | 1,066 |
1.30%, 3/23/2034 | EUR 902 | 572 |
1,638 | ||
Italy — 2.4% | ||
Buoni Poliennali del Tesoro | ||
0.95%, 3/1/2023 (b) | EUR 3,561 | 3,511 |
2.45%, 10/1/2023 (b) | EUR 1,738 | 1,716 |
0.65%, 10/15/2023 (b) | EUR 2,220 | 2,155 |
0.00%, 1/15/2024 (b) | EUR 6,940 | 6,649 |
0.35%, 2/1/2025 (b) | EUR 7,491 | 6,997 |
1.85%, 7/1/2025 (b) | EUR 3,317 | 3,172 |
0.00%, 4/1/2026 (b) | EUR 18,669 | 16,497 |
0.25%, 3/15/2028 (b) | EUR 15,697 | 12,956 |
0.95%, 12/1/2031 (b) | EUR 7,181 | 5,403 |
1.65%, 3/1/2032 (b) | EUR 216 | 173 |
2.25%, 9/1/2036 (b) | EUR 2,982 | 2,321 |
0.95%, 3/1/2037 (b) | EUR 960 | 614 |
3.25%, 3/1/2038 (b) | EUR 5,563 | 4,764 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Italy — continued | ||
1.80%, 3/1/2041 (b) | EUR 1,013 | 673 |
4.75%, 9/1/2044 (b) | EUR 122 | 126 |
1.50%, 4/30/2045 (b) | EUR 5,008 | 2,947 |
2.70%, 3/1/2047 (b) | EUR 207 | 155 |
3.45%, 3/1/2048 (b) | EUR 211 | 180 |
2.15%, 9/1/2052 (b) | EUR 926 | 584 |
2.80%, 3/1/2067 (b) | EUR 892 | 617 |
2.15%, 3/1/2072 (b) | EUR 280 | 162 |
Italian Republic Government Bond 2.38%, 10/17/2024 | 5,381 | 5,015 |
77,387 | ||
Japan — 8.1% | ||
Japan Bank for International Cooperation 1.63%, 1/20/2027 | 974 | 857 |
Japan Finance Organization for Municipalities 3.25%, 4/24/2023 (e) | 1,890 | 1,875 |
Japan Government Bond | ||
0.10%, 12/20/2022 | JPY 4,349,000 | 29,257 |
0.01%, 6/1/2023 | JPY 4,005,500 | 26,961 |
0.80%, 9/20/2023 | JPY 2,604,500 | 17,657 |
0.10%, 9/20/2024 | JPY 1,835,600 | 12,377 |
0.50%, 9/20/2024 | JPY 1,799,350 | 12,224 |
0.10%, 12/20/2024 | JPY 405,400 | 2,734 |
0.10%, 6/20/2026 | JPY 921,300 | 6,222 |
0.10%, 9/20/2026 | JPY 150 | 1 |
0.01%, 12/20/2026 | JPY 587,050 | 3,945 |
0.10%, 9/20/2027 | JPY 2,581,800 | 17,384 |
0.10%, 6/20/2029 | JPY 3,249,350 | 21,762 |
0.10%, 12/20/2029 | JPY 1,501,650 | 10,033 |
0.10%, 6/20/2030 | JPY 2,038,150 | 13,573 |
1.50%, 6/20/2034 | JPY 642,250 | 4,812 |
1.40%, 9/20/2034 | JPY 1,790,100 | 13,269 |
0.70%, 3/20/2037 | JPY 721,800 | 4,867 |
0.60%, 9/20/2037 | JPY 582,200 | 3,847 |
0.30%, 12/20/2039 | JPY 2,696,900 | 16,342 |
0.40%, 6/20/2040 | JPY 2,576,950 | 15,764 |
1.50%, 3/20/2045 | JPY 821,700 | 5,900 |
1.40%, 12/20/2045 | JPY 273,500 | 1,917 |
0.80%, 12/20/2047 | JPY 656,700 | 3,962 |
0.40%, 9/20/2049 | JPY 128,550 | 679 |
0.40%, 12/20/2049 | JPY 1,149,350 | 6,072 |
0.40%, 3/20/2050 | JPY 1,020,550 | 5,383 |
October 31, 2022 | J.P. Morgan Funds | 25 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
Japan — continued | ||
0.90%, 3/20/2057 | JPY 397,700 | 2,276 |
0.50%, 3/20/2060 | JPY 462,050 | 2,256 |
264,208 | ||
Netherlands — 0.2% | ||
Kingdom of Netherlands | ||
2.50%, 1/15/2033 (b) | EUR 2,310 | 2,286 |
4.00%, 1/15/2037 (b) | EUR 1,110 | 1,273 |
3.75%, 1/15/2042 (b) | EUR 917 | 1,064 |
2.75%, 1/15/2047 (b) | EUR 1,610 | 1,659 |
0.00%, 1/15/2052 (b) | EUR 975 | 489 |
6,771 | ||
Peru — 0.0% ^ | ||
Republic of Peru 1.86%, 12/1/2032 | 487 | 336 |
Philippines — 0.0% ^ | ||
Republic of Philippines 0.25%, 4/28/2025 | EUR 1,303 | 1,170 |
Qatar — 0.0% ^ | ||
State of Qatar 3.88%, 4/23/2023 (e) | 860 | 857 |
Romania — 0.0% ^ | ||
Romania Government Bond 2.00%, 4/14/2033 (e) | EUR 1,470 | 883 |
Saudi Arabia — 0.0% ^ | ||
Kingdom of Saudi Arabia 2.25%, 2/2/2033 (e) | 914 | 702 |
South Korea — 0.4% | ||
Export-Import Bank of Korea | ||
0.00%, 10/19/2024 (b) | EUR 10,060 | 9,380 |
0.75%, 9/21/2025 | 4,217 | 3,717 |
Republic of Korea 0.00%, 9/16/2025 | EUR 1,276 | 1,152 |
14,249 | ||
Spain — 1.3% | ||
Bonos and Obligaciones del Estado | ||
1.60%, 4/30/2025 (b) | EUR 7,455 | 7,248 |
1.50%, 4/30/2027 (b) | EUR 9,006 | 8,495 |
1.40%, 7/30/2028 (b) | EUR 9,072 | 8,325 |
0.70%, 4/30/2032 (b) | EUR 8,460 | 6,697 |
2.35%, 7/30/2033 (b) | EUR 1,318 | 1,200 |
4.70%, 7/30/2041 (b) | EUR 4,854 | 5,561 |
1.00%, 7/30/2042 (b) | EUR 637 | 405 |
2.90%, 10/31/2046 (b) | EUR 2,012 | 1,771 |
2.70%, 10/31/2048 (b) | EUR 771 | 644 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Spain — continued | ||
1.00%, 10/31/2050 (b) | EUR 1,606 | 860 |
3.45%, 7/30/2066 (b) | EUR 616 | 568 |
41,774 | ||
Sweden — 0.2% | ||
Kingdom of Sweden | ||
1.50%, 11/13/2023 (b) | SEK 4,690 | 421 |
1.00%, 11/12/2026 (b) | SEK 5,010 | 430 |
0.75%, 5/12/2028 | SEK 1,985 | 165 |
0.75%, 11/12/2029 (b) | SEK 13,515 | 1,102 |
3.50%, 3/30/2039 | SEK 2,505 | 270 |
0.50%, 11/24/2045 | SEK 470 | 30 |
Svensk Exportkredit AB 2.88%, 3/14/2023 | 3,300 | 3,281 |
5,699 | ||
United Arab Emirates — 0.0% ^ | ||
United Arab Emirates Government Bond 0.75%, 9/2/2023 (e) | 1,569 | 1,514 |
United Kingdom — 1.5% | ||
United Kingdom of Great Britain and Northern Ireland | ||
2.00%, 9/7/2025 (b) | GBP 930 | 1,029 |
4.25%, 12/7/2027 (b) | GBP 645 | 758 |
0.50%, 1/31/2029 (b) | GBP 9,470 | 8,946 |
1.00%, 1/31/2032 (b) | GBP 3,465 | 3,167 |
0.88%, 7/31/2033 (b) | GBP 610 | 527 |
4.50%, 9/7/2034 (b) | GBP 4,080 | 5,051 |
0.63%, 7/31/2035 (b) | GBP 1,652 | 1,299 |
4.25%, 3/7/2036 (b) | GBP 1,157 | 1,390 |
1.75%, 9/7/2037 (b) | GBP 1,473 | 1,288 |
4.75%, 12/7/2038 (b) | GBP 1,018 | 1,290 |
1.13%, 1/31/2039 (b) | GBP 716 | 550 |
4.25%, 9/7/2039 (b) | GBP 1,082 | 1,294 |
4.25%, 12/7/2040 (b) | GBP 1,174 | 1,408 |
1.25%, 10/22/2041 (b) | GBP 1,590 | 1,191 |
4.50%, 12/7/2042 (b) | GBP 1,060 | 1,327 |
3.25%, 1/22/2044 (b) | GBP 1,335 | 1,401 |
3.50%, 1/22/2045 (b) | GBP 1,363 | 1,488 |
0.88%, 1/31/2046 (b) | GBP 1,180 | 752 |
4.25%, 12/7/2046 (b) | GBP 885 | 1,085 |
1.50%, 7/22/2047 (b) | GBP 1,212 | 893 |
1.75%, 1/22/2049 (b) | GBP 1,424 | 1,108 |
4.25%, 12/7/2049 (b) | GBP 867 | 1,084 |
0.63%, 10/22/2050 (b) | GBP 1,514 | 831 |
26 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
United Kingdom — continued | ||
1.25%, 7/31/2051 (b) | GBP 1,228 | 815 |
3.75%, 7/22/2052 (b) | GBP 1,138 | 1,332 |
1.50%, 7/31/2053 (b) | GBP 525 | 369 |
1.63%, 10/22/2054 (b) | GBP 1,166 | 848 |
4.25%, 12/7/2055 (b) | GBP 1,026 | 1,338 |
1.75%, 7/22/2057 (b) | GBP 1,449 | 1,097 |
4.00%, 1/22/2060 (b) | GBP 1,125 | 1,441 |
0.50%, 10/22/2061 (b) | GBP 988 | 446 |
2.50%, 7/22/2065 (b) | GBP 1,147 | 1,062 |
3.50%, 7/22/2068 (b) | GBP 958 | 1,132 |
1.63%, 10/22/2071 (b) | GBP 1,254 | 884 |
1.13%, 10/22/2073 (b) | GBP 482 | 272 |
50,193 | ||
Total Foreign Government Securities (Cost $724,606) | 581,388 | |
Corporate Bonds — 5.2% | ||
Australia — 0.1% | ||
FMG Resources August 2006 Pty. Ltd. 4.50%, 9/15/2027 (e) | 210 | 188 |
Glencore Funding LLC 4.13%, 5/30/2023 (e) | 793 | 784 |
Mineral Resources Ltd. 8.13%, 5/1/2027 (e) | 253 | 252 |
Westpac Banking Corp. | ||
2.75%, 1/11/2023 | 590 | 588 |
2.00%, 1/13/2023 | 659 | 656 |
2,468 | ||
Canada — 0.5% | ||
1011778 BC ULC 4.38%, 1/15/2028 (e) | 4 | 4 |
Baffinland Iron Mines Corp. 8.75%, 7/15/2026 (e) | 202 | 183 |
Bank of Nova Scotia (The) | ||
2.38%, 1/18/2023 | 1,601 | 1,593 |
1.63%, 5/1/2023 | 540 | 530 |
Baytex Energy Corp. 8.75%, 4/1/2027 (e) | 140 | 143 |
Bombardier, Inc. | ||
7.13%, 6/15/2026 (a) (e) | 1,066 | 1,009 |
6.00%, 2/15/2028 (e) | 1 | 1 |
Canadian Imperial Bank of Commerce 0.45%, 6/22/2023 | 380 | 369 |
Garda World Security Corp. 4.63%, 2/15/2027 (e) | 435 | 386 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Canada — continued | ||
GFL Environmental, Inc. 5.13%, 12/15/2026 (e) | 624 | 594 |
MEG Energy Corp. 7.13%, 2/1/2027 (e) | 328 | 334 |
Ontario Teachers' Finance Trust | ||
1.10%, 10/19/2027 (e) | CAD 773 | 494 |
0.10%, 5/19/2028 (b) | EUR 2,955 | 2,468 |
0.05%, 11/25/2030 (b) | EUR 5,225 | 3,985 |
Parkland Corp. 5.88%, 7/15/2027 (e) | 10 | 9 |
Province of Ontario 1.13%, 5/15/2026 (b) | GBP 4,950 | 5,080 |
Titan Acquisition Ltd. 7.75%, 4/15/2026 (e) | 302 | 247 |
Videotron Ltd. 5.13%, 4/15/2027 (e) | 97 | 92 |
17,521 | ||
Cayman Islands — 0.0% ^ | ||
Global Aircraft Leasing Co. Ltd. 6.50% (Cash), 9/15/2024 (e) (f) | 272 | 216 |
France — 0.5% | ||
BNP Paribas SA 3.50%, 3/1/2023 (e) | 815 | 810 |
Dexia Credit Local SA | ||
0.75%, 1/25/2023 (b) | EUR 3,500 | 3,451 |
0.50%, 7/22/2023 (b) | GBP 3,500 | 3,920 |
1.63%, 12/8/2023 (b) | GBP 2,800 | 3,129 |
1.25%, 11/26/2024 (b) | EUR 2,100 | 2,012 |
0.25%, 12/10/2026 (b) | GBP 4,200 | 4,067 |
Iliad Holding SASU 6.50%, 10/15/2026 (e) | 201 | 186 |
17,575 | ||
Germany — 0.2% | ||
Kreditanstalt fuer Wiederaufbau 0.00%, 12/15/2022 | EUR 3,000 | 2,961 |
Mercedes-Benz Finance North America LLC 3.35%, 2/22/2023 (e) | 801 | 797 |
TK Elevator US Newco, Inc. 5.25%, 7/15/2027 (e) | 574 | 514 |
Volkswagen Group of America Finance LLC 3.13%, 5/12/2023 (e) | 799 | 790 |
5,062 | ||
Ireland — 0.0% ^ | ||
Cimpress plc 7.00%, 6/15/2026 (e) | 304 | 182 |
October 31, 2022 | J.P. Morgan Funds | 27 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Japan — 0.1% | ||
Development Bank of Japan, Inc. 3.13%, 9/6/2023 (e) | 1,850 | 1,821 |
Mizuho Financial Group, Inc. | ||
3.55%, 3/5/2023 | 713 | 709 |
(SOFR + 0.87%), 0.85%, 9/8/2024 (g) | 372 | 355 |
NTT Finance Corp. 0.37%, 3/3/2023 (a) (e) | 500 | 493 |
3,378 | ||
Luxembourg — 0.0% ^ | ||
Altice France Holding SA 10.50%, 5/15/2027 (e) | 1,334 | 1,040 |
Macau — 0.1% | ||
MGM China Holdings Ltd. 4.75%, 2/1/2027 (e) | 1,026 | 759 |
Sands China Ltd. | ||
5.63%, 8/8/2025 (h) | 308 | 270 |
2.80%, 3/8/2027 (h) | 275 | 200 |
1,229 | ||
Netherlands — 0.4% | ||
BNG Bank NV 4.75%, 3/6/2023 (b) | AUD 602 | 387 |
Nederlandse Waterschapsbank NV | ||
2.00%, 12/16/2024 (b) | GBP 9,110 | 9,998 |
3.50%, 7/20/2027 | AUD 3,120 | 1,897 |
Trivium Packaging Finance BV | ||
5.50%, 8/15/2026 (e) (h) | 418 | 384 |
8.50%, 8/15/2027 (e) (h) | 284 | 267 |
12,933 | ||
New Zealand — 0.0% ^ | ||
ASB Bank Ltd. 3.75%, 6/14/2023 (e) | 435 | 431 |
Saudi Arabia — 0.0% ^ | ||
Saudi Arabian Oil Co. 1.25%, 11/24/2023 (e) | 400 | 385 |
Singapore — 0.3% | ||
Temasek Financial I Ltd. | ||
3.63%, 8/1/2028 (e) | 6,158 | 5,792 |
1.63%, 8/2/2031 (e) | 2,593 | 1,985 |
2.38%, 8/2/2041 (a) (e) | 1,558 | 1,037 |
8,814 | ||
South Korea — 0.2% | ||
Korea Development Bank (The) | ||
1.75%, 12/15/2022 (b) | GBP 2,450 | 2,801 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
South Korea — continued | ||
2.13%, 10/1/2024 | 1,826 | 1,727 |
Korea Southern Power Co. Ltd. 0.75%, 1/27/2026 (e) | 2,155 | 1,856 |
6,384 | ||
Switzerland — 0.0% ^ | ||
VistaJet Malta Finance plc 7.88%, 5/1/2027 (e) | 71 | 64 |
United Kingdom — 0.0% ^ | ||
Connect Finco SARL 6.75%, 10/1/2026 (e) | 317 | 298 |
eG Global Finance plc 6.75%, 2/7/2025 (e) | 200 | 180 |
INEOS Quattro Finance 2 plc 3.38%, 1/15/2026 (a) (e) | 263 | 222 |
Petrofac Ltd. 9.75%, 11/15/2026 (e) | 200 | 148 |
Virgin Media Secured Finance plc 5.50%, 5/15/2029 (e) | 5 | 5 |
853 | ||
United States — 2.8% | ||
AbbVie, Inc. | ||
2.80%, 3/15/2023 | 412 | 409 |
2.85%, 5/14/2023 | 390 | 386 |
Acrisure LLC 7.00%, 11/15/2025 (e) | 380 | 357 |
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (e) | 2 | 2 |
AECOM 5.13%, 3/15/2027 | 97 | 92 |
Aethon United BR LP 8.25%, 2/15/2026 (e) | 289 | 293 |
AIG Global Funding 0.80%, 7/7/2023 (a) (e) | 822 | 798 |
Albertsons Cos., Inc. 3.25%, 3/15/2026 (e) | 865 | 776 |
Alliant Holdings Intermediate LLC | ||
4.25%, 10/15/2027 (e) | 283 | 255 |
6.75%, 10/15/2027 (e) | 4 | 4 |
Allied Universal Holdco LLC 6.63%, 7/15/2026 (e) | 693 | 662 |
Allison Transmission, Inc. 4.75%, 10/1/2027 (e) | 8 | 7 |
AMC Entertainment Holdings, Inc. 10.00% (Cash), 6/15/2026 (a) (e) (f) | 531 | 281 |
AMC Networks, Inc. 4.75%, 8/1/2025 | 97 | 89 |
American Airlines Group, Inc. 3.75%, 3/1/2025 (a) (e) | 69 | 61 |
28 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
American Airlines, Inc. | ||
11.75%, 7/15/2025 (e) | 320 | 350 |
5.50%, 4/20/2026 (e) | 1,476 | 1,406 |
5.75%, 4/20/2029 (e) | — | — |
American Axle & Manufacturing, Inc. | ||
6.25%, 3/15/2026 | 28 | 27 |
6.50%, 4/1/2027 (a) | 7 | 6 |
AmeriGas Partners LP 5.50%, 5/20/2025 | 90 | 86 |
AMN Healthcare, Inc. 4.63%, 10/1/2027 (e) | 98 | 92 |
Antero Midstream Partners LP | ||
7.88%, 5/15/2026 (e) | 218 | 222 |
5.75%, 3/1/2027 (e) | 192 | 183 |
APX Group, Inc. 6.75%, 2/15/2027 (e) | 277 | 270 |
Aramark Services, Inc. 6.38%, 5/1/2025 (e) | 182 | 180 |
Archrock Partners LP 6.88%, 4/1/2027 (e) | 252 | 240 |
Arconic Corp. | ||
6.00%, 5/15/2025 (e) | 271 | 268 |
6.13%, 2/15/2028 (e) | 5 | 5 |
Ardagh Packaging Finance plc | ||
5.25%, 4/30/2025 (e) | 650 | 613 |
5.25%, 8/15/2027 (e) | 201 | 141 |
Artera Services LLC 9.03%, 12/4/2025 (e) | 302 | 252 |
Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (e) | 281 | 277 |
ASGN, Inc. 4.63%, 5/15/2028 (e) | 104 | 92 |
AT&T, Inc. (ICE LIBOR USD 3 Month + 0.89%), 3.80%, 2/15/2023 (g) | 530 | 530 |
ATI, Inc. 5.88%, 12/1/2027 | 5 | 5 |
Avient Corp. 5.75%, 5/15/2025 (e) | 21 | 21 |
Axalta Coating Systems LLC 4.75%, 6/15/2027 (a) (e) | 225 | 205 |
B&G Foods, Inc. 5.25%, 9/15/2027 (a) | 176 | 148 |
Ball Corp. 4.88%, 3/15/2026 (a) | 386 | 370 |
Bath & Body Works, Inc. 5.25%, 2/1/2028 | 71 | 63 |
Bausch Health Americas, Inc. | ||
9.25%, 4/1/2026 (e) | 118 | 68 |
8.50%, 1/31/2027 (e) | 139 | 60 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Bausch Health Cos., Inc. 5.50%, 11/1/2025 (e) | 725 | 579 |
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027 (a) (e) | 267 | 244 |
Block, Inc. 2.75%, 6/1/2026 | 40 | 36 |
Booz Allen Hamilton, Inc. 3.88%, 9/1/2028 (e) | 101 | 89 |
Boyd Gaming Corp. 4.75%, 12/1/2027 | 1 | 1 |
Brink's Co. (The) 4.63%, 10/15/2027 (e) | 102 | 94 |
Brookfield Property REIT, Inc. REIT, 5.75%, 5/15/2026 (e) | 534 | 496 |
Caesars Entertainment, Inc. | ||
6.25%, 7/1/2025 (e) | 1,493 | 1,457 |
8.13%, 7/1/2027 (e) | 1 | 1 |
Caesars Resort Collection LLC 5.75%, 7/1/2025 (e) | 360 | 352 |
Calpine Corp. | ||
4.50%, 2/15/2028 (e) | 98 | 88 |
5.13%, 3/15/2028 (e) | 2 | 2 |
Calumet Specialty Products Partners LP 11.00%, 4/15/2025 (a) (e) | 233 | 242 |
Camelot Finance SA 4.50%, 11/1/2026 (e) | 161 | 150 |
Capital One Financial Corp. (ICE LIBOR USD 3 Month + 0.72%), 5.13%, 1/30/2023 (g) | 440 | 440 |
Carnival Corp. | ||
10.50%, 2/1/2026 (e) | 291 | 285 |
7.63%, 3/1/2026 (e) | 1,448 | 1,089 |
9.88%, 8/1/2027 (e) | 5 | 5 |
Carvana Co. 5.63%, 10/1/2025 (a) (e) | 430 | 282 |
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (e) | 201 | 189 |
CCO Holdings LLC 5.00%, 2/1/2028 (e) | 7 | 6 |
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (e) | 322 | 306 |
CEC Entertainment LLC 6.75%, 5/1/2026 (e) | 546 | 511 |
Cedar Fair LP 5.50%, 5/1/2025 (e) | 82 | 81 |
CenterPoint Energy Resources Corp. (ICE LIBOR USD 3 Month + 0.50%), 3.60%, 3/2/2023 (g) | 533 | 531 |
Century Communities, Inc. 6.75%, 6/1/2027 | 246 | 235 |
October 31, 2022 | J.P. Morgan Funds | 29 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Chemours Co. (The) 5.38%, 5/15/2027 | 5 | 4 |
Chesapeake Energy Corp. 5.50%, 2/1/2026 (e) | 245 | 237 |
Chevron Phillips Chemical Co. LLC 3.30%, 5/1/2023 (e) | 1,061 | 1,051 |
Chubb INA Holdings, Inc. 2.70%, 3/13/2023 | 679 | 674 |
Churchill Downs, Inc. 5.50%, 4/1/2027 (e) | 277 | 265 |
Cigna Corp. 3.00%, 7/15/2023 | 535 | 527 |
Cinemark USA, Inc. 8.75%, 5/1/2025 (e) | 45 | 45 |
Clarios Global LP | ||
6.25%, 5/15/2026 (e) | 119 | 115 |
8.50%, 5/15/2027 (e) | 737 | 722 |
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (e) | 5 | 4 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (e) | 86 | 77 |
7.75%, 4/15/2028 (e) | 8 | 7 |
Cleveland-Cliffs, Inc. | ||
6.75%, 3/15/2026 (a) (e) | 348 | 345 |
5.88%, 6/1/2027 | 9 | 8 |
CMG Media Corp. 8.88%, 12/15/2027 (e) | 100 | 85 |
CNX Resources Corp. 7.25%, 3/14/2027 (e) | 29 | 29 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (e) | 789 | 761 |
8.25%, 3/1/2027 (e) | 58 | 51 |
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (e) | 1,136 | 980 |
5.63%, 3/15/2027 (e) | 6 | 5 |
Compass Minerals International, Inc. 6.75%, 12/1/2027 (e) | 100 | 94 |
Consolidated Communications, Inc. 6.50%, 10/1/2028 (e) | 112 | 92 |
CoreCivic, Inc. 8.25%, 4/15/2026 (a) | 298 | 302 |
Coty, Inc. 5.00%, 4/15/2026 (e) | 541 | 507 |
Crescent Energy Finance LLC 7.25%, 5/1/2026 (e) | 314 | 291 |
Crestwood Midstream Partners LP | ||
5.75%, 4/1/2025 | 156 | 152 |
5.63%, 5/1/2027 (e) | 62 | 58 |
Crown Americas LLC 4.75%, 2/1/2026 | 538 | 515 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
CrownRock LP 5.63%, 10/15/2025 (e) | 91 | 88 |
CSC Holdings LLC 5.50%, 4/15/2027 (e) | 5 | 5 |
CVR Energy, Inc. 5.25%, 2/15/2025 (e) | 253 | 244 |
CWT Travel Group, Inc. 8.50%, 11/19/2026 (a) (e) | 10 | 9 |
Dana, Inc. 5.38%, 11/15/2027 | 4 | 4 |
Delta Air Lines, Inc. | ||
4.50%, 10/20/2025 (e) | 1 | 1 |
7.38%, 1/15/2026 | 622 | 635 |
4.75%, 10/20/2028 (e) | — | — |
Diamond Sports Group LLC | ||
5.38%, 8/15/2026 (b) | 11 | 2 |
5.38%, 8/15/2026 (e) | 124 | 25 |
Diebold Nixdorf, Inc. 9.38%, 7/15/2025 (a) (e) | 342 | 254 |
Directv Financing LLC 5.88%, 8/15/2027 (e) | 775 | 698 |
DISH DBS Corp. 5.25%, 12/1/2026 (e) | 1,055 | 917 |
Dominion Energy, Inc. 2.45%, 1/15/2023 (e) | 533 | 530 |
Eco Material Technologies, Inc. 7.88%, 1/31/2027 (e) | 120 | 112 |
Elevance Health, Inc. 0.45%, 3/15/2023 (a) | 543 | 534 |
Encompass Health Corp. 4.50%, 2/1/2028 | 5 | 4 |
EQM Midstream Partners LP | ||
6.00%, 7/1/2025 (e) | 100 | 97 |
6.50%, 7/1/2027 (e) | 29 | 28 |
Eversource Energy 2.80%, 5/1/2023 | 799 | 789 |
Ferrellgas LP 5.38%, 4/1/2026 (e) | 302 | 274 |
Fifth Third Bancorp 1.63%, 5/5/2023 | 594 | 583 |
Ford Motor Credit Co. LLC | ||
5.58%, 3/18/2024 | 2,844 | 2,801 |
5.13%, 6/16/2025 | 5 | 5 |
Fortress Transportation & Infrastructure Investors LLC 6.50%, 10/1/2025 (e) | 460 | 441 |
Freedom Mortgage Corp. 6.63%, 1/15/2027 (e) | 193 | 144 |
Frontier Communications Holdings LLC 5.88%, 10/15/2027 (e) | 2 | 2 |
FXI Holdings, Inc. 12.25%, 11/15/2026 (a) (e) | 293 | 254 |
30 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Gartner, Inc. 4.50%, 7/1/2028 (e) | 5 | 5 |
Gates Global LLC 6.25%, 1/15/2026 (e) | 272 | 261 |
Genesis Energy LP | ||
6.50%, 10/1/2025 | 312 | 299 |
8.00%, 1/15/2027 | 256 | 248 |
7.75%, 2/1/2028 | 4 | 4 |
Global Medical Response, Inc. 6.50%, 10/1/2025 (e) | 286 | 227 |
Global Net Lease, Inc. REIT, 3.75%, 12/15/2027 (e) | 110 | 89 |
Goldman Sachs Group, Inc. (The) | ||
3.20%, 2/23/2023 | 743 | 739 |
(SOFR + 0.58%), 0.67%, 3/8/2024 (a) (g) | 600 | 588 |
GoTo Group, Inc. 5.50%, 9/1/2027 (e) | 378 | 219 |
Gray Television, Inc. 7.00%, 5/15/2027 (e) | 209 | 199 |
Griffon Corp. 5.75%, 3/1/2028 | 100 | 92 |
GrubHub Holdings, Inc. 5.50%, 7/1/2027 (e) | 4 | 3 |
Guitar Center, Inc. 8.50%, 1/15/2026 (e) | 311 | 272 |
Gulfport Energy Corp. 8.00%, 5/17/2026 (a) | 440 | 439 |
HAT Holdings I LLC REIT, 3.38%, 6/15/2026 (e) | 459 | 373 |
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (e) | 520 | 479 |
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (e) | 538 | 502 |
Herc Holdings, Inc. 5.50%, 7/15/2027 (e) | 48 | 45 |
Hertz Corp. (The) 4.63%, 12/1/2026 (e) | 332 | 283 |
Hess Midstream Operations LP 5.63%, 2/15/2026 (e) | 305 | 299 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 7 | 7 |
Holly Energy Partners LP 5.00%, 2/1/2028 (e) | 101 | 91 |
Home Point Capital, Inc. 5.00%, 2/1/2026 (e) | 297 | 176 |
Howmet Aerospace, Inc. 6.88%, 5/1/2025 | 459 | 469 |
HUB International Ltd. 7.00%, 5/1/2026 (e) | 544 | 537 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 85 | 80 |
Icahn Enterprises LP 5.25%, 5/15/2027 | 1,361 | 1,254 |
iHeartCommunications, Inc. | ||
8.38%, 5/1/2027 (a) | 844 | 759 |
5.25%, 8/15/2027 (e) | 139 | 127 |
International Game Technology plc 4.13%, 4/15/2026 (e) | 568 | 527 |
Intrado Corp. 8.50%, 10/15/2025 (e) | 3 | 3 |
IQVIA, Inc. 5.00%, 5/15/2027 (e) | 432 | 412 |
IRB Holding Corp. 7.00%, 6/15/2025 (e) | 296 | 296 |
Iron Mountain, Inc. REIT, 4.88%, 9/15/2027 (e) | 5 | 5 |
iStar, Inc. REIT, 4.25%, 8/1/2025 | 190 | 184 |
Jazz Securities DAC 4.38%, 1/15/2029 (e) | 5 | 4 |
John Deere Capital Corp. (SOFR + 0.12%), 3.15%, 7/10/2023 (g) | 382 | 380 |
KAR Auction Services, Inc. 5.13%, 6/1/2025 (e) | 21 | 20 |
Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | 109 | 88 |
Kinder Morgan, Inc. (ICE LIBOR USD 3 Month + 1.28%), 5.36%, 1/15/2023 (g) | 528 | 528 |
LABL, Inc. | ||
6.75%, 7/15/2026 (e) | 311 | 295 |
10.50%, 7/15/2027 (a) (e) | 5 | 4 |
Ladder Capital Finance Holdings LLLP REIT, 4.25%, 2/1/2027 (e) | 308 | 259 |
Las Vegas Sands Corp. 3.50%, 8/18/2026 | 688 | 601 |
LD Holdings Group LLC 6.50%, 11/1/2025 (e) | 148 | 101 |
Level 3 Financing, Inc. 4.63%, 9/15/2027 (e) | 170 | 148 |
Life Time, Inc. 5.75%, 1/15/2026 (e) | 384 | 357 |
Live Nation Entertainment, Inc. | ||
6.50%, 5/15/2027 (e) | 370 | 368 |
4.75%, 10/15/2027 (e) | 17 | 15 |
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (e) | 355 | 320 |
Lumen Technologies, Inc. 4.00%, 2/15/2027 (a) (e) | 48 | 41 |
October 31, 2022 | J.P. Morgan Funds | 31 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Masonite International Corp. 5.38%, 2/1/2028 (e) | 96 | 88 |
Matador Resources Co. 5.88%, 9/15/2026 | 414 | 407 |
Mattel, Inc. 3.38%, 4/1/2026 (e) | 281 | 256 |
Maxar Technologies, Inc. 7.75%, 6/15/2027 (e) | 245 | 240 |
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (e) | 104 | 92 |
Metropolitan Edison Co. 3.50%, 3/15/2023 (e) | 296 | 294 |
MGM Resorts International | ||
6.75%, 5/1/2025 | 591 | 583 |
5.75%, 6/15/2025 | 4 | 4 |
5.50%, 4/15/2027 | 44 | 41 |
MicroStrategy, Inc. 6.13%, 6/15/2028 (e) | 3 | 3 |
Millennium Escrow Corp. 6.63%, 8/1/2026 (e) | 355 | 256 |
Mohegan Gaming & Entertainment 8.00%, 2/1/2026 (e) | 325 | 274 |
Morgan Stanley 3.13%, 1/23/2023 | 1,064 | 1,060 |
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026 (e) | 489 | 450 |
MPT Operating Partnership LP REIT, 5.00%, 10/15/2027 | 5 | 4 |
Nabors Industries Ltd. 7.25%, 1/15/2026 (e) | 70 | 68 |
Nabors Industries, Inc. 5.75%, 2/1/2025 | 438 | 422 |
Nationstar Mortgage Holdings, Inc. 6.00%, 1/15/2027 (e) | 663 | 590 |
Navient Corp. | ||
6.75%, 6/15/2026 | 459 | 433 |
5.00%, 3/15/2027 | 2 | 2 |
NCL Corp. Ltd. 5.88%, 2/15/2027 (e) | 950 | 848 |
NCR Corp. 5.75%, 9/1/2027 (e) | 106 | 102 |
Netflix, Inc. 3.63%, 6/15/2025 (e) | 235 | 223 |
New Fortress Energy, Inc. | ||
6.75%, 9/15/2025 (e) | 777 | 763 |
6.50%, 9/30/2026 (e) | 50 | 48 |
Newell Brands, Inc. 4.45%, 4/1/2026 (h) | 230 | 214 |
Nexstar Media, Inc. 5.63%, 7/15/2027 (e) | 250 | 236 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
NextEra Energy Capital Holdings, Inc. 0.65%, 3/1/2023 | 812 | 801 |
NextEra Energy Operating Partners LP 4.25%, 7/15/2024 (e) | 408 | 396 |
NGL Energy Operating LLC 7.50%, 2/1/2026 (e) | 651 | 589 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (e) | 431 | 410 |
Northern Oil and Gas, Inc. 8.13%, 3/1/2028 (e) | 50 | 48 |
Novelis Corp. 3.25%, 11/15/2026 (e) | 372 | 326 |
NRG Energy, Inc. 5.75%, 1/15/2028 | 11 | 10 |
NuStar Logistics LP | ||
5.75%, 10/1/2025 | 116 | 112 |
6.00%, 6/1/2026 | 63 | 61 |
Occidental Petroleum Corp. 8.00%, 7/15/2025 | 1,329 | 1,403 |
OGE Energy Corp. 0.70%, 5/26/2023 | 819 | 798 |
OneMain Finance Corp. | ||
6.13%, 3/15/2024 | 910 | 889 |
6.88%, 3/15/2025 | 5 | 5 |
7.13%, 3/15/2026 | 15 | 14 |
3.50%, 1/15/2027 | 108 | 89 |
Outfront Media Capital LLC 5.00%, 8/15/2027 (e) | 2 | 2 |
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (e) | 40 | 38 |
Party City Holdings, Inc. 8.75%, 2/15/2026 (a) (e) | 320 | 202 |
PBF Holding Co. LLC 6.00%, 2/15/2028 (a) | 5 | 5 |
PDC Energy, Inc. 5.75%, 5/15/2026 | 325 | 312 |
PennyMac Financial Services, Inc. 5.38%, 10/15/2025 (e) | 137 | 124 |
Penske Truck Leasing Co. LP 2.70%, 3/14/2023 (e) | 537 | 531 |
Performance Food Group, Inc. 5.50%, 10/15/2027 (e) | 3 | 3 |
PG&E Corp. 5.00%, 7/1/2028 | 5 | 5 |
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (e) | 365 | 240 |
Post Holdings, Inc. 5.63%, 1/15/2028 (e) | 5 | 5 |
Presidio Holdings, Inc. 4.88%, 2/1/2027 (e) | 257 | 237 |
32 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Prestige Brands, Inc. 5.13%, 1/15/2028 (e) | 5 | 5 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (e) | 641 | 624 |
3.38%, 8/31/2027 (e) | 247 | 214 |
QVC, Inc. 4.75%, 2/15/2027 | 801 | 635 |
Radiate Holdco LLC 4.50%, 9/15/2026 (e) | 381 | 322 |
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/1/2026 (e) | 883 | 704 |
RHP Hotel Properties LP REIT, 4.75%, 10/15/2027 | 99 | 91 |
Rite Aid Corp. 8.00%, 11/15/2026 (a) (e) | 48 | 31 |
Rithm Capital Corp. REIT, 6.25%, 10/15/2025 (e) | 270 | 237 |
RLJ Lodging Trust LP REIT, 3.75%, 7/1/2026 (a) (e) | 254 | 232 |
Rocket Mortgage LLC 2.88%, 10/15/2026 (e) | 456 | 381 |
Royal Caribbean Cruises Ltd. | ||
5.50%, 8/31/2026 (e) | 1,212 | 991 |
5.38%, 7/15/2027 (e) | 241 | 187 |
RP Escrow Issuer LLC 5.25%, 12/15/2025 (e) | 350 | 262 |
Sabre GLBL, Inc. 7.38%, 9/1/2025 (e) | 600 | 563 |
SBA Communications Corp. REIT, 3.88%, 2/15/2027 | 675 | 607 |
Scientific Games International, Inc. | ||
7.00%, 5/15/2028 (e) | 120 | 116 |
7.25%, 11/15/2029 (e) | 1 | 1 |
SCIL IV LLC 5.38%, 11/1/2026 (e) | 330 | 262 |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (e) | 103 | 93 |
Select Medical Corp. 6.25%, 8/15/2026 (e) | 457 | 436 |
Service Corp. International 4.63%, 12/15/2027 | 13 | 12 |
Service Properties Trust REIT, 7.50%, 9/15/2025 | 214 | 209 |
Silgan Holdings, Inc. 4.13%, 2/1/2028 | 55 | 50 |
Simon Property Group LP REIT, 2.75%, 6/1/2023 | 1,070 | 1,055 |
Sirius XM Radio, Inc. | ||
3.13%, 9/1/2026 (e) | 581 | 519 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
5.00%, 8/1/2027 (e) | 146 | 134 |
SLM Corp. | ||
4.20%, 10/29/2025 | 10 | 9 |
3.13%, 11/2/2026 | 420 | 368 |
Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (e) | 330 | 265 |
Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (e) | 550 | 534 |
Sprint Corp. 7.63%, 3/1/2026 | 542 | 566 |
SRS Distribution, Inc. 4.63%, 7/1/2028 (e) | 10 | 9 |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (e) | 579 | 538 |
Standard Industries, Inc. 4.75%, 1/15/2028 (e) | 3 | 3 |
Staples, Inc. | ||
7.50%, 4/15/2026 (e) | 647 | 562 |
10.75%, 4/15/2027 (e) | 266 | 194 |
Starwood Property Trust, Inc. REIT, 4.38%, 1/15/2027 (e) | 258 | 228 |
Station Casinos LLC 4.50%, 2/15/2028 (a) (e) | 9 | 8 |
Summit Midstream Holdings LLC 8.50%, 10/15/2026 (e) | 137 | 132 |
Sunoco LP 6.00%, 4/15/2027 | 279 | 273 |
Surgery Center Holdings, Inc. 10.00%, 4/15/2027 (e) | 260 | 252 |
Tallgrass Energy Partners LP 7.50%, 10/1/2025 (e) | 249 | 251 |
Targa Resources Partners LP 4.00%, 1/15/2032 | 1 | 1 |
Taylor Morrison Communities, Inc. 5.88%, 6/15/2027 (e) | 334 | 313 |
TEGNA, Inc. 4.75%, 3/15/2026 (a) (e) | 261 | 254 |
Tenet Healthcare Corp. | ||
4.88%, 1/1/2026 (e) | 300 | 283 |
6.25%, 2/1/2027 (e) | 540 | 515 |
5.13%, 11/1/2027 (e) | 4 | 4 |
6.13%, 10/1/2028 (e) | 185 | 160 |
Tenneco, Inc. 7.88%, 1/15/2029 (e) | 150 | 148 |
TransDigm, Inc. | ||
8.00%, 12/15/2025 (e) | 1,521 | 1,548 |
5.50%, 11/15/2027 | 1 | 1 |
Transocean, Inc. | ||
7.50%, 1/15/2026 (e) | 164 | 139 |
11.50%, 1/30/2027 (e) | 286 | 287 |
October 31, 2022 | J.P. Morgan Funds | 33 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
8.00%, 2/1/2027 (e) | 96 | 78 |
Travel + Leisure Co. | ||
6.63%, 7/31/2026 (e) | 291 | 283 |
6.00%, 4/1/2027 (h) | 7 | 7 |
TripAdvisor, Inc. 7.00%, 7/15/2025 (e) | 223 | 220 |
Triumph Group, Inc. 8.88%, 6/1/2024 (e) | 44 | 44 |
Uber Technologies, Inc. | ||
8.00%, 11/1/2026 (e) | 428 | 430 |
7.50%, 9/15/2027 (e) | 398 | 398 |
United Airlines, Inc. 4.38%, 4/15/2026 (e) | 639 | 583 |
United Wholesale Mortgage LLC 5.50%, 11/15/2025 (e) | 496 | 448 |
Uniti Group LP REIT, 7.88%, 2/15/2025 (e) | 411 | 407 |
Univision Communications, Inc. | ||
6.63%, 6/1/2027 (e) | 167 | 165 |
4.50%, 5/1/2029 (e) | 5 | 4 |
US Acute Care Solutions LLC 6.38%, 3/1/2026 (e) | 210 | 190 |
US Foods, Inc. 6.25%, 4/15/2025 (e) | 33 | 33 |
USA Compression Partners LP 6.88%, 4/1/2026 | 320 | 307 |
Vail Resorts, Inc. 6.25%, 5/15/2025 (e) | 232 | 231 |
Vector Group Ltd. 10.50%, 11/1/2026 (a) (e) | 265 | 261 |
Vericast Corp. 11.00%, 9/15/2026 (e) | 459 | 450 |
Veritas US, Inc. 7.50%, 9/1/2025 (e) | 646 | 544 |
Verscend Escrow Corp. 9.75%, 8/15/2026 (e) | 63 | 63 |
Viasat, Inc. 5.63%, 9/15/2025 (e) | 518 | 478 |
Vistra Operations Co. LLC | ||
5.63%, 2/15/2027 (e) | 738 | 704 |
5.00%, 7/31/2027 (e) | 331 | 305 |
VOC Escrow Ltd. 5.00%, 2/15/2028 (e) | 90 | 74 |
WASH Multifamily Acquisition, Inc. 5.75%, 4/15/2026 (e) | 54 | 50 |
Waste Pro USA, Inc. 5.50%, 2/15/2026 (e) | 254 | 235 |
Watco Cos. LLC 6.50%, 6/15/2027 (e) | 15 | 14 |
Wesco Aircraft Holdings, Inc. 9.00%, 11/15/2026 (a) (e) | 230 | 145 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (e) | 285 | 288 |
7.25%, 6/15/2028 (e) | 7 | 7 |
Western Midstream Operating LP 3.35%, 2/1/2025 (h) | 290 | 276 |
William Carter Co. (The) 5.63%, 3/15/2027 (e) | 417 | 396 |
Windstream Escrow LLC 7.75%, 8/15/2028 (a) (e) | 104 | 90 |
Wynn Resorts Finance LLC 7.75%, 4/15/2025 (e) | 258 | 252 |
Xerox Holdings Corp. 5.00%, 8/15/2025 (e) | 326 | 294 |
XHR LP REIT, 6.38%, 8/15/2025 (e) | 135 | 132 |
XPO Logistics, Inc. 6.25%, 5/1/2025 (e) | 250 | 253 |
Yum! Brands, Inc. 4.63%, 1/31/2032 | 1 | 1 |
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (e) | 559 | 432 |
92,093 | ||
Total Corporate Bonds (Cost $185,266) | 170,628 | |
SHARES (000) | ||
Investment Companies — 4.5% | ||
United States — 4.5% | ||
JPMorgan Income Fund, Class R6 Shares (i)(Cost $162,342) | 17,953 | 146,493 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | |
U.S. Treasury Obligations — 1.9% | ||
U.S. Treasury Notes 0.13%, 1/31/2023 (j)(Cost $63,630) | 63,780 | 63,156 |
SHARES (000) | ||
Exchange-Traded Funds — 0.6% | ||
United States — 0.6% | ||
iShares MSCI India ETF * (a)(Cost $11,771) | 416 | 17,570 |
34 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Mortgage-Backed Securities — 0.2% | ||
United States — 0.2% | ||
FHLMC, Multi-Family Structured Pass-Through Certificates | ||
Series K033, Class X1, IO, 0.28%, 7/25/2023 (k) | 99,694 | 143 |
Series KC03, Class X1, IO, 0.48%, 11/25/2024 (k) | 28,363 | 294 |
Series K078, Class X1, IO, 0.09%, 6/25/2028 (k) | 63,121 | 385 |
Series K082, Class X1, IO, 0.01%, 9/25/2028 (k) | 418,707 | 1,386 |
Series K083, Class X1, IO, 0.04%, 9/25/2028 (k) | 133,501 | 543 |
FNMA ACES Series 2019-M21, Class X2, IO, 1.30%, 2/25/2031 (k) | 3,266 | 254 |
FREMF Series 2018-KF46, Class B, 5.09%, 3/25/2028 (e) (k) | 220 | 215 |
FREMF Mortgage Trust | ||
Series 2017-KF31, Class B, 6.04%, 4/25/2024 (e) (k) | 142 | 141 |
Series 2017-KF32, Class B, 5.69%, 5/25/2024 (e) (k) | 298 | 294 |
Series 2017-KF36, Class B, 5.79%, 8/25/2024 (e) (k) | 237 | 237 |
Series 2017-KF38, Class B, 5.64%, 9/25/2024 (e) (k) | 194 | 191 |
Series 2018-KF45, Class B, 5.09%, 3/25/2025 (e) (k) | 352 | 344 |
Series 2018-KF47, Class B, 5.14%, 5/25/2025 (e) (k) | 226 | 223 |
Series 2018-KF49, Class B, 5.04%, 6/25/2025 (e) (k) | 165 | 160 |
Series 2019-KF63, Class B, 5.49%, 5/25/2029 (e) (k) | 1,215 | 1,205 |
GNMA Series 2021-170, IO, 0.99%, 5/16/2063 (k) | 1,939 | 145 |
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (k) | 923 | 405 |
Velocity Commercial Capital Loan Trust | ||
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (e) (k) | 181 | 152 |
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (e) (k) | 266 | 222 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Wells Fargo Commercial Mortgage Trust Series 2019-C52, Class XA, IO, 1.60%, 8/15/2052 (k) | 3,746 | 270 |
Total Commercial Mortgage-Backed Securities (Cost $7,758) | 7,209 | |
Supranational — 0.2% | ||
Asian Development Bank, 3.40%, 9/10/2027 (b) | AUD 3,030 | 1,845 |
European Investment Bank, 0.50%, 6/21/2023 | AUD 1,210 | 757 |
Inter-American Development Bank | ||
0.50%, 5/23/2023 | CAD 3,650 | 2,622 |
1.70%, 10/10/2024 | CAD 800 | 561 |
4.40%, 1/26/2026 | CAD 614 | 455 |
Total Supranational (Cost $7,186) | 6,240 | |
NO. OF WARRANTS (000) | ||
Warrants — 0.1% | ||
Netherlands — 0.0% ^ | ||
BNP Paribas Issuance BV | ||
expiring 8/31/2023 * | 32 | 83 |
expiring 8/31/2023 * | 7 | 124 |
expiring 9/15/2023 * | 2 | 45 |
expiring 9/20/2023 * | 1 | 19 |
expiring 10/11/2023 * | 4 | 29 |
300 | ||
Switzerland — 0.1% | ||
UBS AG | ||
expiring 1/16/2023, price 1.00 USD * | 11 | 182 |
expiring 1/30/2023 * | 2 | 94 |
expiring 2/27/2023 * | 1 | 15 |
expiring 2/27/2023 * | 23 | 234 |
expiring 2/27/2023 * | 137 | 352 |
expiring 3/17/2023 * | 9 | 134 |
expiring 4/17/2023, price 1.00 USD | 3 | 5 |
expiring 5/18/2023 * | 4 | 39 |
expiring 6/19/2023 * | 33 | 433 |
expiring 8/4/2023 * | 29 | 92 |
October 31, 2022 | J.P. Morgan Funds | 35 |
AS OF October 31, 2022 (continued)
INVESTMENTS | NO. OF WARRANTS (000) | VALUE ($000) |
Warrants — continued | ||
Switzerland — continued | ||
expiring 9/4/2023 * | 16 | 464 |
expiring 9/5/2023 * | 10 | 183 |
2,227 | ||
United Kingdom — 0.0% ^ | ||
Nmg Research Ltd., expiring 9/24/2027, price 1.00 USD ‡ * | 1 | 40 |
United States — 0.0% ^ | ||
Windstream Holdings, Inc., expiring 12/31/2049, price 11.00 USD ‡ * | 1 | 8 |
Total Warrants (Cost $2,783) | 2,575 | |
PRINCIPAL AMOUNT ($000) | ||
Asset-Backed Securities — 0.1% | ||
United States — 0.1% | ||
AmeriCredit Automobile Receivables Trust Series 2021-2, Class A3, 0.34%, 12/18/2026 | 1,470 | 1,417 |
Hyundai Auto Receivables Trust Series 2021-B, Class A3, 0.38%, 1/15/2026 | 940 | 893 |
Total Asset-Backed Securities (Cost $2,319) | 2,310 | |
Collateralized Mortgage Obligations — 0.0% ^ | ||
United States — 0.0% ^ | ||
CHL GMSR Issuer Trust Series 2018-GT1, Class B, 7.09%, 5/25/2023 ‡ (e) (k) | 840 | 840 |
CHL Mortgage Pass-Through Trust | ||
Series 2005-31, Class 2A1, 2.45%, 1/25/2036 (k) | — | — |
Series 2006-21, Class A14, 6.00%, 2/25/2037 | — | — |
Series 2007-10, Class A4, 5.50%, 7/25/2037 | — | — |
Deutsche Alt-A Securities Mortgage Loan Trust | ||
Series 2006-AF1, Class A4, 3.89%, 4/25/2036 (k) | — | — |
Series 2007-3, Class 2A1, 4.34%, 10/25/2047 (k) | — | — |
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 3.84%, 1/25/2047 (k) | — | — |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
JPMorgan Mortgage Trust Series 2005-A8, Class 2A3, 3.85%, 11/25/2035 (k) | — | — |
Total Collateralized Mortgage Obligations (Cost $840) | 840 | |
Loan Assignments — 0.0% (g) (l) ^ | ||
United States — 0.0% ^ | ||
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2023 ‡ (m) | 16 | 2 |
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 14.42%, 10/1/2024 | 413 | 248 |
Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 10.67%, 4/1/2024 ‡ | 599 | 479 |
Moran Foods LLC, 1st Lien PIK Tranche (ICE LIBOR USD 3 Month + 7.00%), Zero Coupon, 12/31/2038 | 78 | 62 |
Total Loan Assignments (Cost $893) | 791 | |
SHARES (000) | ||
Convertible Preferred Stocks — 0.0% ^ | ||
United States — 0.0% ^ | ||
Claire's Stores, Inc. ‡ *(Cost $72) | — | 557 |
Total Convertible Preferred Stocks (Cost $72) | 557 | |
Preferred Stocks — 0.0% ^ | ||
United States — 0.0% ^ | ||
Goodman Networks, Inc. ‡ * | 3 | — |
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | 40 | 44 |
Total Preferred Stocks (Cost $49) | 44 | |
NO. OF RIGHTS (000) | ||
Rights — 0.0% ^ | ||
United States — 0.0% ^ | ||
Vistra Corp., expiring 12/31/2049 ‡(Cost $—) (c) | 17 | 22 |
36 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Short-Term Investments — 12.3% | ||
Certificates of Deposits — 0.1% | ||
Norinchukin Bank, (SOFR + 3.65%), 3.60%, 2/27/2023 (g) | 986 | 986 |
Royal Bank of Canada, 2.50%, 2/24/2023 | 2,150 | 2,135 |
Sumitomo Mitsui Banking Corp., 5.00%, 10/6/2023 | 1,010 | 1,005 |
Toronto-Dominion Bank (The), 4.02%, 8/22/2023 | 1,000 | 989 |
Total Certificates of Deposits (Cost $5,129) | 5,115 | |
Commercial Paper — 1.5% | ||
Amazon.com Inc., 3.57%, 12/28/2022 (n) | 2,150 | 2,136 |
Ameren Corp., 3.51%, 11/1/2022 (n) | 750 | 750 |
American Electric Power Co. Inc., 3.82%, 11/15/2022 (n) | 500 | 499 |
Australia & New Zealand Banking Group Ltd., 3.63%, 12/28/2022 (n) | 2,150 | 2,136 |
BofA Securities Inc., 4.76%, 6/20/2023 (n) | 1,000 | 967 |
CAFCO LLC, 3.89%, 1/9/2023 (n) | 2,000 | 1,984 |
Caisse des Depots et Consignations, 3.72%, 1/6/2023 (e) (n) | 2,150 | 2,134 |
CDP Financial, Inc. | ||
3.96%, 2/1/2023 (n) | 2,150 | 2,126 |
4.46%, 4/17/2023 (e) (n) | 2,150 | 2,101 |
Church & Dwight Co., Inc., 3.88%, 12/7/2022 (n) | 750 | 747 |
DBS Bank Ltd. | ||
3.77%, 1/6/2023 (n) | 2,150 | 2,134 |
4.34%, 3/20/2023 (n) | 2,150 | 2,111 |
Evergy Missouri West, Inc., 3.66%, 11/3/2022 (n) | 750 | 750 |
Export Development Canada, 3.97%, 3/2/2023 (n) | 2,000 | 1,969 |
Federation des caisses Desjardins du Quebec (The), 3.61%, 12/19/2022 (n) | 2,150 | 2,139 |
First Abu Dhabi Bank PJSC, 3.36%, 11/29/2022 (n) | 2,150 | 2,144 |
GTA Funding LLC, 4.04%, 1/25/2023 (n) | 2,150 | 2,127 |
HSBC USA Inc., 3.63%, 12/15/2022 (n) | 1,250 | 1,244 |
LMA-Americas LLC, 3.47%, 11/21/2022 (n) | 2,000 | 1,996 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Paper — continued | ||
Mitsubishi UFJ Trust & Banking Corp., 3.49%, 12/1/2022 (n) | 2,000 | 1,994 |
Pacific Life Short Term Funding LLC, 3.53%, 12/29/2022 (n) | 1,000 | 993 |
PSP Capital, Inc. | ||
3.61%, 12/14/2022 (e) (n) | 2,150 | 2,140 |
3.76%, 1/6/2023 (n) | 2,150 | 2,134 |
Skandinaviska Enskilda Banken AB, 4.07%, 2/6/2023 (n) | 2,150 | 2,124 |
Suncor Energy, Inc., 3.84%, 11/29/2022 (n) | 750 | 748 |
Svenska Handelsbanken AB, 4.39%, 1/3/2023 (n) | 1,000 | 993 |
TELUS Corp., 4.35%, 1/10/2023 (n) | 750 | 743 |
TransCanada PipeLines Ltd., 3.98%, 12/15/2022 (n) | 750 | 746 |
United Overseas Bank Ltd., 4.44%, 1/27/2023 (n) | 1,000 | 989 |
VF Corp., 4.08%, 12/12/2022 (n) | 750 | 747 |
Victory Receivables Corp., 3.83%, 12/19/2022 (n) | 2,150 | 2,138 |
Westpac Banking Corp., 4.90%, 7/10/2023 (n) | 1,050 | 1,013 |
Total Commercial Paper (Cost $49,739) | 49,696 | |
SHARES (000) | ||
Investment Companies — 8.6% | ||
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (i) (o) (Cost $282,814) | 282,795 | 282,824 |
Investment of Cash Collateral from Securities Loaned — 1.6% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (i) (o) | 45,756 | 45,756 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (i) (o) | 5,399 | 5,399 |
Total Investment of Cash Collateral from Securities Loaned (Cost $51,149) | 51,155 |
October 31, 2022 | J.P. Morgan Funds | 37 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
U.S. Treasury Obligations — 0.5% | ||
U.S. Treasury Bills | ||
3.63%, 1/31/2023 (n) | 10,750 | 10,641 |
3.90%, 3/30/2023 (n) | 5,350 | 5,258 |
Total U.S. Treasury Obligations (Cost $15,918) | 15,899 | |
Total Short-Term Investments (Cost $404,749) | 404,689 | |
Total Investments — 101.0% (Cost $3,252,295) | 3,313,164 | |
Liabilities in Excess of Other Assets — (1.0)% | (31,873) | |
NET ASSETS — 100.0% | 3,281,291 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ACES | Alternative Credit Enhancement Securities |
ADR | American Depositary Receipt |
APAC | Asia Pacific |
AUD | Australian Dollar |
CAD | Canadian Dollar |
CHDI | Clearing House Electronic Subregister System (CHESS) Depository Interest |
CNY | China Yuan |
CVA | Dutch Certification |
DKK | Danish Krone |
ETF | Exchange Traded Fund |
EUR | Euro |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GBP | British Pound |
GDR | Global Depositary Receipt |
GNMA | Government National Mortgage Association |
ICE | Intercontinental Exchange |
IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
JPY | Japanese Yen |
JSC | Joint Stock Company |
LIBOR | London Interbank Offered Rate |
OYJ | Public Limited Company |
PIK | Payment In Kind |
PJSC | Public Joint Stock Company |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
PT | Limited liability company |
REIT | Real Estate Investment Trust |
SCA | Limited partnership with share capital |
SEK | Swedish Krona |
SGPS | Holding company |
SOFR | Secured Overnight Financing Rate |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | The security or a portion of this security is on loan at October 31, 2022. The total value of securities on loan at October 31, 2022 is $48,471. | |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(c) | Value is zero. | |
(d) | All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $2,508. | |
(e) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(f) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
(g) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2022. | |
(h) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2022. | |
(i) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
(j) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
(k) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2022. |
38 | J.P. Morgan Funds | October 31, 2022 |
(l) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. | |
(m) | Defaulted security. | |
(n) | The rate shown is the effective yield as of October 31, 2022. | |
(o) | The rate shown is the current yield as of October 31, 2022. |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Foreign Government Securities | 17.6% |
Banks | 6.4 |
Fixed Income Funds | 4.4 |
Semiconductors & Semiconductor Equipment | 3.5 |
Oil, Gas & Consumable Fuels | 3.5 |
Software | 3.4 |
Pharmaceuticals | 2.8 |
Insurance | 2.1 |
Capital Markets | 2.0 |
Hotels, Restaurants & Leisure | 2.0 |
Biotechnology | 2.0 |
U.S. Treasury Notes | 1.9 |
Internet & Direct Marketing Retail | 1.9 |
Machinery | 1.9 |
Health Care Providers & Services | 1.9 |
Health Care Equipment & Supplies | 1.8 |
IT Services | 1.7 |
Technology Hardware, Storage & Peripherals | 1.6 |
Textiles, Apparel & Luxury Goods | 1.5 |
Interactive Media & Services | 1.3 |
Equity Real Estate Investment Trusts (REITs) | 1.2 |
Beverages | 1.2 |
Specialty Retail | 1.1 |
Electric Utilities | 1.0 |
Automobiles | 1.0 |
Chemicals | 1.0 |
Others (each less than 1.0%) | 16.1 |
Short-Term Investments | 12.2 |
October 31, 2022 | J.P. Morgan Funds | 39 |
AS OF October 31, 2022 (continued)
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
Euro-Bobl | 218 | 12/08/2022 | EUR | 25,790 | (266) |
Euro-BTP | 36 | 12/08/2022 | EUR | 4,077 | (73) |
Euro-Bund | 25 | 12/08/2022 | EUR | 3,420 | (42) |
Euro-OAT | 96 | 12/08/2022 | EUR | 12,606 | (249) |
Euro-Schatz | 255 | 12/08/2022 | EUR | 26,956 | (270) |
Japan 10 Year Bond | 17 | 12/13/2022 | JPY | 17,001 | 17 |
Australia 10 Year Bond | 113 | 12/15/2022 | AUD | 8,564 | (48) |
S&P / TSX 60 Index | 151 | 12/15/2022 | CAD | 26,127 | (642) |
MSCI EAFE E-Mini Index | 11 | 12/16/2022 | USD | 966 | (25) |
S&P 500 E-Mini Index | 182 | 12/16/2022 | USD | 35,335 | 1,893 |
Foreign Exchange AUD / USD | 413 | 12/19/2022 | USD | 26,455 | (1,324) |
Foreign Exchange EUR / USD | 1,951 | 12/19/2022 | USD | 241,887 | (3,123) |
Foreign Exchange GBP / USD | 880 | 12/19/2022 | USD | 63,156 | (277) |
Foreign Exchange JPY / USD | 2,134 | 12/19/2022 | USD | 180,403 | (7,312) |
Foreign Exchange CAD / USD | 799 | 12/20/2022 | USD | 58,671 | (2,040) |
U.S. Treasury 10 Year Note | 192 | 12/20/2022 | USD | 21,252 | (1,379) |
U.S. Treasury 10 Year Ultra Note | 72 | 12/20/2022 | USD | 8,369 | 55 |
U.S. Treasury Ultra Bond | 1,360 | 12/20/2022 | USD | 174,505 | (26,406) |
U.S. Treasury 5 Year Note | 36 | 12/30/2022 | USD | 3,840 | (26) |
3 Month SONIA | 175 | 03/14/2023 | GBP | 48,241 | 26 |
(41,511) | |||||
Short Contracts | |||||
Euro-Bobl | (5,035) | 12/08/2022 | EUR | (595,658) | 10,793 |
Euro-Buxl | (8) | 12/08/2022 | EUR | (1,142) | 26 |
EURO STOXX 50 Index | (1,543) | 12/16/2022 | EUR | (55,155) | (434) |
MSCI Emerging Markets E-Mini Index | (3,527) | 12/16/2022 | USD | (150,620) | 18,104 |
Russell 2000 E-Mini Index | (546) | 12/16/2022 | USD | (50,590) | 1,645 |
Canada 10 Year Bond | (72) | 12/19/2022 | CAD | (6,497) | (149) |
U.S. Treasury 10 Year Note | (43) | 12/20/2022 | USD | (4,760) | 282 |
U.S. Treasury Ultra Bond | (7) | 12/20/2022 | USD | (898) | 135 |
U.S. Treasury 2 Year Note | (63) | 12/30/2022 | USD | (12,880) | 231 |
30,633 | |||||
(10,878) |
Abbreviations | |
AUD | Australian Dollar |
CAD | Canadian Dollar |
EAFE | Europe, Australasia and Far East |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
MSCI | Morgan Stanley Capital International |
SONIA | Sterling Overnight Index Average |
TSX | Toronto Stock Exchange |
USD | United States Dollar |
40 | J.P. Morgan Funds | October 31, 2022 |
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||
CAD | 36,601 | USD | 26,758 | BNP Paribas | 11/3/2022 | 108 |
EUR | 19,837 | USD | 19,362 | BNP Paribas | 11/3/2022 | 243 |
EUR | 6,507 | USD | 6,358 | Citibank, NA | 11/3/2022 | 74 |
EUR | 3,717 | USD | 3,613 | HSBC Bank, NA | 11/3/2022 | 61 |
EUR | 4,016 | USD | 3,890 | Merrill Lynch International | 11/3/2022 | 79 |
EUR | 11,922 | USD | 11,576 | Royal Bank of Canada | 11/3/2022 | 206 |
GBP | 1,426 | USD | 1,604 | Barclays Bank plc | 11/3/2022 | 31 |
GBP | 1,345 | USD | 1,465 | Citibank, NA | 11/3/2022 | 78 |
GBP | 1,944 | USD | 2,096 | Goldman Sachs International | 11/3/2022 | 134 |
GBP | 2,676 | USD | 2,967 | HSBC Bank, NA | 11/3/2022 | 103 |
GBP | 2,920 | USD | 3,178 | Royal Bank of Canada | 11/3/2022 | 170 |
USD | 1,436 | AUD | 2,214 | BNP Paribas | 11/3/2022 | 19 |
USD | 14,363 | AUD | 22,193 | Goldman Sachs International | 11/3/2022 | 167 |
USD | 5,676 | CNY | 41,153 | Barclays Bank plc** | 11/3/2022 | 56 |
USD | 4,654 | EUR | 4,674 | Barclays Bank plc | 11/3/2022 | 35 |
USD | 15,582 | EUR | 15,655 | Standard Chartered Bank | 11/3/2022 | 110 |
USD | 277,271 | JPY | 39,947,678 | BNP Paribas | 11/4/2022 | 8,557 |
EUR | 1,282 | USD | 1,264 | HSBC Bank, NA | 12/5/2022 | 6 |
GBP | 997 | USD | 1,128 | Merrill Lynch International | 12/5/2022 | 17 |
JPY | 145,740 | USD | 982 | Merrill Lynch International | 12/5/2022 | 2 |
USD | 14,600 | AUD | 22,792 | HSBC Bank, NA | 12/5/2022 | 7 |
USD | 3,661 | DKK | 27,356 | Citibank, NA | 12/5/2022 | 20 |
USD | 214,582 | EUR | 215,714 | BNP Paribas | 12/5/2022 | 878 |
USD | 2,592 | EUR | 2,580 | Citibank, NA | 12/5/2022 | 35 |
USD | 3,923 | EUR | 3,930 | Merrill Lynch International | 12/5/2022 | 29 |
USD | 1,539 | GBP | 1,331 | Citibank, NA | 12/5/2022 | 12 |
USD | 77,277 | GBP | 66,835 | HSBC Bank, NA | 12/5/2022 | 556 |
USD | 261,858 | JPY | 38,731,670 | BNP Paribas | 12/5/2022 | 378 |
USD | 1,087 | JPY | 159,770 | Royal Bank of Canada | 12/5/2022 | 9 |
USD | 2,000 | SEK | 21,927 | Barclays Bank plc | 12/5/2022 | 9 |
Total unrealized appreciation | 12,189 | |||||
AUD | 1,616 | USD | 1,050 | Citibank, NA | 11/3/2022 | (17) |
AUD | 22,792 | USD | 14,587 | HSBC Bank, NA | 11/3/2022 | (8) |
CNY | 41,153 | USD | 5,624 | Goldman Sachs International** | 11/3/2022 | (4) |
DKK | 27,356 | USD | 3,652 | Citibank, NA | 11/3/2022 | (21) |
EUR | 1,124 | GBP | 979 | Royal Bank of Canada | 11/3/2022 | (11) |
EUR | 215,714 | USD | 214,096 | BNP Paribas | 11/3/2022 | (903) |
GBP | 65,907 | USD | 76,138 | HSBC Bank, NA | 11/3/2022 | (554) |
SEK | 21,927 | USD | 1,996 | Barclays Bank plc | 11/3/2022 | (10) |
USD | 25,857 | CAD | 35,541 | Merrill Lynch International | 11/3/2022 | (232) |
USD | 777 | CAD | 1,060 | Royal Bank of Canada | 11/3/2022 | (1) |
USD | 3,600 | DKK | 27,356 | State Street Corp. | 11/3/2022 | (31) |
USD | 20,501 | EUR | 20,955 | BNP Paribas | 11/3/2022 | (210) |
USD | 1,226 | EUR | 1,251 | Citibank, NA | 11/3/2022 | (10) |
USD | 1,512 | EUR | 1,546 | Goldman Sachs International | 11/3/2022 | (15) |
USD | 214,441 | EUR | 217,938 | HSBC Bank, NA | 11/3/2022 | (950) |
USD | 785 | EUR | 817 | Standard Chartered Bank | 11/3/2022 | (23) |
USD | 4,689 | GBP | 4,157 | BNP Paribas | 11/3/2022 | (78) |
USD | 65,552 | GBP | 58,561 | HSBC Bank, NA | 11/3/2022 | (1,607) |
USD | 3,934 | GBP | 3,554 | Merrill Lynch International | 11/3/2022 | (142) |
USD | 10,110 | GBP | 8,969 | Standard Chartered Bank | 11/3/2022 | (175) |
October 31, 2022 | J.P. Morgan Funds | 41 |
AS OF October 31, 2022 (continued)
CURRENCY PURCHASED | CURRENCY SOLD | COUNTERPARTY | SETTLEMENT DATE | UNREALIZED APPRECIATION (DEPRECIATION) ($) | ||
USD | 1,963 | SEK | 21,927 | Barclays Bank plc | 11/3/2022 | (23) |
GBP | 928 | USD | 1,072 | HSBC Bank, NA | 11/4/2022 | (8) |
JPY | 156,641 | GBP | 928 | Merrill Lynch International | 11/4/2022 | (11) |
JPY | 38,731,670 | USD | 260,952 | BNP Paribas | 11/4/2022 | (418) |
JPY | 379,044 | USD | 2,580 | Citibank, NA | 11/4/2022 | (30) |
JPY | 204,922 | USD | 1,422 | Goldman Sachs International | 11/4/2022 | (44) |
JPY | 296,222 | USD | 2,053 | HSBC Bank, NA | 11/4/2022 | (61) |
JPY | 179,178 | USD | 1,224 | State Street Corp. | 11/4/2022 | (18) |
EUR | 1,400 | USD | 1,393 | BNP Paribas | 12/5/2022 | (6) |
USD | 26,765 | CAD | 36,601 | BNP Paribas | 12/5/2022 | (108) |
USD | 5,635 | CNY | 41,153 | Goldman Sachs International** | 12/5/2022 | (32) |
USD | 2,426 | EUR | 2,452 | HSBC Bank, NA | 12/5/2022 | (3) |
USD | 2,987 | GBP | 2,632 | HSBC Bank, NA | 12/5/2022 | (34) |
Total unrealized depreciation | (5,798) | |||||
Net unrealized appreciation | 6,391 |
Abbreviations | |
AUD | Australian Dollar |
CAD | Canadian Dollar |
CNY | China Yuan |
DKK | Danish Krone |
EUR | Euro |
GBP | British Pound |
JPY | Japanese Yen |
SEK | Swedish Krona |
USD | United States Dollar |
** | Non-deliverable forward. |
42 | J.P. Morgan Funds | October 31, 2022 |
AS OF October 31, 2022
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — 36.0% | ||
Australia — 0.7% | ||
AGL Energy Ltd. | 1,622 | 7,068 |
APA Group | 403 | 2,713 |
Bendigo & Adelaide Bank Ltd. | 455 | 2,626 |
BHP Group Ltd. | 153 | 3,645 |
Charter Hall Long Wale, REIT | 897 | 2,500 |
CSR Ltd. | 724 | 2,145 |
Glencore plc | 1,163 | 6,665 |
Goodman Group, REIT | 313 | 3,402 |
Insignia Financial Ltd. | 1,085 | 2,188 |
Mirvac Group, REIT | 2,967 | 3,931 |
Rio Tinto Ltd. | 173 | 9,840 |
Rio Tinto plc | 217 | 11,319 |
Sonic Healthcare Ltd. | 135 | 2,830 |
Telstra Group Ltd. | 1,053 | 2,641 |
Woodside Energy Group Ltd. | 182 | 4,217 |
Woolworths Group Ltd. | 177 | 3,740 |
71,470 | ||
Austria — 0.1% | ||
ANDRITZ AG | 62 | 2,901 |
BAWAG Group AG * (a) | 59 | 2,829 |
Erste Group Bank AG | 59 | 1,465 |
Mondi plc | 143 | 2,401 |
OMV AG | 60 | 2,740 |
12,336 | ||
Belgium — 0.2% | ||
Ageas SA | 56 | 1,942 |
Cofinimmo SA, REIT | 26 | 2,157 |
Euronav NV | 222 | 3,875 |
KBC Group NV | 122 | 6,131 |
Melexis NV | 23 | 1,560 |
Proximus SADP | 221 | 2,316 |
Warehouses De Pauw CVA | 84 | 2,142 |
20,123 | ||
Brazil — 0.3% | ||
B3 SA - Brasil Bolsa Balcao | 4,565 | 13,255 |
BB Seguridade Participacoes SA | 487 | 2,798 |
EDP - Energias do Brasil SA | 878 | 3,921 |
Itau Unibanco Holding SA (Preference) * | 1,419 | 8,336 |
Yara International ASA | 47 | 2,089 |
30,399 | ||
Canada — 1.9% | ||
Algonquin Power & Utilities Corp. (b) | 227 | 2,508 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Canada — continued | ||
Allied Properties, REIT | 131 | 2,538 |
AltaGas Ltd. | 114 | 2,056 |
Atco Ltd., Class I | 83 | 2,581 |
Bank of Nova Scotia (The) | 99 | 4,785 |
Barrick Gold Corp. | 306 | 4,600 |
BCE, Inc. (b) | 195 | 8,796 |
Canadian Apartment Properties, REIT | 101 | 3,123 |
Canadian Imperial Bank of Commerce | 122 | 5,528 |
Canadian Natural Resources Ltd. | 48 | 2,902 |
Canadian Tire Corp. Ltd., Class A | 23 | 2,532 |
Canadian Utilities Ltd., Class A | 297 | 7,899 |
Capital Power Corp. | 79 | 2,650 |
Chartwell Retirement Residences | 273 | 1,583 |
Emera, Inc. | 67 | 2,497 |
Enbridge, Inc. (b) | 242 | 9,443 |
Fortis, Inc. | 218 | 8,522 |
Gibson Energy, Inc. | 153 | 2,620 |
Great-West Lifeco, Inc. | 254 | 5,881 |
Hydro One Ltd. (a) (b) | 322 | 8,076 |
IGM Financial, Inc. | 161 | 4,297 |
Keyera Corp. (b) | 134 | 2,862 |
Manulife Financial Corp. | 363 | 6,023 |
Northland Power, Inc. | 91 | 2,661 |
Nutrien Ltd. | 76 | 6,382 |
Pembina Pipeline Corp. (b) | 283 | 9,327 |
Power Corp. of Canada | 238 | 5,898 |
Restaurant Brands International, Inc. | 116 | 6,908 |
Rogers Communications, Inc., Class B | 140 | 5,836 |
Shaw Communications, Inc., Class B | 249 | 6,395 |
Sienna Senior Living, Inc. | 222 | 1,914 |
Superior Plus Corp. | 301 | 2,287 |
TC Energy Corp. | 397 | 17,452 |
TELUS Corp. | 424 | 8,846 |
Toronto-Dominion Bank (The) | 204 | 13,073 |
TransAlta Renewables, Inc. | 206 | 2,213 |
193,494 | ||
Cayman Islands — 0.0% ^ | ||
Telford Offshore Holdings Ltd. ‡ * | 58 | — |
Chile — 0.1% | ||
Banco Santander Chile, ADR | 344 | 4,970 |
China — 1.3% | ||
China Construction Bank Corp., Class H | 16,218 | 8,607 |
October 31, 2022 | J.P. Morgan Funds | 43 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
China — continued | ||
China Merchants Bank Co. Ltd., Class H | 1,955 | 6,401 |
China Petroleum & Chemical Corp., Class H | 20,416 | 8,091 |
China Resources Gas Group Ltd. | 1,341 | 3,435 |
China Resources Land Ltd. | 2,218 | 6,940 |
Fuyao Glass Industry Group Co. Ltd., Class A | 501 | 2,285 |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | 1,614 | 5,783 |
Guangdong Investment Ltd. | 3,582 | 2,258 |
Haier Smart Home Co. Ltd., Class H | 3,804 | 9,521 |
Huayu Automotive Systems Co. Ltd., Class A | 2,184 | 4,995 |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 3,444 | 11,870 |
Joyoung Co. Ltd., Class A | 984 | 1,951 |
Midea Group Co. Ltd., Class A | 1,208 | 6,620 |
NetEase, Inc. | 826 | 9,165 |
NXP Semiconductors NV | 80 | 11,615 |
Ping An Insurance Group Co. of China Ltd., Class H | 1,585 | 6,345 |
Postal Savings Bank of China Co. Ltd., Class H (a) | 414 | 192 |
Tingyi Cayman Islands Holding Corp. | 4,752 | 7,428 |
Topsports International Holdings Ltd. (a) | 4,092 | 2,063 |
Wuliangye Yibin Co. Ltd., Class A | 395 | 7,202 |
Xinyi Glass Holdings Ltd. | 2,910 | 3,740 |
Yum China Holdings, Inc. | 65 | 2,623 |
Zhejiang Supor Co. Ltd., Class A | 743 | 4,056 |
133,186 | ||
Denmark — 0.4% | ||
AP Moller - Maersk A/S, Class B | 2 | 3,380 |
Carlsberg A/S, Class B | 94 | 11,027 |
D/S Norden A/S | 67 | 3,499 |
Novo Nordisk A/S, Class B | 168 | 18,268 |
Topdanmark A/S | 31 | 1,433 |
37,607 | ||
Egypt — 0.0% ^ | ||
Energean plc | 171 | 2,812 |
Finland — 0.4% | ||
Elisa OYJ | 115 | 5,552 |
Fortum OYJ | 185 | 2,602 |
Konecranes OYJ | 46 | 1,169 |
Nordea Bank Abp | 1,839 | 17,566 |
Orion OYJ, Class B | 158 | 7,286 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Finland — continued | ||
Sampo OYJ, Class A | 69 | 3,157 |
Wartsila OYJ Abp | 414 | 2,820 |
40,152 | ||
France — 1.4% | ||
AXA SA | 188 | 4,651 |
BNP Paribas SA | 117 | 5,498 |
Capgemini SE | 55 | 9,037 |
Cie Generale des Etablissements Michelin SCA | 279 | 7,108 |
Covivio, REIT | 39 | 2,099 |
Danone SA | 147 | 7,296 |
Eiffage SA | 26 | 2,351 |
Engie SA | 501 | 6,507 |
Gaztransport Et Technigaz SA | 26 | 2,954 |
Klepierre SA, REIT * | 321 | 6,445 |
L'Oreal SA | 15 | 4,728 |
LVMH Moet Hennessy Louis Vuitton SE | 35 | 21,738 |
Orange SA | 633 | 6,025 |
Pernod Ricard SA | 20 | 3,497 |
Publicis Groupe SA | 68 | 3,805 |
Rexel SA | 119 | 2,130 |
Rubis SCA | 102 | 2,323 |
Sanofi | 71 | 6,138 |
Societe Generale SA | 124 | 2,847 |
TotalEnergies SE | 273 | 14,891 |
Vinci SA | 191 | 17,593 |
Vivendi SE | 532 | 4,355 |
144,016 | ||
Germany — 1.1% | ||
Allianz SE (Registered) | 129 | 23,139 |
BASF SE | 83 | 3,728 |
Bayer AG (Registered) | 59 | 3,108 |
Bayerische Motoren Werke AG | 52 | 4,124 |
Covestro AG (a) | 76 | 2,578 |
Deutsche Post AG (Registered) | 384 | 13,572 |
Deutsche Telekom AG (Registered) | 900 | 16,996 |
E.ON SE | 275 | 2,300 |
Freenet AG | 180 | 3,538 |
LEG Immobilien SE | 41 | 2,672 |
Mercedes-Benz Group AG | 89 | 5,164 |
Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | 69 | 18,137 |
44 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Germany — continued | ||
Telefonica Deutschland Holding AG | 2,928 | 6,379 |
Vonovia SE | 319 | 7,055 |
112,490 | ||
Hong Kong — 0.4% | ||
CK Asset Holdings Ltd. | 496 | 2,742 |
CK Infrastructure Holdings Ltd. | 459 | 2,181 |
CLP Holdings Ltd. | 337 | 2,262 |
Hang Seng Bank Ltd. | 371 | 5,219 |
HK Electric Investments & HK Electric Investments Ltd. (a) | 816 | 518 |
HKBN Ltd. | 1,901 | 1,284 |
HKT Trust & HKT Ltd. | 5,240 | 5,926 |
Hong Kong Exchanges & Clearing Ltd. | 198 | 5,253 |
New World Development Co. Ltd. | 848 | 1,735 |
PCCW Ltd. | 4,014 | 1,533 |
Power Assets Holdings Ltd. | 513 | 2,453 |
VTech Holdings Ltd. | 333 | 1,772 |
WH Group Ltd. (a) | 3,264 | 1,649 |
Yue Yuen Industrial Holdings Ltd. | 1,342 | 1,365 |
35,892 | ||
India — 0.3% | ||
Embassy Office Parks, REIT | 620 | 2,582 |
HCL Technologies Ltd. | 690 | 8,689 |
Infosys Ltd., ADR | 949 | 17,765 |
Tata Consultancy Services Ltd. | 149 | 5,753 |
34,789 | ||
Indonesia — 0.3% | ||
Bank Rakyat Indonesia Persero Tbk. PT | 52,616 | 15,697 |
Telkom Indonesia Persero Tbk. PT | 53,554 | 15,041 |
30,738 | ||
Italy — 0.5% | ||
A2A SpA | 5,654 | 6,270 |
ACEA SpA | 102 | 1,282 |
Assicurazioni Generali SpA | 352 | 5,282 |
Banca Mediolanum SpA | 488 | 3,651 |
Enel SpA | 433 | 1,937 |
Eni SpA | 357 | 4,690 |
Hera SpA | 928 | 2,211 |
Intesa Sanpaolo SpA | 3,151 | 6,007 |
Iren SpA | 1,151 | 1,710 |
Italgas SpA | 474 | 2,441 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Italy — continued | ||
Mediobanca Banca di Credito Finanziario SpA | 234 | 2,124 |
Poste Italiane SpA (a) | 238 | 2,076 |
Snam SpA | 1,041 | 4,628 |
Terna - Rete Elettrica Nazionale | 411 | 2,722 |
UniCredit SpA | 292 | 3,625 |
Unipol Gruppo SpA | 351 | 1,511 |
52,167 | ||
Japan — 1.6% | ||
Aozora Bank Ltd. | 218 | 3,757 |
ARTERIA Networks Corp. | 216 | 1,740 |
Bridgestone Corp. | 183 | 6,608 |
Canon, Inc. | 107 | 2,270 |
Chubu Electric Power Co., Inc. | 294 | 2,393 |
Chugoku Electric Power Co., Inc. (The) | 366 | 1,720 |
Comforia Residential REIT, Inc., REIT | 1 | 2,333 |
Dai Nippon Printing Co. Ltd. | 155 | 3,107 |
Daiwa House Industry Co. Ltd. | 90 | 1,805 |
Daiwa House REIT Investment Corp., REIT | 1 | 2,365 |
Electric Power Development Co. Ltd. | 357 | 4,965 |
ENEOS Holdings, Inc. | 504 | 1,662 |
FANUC Corp. | 76 | 9,958 |
Frontier Real Estate Investment Corp., REIT | 1 | 3,294 |
Hokkaido Electric Power Co., Inc. | 348 | 1,061 |
Idemitsu Kosan Co. Ltd. | 183 | 3,995 |
Japan Metropolitan Fund Invest, REIT | 5 | 3,550 |
Japan Post Holdings Co. Ltd. | 744 | 5,002 |
Japan Tobacco, Inc. | 203 | 3,403 |
JFE Holdings, Inc. | 229 | 2,096 |
Kansai Electric Power Co., Inc. (The) | 667 | 5,051 |
KDDI Corp. | 99 | 2,926 |
Kenedix Office Investment Corp., REIT | 1 | 2,670 |
Kyushu Railway Co. | 161 | 3,361 |
Mitsubishi Chemical Group Corp. | 1,043 | 4,713 |
Mitsui Fudosan Logistics Park, Inc., REIT | 1 | 2,648 |
Nippon Accommodations Fund, Inc., REIT | 1 | 3,121 |
Nippon Prologis REIT, Inc., REIT | 1 | 2,889 |
Nippon Telegraph & Telephone Corp. | 270 | 7,436 |
Okinawa Electric Power Co., Inc. (The) | 156 | 1,084 |
Osaka Gas Co. Ltd. | 45 | 659 |
Sharp Corp. | 230 | 1,381 |
Shin-Etsu Chemical Co. Ltd. | 81 | 8,429 |
SoftBank Corp. | 793 | 7,820 |
October 31, 2022 | J.P. Morgan Funds | 45 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Japan — continued | ||
Sumitomo Forestry Co. Ltd. | 94 | 1,464 |
Takeda Pharmaceutical Co. Ltd. | 166 | 4,389 |
Tohoku Electric Power Co., Inc. | 1,035 | 4,347 |
Tokio Marine Holdings, Inc. | 580 | 10,499 |
Tokyo Electron Ltd. | 38 | 10,077 |
Tokyo Gas Co. Ltd. | 40 | 720 |
Toyota Motor Corp. | 568 | 7,885 |
United Urban Investment Corp., REIT | 2 | 1,930 |
162,583 | ||
Luxembourg — 0.1% | ||
Intelsat SA ‡ * | 270 | 6,745 |
SES SA, ADR | 308 | 2,187 |
8,932 | ||
Mexico — 0.4% | ||
Bolsa Mexicana de Valores SAB de CV | 519 | 940 |
Grupo Financiero Banorte SAB de CV, Class O | 1,706 | 13,887 |
Grupo Mexico SAB de CV | 513 | 1,849 |
Kimberly-Clark de Mexico SAB de CV, Class A | 2,037 | 3,211 |
Wal-Mart de Mexico SAB de CV | 4,846 | 18,720 |
38,607 | ||
Netherlands — 0.4% | ||
ABN AMRO Bank NV, CVA (a) | 167 | 1,642 |
ASR Nederland NV | 56 | 2,445 |
CTP NV (a) | 196 | 2,038 |
ING Groep NV | 335 | 3,292 |
Koninklijke Ahold Delhaize NV | 137 | 3,830 |
Koninklijke KPN NV | 1,582 | 4,425 |
NN Group NV | 53 | 2,251 |
OCI NV | 68 | 2,601 |
Randstad NV | 51 | 2,549 |
Shell plc | 470 | 13,023 |
Wolters Kluwer NV | 27 | 2,832 |
40,928 | ||
New Zealand — 0.1% | ||
Contact Energy Ltd. | 860 | 3,773 |
Spark New Zealand Ltd. | 2,029 | 6,039 |
9,812 | ||
Norway — 0.3% | ||
Aker BP ASA | 123 | 3,912 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Norway — continued | ||
DNB Bank ASA | 270 | 4,782 |
Elkem ASA (a) | 425 | 1,411 |
Equinor ASA | 144 | 5,245 |
FLEX LNG Ltd. | 38 | 1,191 |
Gjensidige Forsikring ASA | 125 | 2,278 |
Mowi ASA | 109 | 1,629 |
Norsk Hydro ASA | 471 | 2,989 |
SFL Corp. Ltd. | 298 | 3,037 |
Telenor ASA | 669 | 6,084 |
32,558 | ||
Peru — 0.1% | ||
Southern Copper Corp. | 220 | 10,311 |
Poland — 0.1% | ||
Powszechny Zaklad Ubezpieczen SA | 796 | 4,459 |
Portugal — 0.1% | ||
EDP - Energias de Portugal SA | 558 | 2,440 |
Galp Energia SGPS SA | 245 | 2,488 |
Jeronimo Martins SGPS SA | 77 | 1,588 |
Navigator Co. SA (The) | 401 | 1,530 |
NOS SGPS SA | 575 | 2,251 |
Redes Energeticas Nacionais SGPS SA | 429 | 1,109 |
11,406 | ||
Russia — 0.0% ^ | ||
Moscow Exchange MICEX-RTS PJSC ‡ * | 2,552 | 61 |
Severstal PAO, GDR ‡ (a) | 10 | 3 |
Severstal PAO, GDR ‡ (a) | 132 | 42 |
106 | ||
Saudi Arabia — 0.1% | ||
Al Rajhi Bank * | 309 | 7,017 |
Singapore — 0.3% | ||
BW LPG Ltd. (a) | 415 | 3,359 |
CapitaLand Ascendas REIT, REIT | 1,342 | 2,482 |
CapitaLand Integrated Commercial Trust, REIT | 4,312 | 5,723 |
DBS Group Holdings Ltd. | 495 | 11,960 |
Digital Core REIT Management Pte. Ltd., REIT | 2,467 | 1,233 |
Keppel Infrastructure Trust | 4,160 | 1,557 |
NETLINK NBN TRUST (a) | 3,741 | 2,260 |
46 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Singapore — continued | ||
Singapore Telecommunications Ltd. | 1,604 | 2,824 |
StarHub Ltd. | 1,288 | 973 |
32,371 | ||
South Africa — 0.4% | ||
Anglo American plc | 227 | 6,796 |
AVI Ltd. | 255 | 1,021 |
Bid Corp. Ltd. | 367 | 5,909 |
Bidvest Group Ltd. (The) | 259 | 2,997 |
FirstRand Ltd. | 590 | 2,061 |
Sanlam Ltd. | 2,716 | 7,918 |
SPAR Group Ltd. (The) | 95 | 806 |
Standard Bank Group Ltd. | 834 | 7,786 |
Vodacom Group Ltd. | 1,294 | 8,814 |
44,108 | ||
South Korea — 0.6% | ||
ESR Kendall Square REIT Co. Ltd., REIT | 559 | 1,398 |
Hana Financial Group, Inc. | 57 | 1,645 |
KB Financial Group, Inc. | 178 | 5,986 |
Korea Gas Corp. | 39 | 952 |
LG Uplus Corp. | 292 | 2,346 |
NCSoft Corp. | 9 | 2,406 |
Samsung Electronics Co. Ltd. | 773 | 32,164 |
Shinhan Financial Group Co. Ltd. | 76 | 1,938 |
SK Telecom Co. Ltd., ADR | 103 | 2,019 |
SK Telecom Co. Ltd. | 173 | 6,068 |
56,922 | ||
Spain — 0.9% | ||
ACS Actividades de Construccion y Servicios SA | 83 | 2,127 |
Atlantica Sustainable Infrastructure plc | 82 | 2,263 |
Banco Bilbao Vizcaya Argentaria SA | 1,007 | 5,195 |
Banco Santander SA | 1,558 | 4,041 |
CaixaBank SA (b) | 1,019 | 3,381 |
Cellnex Telecom SA (a) | 102 | 3,339 |
Cia de Distribucion Integral Logista Holdings SA | 108 | 2,238 |
Enagas SA | 393 | 6,373 |
Endesa SA | 473 | 7,900 |
Iberdrola SA | 2,121 | 21,567 |
Industria de Diseno Textil SA | 137 | 3,111 |
Mapfre SA | 802 | 1,375 |
Merlin Properties Socimi SA, REIT | 277 | 2,346 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Spain — continued | ||
Naturgy Energy Group SA | 413 | 10,611 |
Red Electrica Corp. SA | 242 | 3,917 |
Repsol SA | 485 | 6,595 |
Telefonica SA | 2,061 | 7,106 |
93,485 | ||
Sweden — 0.5% | ||
Boliden AB | 98 | 2,860 |
Hexpol AB | 189 | 1,869 |
Orron Energy ab | 1,291 | 2,678 |
Samhallsbyggnadsbolaget i Norden AB | 2,244 | 3,082 |
Skandinaviska Enskilda Banken AB, Class A | 266 | 2,800 |
SSAB AB, Class B | 555 | 2,578 |
Svenska Handelsbanken AB, Class A | 283 | 2,631 |
Tele2 AB, Class B | 1,115 | 9,140 |
Telia Co. AB | 781 | 2,071 |
Volvo AB, Class B | 1,361 | 22,271 |
51,980 | ||
Switzerland — 0.5% | ||
ABB Ltd. (Registered) | 99 | 2,744 |
Accelleron Industries AG * | 5 | 84 |
Cie Financiere Richemont SA (Registered) | 45 | 4,371 |
Novartis AG (Registered) | 199 | 16,085 |
Swisscom AG (Registered) | 5 | 2,541 |
UBS Group AG (Registered) | 341 | 5,404 |
Zurich Insurance Group AG | 48 | 20,637 |
51,866 | ||
Taiwan — 0.7% | ||
Accton Technology Corp. | 159 | 1,196 |
ASE Technology Holding Co. Ltd. | 1,856 | 4,583 |
Chailease Holding Co. Ltd. | 378 | 1,746 |
Delta Electronics, Inc. | 295 | 2,350 |
MediaTek, Inc. | 77 | 1,404 |
Mega Financial Holding Co. Ltd. | 2,175 | 2,015 |
Novatek Microelectronics Corp. | 888 | 6,616 |
President Chain Store Corp. | 973 | 8,090 |
Quanta Computer, Inc. | 793 | 1,679 |
Realtek Semiconductor Corp. | 208 | 1,640 |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 87 | 5,297 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2,182 | 26,232 |
October 31, 2022 | J.P. Morgan Funds | 47 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
Taiwan — continued | ||
Vanguard International Semiconductor Corp. | 1,853 | 3,805 |
Wiwynn Corp. | 65 | 1,456 |
68,109 | ||
Thailand — 0.1% | ||
SCB X PCL | 2,333 | 6,518 |
Siam Cement PCL (The) (Registered) | 469 | 3,996 |
10,514 | ||
United Kingdom — 2.3% | ||
AstraZeneca plc | 210 | 24,582 |
Aviva plc | 555 | 2,664 |
Balfour Beatty plc | 537 | 1,838 |
Barclays plc | 2,719 | 4,620 |
Barratt Developments plc | 1,272 | 5,488 |
Berkeley Group Holdings plc | 60 | 2,374 |
Big Yellow Group plc, REIT | 183 | 2,358 |
BP plc | 2,711 | 15,000 |
BT Group plc | 571 | 851 |
Centrica plc | 2,594 | 2,279 |
Coca-Cola Europacific Partners plc | 74 | 3,479 |
Compass Group plc | 158 | 3,331 |
Diageo plc | 511 | 21,011 |
Direct Line Insurance Group plc | 1,528 | 3,530 |
Drax Group plc | 234 | 1,397 |
Hays plc | 1,425 | 1,796 |
HSBC Holdings plc | 1,487 | 7,630 |
IG Group Holdings plc | 228 | 2,082 |
Imperial Brands plc | 311 | 7,581 |
InterContinental Hotels Group plc | 137 | 7,360 |
Legal & General Group plc | 1,049 | 2,807 |
Lloyds Banking Group plc | 8,042 | 3,862 |
LondonMetric Property plc, REIT | 1,493 | 3,200 |
Man Group plc | 1,034 | 2,573 |
National Grid plc | 674 | 7,339 |
NatWest Group plc | 1,105 | 2,975 |
OSB Group plc | 299 | 1,425 |
Pagegroup plc | 262 | 1,264 |
Pearson plc | 217 | 2,398 |
Persimmon plc | 376 | 5,630 |
Reckitt Benckiser Group plc | 63 | 4,206 |
RELX plc | 643 | 17,275 |
Safestore Holdings plc, REIT | 277 | 2,873 |
Sage Group plc (The) | 783 | 6,527 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United Kingdom — continued | ||
Severn Trent plc | 89 | 2,543 |
SSE plc | 632 | 11,302 |
Taylor Wimpey plc | 2,923 | 3,143 |
Telecom Plus plc | 20 | 490 |
Tesco plc | 967 | 2,388 |
Tritax EuroBox plc (a) | 503 | 340 |
Unilever plc | 228 | 10,347 |
UNITE Group plc (The), REIT | 245 | 2,499 |
United Utilities Group plc | 232 | 2,503 |
Vistry Group plc | 190 | 1,315 |
Vodafone Group plc | 5,351 | 6,247 |
WPP plc | 555 | 4,887 |
233,609 | ||
United States — 17.0% | ||
3M Co. | 46 | 5,820 |
Abbott Laboratories (b) | 22 | 2,211 |
AbbVie, Inc. | 358 | 52,475 |
Accenture plc, Class A | 6 | 1,677 |
AGNC Investment Corp., REIT | 570 | 4,688 |
Air Products and Chemicals, Inc. | 14 | 3,591 |
Alexandria Real Estate Equities, Inc., REIT | 65 | 9,431 |
Altria Group, Inc. | 131 | 6,042 |
American Electric Power Co., Inc. | 27 | 2,351 |
American Express Co. | 17 | 2,581 |
American Tower Corp., REIT | 22 | 4,497 |
Americold Realty Trust, Inc., REIT | 201 | 4,872 |
Amgen, Inc. | 26 | 7,139 |
Analog Devices, Inc. | 97 | 13,897 |
Annaly Capital Management, Inc., REIT | 260 | 4,825 |
Apple, Inc. | 5 | 833 |
Arthur J Gallagher & Co. | 15 | 2,817 |
AT&T, Inc. | 507 | 9,249 |
Avangrid, Inc. | 86 | 3,514 |
Avista Corp. | 72 | 2,956 |
Baker Hughes Co. | 242 | 6,701 |
Bank of America Corp. | 559 | 20,133 |
Battalion Oil Corp. * | 1 | 9 |
BlackRock, Inc. | 20 | 12,983 |
Boston Properties, Inc., REIT | 74 | 5,411 |
Brandywine Realty Trust, REIT | 195 | 1,278 |
Bristol-Myers Squibb Co. | 566 | 43,839 |
Camden Property Trust, REIT | 71 | 8,203 |
Campbell Soup Co. | 138 | 7,311 |
48 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
Cardinal Health, Inc. | 99 | 7,544 |
CenterPoint Energy, Inc. | 456 | 13,055 |
CF Industries Holdings, Inc. | 66 | 7,013 |
Chesapeake Energy Corp. | 54 | 5,531 |
Chevron Corp. | 81 | 14,609 |
Chord Energy Corp. | 55 | 8,379 |
Chubb Ltd. | 25 | 5,272 |
Cisco Systems, Inc. | 141 | 6,398 |
Citigroup, Inc. | 37 | 1,680 |
Claire's Stores, Inc. ‡ * | 4 | 1,256 |
Clear Channel Outdoor Holdings, Inc. * | 287 | 411 |
Clearway Energy, Inc., Class C | 74 | 2,567 |
Clorox Co. (The) | 47 | 6,884 |
CME Group, Inc. | 130 | 22,553 |
CMS Energy Corp. | 42 | 2,400 |
Coca-Cola Co. (The) | 693 | 41,455 |
Cogent Communications Holdings, Inc. | 46 | 2,391 |
Comcast Corp., Class A | 536 | 17,003 |
Comerica, Inc. | 82 | 5,748 |
ConocoPhillips | 52 | 6,548 |
Consolidated Edison, Inc. | 70 | 6,141 |
Coterra Energy, Inc. | 201 | 6,266 |
Crown Castle, Inc., REIT | 14 | 1,836 |
Cummins, Inc. | 25 | 6,119 |
CVS Health Corp. | 45 | 4,246 |
Deere & Co. | 30 | 12,067 |
DHT Holdings, Inc. | 346 | 3,085 |
Digital Realty Trust, Inc., REIT | 48 | 4,822 |
Douglas Emmett, Inc., REIT | 93 | 1,635 |
Dover Corp. | 25 | 3,219 |
Dow, Inc. | 119 | 5,548 |
Duke Energy Corp. | 94 | 8,727 |
Eastman Chemical Co. | 155 | 11,903 |
Eaton Corp. plc | 158 | 23,637 |
Edison International | 101 | 6,088 |
Eli Lilly & Co. | 6 | 2,068 |
Emerson Electric Co. | 71 | 6,180 |
Entergy Corp. | 59 | 6,354 |
EOG Resources, Inc. | 79 | 10,777 |
EP Energy Corp. * | 141 | 1,129 |
Equinix, Inc., REIT | 36 | 20,494 |
Equitrans Midstream Corp. | 265 | 2,229 |
Equity LifeStyle Properties, Inc. | 118 | 7,536 |
Evergy, Inc. | 148 | 9,022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United States — continued | ||
Exxon Mobil Corp. | 130 | 14,441 |
Fastenal Co. | 123 | 5,941 |
Federal Realty Investment Trust, REIT | 109 | 10,810 |
Ferguson plc | 27 | 2,918 |
Fidelity National Information Services, Inc. | 6 | 490 |
FirstEnergy Corp. | 74 | 2,782 |
Frontier Communications Parent, Inc. * (b) | 218 | 5,106 |
General Dynamics Corp. | 32 | 7,886 |
General Mills, Inc. | 84 | 6,881 |
Genuine Parts Co. | 43 | 7,672 |
Gilead Sciences, Inc. | 98 | 7,712 |
Goodman Networks, Inc. ‡ * | 53 | — |
GSK plc | 750 | 12,289 |
Gulfport Energy Corp. * | 110 | 9,881 |
Hasbro, Inc. | 73 | 4,756 |
Hawaiian Electric Industries, Inc. | 80 | 3,038 |
Healthpeak Properties, Inc., REIT | 245 | 5,825 |
Hewlett Packard Enterprise Co. | 456 | 6,511 |
Home Depot, Inc. (The) | 15 | 4,472 |
Host Hotels & Resorts, Inc., REIT | 481 | 9,091 |
HP, Inc. | 59 | 1,621 |
iHeartMedia, Inc., Class A * (b) | 122 | 1,011 |
Intel Corp. | 160 | 4,540 |
International Business Machines Corp. | 68 | 9,408 |
International Paper Co. | 148 | 4,976 |
Interpublic Group of Cos., Inc. (The) | 216 | 6,446 |
Invitation Homes, Inc. | 343 | 10,856 |
Iron Mountain, Inc., REIT | 134 | 6,698 |
J M Smucker Co. (The) | 33 | 5,010 |
Johnson & Johnson | 327 | 56,893 |
Juniper Networks, Inc. | 220 | 6,729 |
Kellogg Co. | 92 | 7,070 |
Keurig Dr Pepper, Inc. | 279 | 10,825 |
Kilroy Realty Corp., REIT | 83 | 3,554 |
Kimberly-Clark Corp. | 55 | 6,865 |
Kimco Realty Corp., REIT | 441 | 9,431 |
Kinder Morgan, Inc. | 1,002 | 18,150 |
Kite Realty Group Trust, REIT | 171 | 3,368 |
Kraft Heinz Co. (The) | 186 | 7,163 |
Laureate Education, Inc., Class A | 103 | 1,298 |
Lumen Technologies, Inc. | 968 | 7,121 |
LyondellBasell Industries NV, Class A | 76 | 5,812 |
Mallinckrodt plc * (b) | 72 | 1,085 |
Marathon Petroleum Corp. | 71 | 8,098 |
October 31, 2022 | J.P. Morgan Funds | 49 |
AS OF October 31, 2022 (continued)
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
McDonald's Corp. | 141 | 38,323 |
Medtronic plc | 38 | 3,325 |
Merck & Co., Inc. | 360 | 36,434 |
Microsoft Corp. | 11 | 2,555 |
Mondelez International, Inc., Class A | 66 | 4,039 |
Moran Foods Backstop Equity ‡ * | 148 | 369 |
Motorola Solutions, Inc. | 28 | 7,056 |
MYT Holding Co. ‡ * | 1,342 | 1,074 |
National Retail Properties, Inc., REIT | 104 | 4,391 |
Neiman Marcus Group Restricted Equity * | 4 | 779 |
Nestle SA (Registered) | 348 | 37,937 |
NetApp, Inc. | 81 | 5,632 |
Newell Brands, Inc. | 379 | 5,233 |
Newmont Corp. | 94 | 3,969 |
NextEra Energy, Inc. | 214 | 16,561 |
NMG, Inc. * (b) | 41 | 7,338 |
Nordic American Tankers Ltd. | 1,116 | 3,450 |
Norfolk Southern Corp. | 45 | 10,278 |
Northrop Grumman Corp. | 3 | 1,768 |
NorthWestern Corp. | 56 | 2,983 |
NRG Energy, Inc. | 72 | 3,185 |
OGE Energy Corp. | 73 | 2,674 |
Omnicom Group, Inc. | 94 | 6,835 |
ONEOK, Inc. | 161 | 9,556 |
PACCAR, Inc. | 75 | 7,267 |
Park Hotels & Resorts, Inc., REIT | 208 | 2,716 |
Parker-Hannifin Corp. | 7 | 1,897 |
PepsiCo, Inc. | 27 | 4,914 |
Pfizer, Inc. | 43 | 1,981 |
Philip Morris International, Inc. | 129 | 11,806 |
Phillips 66 | 77 | 8,025 |
Pinnacle West Capital Corp. | 134 | 8,988 |
Pioneer Natural Resources Co. | 28 | 7,167 |
PNC Financial Services Group, Inc. (The) | 29 | 4,672 |
PPG Industries, Inc. | 26 | 2,997 |
PPL Corp. | 330 | 8,730 |
Procter & Gamble Co. (The) | 207 | 27,844 |
Progressive Corp. (The) | 88 | 11,309 |
Prologis, Inc., REIT | 311 | 34,439 |
Prudential Financial, Inc. | 65 | 6,864 |
Public Service Enterprise Group, Inc. | 47 | 2,630 |
Public Storage, REIT | 46 | 14,121 |
Raytheon Technologies Corp. | 129 | 12,255 |
Realty Income Corp. | 100 | 6,222 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United States — continued | ||
Regency Centers Corp., REIT | 99 | 5,966 |
Republic Services, Inc. | 9 | 1,226 |
Rexford Industrial Realty, Inc., REIT | 109 | 6,021 |
Roche Holding AG | 101 | 33,554 |
Seagate Technology Holdings plc | 233 | 11,566 |
Shenandoah Telecommunications Co. | 103 | 2,327 |
Simon Property Group, Inc., REIT | 62 | 6,793 |
Sirius XM Holdings, Inc. | 1,047 | 6,326 |
Southern Co. (The) | 128 | 8,401 |
Steel Dynamics, Inc. | 90 | 8,503 |
Stellantis NV | 734 | 9,907 |
Stellantis NV | 141 | 1,896 |
Sun Communities, Inc., REIT | 103 | 13,835 |
Sysco Corp. | 37 | 3,229 |
T. Rowe Price Group, Inc. (b) | 79 | 8,425 |
Target Corp. | 69 | 11,395 |
Texas Instruments, Inc. | 155 | 24,936 |
TJX Cos., Inc. (The) | 267 | 19,266 |
Trane Technologies plc | 95 | 15,184 |
Truist Financial Corp. | 219 | 9,798 |
UDR, Inc., REIT | 241 | 9,564 |
UGI Corp. | 72 | 2,530 |
Union Pacific Corp. | 64 | 12,534 |
United Parcel Service, Inc., Class B | 19 | 3,147 |
UnitedHealth Group, Inc. | 27 | 14,949 |
US Bancorp | 81 | 3,446 |
Valero Energy Corp. | 62 | 7,759 |
Ventas, Inc., REIT | 279 | 10,913 |
Verizon Communications, Inc. | 531 | 19,853 |
Viatris, Inc. | 237 | 2,396 |
VICI Properties, Inc., REIT | 1,033 | 33,063 |
Vistra Corp. | 67 | 1,535 |
VMware, Inc., Class A | 58 | 6,488 |
Walgreens Boots Alliance, Inc. | 141 | 5,147 |
Walmart, Inc. | 19 | 2,746 |
Wells Fargo & Co. | 142 | 6,551 |
Welltower, Inc., REIT | 216 | 13,205 |
Western Union Co. (The) | 377 | 5,094 |
Weyerhaeuser Co., REIT | 193 | 5,960 |
Williams Cos., Inc. (The) | 310 | 10,137 |
50 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Common Stocks — continued | ||
United States — continued | ||
WP Carey, Inc., REIT | 117 | 8,890 |
Xcel Energy, Inc. | 43 | 2,810 |
1,733,548 | ||
Total Common Stocks (Cost $3,522,528) | 3,659,872 | |
PRINCIPAL AMOUNT ($000) | ||
Corporate Bonds — 33.4% | ||
Australia — 0.1% | ||
Australia & New Zealand Banking Group Ltd. (USD ICE Swap Rate 5 Year + 5.17%), 6.75%, 6/15/2026 (c) (d) (e) (f) | 5,653 | 5,414 |
FMG Resources August 2006 Pty. Ltd. | ||
5.13%, 5/15/2024 (c) | 265 | 258 |
4.50%, 9/15/2027 (c) | 103 | 92 |
4.38%, 4/1/2031 (c) | 1,647 | 1,309 |
Glencore Funding LLC | ||
2.50%, 9/1/2030 (c) | 180 | 139 |
2.63%, 9/23/2031 (c) | 63 | 47 |
Mineral Resources Ltd. | ||
8.13%, 5/1/2027 (c) | 150 | 149 |
8.00%, 11/1/2027 (c) | 149 | 147 |
8.50%, 5/1/2030 (c) | 750 | 738 |
8,293 | ||
Austria — 0.0% ^ | ||
ams-OSRAM AG 7.00%, 7/31/2025 (b) (c) | 1,280 | 1,143 |
Azerbaijan — 0.0% ^ | ||
Southern Gas Corridor CJSC 6.88%, 3/24/2026 (a) | 950 | 933 |
State Oil Co. of the Azerbaijan Republic | ||
4.75%, 3/13/2023 (a) | 686 | 678 |
6.95%, 3/18/2030 (a) | 1,480 | 1,434 |
3,045 | ||
Bahrain — 0.0% ^ | ||
Oil and Gas Holding Co. BSCC (The) | ||
7.63%, 11/7/2024 (a) | 200 | 198 |
7.50%, 10/25/2027 (a) | 1,150 | 1,110 |
1,308 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Belgium — 0.0% ^ | ||
Anheuser-Busch InBev Worldwide, Inc. | ||
3.50%, 6/1/2030 (b) | 174 | 155 |
4.38%, 4/15/2038 | 420 | 359 |
KBC Group NV (EUR Swap Annual 5 Year + 4.69%), 4.75%, 3/5/2024 (a) (d) (e) (f) | EUR 1,800 | 1,691 |
2,205 | ||
Brazil — 0.0% ^ | ||
CSN Resources SA 4.63%, 6/10/2031 (c) | 450 | 299 |
Guara Norte SARL 5.20%, 6/15/2034 (c) | 324 | 253 |
Klabin Austria GmbH 7.00%, 4/3/2049 (a) | 1,150 | 1,013 |
MARB BondCo plc 3.95%, 1/29/2031 (a) | 450 | 331 |
MV24 Capital BV 6.75%, 6/1/2034 (c) | 604 | 498 |
Nexa Resources SA 5.38%, 5/4/2027 (a) | 580 | 524 |
Petrobras Global Finance BV 6.85%, 6/5/2115 | 300 | 234 |
Suzano Austria GmbH | ||
6.00%, 1/15/2029 | 900 | 854 |
7.00%, 3/16/2047 (a) | 220 | 200 |
Vale Overseas Ltd. 3.75%, 7/8/2030 | 57 | 47 |
4,253 | ||
Canada — 1.5% | ||
1011778 BC ULC | ||
3.88%, 1/15/2028 (c) | 2,030 | 1,784 |
3.50%, 2/15/2029 (c) | 1,546 | 1,295 |
4.00%, 10/15/2030 (c) | 4,185 | 3,416 |
Athabasca Oil Corp. 9.75%, 11/1/2026 (c) | 321 | 344 |
ATS Automation Tooling Systems, Inc. 4.13%, 12/15/2028 (c) | 1,373 | 1,174 |
Bank of Montreal | ||
(SOFRINDX + 0.68%), 3.73%, 3/10/2023 (f) | 195 | 195 |
Series H, 4.70%, 9/14/2027 | 105 | 101 |
Bank of Nova Scotia (The) | ||
(ICE LIBOR USD 3 Month + 2.65%), 6.57%, 1/12/2023 (d) (e) (f) | 1,551 | 1,419 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (d) (e) (f) | 2,497 | 2,313 |
1.30%, 9/15/2026 | 280 | 238 |
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.62%, 10/27/2081 (f) | 1,900 | 1,343 |
October 31, 2022 | J.P. Morgan Funds | 51 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Canada — continued | ||
Baytex Energy Corp. 8.75%, 4/1/2027 (c) | 4,909 | 5,019 |
Bell Canada (The) Series US-5, 2.15%, 2/15/2032 | 159 | 120 |
Canadian Pacific Railway Co. 2.45%, 12/2/2031 | 105 | 83 |
Emera US Finance LP 2.64%, 6/15/2031 | 75 | 58 |
Emera, Inc. Series 16-A, (ICE LIBOR USD 3 Month + 5.44%), 6.75%, 6/15/2076 (f) | 21,989 | 20,496 |
Enbridge, Inc. | ||
Series 16-A, (ICE LIBOR USD 3 Month + 3.89%), 6.00%, 1/15/2077 (f) | 2,730 | 2,457 |
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (f) | 13,544 | 11,968 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.42%), 7.63%, 1/15/2083 (f) | 5,424 | 5,216 |
Garda World Security Corp. 4.63%, 2/15/2027 (c) | 2,596 | 2,306 |
GFL Environmental, Inc. | ||
4.25%, 6/1/2025 (c) | 2,670 | 2,549 |
3.75%, 8/1/2025 (c) | 3,858 | 3,646 |
4.00%, 8/1/2028 (b) (c) | 4,157 | 3,597 |
4.75%, 6/15/2029 (b) (c) | 2,895 | 2,523 |
4.38%, 8/15/2029 (c) | 2,244 | 1,901 |
goeasy Ltd. 5.38%, 12/1/2024 (c) | 879 | 820 |
NOVA Chemicals Corp. | ||
4.88%, 6/1/2024 (c) | 6,055 | 5,888 |
5.00%, 5/1/2025 (c) | 3,790 | 3,610 |
5.25%, 6/1/2027 (c) | 4,811 | 4,294 |
4.25%, 5/15/2029 (b) (c) | 3,479 | 2,837 |
Open Text Holdings, Inc. 4.13%, 2/15/2030 (c) | 201 | 160 |
Precision Drilling Corp. | ||
7.13%, 1/15/2026 (c) | 3,749 | 3,683 |
6.88%, 1/15/2029 (c) | 518 | 476 |
Quebecor Media, Inc. 5.75%, 1/15/2023 | 5,516 | 5,513 |
Ritchie Bros Auctioneers, Inc. 5.38%, 1/15/2025 (c) | 1,064 | 1,048 |
Rogers Communications, Inc. | ||
3.80%, 3/15/2032 (c) | 135 | 115 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (c) (f) | 5,065 | 4,435 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Canada — continued | ||
Royal Bank of Canada (ICE LIBOR USD 3 Month + 0.36%), 4.44%, 1/17/2023 (f) | 100 | 100 |
Superior Plus LP 4.50%, 3/15/2029 (c) | 1,621 | 1,374 |
Toronto-Dominion Bank (The) | ||
4.69%, 9/15/2027 | 95 | 91 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.08%), 8.12%, 10/31/2082 (f) | 11,905 | 12,039 |
TransAlta Corp. 6.50%, 3/15/2040 | 305 | 262 |
TransCanada PipeLines Ltd. 4.75%, 5/15/2038 | 119 | 100 |
Transcanada Trust | ||
Series 16-A, (ICE LIBOR USD 3 Month + 4.64%), 5.87%, 8/15/2076 (f) | 5,204 | 4,841 |
(SOFR + 4.42%), 5.50%, 9/15/2079 (f) | 9,787 | 8,197 |
Vermilion Energy, Inc. 6.88%, 5/1/2030 (c) | 821 | 768 |
Videotron Ltd. | ||
5.38%, 6/15/2024 (c) | 5,856 | 5,818 |
5.13%, 4/15/2027 (c) | 4,784 | 4,515 |
3.63%, 6/15/2029 (b) (c) | 3,423 | 2,882 |
149,427 | ||
Cayman Islands — 0.0% ^ | ||
Global Aircraft Leasing Co. Ltd. 6.50% (Cash), 9/15/2024 (c) (g) | 977 | 776 |
Chile — 0.0% ^ | ||
Empresa Nacional del Petroleo 3.75%, 8/5/2026 (a) | 1,000 | 886 |
China — 0.3% | ||
Bluestar Finance Holdings Ltd. | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 6.65%), 3.88%, 6/24/2023 (a) (d) (e) (f) | 200 | 194 |
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 5.63%), 3.10%, 7/12/2024 (a) (d) (e) (f) | 350 | 326 |
Central Plaza Development Ltd. 4.65%, 1/19/2026 (a) | 2,100 | 1,218 |
China Oil & Gas Group Ltd. 4.70%, 6/30/2026 (a) | 1,200 | 854 |
52 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
China — continued | ||
Chong Hing Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 5.70%, 7/15/2024 (a) (d) (e) (f) | 950 | 856 |
CMHI Finance BVI Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 6.35%), 3.50%, 10/9/2023 (a) (d) (e) (f) | 450 | 439 |
CNOOC Petroleum North America ULC 6.40%, 5/15/2037 | 250 | 248 |
Country Garden Holdings Co. Ltd. | ||
5.13%, 1/14/2027 (a) | 900 | 72 |
3.30%, 1/12/2031 (a) | 1,000 | 70 |
ENN Clean Energy International Investment Ltd. 3.38%, 5/12/2026 (a) | 1,700 | 1,325 |
Golden Eagle Retail Group Ltd. 4.63%, 5/21/2023 (a) | 2,500 | 2,315 |
HBIS Group Hong Kong Co. Ltd. 3.75%, 12/18/2022 (a) | 1,000 | 996 |
Hopson Development Holdings Ltd. 7.00%, 5/18/2024 (a) | 2,300 | 1,089 |
Huarong Finance 2017 Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.98%), 4.00%, 11/7/2022 (a) (d) (e) (f) | 300 | 299 |
Huarong Finance 2019 Co. Ltd. | ||
2.50%, 2/24/2023 (a) | 1,600 | 1,560 |
3.25%, 11/13/2024 (a) | 300 | 251 |
Huarong Finance II Co. Ltd. 4.63%, 6/3/2026 (a) | 500 | 376 |
Lenovo Group Ltd. | ||
5.88%, 4/24/2025 (a) | 600 | 575 |
5.83%, 1/27/2028 (c) | 1,300 | 1,159 |
New Metro Global Ltd. 4.80%, 12/15/2024 (a) | 1,100 | 276 |
NXP BV 3.25%, 5/11/2041 | 75 | 48 |
Poly Real Estate Finance Ltd. 3.95%, 2/5/2023 (a) | 400 | 396 |
RKPF Overseas Ltd. | ||
6.70%, 9/30/2024 (a) | 2,700 | 1,617 |
5.20%, 1/12/2026 (a) | 1,200 | 372 |
SF Holding Investment Ltd. 4.13%, 7/26/2023 (a) | 200 | 198 |
Shandong Iron And Steel Xinheng International Co. Ltd. | ||
6.50%, 11/5/2023 (a) | 1,800 | 1,767 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
China — continued | ||
4.80%, 7/28/2024 (a) | 950 | 884 |
Shui On Development Holding Ltd. 5.50%, 3/3/2025 (a) | 1,200 | 504 |
Sinochem Offshore Capital Co. Ltd. 2.38%, 9/23/2031 (a) | 400 | 279 |
Vanke Real Estate Hong Kong Co. Ltd. 4.15%, 4/18/2023 (a) | 750 | 650 |
West China Cement Ltd. 4.95%, 7/8/2026 (a) | 1,900 | 1,074 |
Yancoal International Resources Development Co. Ltd. 3.50%, 11/4/2023 (a) | 800 | 760 |
Yankuang Group Cayman Ltd. 4.00%, 7/16/2023 (a) | 250 | 246 |
Yanlord Land HK Co. Ltd. 6.80%, 2/27/2024 (a) | 3,000 | 1,650 |
Yunda Holding Investment Ltd. 2.25%, 8/19/2025 (a) | 600 | 526 |
Zhongsheng Group Holdings Ltd. 3.00%, 1/13/2026 (a) | 450 | 391 |
25,860 | ||
Colombia — 0.0% ^ | ||
Ecopetrol SA | ||
5.88%, 9/18/2023 | 950 | 932 |
5.38%, 6/26/2026 | 1,160 | 1,052 |
7.38%, 9/18/2043 | 412 | 300 |
5.88%, 5/28/2045 | 730 | 445 |
2,729 | ||
Finland — 0.1% | ||
Nokia OYJ | ||
4.38%, 6/12/2027 | 985 | 906 |
6.63%, 5/15/2039 | 50 | 46 |
Nordea Bank Abp | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (c) (d) (e) (f) | 6,265 | 5,901 |
1.50%, 9/30/2026 (c) | 200 | 168 |
7,021 | ||
France — 0.6% | ||
Altice France SA | ||
8.13%, 2/1/2027 (c) | 6,089 | 5,573 |
5.13%, 7/15/2029 (c) | 7,415 | 5,585 |
5.50%, 10/15/2029 (c) | 3,732 | 2,846 |
October 31, 2022 | J.P. Morgan Funds | 53 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
France — continued | ||
BNP Paribas SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (c) (d) (e) (f) | 3,356 | 3,164 |
BPCE SA 4.00%, 9/12/2023 (c) | 250 | 245 |
CGG SA 8.75%, 4/1/2027 (b) (c) | 500 | 442 |
Credit Agricole SA | ||
(USD Swap Semi 5 Year + 6.19%), 8.12%, 12/23/2025 (c) (d) (e) (f) | 15,787 | 15,708 |
(GBP Swap Semi 5 Year + 4.81%), 7.50%, 6/23/2026 (c) (d) (e) (f) | GBP 3,130 | 3,361 |
(EUR Swap Annual 5 Year + 4.37%), 4.00%, 12/23/2027 (a) (d) (e) (f) | EUR 800 | ��� 670 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.24%), 4.75%, 3/23/2029 (c) (d) (e) (f) | 6,022 | 4,324 |
Societe Generale SA | ||
4.25%, 4/14/2025 (c) | 450 | 417 |
(USD ICE Swap Rate 5 Year + 5.87%), 8.00%, 9/29/2025 (c) (d) (e) (f) | 13,964 | 13,751 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (c) (d) (e) (f) | 10,487 | 7,596 |
63,682 | ||
Germany — 0.0% ^ | ||
Bayer US Finance II LLC 4.63%, 6/25/2038 (c) | 200 | 164 |
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (h) | 286 | 327 |
TK Elevator US Newco, Inc. 5.25%, 7/15/2027 (c) | 3,920 | 3,513 |
Volkswagen Group of America Finance LLC 3.13%, 5/12/2023 (c) | 230 | 227 |
4,231 | ||
Guatemala — 0.0% ^ | ||
Energuate Trust 5.88%, 5/3/2027 (a) | 1,147 | 997 |
Hong Kong — 0.1% | ||
Bank of East Asia Ltd. (The) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.53%), 5.83%, 10/21/2025 (a) (d) (e) (f) | 1,750 | 1,278 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Hong Kong — continued | ||
CAS Capital No. 1 Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.64%), 4.00%, 7/12/2026 (a) (d) (e) (f) | 2,700 | 1,707 |
Elect Global Investments Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.89%), 4.10%, 6/3/2025 (a) (d) (e) (f) | 600 | 443 |
FWD Group Ltd. | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.87%), 8.05%, 12/15/2022 (a) (d) (e) (f) | 1,600 | 1,481 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.88%), 6.37%, 9/13/2024 (a) (d) (e) (f) | 300 | 252 |
FWD Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.08%), 5.50%, 2/1/2023 (a) (d) (e) (f) | 1,800 | 1,575 |
Melco Resorts Finance Ltd. 5.63%, 7/17/2027 (a) | 2,300 | 1,358 |
NWD Finance BVI Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 6.20%), 6.15%, 3/16/2025 (a) (d) (e) (f) | 1,050 | 751 |
NWD MTN Ltd. 4.13%, 7/18/2029 (a) | 1,600 | 1,200 |
10,045 | ||
India — 0.3% | ||
ABJA Investment Co. Pte. Ltd. 5.45%, 1/24/2028 (a) | 2,400 | 2,133 |
Adani Transmission Step-One Ltd. 4.25%, 5/21/2036 (a) | 219 | 159 |
Continuum Energy Levanter Pte. Ltd. 4.50%, 2/9/2027 (a) | 1,645 | 1,299 |
Greenko Dutch BV 3.85%, 3/29/2026 (a) | 1,767 | 1,378 |
Greenko Power II Ltd. | ||
4.30%, 12/13/2028 (c) | 903 | 689 |
4.30%, 12/13/2028 (a) | 391 | 298 |
Greenko Solar Mauritius Ltd. 5.95%, 7/29/2026 (a) | 500 | 401 |
Greenko Wind Projects Mauritius Ltd. 5.50%, 4/6/2025 (c) | 1,000 | 848 |
HDFC Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 3.70%, 8/25/2026 (c) (d) (e) (f) | 2,000 | 1,595 |
54 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
India — continued | ||
HPCL-Mittal Energy Ltd. | ||
5.45%, 10/22/2026 (a) | 400 | 352 |
5.25%, 4/28/2027 (a) | 2,100 | 1,782 |
India Green Energy Holdings 5.38%, 4/29/2024 (a) | 2,950 | 2,709 |
India Green Power Holdings 4.00%, 2/22/2027 (a) | 3,150 | 2,362 |
JSW Infrastructure Ltd. | ||
4.95%, 1/21/2029 (c) | 800 | 596 |
4.95%, 1/21/2029 (a) | 1,200 | 895 |
JSW Steel Ltd. | ||
5.38%, 4/4/2025 (a) | 2,200 | 1,903 |
3.95%, 4/5/2027 (c) | 600 | 438 |
3.95%, 4/5/2027 (a) | 400 | 292 |
Network i2i Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.27%), 5.65%, 1/15/2025 (a) (d) (e) (f) | 2,900 | 2,578 |
ReNew Power Pvt Ltd. 5.88%, 3/5/2027 (a) | 200 | 179 |
ReNew Wind Energy AP2 4.50%, 7/14/2028 (a) | 200 | 148 |
TML Holdings Pte. Ltd. 4.35%, 6/9/2026 (a) | 1,000 | 801 |
Vedanta Resources Ltd. 7.13%, 5/31/2023 (a) | 1,900 | 1,756 |
25,591 | ||
Indonesia — 0.2% | ||
Adaro Indonesia PT 4.25%, 10/31/2024 (a) | 3,000 | 2,804 |
Bank Negara Indonesia Persero Tbk. PT (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.47%), 4.30%, 3/24/2027 (a) (d) (e) (f) | 1,300 | 916 |
Bank Tabungan Negara Persero Tbk. PT 4.20%, 1/23/2025 (a) | 2,200 | 1,865 |
Cikarang Listrindo Tbk. PT 4.95%, 9/14/2026 (a) | 1,600 | 1,391 |
Indika Energy Capital III Pte. Ltd. 5.88%, 11/9/2024 (a) | 250 | 241 |
Indika Energy Capital IV Pte. Ltd. 8.25%, 10/22/2025 (a) | 2,700 | 2,538 |
Indonesia Asahan Aluminium Persero PT | ||
6.53%, 11/15/2028 (c) | 1,680 | 1,629 |
6.76%, 11/15/2048 (a) | 200 | 164 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Indonesia — continued | ||
6.76%, 11/15/2048 (c) | 250 | 205 |
Medco Bell Pte. Ltd. 6.38%, 1/30/2027 (a) | 800 | 640 |
Medco Platinum Road Pte. Ltd. 6.75%, 1/30/2025 (a) | 2,200 | 2,097 |
Minejesa Capital BV | ||
4.63%, 8/10/2030 (c) | 824 | 625 |
5.63%, 8/10/2037 (a) | 1,200 | 774 |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 4.00%, 6/30/2050 (a) | 600 | 349 |
16,238 | ||
Ireland — 0.1% | ||
AerCap Global Aviation Trust (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (c) (f) | 1,585 | 1,446 |
AerCap Holdings NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.87%, 10/10/2079 (f) | 5,524 | 4,970 |
Bank of Ireland Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 2.03%, 9/30/2027 (c) (f) | 200 | 163 |
6,579 | ||
Israel — 0.0% ^ | ||
Energean Israel Finance Ltd. | ||
4.88%, 3/30/2026 (a) | 210 | 189 |
5.38%, 3/30/2028 (a) | 220 | 193 |
Leviathan Bond Ltd. 6.50%, 6/30/2027 (a) | 720 | 676 |
1,058 | ||
Italy — 0.1% | ||
Enel SpA (USD Swap Semi 5 Year + 5.88%), 8.75%, 9/24/2073 (c) (f) | 2,430 | 2,417 |
Telecom Italia Capital SA | ||
6.38%, 11/15/2033 | 3,907 | 3,002 |
6.00%, 9/30/2034 | 4,901 | 3,576 |
7.72%, 6/4/2038 | 1,500 | 1,193 |
UniCredit SpA | ||
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (a) (d) (e) (f) | EUR 1,200 | 1,109 |
October 31, 2022 | J.P. Morgan Funds | 55 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Italy — continued | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 1.98%, 6/3/2027 (c) (f) | 200 | 164 |
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.88%, 6/3/2027 (a) (d) (e) (f) | EUR 202 | 141 |
11,602 | ||
Japan — 0.1% | ||
Nippon Life Insurance Co. | ||
(USD Swap Semi 5 Year + 3.65%), 5.10%, 10/16/2044 (c) (f) | 2,887 | 2,764 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.65%), 2.75%, 1/21/2051 (c) (f) | 3,620 | 2,683 |
Sumitomo Life Insurance Co. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.75%), 3.38%, 4/15/2081 (c) (f) | 2,620 | 2,023 |
Takeda Pharmaceutical Co. Ltd. 2.05%, 3/31/2030 | 200 | 158 |
Toyota Industries Corp. 3.24%, 3/16/2023 (c) | 1,036 | 1,029 |
Universal Entertainment Corp. 8.50%, 12/11/2024 (c) | 824 | 752 |
9,409 | ||
Kazakhstan — 0.0% ^ | ||
KazMunayGas National Co. JSC | ||
5.75%, 4/19/2047 (a) | 1,380 | 940 |
6.38%, 10/24/2048 (a) | 1,040 | 740 |
Tengizchevroil Finance Co. International Ltd. 4.00%, 8/15/2026 (a) | 800 | 620 |
2,300 | ||
Luxembourg — 0.3% | ||
Altice Financing SA 5.75%, 8/15/2029 (b) (c) | 4,556 | 3,575 |
Altice France Holding SA | ||
10.50%, 5/15/2027 (c) | 8,469 | 6,600 |
6.00%, 2/15/2028 (b) (c) | 1,845 | 1,193 |
FAGE International SA 5.63%, 8/15/2026 (c) | 324 | 284 |
Intelsat Jackson Holdings SA 6.50%, 3/15/2030 (c) | 19,096 | 17,526 |
29,178 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Macau — 0.0% ^ | ||
Champion Path Holdings Ltd. 4.85%, 1/27/2028 (a) | 700 | 426 |
Studio City Finance Ltd. 6.00%, 7/15/2025 (a) | 1,200 | 571 |
997 | ||
Mexico — 0.1% | ||
Alfa SAB de CV 6.88%, 3/25/2044 (c) | 712 | 625 |
Cemex SAB de CV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.53%), 5.12%, 6/8/2026 (c) (d) (e) (f) | 1,052 | 863 |
Comision Federal de Electricidad 4.68%, 2/9/2051 (a) | 300 | 182 |
Petroleos Mexicanos | ||
4.63%, 9/21/2023 (b) | 350 | 341 |
4.88%, 1/18/2024 | 350 | 339 |
4.25%, 1/15/2025 | 1,020 | 944 |
6.88%, 10/16/2025 (b) | 510 | 485 |
6.88%, 8/4/2026 | 1,605 | 1,479 |
6.49%, 1/23/2027 | 470 | 411 |
5.35%, 2/12/2028 | 1,900 | 1,512 |
6.50%, 1/23/2029 | 420 | 339 |
5.95%, 1/28/2031 | 1,460 | 1,049 |
6.70%, 2/16/2032 | 1,767 | 1,328 |
5.63%, 1/23/2046 | 1,999 | 1,105 |
6.75%, 9/21/2047 | 850 | 511 |
6.35%, 2/12/2048 | 500 | 287 |
7.69%, 1/23/2050 | 2,902 | 1,871 |
6.95%, 1/28/2060 | 2,100 | 1,252 |
14,923 | ||
Morocco — 0.0% ^ | ||
OCP SA 6.88%, 4/25/2044 (a) | 430 | 336 |
Netherlands — 0.2% | ||
ABN AMRO Bank NV (EUR Swap Annual 5 Year + 4.67%), 4.37%, 9/22/2025 (a) (d) (e) (f) | EUR 6,700 | 5,889 |
Cooperatieve Rabobank UA (EUR Swap Annual 5 Year + 4.68%), 4.37%, 6/29/2027 (a) (d) (e) (f) | EUR 7,200 | 6,193 |
ING Groep NV | ||
(USD Swap Semi 5 Year + 4.45%), 6.50%, 4/16/2025 (d) (e) (f) | 600 | 546 |
56 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
Netherlands — continued | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (d) (e) (f) | 2,360 | 2,016 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 3.88%, 5/16/2027 (d) (e) (f) | 5,500 | 3,589 |
Shell International Finance BV 2.75%, 4/6/2030 | 85 | 73 |
Trivium Packaging Finance BV | ||
5.50%, 8/15/2026 (c) (h) | 2,741 | 2,521 |
8.50%, 8/15/2027 (c) (h) | 2,181 | 2,051 |
UPC Broadband Finco BV 4.88%, 7/15/2031 (c) | 691 | 580 |
VZ Secured Financing BV 5.00%, 1/15/2032 (c) | 1,586 | 1,264 |
24,722 | ||
Panama — 0.0% ^ | ||
AES Panama Generation Holdings SRL 4.38%, 5/31/2030 (c) | 960 | 755 |
Paraguay — 0.0% ^ | ||
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (c) | 393 | 243 |
Peru — 0.0% ^ | ||
Petroleos del Peru SA | ||
4.75%, 6/19/2032 (c) | 1,400 | 1,028 |
5.63%, 6/19/2047 (a) | 600 | 383 |
1,411 | ||
Philippines — 0.1% | ||
Globe Telecom, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.53%), 4.20%, 8/2/2026 (a) (d) (e) (f) | 1,700 | 1,428 |
Petron Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.77%), 4.60%, 7/19/2023 (a) (d) (e) (f) | 2,600 | 2,300 |
Rizal Commercial Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.24%), 6.50%, 8/27/2025 (a) (d) (e) (f) | 2,700 | 2,299 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Philippines — continued | ||
SMC Global Power Holdings Corp. | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.61%), 6.50%, 4/25/2024 (a) (d) (e) (f) | 1,400 | 948 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 9.20%), 7.00%, 10/21/2025 (a) (d) (e) (f) | 1,700 | 1,136 |
8,111 | ||
Singapore — 0.0% ^ | ||
BOC Aviation Ltd. 4.38%, 5/2/2023 (a) | 200 | 199 |
DBS Group Holdings Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.92%), 3.30%, 2/27/2025 (a) (d) (e) (f) | 500 | 436 |
GLP Pte. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.74%), 4.50%, 5/17/2026 (a) (d) (e) (f) | 1,400 | 560 |
1,195 | ||
South Africa — 0.0% ^ | ||
Eskom Holdings SOC Ltd. | ||
6.75%, 8/6/2023 (a) | 830 | 810 |
7.13%, 2/11/2025 (a) | 1,150 | 1,070 |
1,880 | ||
South Korea — 0.0% ^ | ||
Hana Bank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.41%), 3.50%, 10/19/2026 (c) (d) (e) (f) | 500 | 385 |
Heungkuk Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.47%), 4.48%, 11/9/2022 (a) (d) (e) (f) | 1,150 | 1,140 |
Hyundai Capital Services, Inc. 2.13%, 4/24/2025 (a) | 250 | 227 |
Hyundai Motor Manufacturing Indonesia PT 1.75%, 5/6/2026 (a) | 300 | 254 |
Kia Corp. 3.00%, 4/25/2023 (c) | 200 | 198 |
Korea Investment & Securities Co. Ltd. 1.38%, 7/19/2024 (a) | 200 | 184 |
Shinhan Bank Co. Ltd. 4.50%, 3/26/2028 (a) | 350 | 317 |
October 31, 2022 | J.P. Morgan Funds | 57 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
South Korea — continued | ||
Shinhan Card Co. Ltd. 1.38%, 10/19/2025 (a) | 600 | 524 |
SK Hynix, Inc. 1.50%, 1/19/2026 (a) | 250 | 214 |
SK Innovation Co. Ltd. 4.13%, 7/13/2023 (a) | 300 | 295 |
3,738 | ||
Spain — 0.1% | ||
Banco Bilbao Vizcaya Argentaria SA | ||
(EUR Swap Annual 5 Year + 6.04%), 6.00%, 3/29/2024 (a) (d) (e) (f) | EUR 2,000 | 1,901 |
(EUR Swap Annual 5 Year + 6.46%), 6.00%, 1/15/2026 (a) (d) (e) (f) | EUR 4,000 | 3,618 |
Banco Santander SA (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 4.75%, 11/12/2026 (d) (e) (f) | 2,200 | 1,548 |
Grifols Escrow Issuer SA 4.75%, 10/15/2028 (b) (c) | 1,634 | 1,277 |
Telefonica Emisiones SA 4.67%, 3/6/2038 | 308 | 232 |
8,576 | ||
Sweden — 0.0% ^ | ||
Svenska Handelsbanken AB (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (a) (d) (e) (f) | 3,200 | 2,464 |
Switzerland — 0.4% | ||
Cloverie plc for Zurich Insurance Co. Ltd. (ICE LIBOR USD 3 Month + 4.92%), 5.63%, 6/24/2046 (a) (f) | 2,700 | 2,514 |
Credit Suisse Group AG | ||
(USD Swap Semi 5 Year + 3.46%), 6.25%, 12/18/2024 (c) (d) (e) (f) | 9,357 | 7,860 |
(SOFR + 0.98%), 1.31%, 2/2/2027 (c) (f) | 250 | 198 |
UBS Group AG | ||
(USD Swap Semi 5 Year + 4.34%), 7.00%, 1/31/2024 (c) (d) (e) (f) | 7,874 | 7,616 |
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (a) (d) (e) (f) | 8,000 | 7,740 |
(USD Swap Semi 5 Year + 4.59%), 6.87%, 8/7/2025 (a) (d) (e) (f) | 5,180 | 4,909 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Switzerland — continued | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.86%), 5.12%, 7/29/2026 (a) (d) (e) (f) | 1,577 | 1,366 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.40%), 4.88%, 2/12/2027 (c) (d) (e) (f) | 5,225 | 4,170 |
36,373 | ||
Thailand — 0.1% | ||
Bangkok Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.73%), 5.00%, 9/23/2025 (a) (d) (e) (f) | 2,200 | 1,938 |
Krung Thai Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.53%), 4.40%, 3/25/2026 (a) (d) (e) (f) | 2,700 | 2,151 |
Thaioil Treasury Center Co. Ltd. | ||
4.88%, 1/23/2043 (a) | 500 | 364 |
3.50%, 10/17/2049 (a) | 300 | 146 |
TMBThanachart Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.26%), 4.90%, 12/2/2024 (a) (d) (e) (f) | 200 | 174 |
4,773 | ||
United Arab Emirates — 0.0% ^ | ||
Telford Offshore Ltd. 12.00% (PIK), 12/31/2164 (d) (e) (g) | 1,550 | 1 |
United Kingdom — 0.7% | ||
180 Medical, Inc. 3.88%, 10/15/2029 (c) | 2,570 | 2,172 |
Ashtead Capital, Inc. | ||
4.38%, 8/15/2027 (c) | 300 | 271 |
5.50%, 8/11/2032 (c) | 2,568 | 2,321 |
Barclays plc | ||
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 6.37%, 12/15/2025 (a) (d) (e) (f) | GBP 400 | 405 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.43%), 8.00%, 3/15/2029 (d) (e) (f) | 2,796 | 2,505 |
BAT Capital Corp. 4.39%, 8/15/2037 | 232 | 168 |
58 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United Kingdom — continued | ||
BP Capital Markets plc | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.04%), 4.38%, 6/22/2025 (d) (e) (f) | 2,786 | 2,615 |
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.17%), 4.25%, 3/22/2027 (a) (d) (e) (f) | GBP 2,300 | 2,295 |
(EUR Swap Annual 5 Year + 4.12%), 3.63%, 3/22/2029 (a) (d) (e) (f) | EUR 7,400 | 6,255 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (d) (e) (f) | 12,464 | 10,520 |
HSBC Holdings plc | ||
(USD ICE Swap Rate 5 Year + 3.61%), 6.50%, 3/23/2028 (d) (e) (f) | 5,250 | 4,262 |
(EUR Swap Annual 5 Year + 3.84%), 4.75%, 7/4/2029 (a) (d) (e) (f) | EUR 330 | 258 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (d) (e) (f) | 3,820 | 2,520 |
INEOS Quattro Finance 2 plc 3.38%, 1/15/2026 (c) | 1,685 | 1,425 |
Ithaca Energy North Sea plc 9.00%, 7/15/2026 (c) | 636 | 628 |
Jaguar Land Rover Automotive plc 5.88%, 1/15/2028 (c) | 1,416 | 1,047 |
Marks & Spencer plc 7.13%, 12/1/2037 (c) | 206 | 177 |
Nationwide Building Society | ||
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.39%), 5.87%, 12/20/2024 (a) (d) (e) (f) | GBP 200 | 206 |
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027 (a) (d) (e) (f) | GBP 4,470 | 4,280 |
NatWest Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (d) (e) (f) | 2,641 | 2,350 |
Rolls-Royce plc 5.75%, 10/15/2027 (c) | 2,232 | 2,020 |
Standard Chartered plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.98%), 7.75%, 8/15/2027 (c) (d) (e) (f) | 3,525 | 3,221 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United Kingdom — continued | ||
Virgin Media Finance plc 5.00%, 7/15/2030 (c) | 435 | 349 |
Virgin Media Secured Finance plc 5.50%, 5/15/2029 (c) | 6,525 | 5,929 |
Vodafone Group plc | ||
5.00%, 5/30/2038 | 188 | 160 |
(USD Swap Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (f) | 3,638 | 3,456 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.12%, 6/4/2081 (f) | 7,100 | 5,036 |
66,851 | ||
United States — 27.9% | ||
7-Eleven, Inc. 1.80%, 2/10/2031 (c) | 174 | 128 |
AbbVie, Inc. | ||
3.20%, 11/21/2029 | 457 | 399 |
4.05%, 11/21/2039 | 166 | 134 |
Acadia Healthcare Co., Inc. | ||
5.50%, 7/1/2028 (c) | 3,189 | 2,959 |
5.00%, 4/15/2029 (c) | 2,490 | 2,247 |
ACCO Brands Corp. 4.25%, 3/15/2029 (b) (c) | 5,180 | 4,116 |
ACI Worldwide, Inc. 5.75%, 8/15/2026 (c) | 4,030 | 3,829 |
Activision Blizzard, Inc. 1.35%, 9/15/2030 | 292 | 221 |
Adient Global Holdings Ltd. 4.88%, 8/15/2026 (c) | 1,876 | 1,679 |
ADT Security Corp. (The) | ||
4.13%, 8/1/2029 (c) | 4,300 | 3,687 |
4.88%, 7/15/2032 (c) | 6,428 | 5,469 |
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (c) | 1,137 | 1,038 |
Advanced Drainage Systems, Inc. | ||
5.00%, 9/30/2027 (c) | 515 | 478 |
6.38%, 6/15/2030 (c) | 629 | 608 |
Advanced Micro Devices, Inc. 3.92%, 6/1/2032 | 60 | 54 |
Aetna, Inc. 3.88%, 8/15/2047 | 257 | 185 |
Air Lease Corp. 3.75%, 6/1/2026 | 70 | 63 |
Albertsons Cos., Inc. | ||
3.25%, 3/15/2026 (c) | 4,540 | 4,074 |
7.50%, 3/15/2026 (c) | 2,170 | 2,224 |
4.63%, 1/15/2027 (c) | 8,552 | 7,925 |
5.88%, 2/15/2028 (c) | 3,316 | 3,100 |
3.50%, 3/15/2029 (c) | 8,083 | 6,689 |
October 31, 2022 | J.P. Morgan Funds | 59 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
4.88%, 2/15/2030 (c) | 884 | 785 |
Alcoa Nederland Holding BV 5.50%, 12/15/2027 (c) | 7,080 | 6,586 |
Alexandria Real Estate Equities, Inc. | �� | |
2.75%, 12/15/2029 | 80 | 65 |
2.95%, 3/15/2034 | 30 | 23 |
Alliance Resource Operating Partners LP 7.50%, 5/1/2025 (c) | 407 | 399 |
Allied Universal Holdco LLC | ||
6.63%, 7/15/2026 (c) | 1,996 | 1,906 |
9.75%, 7/15/2027 (c) | 907 | 789 |
4.63%, 6/1/2028 (c) | 3,840 | 3,182 |
Allison Transmission, Inc. | ||
4.75%, 10/1/2027 (c) | 3,367 | 3,100 |
5.88%, 6/1/2029 (b) (c) | 7,583 | 7,071 |
3.75%, 1/30/2031 (c) | 4,545 | 3,626 |
Ally Financial, Inc. | ||
5.75%, 11/20/2025 | 4,161 | 4,003 |
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 3.48%), 4.70%, 5/15/2028 (d) (e) (f) | 6,324 | 4,253 |
Altria Group, Inc. | ||
4.80%, 2/14/2029 | 83 | 76 |
3.40%, 2/4/2041 | 85 | 52 |
AMC Entertainment Holdings, Inc. 10.00% (Cash), 6/15/2026 (b) (c) (g) | 2,941 | 1,558 |
AMC Networks, Inc. | ||
4.75%, 8/1/2025 | 831 | 759 |
4.25%, 2/15/2029 | 257 | 199 |
Ameren Corp. 3.50%, 1/15/2031 | 140 | 119 |
American Airlines, Inc. | ||
5.50%, 4/20/2026 (c) | 6,867 | 6,540 |
5.75%, 4/20/2029 (c) | 6,285 | 5,719 |
American Axle & Manufacturing, Inc. | ||
6.25%, 3/15/2026 | 3,979 | 3,778 |
6.50%, 4/1/2027 (b) | 7,005 | 6,445 |
6.88%, 7/1/2028 | 1,349 | 1,246 |
5.00%, 10/1/2029 (b) | 2,629 | 2,134 |
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (c) | 4,195 | 3,702 |
American Electric Power Co., Inc. | ||
5.75%, 11/1/2027 | 30 | 30 |
5.95%, 11/1/2032 | 40 | 40 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 3.88%, 2/15/2062 (f) | 5,173 | 3,972 |
American Honda Finance Corp. (ICE LIBOR USD 3 Month + 0.47%), 3.39%, 11/16/2022 (f) | 28 | 28 |
American International Group, Inc. Series A-9, (ICE LIBOR USD 3 Month + 2.87%), 5.75%, 4/1/2048 (f) | 1,908 | 1,705 |
American Tower Corp. | ||
1.45%, 9/15/2026 | 100 | 84 |
1.50%, 1/31/2028 | 337 | 267 |
2.10%, 6/15/2030 | 125 | 95 |
American Transmission Systems, Inc. 2.65%, 1/15/2032 (c) | 20 | 16 |
AmeriGas Partners LP | ||
5.63%, 5/20/2024 | 1,119 | 1,093 |
5.50%, 5/20/2025 | 5,898 | 5,649 |
5.88%, 8/20/2026 | 2,714 | 2,539 |
5.75%, 5/20/2027 | 1,482 | 1,367 |
Amgen, Inc. 2.00%, 1/15/2032 | 298 | 227 |
Amkor Technology, Inc. 6.63%, 9/15/2027 (c) | 4,441 | 4,384 |
AMN Healthcare, Inc. 4.63%, 10/1/2027 (c) | 858 | 803 |
ANGI Group LLC 3.88%, 8/15/2028 (b) (c) | 528 | 387 |
Antero Midstream Partners LP | ||
7.88%, 5/15/2026 (c) | 4,139 | 4,222 |
5.75%, 3/1/2027 (c) | 490 | 467 |
5.75%, 1/15/2028 (c) | 3,115 | 2,935 |
5.38%, 6/15/2029 (c) | 4,467 | 4,075 |
Antero Resources Corp. | ||
8.38%, 7/15/2026 (c) | 2,242 | 2,374 |
7.63%, 2/1/2029 (c) | 739 | 754 |
5.38%, 3/1/2030 (b) (c) | 1,447 | 1,338 |
APi Group DE, Inc. | ||
4.13%, 7/15/2029 (c) | 2,586 | 2,074 |
4.75%, 10/15/2029 (c) | 2,037 | 1,717 |
Aramark Services, Inc. 5.00%, 2/1/2028 (b) (c) | 7,840 | 7,143 |
Arches Buyer, Inc. | ||
4.25%, 6/1/2028 (c) | 1,780 | 1,460 |
6.13%, 12/1/2028 (b) (c) | 634 | 489 |
60 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Archrock Partners LP | ||
6.88%, 4/1/2027 (c) | 1,327 | 1,264 |
6.25%, 4/1/2028 (c) | 2,420 | 2,250 |
Arconic Corp. | ||
6.00%, 5/15/2025 (c) | 2,269 | 2,247 |
6.13%, 2/15/2028 (c) | 7,067 | 6,624 |
Arcosa, Inc. 4.38%, 4/15/2029 (c) | 408 | 352 |
Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (c) | 1,737 | 1,667 |
Ardagh Packaging Finance plc | ||
4.13%, 8/15/2026 (c) | 1,385 | 1,191 |
5.25%, 8/15/2027 (c) | 5,299 | 3,723 |
5.25%, 8/15/2027 (b) (c) | 7,346 | 5,161 |
Asbury Automotive Group, Inc. | ||
4.50%, 3/1/2028 | 412 | 357 |
4.63%, 11/15/2029 (c) | 5,604 | 4,609 |
4.75%, 3/1/2030 | 385 | 315 |
5.00%, 2/15/2032 (c) | 1,243 | 1,002 |
ASGN, Inc. 4.63%, 5/15/2028 (c) | 638 | 567 |
AT&T, Inc. | ||
Series B, (EURIBOR ICE Swap Rate 5 Year + 3.14%), 2.87%, 3/2/2025 (d) (e) (f) | EUR 700 | 617 |
2.25%, 2/1/2032 | 408 | 307 |
3.50%, 6/1/2041 | 124 | 88 |
ATI, Inc. | ||
5.88%, 12/1/2027 (b) | 1,861 | 1,692 |
4.88%, 10/1/2029 | 1,655 | 1,392 |
5.13%, 10/1/2031 | 1,240 | 1,022 |
Audacy Capital Corp. 6.50%, 5/1/2027 (c) | 4,439 | 1,310 |
Avantor Funding, Inc. 4.63%, 7/15/2028 (c) | 6,866 | 6,205 |
Aviation Capital Group LLC 1.95%, 9/20/2026 (c) | 210 | 169 |
Avient Corp. 7.13%, 8/1/2030 (c) | 1,290 | 1,234 |
Avis Budget Car Rental LLC | ||
5.75%, 7/15/2027 (b) (c) | 2,503 | 2,303 |
5.75%, 7/15/2027 (c) | 2,855 | 2,603 |
4.75%, 4/1/2028 (b) (c) | 6,475 | 5,688 |
5.38%, 3/1/2029 (b) (c) | 2,711 | 2,348 |
Axalta Coating Systems LLC | ||
4.75%, 6/15/2027 (b) (c) | 4,423 | 4,030 |
3.38%, 2/15/2029 (b) (c) | 4,790 | 3,937 |
B&G Foods, Inc. 5.25%, 4/1/2025 | 5,294 | 4,811 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Baker Hughes Holdings LLC 3.14%, 11/7/2029 | 165 | 140 |
Bank of America Corp. | ||
Series X, (ICE LIBOR USD 3 Month + 3.71%), 6.25%, 9/5/2024 (d) (e) (f) | 10,702 | 10,418 |
Series Z, (ICE LIBOR USD 3 Month + 4.17%), 6.50%, 10/23/2024 (d) (e) (f) | 7,182 | 7,128 |
Series AA, (ICE LIBOR USD 3 Month + 3.90%), 6.10%, 3/17/2025 (d) (e) (f) | 5,053 | 4,876 |
Series DD, (ICE LIBOR USD 3 Month + 4.55%), 6.30%, 3/10/2026 (d) (e) (f) | 12,105 | 11,803 |
Series RR, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.76%), 4.38%, 1/27/2027 (d) (e) (f) | 1,305 | 1,047 |
Series TT, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.13%, 4/27/2027 (d) (e) (f) | 4,375 | 4,134 |
(SOFR + 0.96%), 1.73%, 7/22/2027 (f) | 778 | 665 |
Series FF, (ICE LIBOR USD 3 Month + 2.93%), 5.87%, 3/15/2028 (d) (e) (f) | 9,756 | 8,397 |
(SOFR + 1.21%), 2.57%, 10/20/2032 (f) | 320 | 241 |
Bank of New York Mellon Corp. (The) | ||
Series F, (ICE LIBOR USD 3 Month + 3.13%), 4.62%, 9/20/2026 (d) (e) (f) | 11,157 | 9,635 |
(SOFRINDX + 2.07%), 5.83%, 10/25/2033 (f) | 101 | 101 |
Bath & Body Works, Inc. | ||
9.38%, 7/1/2025 (c) | 148 | 154 |
7.50%, 6/15/2029 (b) | 765 | 725 |
6.88%, 11/1/2035 | 932 | 783 |
6.75%, 7/1/2036 | 2,350 | 1,942 |
Bausch Health Americas, Inc. | ||
9.25%, 4/1/2026 (c) | 4,876 | 2,819 |
8.50%, 1/31/2027 (c) | 5,791 | 2,508 |
Bausch Health Cos., Inc. | ||
5.50%, 11/1/2025 (c) | 13,156 | 10,511 |
9.00%, 12/15/2025 (c) | 23,732 | 15,260 |
October 31, 2022 | J.P. Morgan Funds | 61 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
5.75%, 8/15/2027 (c) | 965 | 610 |
5.00%, 1/30/2028 (c) | 2,375 | 921 |
4.88%, 6/1/2028 (c) | 5,057 | 3,097 |
5.00%, 2/15/2029 (c) | 4,668 | 1,822 |
6.25%, 2/15/2029 (c) | 2,065 | 805 |
5.25%, 1/30/2030 (c) | 8,398 | 3,254 |
5.25%, 2/15/2031 (c) | 3,262 | 1,280 |
Becton Dickinson and Co. 2.82%, 5/20/2030 | 356 | 297 |
Berry Global, Inc. 4.88%, 7/15/2026 (c) | 6,914 | 6,496 |
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (c) | 407 | 364 |
Big River Steel LLC 6.63%, 1/31/2029 (c) | 1,672 | 1,572 |
Biogen, Inc. 2.25%, 5/1/2030 | 107 | 84 |
Black Knight InfoServ LLC 3.63%, 9/1/2028 (c) | 1,892 | 1,639 |
Block, Inc. 3.50%, 6/1/2031 (b) | 1,606 | 1,293 |
Blue Racer Midstream LLC | ||
7.63%, 12/15/2025 (c) | 1,522 | 1,503 |
6.63%, 7/15/2026 (c) | 1,510 | 1,435 |
BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (c) | 308 | 251 |
Boise Cascade Co. 4.88%, 7/1/2030 (c) | 852 | 713 |
Booz Allen Hamilton, Inc. | ||
3.88%, 9/1/2028 (c) | 2,882 | 2,539 |
4.00%, 7/1/2029 (c) | 3,401 | 2,973 |
Boston Properties LP, REIT 2.45%, 10/1/2033 | 160 | 110 |
Boyd Gaming Corp. 4.75%, 6/15/2031 (b) (c) | 289 | 244 |
Boyne USA, Inc. 4.75%, 5/15/2029 (c) | 3,600 | 3,150 |
BP Capital Markets America, Inc. 3.63%, 4/6/2030 | 176 | 157 |
Brightsphere Investment Group, Inc. 4.80%, 7/27/2026 | 289 | 259 |
Brink's Co. (The) | ||
5.50%, 7/15/2025 (c) | 1,890 | 1,839 |
4.63%, 10/15/2027 (c) | 5,525 | 5,109 |
Bristol-Myers Squibb Co. 2.35%, 11/13/2040 | 70 | 46 |
Broadcom, Inc. 4.30%, 11/15/2032 | 145 | 122 |
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (c) | 282 | 255 |
Buckeye Partners LP | ||
4.13%, 3/1/2025 (c) | 3,620 | 3,412 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
3.95%, 12/1/2026 | 200 | 175 |
4.13%, 12/1/2027 | 2,207 | 1,917 |
4.50%, 3/1/2028 (c) | 4,360 | 3,782 |
Builders FirstSource, Inc. | ||
5.00%, 3/1/2030 (c) | 1,680 | 1,443 |
4.25%, 2/1/2032 (c) | 3,153 | 2,523 |
6.38%, 6/15/2032 (c) | 3,468 | 3,190 |
Burlington Northern Santa Fe LLC 3.30%, 9/15/2051 | 35 | 24 |
BWX Technologies, Inc. | ||
4.13%, 6/30/2028 (c) | 2,674 | 2,340 |
4.13%, 4/15/2029 (c) | 4,624 | 3,998 |
Cable One, Inc. 4.00%, 11/15/2030 (c) | 1,284 | 1,045 |
Caesars Entertainment, Inc. | ||
6.25%, 7/1/2025 (c) | 2,214 | 2,160 |
4.63%, 10/15/2029 (b) (c) | 2,530 | 2,024 |
Caesars Resort Collection LLC 5.75%, 7/1/2025 (c) | 855 | 835 |
California Resources Corp. 7.13%, 2/1/2026 (c) | 5,085 | 4,987 |
Calpine Corp. | ||
5.25%, 6/1/2026 (c) | 2,480 | 2,353 |
4.63%, 2/1/2029 (c) | 1,122 | 943 |
5.00%, 2/1/2031 (c) | 1,402 | 1,185 |
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (d) (e) (f) | 7,699 | 5,759 |
Carnival Corp. | ||
10.50%, 2/1/2026 (c) | 742 | 727 |
5.75%, 3/1/2027 (c) | 4,524 | 3,135 |
4.00%, 8/1/2028 (c) | 3,156 | 2,543 |
6.00%, 5/1/2029 (c) | 1,073 | 712 |
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (c) | 2,114 | 2,141 |
Carpenter Technology Corp. | ||
6.38%, 7/15/2028 | 1,466 | 1,354 |
7.63%, 3/15/2030 | 870 | 850 |
Cars.com, Inc. 6.38%, 11/1/2028 (c) | 407 | 353 |
Catalent Pharma Solutions, Inc. | ||
5.00%, 7/15/2027 (c) | 2,038 | 1,916 |
3.13%, 2/15/2029 (c) | 940 | 769 |
CCO Holdings LLC | ||
5.13%, 5/1/2027 (c) | 38,405 | 35,581 |
5.00%, 2/1/2028 (c) | 22,412 | 20,283 |
62 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
5.38%, 6/1/2029 (b) (c) | 7,816 | 6,983 |
4.75%, 3/1/2030 (c) | 16,246 | 13,653 |
4.50%, 8/15/2030 (c) | 6,415 | 5,206 |
4.25%, 2/1/2031 (c) | 13,471 | 10,642 |
4.75%, 2/1/2032 (c) | 1,610 | 1,288 |
4.25%, 1/15/2034 (c) | 5,030 | 3,697 |
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (c) | 4,976 | 4,730 |
CDW LLC | ||
5.50%, 12/1/2024 | 224 | 222 |
4.25%, 4/1/2028 | 7,836 | 6,905 |
3.25%, 2/15/2029 | 1,372 | 1,122 |
Cedar Fair LP | ||
5.50%, 5/1/2025 (c) | 1,455 | 1,444 |
5.25%, 7/15/2029 | 1,700 | 1,496 |
Cengage Learning, Inc. 9.50%, 6/15/2024 (b) (c) | 1,045 | 988 |
Centene Corp. | ||
4.25%, 12/15/2027 | 8,894 | 8,205 |
4.63%, 12/15/2029 (b) | 19,757 | 17,880 |
3.38%, 2/15/2030 | 5,040 | 4,187 |
CenterPoint Energy Resources Corp. (ICE LIBOR USD 3 Month + 0.50%), 3.60%, 3/2/2023 (f) | 50 | 50 |
CenterPoint Energy, Inc. (ICE LIBOR USD 3 Month + 3.27%), 6.13%, 9/1/2023 (d) (e) (f) | 5,558 | 5,220 |
Central Garden & Pet Co. | ||
5.13%, 2/1/2028 | 6,555 | 5,997 |
4.13%, 10/15/2030 | 3,294 | 2,723 |
Charles Schwab Corp. (The) | ||
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (d) (e) (f) | 8,296 | 8,099 |
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (d) (e) (f) | 17,688 | 13,138 |
Chemours Co. (The) 5.75%, 11/15/2028 (c) | 8,862 | 7,528 |
Cheniere Energy Partners LP | ||
4.50%, 10/1/2029 | 4,325 | 3,819 |
4.00%, 3/1/2031 | 2,666 | 2,248 |
3.25%, 1/31/2032 | 2,253 | 1,753 |
Cheniere Energy, Inc. 4.63%, 10/15/2028 | 6,630 | 6,116 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Chesapeake Energy Corp. | ||
5.50%, 2/1/2026 (c) | 1,354 | 1,312 |
5.88%, 2/1/2029 (c) | 575 | 543 |
6.75%, 4/15/2029 (c) | 8,459 | 8,285 |
Chevron Corp. 2.24%, 5/11/2030 | 80 | 66 |
Chord Energy Corp. 6.38%, 6/1/2026 (c) | 2,095 | 2,047 |
Chubb INA Holdings, Inc. 2.88%, 11/3/2022 | 52 | 52 |
Churchill Downs, Inc. 4.75%, 1/15/2028 (c) | 455 | 402 |
Ciena Corp. 4.00%, 1/31/2030 (c) | 4,011 | 3,389 |
Cigna Corp. 4.38%, 10/15/2028 | 387 | 364 |
Cinemark USA, Inc. | ||
8.75%, 5/1/2025 (c) | 1,000 | 1,003 |
5.25%, 7/15/2028 (b) (c) | 2,165 | 1,644 |
Citigroup, Inc. | ||
(ICE LIBOR USD 3 Month + 4.07%), 5.95%, 1/30/2023 (b) (d) (e) (f) | 1,045 | 1,038 |
Series M, (ICE LIBOR USD 3 Month + 3.42%), 6.30%, 5/15/2024 (d) (e) (f) | 15,157 | 14,134 |
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (d) (e) (f) | 12,905 | 11,482 |
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (d) (e) (f) | 2,596 | 2,083 |
Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (d) (e) (f) | 7,163 | 6,484 |
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (d) (e) (f) | 7,619 | 6,427 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (d) (e) (f) | 8,855 | 7,270 |
Series T, (ICE LIBOR USD 3 Month + 4.52%), 6.25%, 8/15/2026 (b) (d) (e) (f) | 9,744 | 9,404 |
(SOFR + 0.77%), 1.46%, 6/9/2027 (f) | 815 | 690 |
(SOFR + 1.18%), 2.52%, 11/3/2032 (f) | 55 | 41 |
Citizens Bank NA (ICE LIBOR USD 3 Month + 0.95%), 4.59%, 3/29/2023 (f) | 250 | 250 |
October 31, 2022 | J.P. Morgan Funds | 63 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Citizens Financial Group, Inc. | ||
Series B, (ICE LIBOR USD 3 Month + 3.00%), 6.00%, 7/6/2023 (d) (e) (f) | 3,001 | 2,753 |
Series C, (ICE LIBOR USD 3 Month + 3.16%), 6.37%, 4/6/2024 (d) (e) (f) | 5,409 | 4,932 |
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.00%, 10/6/2026 (d) (e) (f) | 6,650 | 5,260 |
Civitas Resources, Inc. 5.00%, 10/15/2026 (c) | 407 | 375 |
Clarios Global LP | ||
6.75%, 5/15/2025 (c) | 1,595 | 1,596 |
6.25%, 5/15/2026 (c) | 3,670 | 3,551 |
8.50%, 5/15/2027 (b) (c) | 2,723 | 2,669 |
Clarivate Science Holdings Corp. | ||
3.88%, 7/1/2028 (c) | 2,626 | 2,252 |
4.88%, 7/1/2029 (c) | 2,958 | 2,466 |
Clear Channel Outdoor Holdings, Inc. | ||
5.13%, 8/15/2027 (c) | 10,523 | 9,471 |
7.75%, 4/15/2028 (b) (c) | 4,901 | 3,999 |
7.50%, 6/1/2029 (c) | 7,992 | 6,282 |
Cleveland-Cliffs, Inc. | ||
4.63%, 3/1/2029 (b) (c) | 3,643 | 3,137 |
4.88%, 3/1/2031 (b) (c) | 1,772 | 1,497 |
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (f) | 4,749 | 3,938 |
CNX Midstream Partners LP 4.75%, 4/15/2030 (c) | 828 | 681 |
CNX Resources Corp. | ||
6.00%, 1/15/2029 (c) | 1,670 | 1,559 |
7.38%, 1/15/2031 (b) (c) | 2,096 | 2,081 |
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (c) | 1,140 | 1,029 |
Coherent Corp. 5.00%, 12/15/2029 (c) | 6,119 | 5,249 |
Coinbase Global, Inc. | ||
3.38%, 10/1/2028 (b) (c) | 1,842 | 1,204 |
3.63%, 10/1/2031 (b) (c) | 1,395 | 826 |
Comcast Corp. | ||
4.15%, 10/15/2028 | 205 | 192 |
2.65%, 2/1/2030 | 240 | 201 |
5.50%, 11/15/2032 | 60 | 60 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
CommScope Technologies LLC | ||
6.00%, 6/15/2025 (c) | 7,185 | 6,700 |
5.00%, 3/15/2027 (c) | 675 | 546 |
CommScope, Inc. | ||
6.00%, 3/1/2026 (c) | 9,090 | 8,768 |
8.25%, 3/1/2027 (c) | 11,890 | 10,556 |
4.75%, 9/1/2029 (c) | 4,740 | 4,009 |
Community Health Systems, Inc. | ||
8.00%, 3/15/2026 (c) | 8,492 | 7,324 |
5.63%, 3/15/2027 (c) | 2,488 | 1,983 |
6.00%, 1/15/2029 (c) | 2,684 | 1,992 |
5.25%, 5/15/2030 (c) | 4,513 | 3,125 |
4.75%, 2/15/2031 (c) | 2,715 | 1,819 |
Compass Group Diversified Holdings LLC 5.25%, 4/15/2029 (c) | 1,264 | 1,087 |
Comstock Resources, Inc. | ||
6.75%, 3/1/2029 (c) | 8,271 | 7,919 |
5.88%, 1/15/2030 (c) | 2,512 | 2,267 |
Conduent Business Services LLC 6.00%, 11/1/2029 (c) | 4,650 | 3,813 |
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (c) | 844 | 745 |
Constellation Brands, Inc. 2.25%, 8/1/2031 | 333 | 255 |
Cooper-Standard Automotive, Inc. | ||
13.00%, 6/1/2024 (c) | 6,658 | 6,818 |
5.63%, 11/15/2026 (c) | 7,311 | 2,770 |
Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.87%, 12/15/2052 (c) (f) | 4,646 | 4,188 |
CoreCivic, Inc. 8.25%, 4/15/2026 (b) | 4,488 | 4,554 |
CoreLogic, Inc. 4.50%, 5/1/2028 (b) (c) | 430 | 289 |
Coty, Inc. | ||
5.00%, 4/15/2026 (c) | 4,278 | 4,012 |
6.50%, 4/15/2026 (b) (c) | 960 | 914 |
4.75%, 1/15/2029 (c) | 2,340 | 2,032 |
Cox Communications, Inc. 4.80%, 2/1/2035 (c) | 190 | 164 |
CQP Holdco LP 5.50%, 6/15/2031 (c) | 1,052 | 934 |
Crestwood Midstream Partners LP | ||
5.75%, 4/1/2025 | 5,514 | 5,376 |
5.63%, 5/1/2027 (c) | 2,355 | 2,215 |
8.00%, 4/1/2029 (c) | 4,797 | 4,797 |
Crown Americas LLC 4.75%, 2/1/2026 | 681 | 652 |
64 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Crown Castle, Inc. | ||
3.65%, 9/1/2027 | 250 | 226 |
2.10%, 4/1/2031 | 170 | 127 |
CSC Holdings LLC | ||
5.25%, 6/1/2024 (b) | 1,349 | 1,309 |
5.50%, 4/15/2027 (c) | 2,990 | 2,803 |
5.38%, 2/1/2028 (c) | 2,010 | 1,854 |
7.50%, 4/1/2028 (c) | 2,860 | 2,478 |
6.50%, 2/1/2029 (c) | 8,969 | 8,453 |
5.75%, 1/15/2030 (c) | 2,512 | 1,922 |
4.50%, 11/15/2031 (c) | 4,903 | 3,813 |
CSX Corp. | ||
2.40%, 2/15/2030 | 75 | 61 |
4.10%, 11/15/2032 | 72 | 65 |
CTR Partnership LP, REIT 3.88%, 6/30/2028 (c) | 561 | 473 |
CVR Partners LP 6.13%, 6/15/2028 (c) | 3,296 | 2,982 |
CVS Health Corp. | ||
3.25%, 8/15/2029 | 85 | 74 |
2.13%, 9/15/2031 | 174 | 133 |
4.78%, 3/25/2038 | 255 | 221 |
5.30%, 12/5/2043 | 86 | 76 |
Dana, Inc. | ||
5.38%, 11/15/2027 | 895 | 810 |
5.63%, 6/15/2028 | 3,421 | 3,096 |
DaVita, Inc. | ||
4.63%, 6/1/2030 (c) | 9,815 | 7,652 |
3.75%, 2/15/2031 (c) | 6,576 | 4,755 |
DCP Midstream Operating LP | ||
3.88%, 3/15/2023 | 2,613 | 2,597 |
5.38%, 7/15/2025 | 1,278 | 1,250 |
5.63%, 7/15/2027 | 2,481 | 2,409 |
6.75%, 9/15/2037 (c) | 1,740 | 1,680 |
Delek Logistics Partners LP 7.13%, 6/1/2028 (c) | 647 | 579 |
Dell International LLC 4.90%, 10/1/2026 | 65 | 62 |
Deluxe Corp. 8.00%, 6/1/2029 (c) | 1,285 | 1,071 |
Diamond Sports Group LLC 5.38%, 8/15/2026 (b) (c) | 5,398 | 1,080 |
Directv Financing LLC 5.88%, 8/15/2027 (c) | 4,658 | 4,195 |
Discovery Communications LLC 3.63%, 5/15/2030 | 190 | 153 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
DISH DBS Corp. | ||
5.00%, 3/15/2023 | 12,758 | 12,616 |
5.88%, 11/15/2024 | 30,567 | 28,177 |
7.75%, 7/1/2026 | 12,076 | 10,190 |
5.25%, 12/1/2026 (c) | 14,585 | 12,671 |
7.38%, 7/1/2028 | 573 | 434 |
5.75%, 12/1/2028 (c) | 2,915 | 2,350 |
5.13%, 6/1/2029 | 750 | 504 |
Dominion Energy, Inc. | ||
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (d) (e) (f) | 3,636 | 3,147 |
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (d) (e) (f) | 5,175 | 4,281 |
Series C, 2.25%, 8/15/2031 | 54 | 42 |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (c) | 3,736 | 2,544 |
DT Midstream, Inc. | ||
4.13%, 6/15/2029 (c) | 4,725 | 4,085 |
4.38%, 6/15/2031 (c) | 1,677 | 1,413 |
Duke Energy Corp. | ||
3.75%, 9/1/2046 | 112 | 77 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (f) | 5,838 | 4,087 |
Dun & Bradstreet Corp. (The) 5.00%, 12/15/2029 (c) | 1,250 | 1,060 |
Dycom Industries, Inc. 4.50%, 4/15/2029 (c) | 6,325 | 5,516 |
Edgewell Personal Care Co. | ||
5.50%, 6/1/2028 (c) | 1,815 | 1,707 |
4.13%, 4/1/2029 (c) | 3,762 | 3,213 |
Edison International Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (d) (e) (f) | 4,195 | 3,398 |
Elanco Animal Health, Inc. 6.40%, 8/28/2028 (h) | 575 | 514 |
Element Solutions, Inc. 3.88%, 9/1/2028 (c) | 696 | 592 |
Elevance Health, Inc. | ||
2.88%, 9/15/2029 | 190 | 161 |
6.10%, 10/15/2052 (i) | 20 | 20 |
October 31, 2022 | J.P. Morgan Funds | 65 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Embarq Corp. 8.00%, 6/1/2036 | 5,823 | 2,342 |
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (c) | 5,114 | 3,066 |
Enact Holdings, Inc. 6.50%, 8/15/2025 (c) | 1,047 | 1,031 |
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (c) | 5,594 | 5,241 |
Encompass Health Corp. | ||
5.75%, 9/15/2025 | 4,690 | 4,647 |
4.50%, 2/1/2028 | 5,695 | 5,096 |
4.75%, 2/1/2030 | 2,675 | 2,280 |
4.63%, 4/1/2031 | 3,400 | 2,805 |
Endo Dac | ||
5.88%, 10/15/2024 (c) (h) | 925 | 731 |
9.50%, 7/31/2027 (b) (c) (j) | 3,857 | 444 |
6.00%, 6/30/2028 (c) (j) | 2,563 | 115 |
Endo Luxembourg Finance Co. I Sarl 6.13%, 4/1/2029 (c) (h) | 2,045 | 1,545 |
Energizer Holdings, Inc. | ||
6.50%, 12/31/2027 (c) | 1,978 | 1,810 |
4.75%, 6/15/2028 (c) | 4,970 | 4,127 |
4.38%, 3/31/2029 (c) | 8,026 | 6,426 |
Energy Transfer LP | ||
Series A, (ICE LIBOR USD 3 Month + 4.03%), 6.25%, 2/15/2023 (d) (e) (f) | 3,996 | 3,324 |
4.20%, 4/15/2027 | 115 | 106 |
Series B, (ICE LIBOR USD 3 Month + 4.16%), 6.63%, 2/15/2028 (d) (e) (f) | 6,694 | 4,795 |
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 7.13%, 5/15/2030 (d) (e) (f) | 4,455 | 3,695 |
EnLink Midstream LLC | ||
5.38%, 6/1/2029 | 803 | 741 |
6.50%, 9/1/2030 (c) | 1,323 | 1,300 |
EnLink Midstream Partners LP | ||
Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (d) (e) (f) | 210 | 162 |
4.15%, 6/1/2025 | 636 | 599 |
4.85%, 7/15/2026 | 2,940 | 2,771 |
5.60%, 4/1/2044 | 522 | 407 |
Enova International, Inc. | ||
8.50%, 9/1/2024 (c) | 135 | 126 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
8.50%, 9/15/2025 (c) | 500 | 449 |
Entegris Escrow Corp. | ||
4.75%, 4/15/2029 (c) | 4,993 | 4,412 |
5.95%, 6/15/2030 (c) | 4,290 | 3,915 |
Entegris, Inc. | ||
4.38%, 4/15/2028 (c) | 2,091 | 1,839 |
3.63%, 5/1/2029 (c) | 2,929 | 2,390 |
Entergy Texas, Inc. | ||
1.75%, 3/15/2031 | 200 | 149 |
5.00%, 9/15/2052 | 20 | 17 |
Enterprise Products Operating LLC Series E, (ICE LIBOR USD 3 Month + 3.03%), 5.25%, 8/16/2077 (f) | 4,380 | 3,424 |
Envision Healthcare Corp. 8.75%, 10/15/2026 (c) | 7,419 | 2,226 |
EOG Resources, Inc. 5.10%, 1/15/2036 | 180 | 164 |
EQM Midstream Partners LP | ||
6.00%, 7/1/2025 (c) | 797 | 772 |
4.13%, 12/1/2026 | 2,175 | 1,922 |
7.50%, 6/1/2027 (c) | 2,485 | 2,454 |
6.50%, 7/1/2027 (c) | 2,550 | 2,486 |
4.50%, 1/15/2029 (c) | 4,301 | 3,656 |
7.50%, 6/1/2030 (c) | 1,990 | 1,935 |
4.75%, 1/15/2031 (c) | 5,576 | 4,660 |
EQT Corp. | ||
3.13%, 5/15/2026 (c) | 1,789 | 1,624 |
5.00%, 1/15/2029 | 1,855 | 1,723 |
7.00%, 2/1/2030 (h) | 1,165 | 1,194 |
3.63%, 5/15/2031 (b) (c) | 1,382 | 1,150 |
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (d) (e) (f) | 786 | 731 |
ESC Co., Intelsat Jackson Holdings, Ltd. | ||
5.50%, 8/1/2023 ‡ (j) | 10,554 | 1 |
8.50%, 10/15/2024 ‡ (j) | 16,148 | 2 |
9.75%, 7/15/2025 ‡ (j) | 1,585 | — |
ESC GCBREGS EXIDE TECH | ||
7.13%, 8/1/2026 (j) | 5,505 | 385 |
6.00%, 1/15/2028 (j) | 5,450 | 382 |
Evergy, Inc. 2.90%, 9/15/2029 | 152 | 126 |
Exela Intermediate LLC 11.50%, 7/15/2026 (c) | 3,525 | 934 |
Exxon Mobil Corp. 4.23%, 3/19/2040 | 219 | 188 |
Fair Isaac Corp. 4.00%, 6/15/2028 (c) | 1,146 | 1,037 |
66 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Ferrellgas LP 5.88%, 4/1/2029 (c) | 261 | 219 |
Fertitta Entertainment LLC | ||
4.63%, 1/15/2029 (c) | 208 | 181 |
6.75%, 1/15/2030 (c) | 1,015 | 797 |
Fidelity National Information Services, Inc. 2.25%, 3/1/2031 | 200 | 154 |
Fiserv, Inc. 3.50%, 7/1/2029 | 193 | 167 |
Foot Locker, Inc. 4.00%, 10/1/2029 (c) | 407 | 311 |
Ford Motor Credit Co. LLC | ||
4.06%, 11/1/2024 | 3,725 | 3,571 |
4.69%, 6/9/2025 | 8,785 | 8,324 |
5.13%, 6/16/2025 | 6,000 | 5,789 |
4.13%, 8/4/2025 | 4,442 | 4,130 |
3.38%, 11/13/2025 | 6,405 | 5,811 |
4.39%, 1/8/2026 | 6,275 | 5,790 |
4.54%, 8/1/2026 | 2,252 | 2,073 |
2.70%, 8/10/2026 | 2,249 | 1,949 |
4.27%, 1/9/2027 | 9,613 | 8,679 |
4.13%, 8/17/2027 | 5,525 | 4,906 |
3.82%, 11/2/2027 | 1,935 | 1,662 |
2.90%, 2/16/2028 | 1,455 | 1,181 |
4.00%, 11/13/2030 | 4,454 | 3,602 |
Freeport-McMoRan, Inc. | ||
4.13%, 3/1/2028 | 5,265 | 4,722 |
4.38%, 8/1/2028 | 3,530 | 3,185 |
5.45%, 3/15/2043 | 120 | 99 |
Frontier Communications Holdings LLC | ||
5.88%, 10/15/2027 (c) | 3,233 | 2,974 |
5.00%, 5/1/2028 (c) | 10,105 | 8,842 |
6.75%, 5/1/2029 (c) | 2,009 | 1,655 |
5.88%, 11/1/2029 | 1,149 | 895 |
6.00%, 1/15/2030 (c) | 1,380 | 1,079 |
8.75%, 5/15/2030 (c) | 431 | 440 |
Gannett Holdings LLC 6.00%, 11/1/2026 (b) (c) | 1,624 | 1,215 |
Gap, Inc. (The) | ||
3.63%, 10/1/2029 (c) | 1,220 | 855 |
3.88%, 10/1/2031 (c) | 1,770 | 1,221 |
Gartner, Inc. | ||
4.50%, 7/1/2028 (c) | 2,827 | 2,620 |
3.63%, 6/15/2029 (c) | 2,138 | 1,817 |
3.75%, 10/1/2030 (b) (c) | 740 | 622 |
GCI LLC 4.75%, 10/15/2028 (c) | 9,465 | 7,969 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
General Electric Co. Series D, (ICE LIBOR USD 3 Month + 3.33%), 6.62%, 12/15/2022 (d) (e) (f) | 11,970 | 11,536 |
General Motors Financial Co., Inc. 4.30%, 4/6/2029 | 70 | 61 |
Genesis Energy LP | ||
6.50%, 10/1/2025 | 180 | 173 |
6.25%, 5/15/2026 | 1,933 | 1,809 |
8.00%, 1/15/2027 | 1,353 | 1,310 |
7.75%, 2/1/2028 | 3,721 | 3,549 |
Genting New York LLC 3.30%, 2/15/2026 (c) | 535 | 469 |
GEO Group, Inc. (The) 10.50%, 6/30/2028 | 2,281 | 2,281 |
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (c) | 442 | 419 |
Gilead Sciences, Inc. 1.65%, 10/1/2030 | 491 | 379 |
Glatfelter Corp. 4.75%, 11/15/2029 (b) (c) | 2,320 | 1,494 |
Global Infrastructure Solutions, Inc. | ||
5.63%, 6/1/2029 (c) | 3,370 | 2,492 |
7.50%, 4/15/2032 (c) | 2,580 | 1,909 |
Global Medical Response, Inc. 6.50%, 10/1/2025 (c) | 2,285 | 1,817 |
Global Net Lease, Inc., REIT 3.75%, 12/15/2027 (c) | 500 | 404 |
Global Payments, Inc. | ||
3.20%, 8/15/2029 | 195 | 162 |
2.90%, 11/15/2031 | 55 | 42 |
GLP Capital LP, REIT 5.25%, 6/1/2025 (b) | 618 | 596 |
Go Daddy Operating Co. LLC | ||
5.25%, 12/1/2027 (c) | 1,581 | 1,480 |
3.50%, 3/1/2029 (c) | 1,280 | 1,062 |
Goldman Sachs Capital II (ICE LIBOR USD 3 Month + 0.77%), 4.00%, 11/28/2022 (d) (e) (f) | 2,351 | 1,704 |
Goldman Sachs Group, Inc. (The) | ||
(ICE LIBOR USD 3 Month + 0.75%), 3.71%, 2/23/2023 (f) | 100 | 100 |
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (d) (e) (f) | 1,733 | 1,422 |
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (d) (e) (f) | 931 | 839 |
October 31, 2022 | J.P. Morgan Funds | 67 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (d) (e) (f) | 6,520 | 5,012 |
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026 (d) (e) (f) | 3,718 | 2,825 |
Series O, (ICE LIBOR USD 3 Month + 3.83%), 5.30%, 11/10/2026 (d) (e) (f) | 2,755 | 2,589 |
(SOFR + 0.82%), 1.54%, 9/10/2027 (f) | 298 | 250 |
(SOFR + 0.91%), 1.95%, 10/21/2027 (f) | 85 | 72 |
(SOFR + 1.11%), 2.64%, 2/24/2028 (f) | 70 | 61 |
(SOFR + 1.26%), 2.65%, 10/21/2032 (f) | 75 | 57 |
Goodyear Tire & Rubber Co. (The) | ||
5.00%, 5/31/2026 (b) | 3,278 | 3,157 |
5.00%, 7/15/2029 (b) | 2,982 | 2,586 |
5.25%, 4/30/2031 (b) | 2,965 | 2,495 |
5.25%, 7/15/2031 | 999 | 846 |
GrafTech Finance, Inc. 4.63%, 12/15/2028 (c) | 1,317 | 1,067 |
Graham Holdings Co. 5.75%, 6/1/2026 (c) | 450 | 439 |
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (c) | 676 | 554 |
Gray Escrow II, Inc. 5.38%, 11/15/2031 (b) (c) | 3,066 | 2,460 |
Gray Television, Inc. | ||
5.88%, 7/15/2026 (c) | 2,102 | 1,981 |
7.00%, 5/15/2027 (c) | 6,085 | 5,796 |
4.75%, 10/15/2030 (c) | 2,335 | 1,845 |
Griffon Corp. 5.75%, 3/1/2028 | 3,475 | 3,183 |
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (c) | 870 | 715 |
Gulfport Energy Corp. | ||
8.00%, 5/17/2026 (b) | 703 | 701 |
8.00%, 5/17/2026 (c) | 3,215 | 3,206 |
Gulfport Energy Operating Corp. | ||
6.63%, 5/1/2023 ‡ (j) | 745 | 1 |
6.00%, 10/15/2024 ‡ (j) | 4,620 | 6 |
6.38%, 1/15/2026 ‡ (j) | 4,130 | 5 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Gulfport Energy Operating Corp., Escrow 6.38%, 5/15/2025 ‡ (j) | 1,458 | 2 |
GYP Holdings III Corp. 4.63%, 5/1/2029 (c) | 356 | 281 |
Hanesbrands, Inc. 4.88%, 5/15/2026 (b) (c) | 2,359 | 2,164 |
Harsco Corp. 5.75%, 7/31/2027 (c) | 757 | 537 |
HCA, Inc. | ||
5.38%, 2/1/2025 | 9,735 | 9,612 |
5.88%, 2/15/2026 | 24,150 | 23,917 |
5.38%, 9/1/2026 | 7,986 | 7,767 |
5.63%, 9/1/2028 | 10,285 | 9,881 |
3.50%, 9/1/2030 | 7,926 | 6,566 |
2.38%, 7/15/2031 | 329 | 245 |
Herbalife Nutrition Ltd. 7.88%, 9/1/2025 (c) | 333 | 311 |
Herc Holdings, Inc. 5.50%, 7/15/2027 (b) (c) | 9,623 | 9,106 |
Hertz Corp. (The) | ||
6.25%, 10/15/2022 (j) | 1,106 | 6 |
5.50%, 10/15/2024 (j) | 11,828 | 59 |
4.63%, 12/1/2026 (c) | 3,443 | 2,935 |
5.00%, 12/1/2029 (c) | 3,777 | 2,992 |
Hess Midstream Operations LP | ||
5.63%, 2/15/2026 (c) | 4,115 | 4,036 |
4.25%, 2/15/2030 (c) | 2,718 | 2,324 |
Hilcorp Energy I LP | ||
6.25%, 11/1/2028 (c) | 640 | 602 |
6.00%, 4/15/2030 (c) | 1,506 | 1,364 |
6.25%, 4/15/2032 (c) | 1,255 | 1,151 |
Hilton Domestic Operating Co., Inc. | ||
5.75%, 5/1/2028 (c) | 3,107 | 2,998 |
3.75%, 5/1/2029 (c) | 1,650 | 1,406 |
4.88%, 1/15/2030 | 1,473 | 1,320 |
4.00%, 5/1/2031 (c) | 990 | 828 |
Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 4,204 | 3,994 |
HLF Financing SARL LLC 4.88%, 6/1/2029 (c) | 1,000 | 743 |
Holly Energy Partners LP | ||
6.38%, 4/15/2027 (c) | 1,720 | 1,655 |
5.00%, 2/1/2028 (c) | 1,435 | 1,297 |
Hologic, Inc. | ||
4.63%, 2/1/2028 (c) | 993 | 928 |
3.25%, 2/15/2029 (c) | 5,498 | 4,672 |
68 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Home Depot, Inc. (The) 4.95%, 9/15/2052 | 29 | 26 |
Honeywell International, Inc. 5.00%, 2/15/2033 | 65 | 64 |
Howmet Aerospace, Inc. | ||
5.13%, 10/1/2024 (b) | 3,601 | 3,556 |
5.90%, 2/1/2027 (b) | 4,487 | 4,406 |
6.75%, 1/15/2028 | 145 | 145 |
HP, Inc. 4.75%, 3/1/2029 (b) (c) | 2,758 | 2,781 |
Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 4,459 | 4,200 |
Huntington Bancshares, Inc. Series E, (ICE LIBOR USD 3 Month + 2.88%), 5.70%, 4/15/2023 (d) (e) (f) | 3,742 | 3,405 |
Hyundai Capital America | ||
0.80%, 4/3/2023 (c) | 80 | 78 |
1.65%, 9/17/2026 (c) | 165 | 137 |
2.10%, 9/15/2028 (c) | 83 | 64 |
IAA, Inc. 5.50%, 6/15/2027 (c) | 450 | 421 |
Icahn Enterprises LP | ||
6.25%, 5/15/2026 | 1,427 | 1,371 |
4.38%, 2/1/2029 | 1,248 | 1,042 |
iHeartCommunications, Inc. | ||
6.38%, 5/1/2026 | 2,921 | 2,782 |
8.38%, 5/1/2027 (b) | 6,548 | 5,882 |
5.25%, 8/15/2027 (b) (c) | 7,427 | 6,760 |
ILFC E-Capital Trust I 5.12%, 12/21/2065 (c) (k) | 7,148 | 4,360 |
ILFC E-Capital Trust II 5.37%, 12/21/2065 (c) (k) | 2,205 | 1,433 |
Imola Merger Corp. 4.75%, 5/15/2029 (c) | 11,541 | 9,951 |
Ingevity Corp. 3.88%, 11/1/2028 (c) | 145 | 122 |
Ingles Markets, Inc. 4.00%, 6/15/2031 (c) | 356 | 296 |
Installed Building Products, Inc. 5.75%, 2/1/2028 (c) | 306 | 270 |
Intel Corp. 2.00%, 8/12/2031 | 64 | 49 |
International Game Technology plc | ||
6.50%, 2/15/2025 (c) | 3,008 | 3,011 |
6.25%, 1/15/2027 (c) | 4,104 | 4,066 |
5.25%, 1/15/2029 (c) | 442 | 410 |
IQVIA, Inc. | ||
5.00%, 10/15/2026 (c) | 4,336 | 4,133 |
5.00%, 5/15/2027 (c) | 2,790 | 2,659 |
Iron Mountain, Inc. | ||
4.88%, 9/15/2027 (c) | 4,756 | 4,398 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
5.25%, 3/15/2028 (c) | 2,013 | 1,852 |
4.50%, 2/15/2031 (c) | 2,140 | 1,733 |
ITC Holdings Corp. 2.95%, 5/14/2030 (c) | 155 | 126 |
James Hardie International Finance DAC 5.00%, 1/15/2028 (c) | 450 | 407 |
Jazz Securities DAC 4.38%, 1/15/2029 (c) | 3,347 | 2,970 |
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (c) | 1,631 | 1,555 |
JELD-WEN, Inc. | ||
6.25%, 5/15/2025 (c) | 1,197 | 1,119 |
4.63%, 12/15/2025 (c) | 2,505 | 2,067 |
4.88%, 12/15/2027 (c) | 3,250 | 2,424 |
John Deere Capital Corp. 4.35%, 9/15/2032 | 60 | 56 |
Kaiser Aluminum Corp. | ||
4.63%, 3/1/2028 (b) (c) | 1,500 | 1,312 |
4.50%, 6/1/2031 (c) | 2,065 | 1,620 |
Kansas City Southern 3.50%, 5/1/2050 | 35 | 23 |
Kennedy-Wilson, Inc. | ||
4.75%, 3/1/2029 | 1,545 | 1,253 |
5.00%, 3/1/2031 (b) | 1,543 | 1,210 |
Keurig Dr Pepper, Inc. 3.20%, 5/1/2030 | 253 | 214 |
KeyCorp (SOFRINDX + 2.06%), 4.79%, 6/1/2033 (f) | 15 | 14 |
KFC Holding Co. 4.75%, 6/1/2027 (c) | 508 | 485 |
Kimco Realty Corp., REIT 2.25%, 12/1/2031 | 46 | 34 |
Kinder Morgan Energy Partners LP 4.70%, 11/1/2042 | 80 | 61 |
Kinetik Holdings LP 5.88%, 6/15/2030 (c) | 1,911 | 1,793 |
KLA Corp. | ||
4.65%, 7/15/2032 | 20 | 19 |
4.95%, 7/15/2052 | 20 | 17 |
Kontoor Brands, Inc. 4.13%, 11/15/2029 (c) | 410 | 329 |
Korn Ferry 4.63%, 12/15/2027 (c) | 450 | 409 |
Kraft Heinz Foods Co. 3.75%, 4/1/2030 | 155 | 138 |
Kroger Co. (The) 1.70%, 1/15/2031 | 176 | 131 |
L3Harris Technologies, Inc. 1.80%, 1/15/2031 | 185 | 138 |
LABL, Inc. | ||
6.75%, 7/15/2026 (c) | 8,760 | 8,322 |
10.50%, 7/15/2027 (b) (c) | 2,020 | 1,818 |
Lamb Weston Holdings, Inc. | ||
4.88%, 5/15/2028 (c) | 774 | 719 |
October 31, 2022 | J.P. Morgan Funds | 69 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
4.13%, 1/31/2030 (c) | 6,936 | 6,055 |
4.38%, 1/31/2032 (c) | 1,338 | 1,149 |
Lear Corp. 2.60%, 1/15/2032 | 25 | 18 |
Level 3 Financing, Inc. | ||
4.63%, 9/15/2027 (c) | 4,657 | 4,041 |
3.63%, 1/15/2029 (b) (c) | 1,404 | 1,071 |
LGI Homes, Inc. 4.00%, 7/15/2029 (c) | 305 | 234 |
Liberty Interactive LLC 8.25%, 2/1/2030 (b) | 2,370 | 1,480 |
Lithia Motors, Inc. 4.38%, 1/15/2031 (b) (c) | 1,668 | 1,354 |
Live Nation Entertainment, Inc. | ||
4.88%, 11/1/2024 (c) | 2,560 | 2,486 |
5.63%, 3/15/2026 (c) | 5,302 | 5,063 |
6.50%, 5/15/2027 (c) | 8,885 | 8,837 |
4.75%, 10/15/2027 (c) | 8,296 | 7,383 |
3.75%, 1/15/2028 (c) | 1,403 | 1,221 |
Lockheed Martin Corp. | ||
5.10%, 11/15/2027 (b) | 116 | 116 |
5.25%, 1/15/2033 | 63 | 63 |
5.70%, 11/15/2054 | 40 | 40 |
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (c) | 520 | 423 |
Lowe's Cos., Inc. | ||
1.70%, 9/15/2028 | 75 | 61 |
2.63%, 4/1/2031 | 166 | 133 |
3.70%, 4/15/2046 | 122 | 85 |
LPL Holdings, Inc. | ||
4.63%, 11/15/2027 (c) | 1,180 | 1,087 |
4.00%, 3/15/2029 (c) | 1,226 | 1,070 |
Lumen Technologies, Inc. | ||
5.13%, 12/15/2026 (b) (c) | 15,795 | 13,524 |
4.00%, 2/15/2027 (b) (c) | 6,160 | 5,237 |
Series G, 6.88%, 1/15/2028 (b) | 799 | 675 |
4.50%, 1/15/2029 (c) | 1,780 | 1,255 |
5.38%, 6/15/2029 (b) (c) | 4,316 | 3,170 |
Series P, 7.60%, 9/15/2039 | 709 | 475 |
Series U, 7.65%, 3/15/2042 (b) | 772 | 511 |
M/I Homes, Inc. 3.95%, 2/15/2030 | 853 | 633 |
Macy's Retail Holdings LLC 5.88%, 3/15/2030 (c) | 771 | 647 |
Madison IAQ LLC | ||
4.13%, 6/30/2028 (c) | 750 | 621 |
5.88%, 6/30/2029 (c) | 4,439 | 3,041 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Magnolia Oil & Gas Operating LLC 6.00%, 8/1/2026 (c) | 500 | 486 |
Mallinckrodt International Finance SA | ||
11.50%, 12/15/2028 (b) (c) | 8,610 | 7,836 |
10.00%, 6/15/2029 (b) (c) | 2,037 | 1,131 |
Marriott Ownership Resorts, Inc. | ||
6.13%, 9/15/2025 (c) | 973 | 962 |
4.75%, 1/15/2028 | 36 | 31 |
4.50%, 6/15/2029 (c) | 656 | 549 |
Masonite International Corp. 5.38%, 2/1/2028 (c) | 1,582 | 1,448 |
MasTec, Inc. | ||
4.50%, 8/15/2028 (c) | ��� 5,891 | 5,229 |
6.63%, 8/15/2029 (c) | 305 | 304 |
Matador Resources Co. 5.88%, 9/15/2026 | 1,093 | 1,074 |
Mattel, Inc. | ||
3.15%, 3/15/2023 | 1,000 | 988 |
3.38%, 4/1/2026 (c) | 1,297 | 1,183 |
5.88%, 12/15/2027 (c) | 1,034 | 1,003 |
3.75%, 4/1/2029 (c) | 1,624 | 1,401 |
Mauser Packaging Solutions Holding Co. | ||
5.50%, 4/15/2024 (c) | 7,447 | 7,298 |
7.25%, 4/15/2025 (c) | 2,610 | 2,349 |
McDonald's Corp. 3.70%, 2/15/2042 | 137 | 102 |
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (c) | 4,120 | 3,628 |
MDC Holdings, Inc. 2.50%, 1/15/2031 | 190 | 127 |
Medline Borrower LP | ||
3.88%, 4/1/2029 (c) | 7,574 | 6,188 |
5.25%, 10/1/2029 (b) (c) | 5,302 | 4,129 |
Mellon Capital IV Series 1, (ICE LIBOR USD 3 Month + 0.57%), 4.09%, 11/28/2022 (d) (e) (f) | 2,027 | 1,524 |
Meritage Homes Corp. 3.88%, 4/15/2029 (c) | 1,226 | 985 |
MetLife Capital Trust IV 7.88%, 12/15/2037 (c) | 7,703 | 8,067 |
MetLife, Inc. | ||
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (d) (e) (f) | 7,815 | 6,867 |
Series D, (ICE LIBOR USD 3 Month + 2.96%), 5.87%, 3/15/2028 (d) (e) (f) | 4,741 | 4,253 |
6.40%, 12/15/2036 | 8,756 | 8,080 |
70 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
9.25%, 4/8/2038 (c) | 3,109 | 3,569 |
5.00%, 7/15/2052 | 30 | 26 |
MGIC Investment Corp. 5.25%, 8/15/2028 | 1,176 | 1,067 |
MGM Resorts International | ||
6.00%, 3/15/2023 | 6,330 | 6,327 |
6.75%, 5/1/2025 | 1,495 | 1,476 |
5.75%, 6/15/2025 | 6,942 | 6,734 |
4.63%, 9/1/2026 | 2,640 | 2,409 |
5.50%, 4/15/2027 | 1,468 | 1,352 |
Midcontinent Communications 5.38%, 8/15/2027 (c) | 2,488 | 2,267 |
Midwest Gaming Borrower LLC 4.88%, 5/1/2029 (c) | 714 | 604 |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (c) | 4,232 | 4,184 |
Minerals Technologies, Inc. 5.00%, 7/1/2028 (c) | 450 | 391 |
Mississippi Power Co. Series 12-A, 4.25%, 3/15/2042 | 128 | 99 |
MIWD Holdco II LLC 5.50%, 2/1/2030 (c) | 1,208 | 932 |
Molina Healthcare, Inc. | ||
4.38%, 6/15/2028 (c) | 1,150 | 1,031 |
3.88%, 11/15/2030 (c) | 3,655 | 3,106 |
Mondelez International, Inc. 1.50%, 2/4/2031 | 174 | 128 |
Moog, Inc. 4.25%, 12/15/2027 (c) | 580 | 519 |
Morgan Stanley | ||
Series M, (ICE LIBOR USD 3 Month + 4.44%), 5.87%, 9/15/2026 (d) (e) (f) | 2,945 | 2,841 |
(SOFR + 0.86%), 1.51%, 7/20/2027 (f) | 182 | 154 |
(SOFR + 1.61%), 4.21%, 4/20/2028 (f) | 90 | 83 |
(SOFR + 1.02%), 1.93%, 4/28/2032 (f) | 80 | 58 |
(SOFR + 1.20%), 2.51%, 10/20/2032 (f) | 80 | 60 |
(SOFR + 1.49%), 3.22%, 4/22/2042 (f) | 25 | 17 |
Moss Creek Resources Holdings, Inc. | ||
7.50%, 1/15/2026 (c) | 963 | 886 |
10.50%, 5/15/2027 (c) | 168 | 161 |
MPLX LP 4.50%, 4/15/2038 | 141 | 112 |
MSCI, Inc. 4.00%, 11/15/2029 (c) | 1,206 | 1,047 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Mueller Water Products, Inc. 4.00%, 6/15/2029 (c) | 1,224 | 1,061 |
Murphy Oil USA, Inc. 3.75%, 2/15/2031 (c) | 1,306 | 1,088 |
Nabors Industries Ltd. 7.25%, 1/15/2026 (c) | 876 | 845 |
Nabors Industries, Inc. 5.75%, 2/1/2025 (b) | 3,645 | 3,508 |
National CineMedia LLC 5.88%, 4/15/2028 (c) | 1,130 | 454 |
National Rural Utilities Cooperative Finance Corp. (ICE LIBOR USD 3 Month + 3.63%), 5.25%, 4/20/2046 (f) | 3,053 | 2,717 |
Nationstar Mortgage Holdings, Inc. | ||
6.00%, 1/15/2027 (c) | 450 | 401 |
5.50%, 8/15/2028 (c) | 3,709 | 3,008 |
5.13%, 12/15/2030 (c) | 2,280 | 1,705 |
5.75%, 11/15/2031 (c) | 4,085 | 3,134 |
Navient Corp. 5.00%, 3/15/2027 | 1,330 | 1,121 |
NCR Corp. | ||
5.75%, 9/1/2027 (c) | 6,319 | 6,098 |
5.00%, 10/1/2028 (c) | 2,390 | 2,008 |
5.13%, 4/15/2029 (c) | 4,509 | 3,784 |
6.13%, 9/1/2029 (c) | 5,370 | 5,118 |
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (c) | 1,187 | 1,041 |
Netflix, Inc. | ||
4.88%, 4/15/2028 | 140 | 133 |
5.88%, 11/15/2028 | 7,453 | 7,397 |
5.38%, 11/15/2029 (c) | 1,238 | 1,176 |
4.88%, 6/15/2030 (b) (c) | 1,114 | 1,032 |
New Albertsons LP | ||
7.75%, 6/15/2026 | 1,535 | 1,581 |
6.63%, 6/1/2028 | 613 | 585 |
7.45%, 8/1/2029 | 392 | 380 |
8.00%, 5/1/2031 | 2,108 | 2,171 |
Newell Brands, Inc. | ||
4.45%, 4/1/2026 (h) | 8,050 | 7,491 |
6.38%, 9/15/2027 (b) | 748 | 731 |
6.63%, 9/15/2029 (b) | 748 | 731 |
5.63%, 4/1/2036 (h) | 4,455 | 3,702 |
News Corp. | ||
3.88%, 5/15/2029 (c) | 4,360 | 3,747 |
5.13%, 2/15/2032 (c) | 2,090 | 1,865 |
October 31, 2022 | J.P. Morgan Funds | 71 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Nexstar Media, Inc. | ||
5.63%, 7/15/2027 (c) | 16,755 | 15,825 |
4.75%, 11/1/2028 (c) | 4,787 | 4,201 |
NextEra Energy Capital Holdings, Inc. | ||
5.00%, 7/15/2032 | 35 | 33 |
(ICE LIBOR USD 3 Month + 2.07%), 5.81%, 10/1/2066 (f) | 5,650 | 4,607 |
(ICE LIBOR USD 3 Month + 2.13%), 5.42%, 6/15/2067 (f) | 2,514 | 2,126 |
(ICE LIBOR USD 3 Month + 3.16%), 5.65%, 5/1/2079 (f) | 4,282 | 3,618 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.55%), 3.80%, 3/15/2082 (f) | 3,938 | 3,000 |
NextEra Energy Operating Partners LP | ||
4.25%, 7/15/2024 (c) | 1,811 | 1,756 |
4.25%, 9/15/2024 (c) | 57 | 54 |
4.50%, 9/15/2027 (c) | 986 | 917 |
NGL Energy Operating LLC 7.50%, 2/1/2026 (c) | 2,272 | 2,055 |
NiSource, Inc. | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.84%), 5.65%, 6/15/2023 (d) (e) (f) | 8,367 | 7,698 |
1.70%, 2/15/2031 | 190 | 139 |
Nissan Motor Acceptance Co. LLC 2.45%, 9/15/2028 (c) | 122 | 88 |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (c) | 8,290 | 7,877 |
NMI Holdings, Inc. 7.38%, 6/1/2025 (c) | 411 | 411 |
Norfolk Southern Corp. 2.30%, 5/15/2031 | 132 | 105 |
Northern Oil and Gas, Inc. 8.13%, 3/1/2028 (c) | 764 | 741 |
Novelis Corp. | ||
3.25%, 11/15/2026 (c) | 2,573 | 2,252 |
4.75%, 1/30/2030 (c) | 4,705 | 3,997 |
3.88%, 8/15/2031 (c) | 1,286 | 996 |
NRG Energy, Inc. | ||
6.63%, 1/15/2027 | 2,341 | 2,342 |
5.75%, 1/15/2028 | 704 | 671 |
3.38%, 2/15/2029 (c) | 1,950 | 1,624 |
5.25%, 6/15/2029 (c) | 3,187 | 2,892 |
3.63%, 2/15/2031 (c) | 1,788 | 1,423 |
3.88%, 2/15/2032 (c) | 3,202 | 2,525 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
NuStar Logistics LP | ||
5.75%, 10/1/2025 | 1,615 | 1,557 |
6.00%, 6/1/2026 | 2,167 | 2,101 |
5.63%, 4/28/2027 (b) | 3,035 | 2,816 |
6.38%, 10/1/2030 | 2,025 | 1,877 |
Occidental Petroleum Corp. | ||
5.88%, 9/1/2025 | 2,940 | 2,962 |
8.50%, 7/15/2027 | 6,264 | 6,811 |
6.38%, 9/1/2028 | 2,425 | 2,461 |
8.88%, 7/15/2030 | 6,661 | 7,560 |
6.63%, 9/1/2030 | 2,425 | 2,522 |
6.13%, 1/1/2031 | 3,981 | 3,991 |
Oceaneering International, Inc. 6.00%, 2/1/2028 | 1,175 | 1,048 |
ON Semiconductor Corp. 3.88%, 9/1/2028 (c) | 3,751 | 3,305 |
Oncor Electric Delivery Co. LLC 4.55%, 9/15/2032 (c) | 50 | 47 |
OneMain Finance Corp. | ||
6.88%, 3/15/2025 | 1,155 | 1,120 |
7.13%, 3/15/2026 | 4,547 | 4,379 |
3.50%, 1/15/2027 | 1,267 | 1,038 |
6.63%, 1/15/2028 | 4,188 | 3,805 |
5.38%, 11/15/2029 | 1,405 | 1,152 |
4.00%, 9/15/2030 | 1,550 | 1,170 |
Option Care Health, Inc. 4.38%, 10/31/2029 (c) | 513 | 443 |
Oracle Corp. 3.80%, 11/15/2037 | 279 | 203 |
O'Reilly Automotive, Inc. 4.70%, 6/15/2032 | 30 | 28 |
Organon & Co. | ||
4.13%, 4/30/2028 (c) | 7,878 | 6,939 |
5.13%, 4/30/2031 (c) | 4,943 | 4,198 |
Outfront Media Capital LLC 5.00%, 8/15/2027 (b) (c) | 2,492 | 2,243 |
Ovintiv, Inc. 8.13%, 9/15/2030 | 250 | 268 |
Owens & Minor, Inc. | ||
4.50%, 3/31/2029 (b) (c) | 3,412 | 2,642 |
6.63%, 4/1/2030 (c) | 3,294 | 2,738 |
Owens-Brockway Glass Container, Inc. | ||
6.38%, 8/15/2025 (c) | 1,084 | 1,011 |
6.63%, 5/13/2027 (b) (c) | 2,358 | 2,252 |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (c) | 4,802 | 4,250 |
72 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Papa John's International, Inc. 3.88%, 9/15/2029 (c) | 407 | 331 |
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (c) (h) | 6,648 | 5,082 |
Paramount Global | ||
4.20%, 5/19/2032 | 145 | 116 |
(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (f) | 10,759 | 9,008 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.37%, 3/30/2062 (f) | 8,290 | 7,009 |
PennyMac Financial Services, Inc. | ||
4.25%, 2/15/2029 (c) | 480 | 364 |
5.75%, 9/15/2031 (c) | 750 | 565 |
Performance Food Group, Inc. | ||
6.88%, 5/1/2025 (c) | 400 | 399 |
5.50%, 10/15/2027 (c) | 4,211 | 3,980 |
4.25%, 8/1/2029 (c) | 7,737 | 6,555 |
Permian Resources Operating LLC 5.38%, 1/15/2026 (c) | 540 | 499 |
PetSmart, Inc. | ||
4.75%, 2/15/2028 (c) | 5,246 | 4,789 |
7.75%, 2/15/2029 (b) (c) | 2,226 | 2,090 |
PG&E Corp. | ||
5.00%, 7/1/2028 (b) | 5,914 | 5,330 |
5.25%, 7/1/2030 | 503 | 445 |
PGT Innovations, Inc. 4.38%, 10/1/2029 (c) | 2,099 | 1,741 |
Philip Morris International, Inc. 3.38%, 8/15/2029 | 195 | 167 |
Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (c) | 10,815 | 7,117 |
Physicians Realty LP | ||
3.95%, 1/15/2028 | 60 | 54 |
2.63%, 11/1/2031 | 20 | 15 |
Pike Corp. 5.50%, 9/1/2028 (c) | 2,448 | 2,090 |
Plains All American Pipeline LP Series B, (ICE LIBOR USD 3 Month + 4.11%), 6.13%, 11/28/2022 (d) (e) (f) | 425 | 353 |
Playtika Holding Corp. 4.25%, 3/15/2029 (c) | 50 | 42 |
PM General Purchaser LLC 9.50%, 10/1/2028 (c) | 2,542 | 2,185 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
PNC Financial Services Group, Inc. (The) | ||
Series R, (ICE LIBOR USD 3 Month + 3.04%), 4.85%, 6/1/2023 (d) (e) (f) | 5,972 | 5,481 |
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (d) (e) (f) | 7,215 | 5,384 |
Series S, (ICE LIBOR USD 3 Month + 3.30%), 5.00%, 11/1/2026 (d) (e) (f) | 1,839 | 1,575 |
Series V, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.24%), 6.20%, 9/15/2027 (d) (e) (f) | 6,445 | 6,105 |
Post Holdings, Inc. | ||
5.75%, 3/1/2027 (c) | 567 | 548 |
5.63%, 1/15/2028 (c) | 5,278 | 4,934 |
5.50%, 12/15/2029 (c) | 7,221 | 6,498 |
4.63%, 4/15/2030 (c) | 3,100 | 2,616 |
PPL Capital Funding, Inc. Series A, (ICE LIBOR USD 3 Month + 2.67%), 6.34%, 3/30/2067 (f) | 10,991 | 9,315 |
PRA Group, Inc. 5.00%, 10/1/2029 (c) | 450 | 361 |
Presidio Holdings, Inc. 4.88%, 2/1/2027 (c) | 2,415 | 2,230 |
Prestige Brands, Inc. | ||
5.13%, 1/15/2028 (c) | 900 | 836 |
3.75%, 4/1/2031 (c) | 1,321 | 1,059 |
Prime Security Services Borrower LLC | ||
5.75%, 4/15/2026 (c) | 9,707 | 9,448 |
3.38%, 8/31/2027 (c) | 3,986 | 3,450 |
Progressive Corp. (The) Series B, (ICE LIBOR USD 3 Month + 2.54%), 5.38%, 3/15/2023 (d) (e) (f) | 7,704 | 7,148 |
Prudential Financial, Inc. | ||
(ICE LIBOR USD 3 Month + 3.92%), 5.63%, 6/15/2043 (f) | 6,456 | 6,383 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 5.12%, 3/1/2052 (f) | 3,685 | 3,142 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.00%, 9/1/2052 (f) | 3,040 | 2,777 |
Public Service Co. of Oklahoma Series J, 2.20%, 8/15/2031 | 158 | 122 |
Qwest Corp. 7.25%, 9/15/2025 | 325 | 328 |
October 31, 2022 | J.P. Morgan Funds | 73 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Rain CII Carbon LLC 7.25%, 4/1/2025 (c) | 4,685 | 4,017 |
Range Resources Corp. | ||
4.88%, 5/15/2025 | 3,485 | 3,362 |
8.25%, 1/15/2029 | 3,972 | 4,128 |
4.75%, 2/15/2030 (b) (c) | 1,227 | 1,085 |
Raytheon Technologies Corp. | ||
1.90%, 9/1/2031 | 329 | 249 |
4.15%, 5/15/2045 | 236 | 185 |
Realogy Group LLC | ||
5.75%, 1/15/2029 (c) | 685 | 492 |
5.25%, 4/15/2030 (c) | 5,768 | 4,000 |
Regeneron Pharmaceuticals, Inc. 1.75%, 9/15/2030 | 385 | 290 |
Rent-A-Center, Inc. 6.38%, 2/15/2029 (b) (c) | 522 | 407 |
Resolute Forest Products, Inc. 4.88%, 3/1/2026 (c) | 245 | 242 |
RHP Hotel Properties LP | ||
4.75%, 10/15/2027 | 12,200 | 11,261 |
4.50%, 2/15/2029 (c) | 2,463 | 2,161 |
Rite Aid Corp. | ||
7.50%, 7/1/2025 (c) | 3,803 | 2,669 |
8.00%, 11/15/2026 (c) | 8,786 | 5,690 |
ROCC Holdings LLC 9.25%, 8/15/2026 (c) | 442 | 436 |
Rockcliff Energy II LLC 5.50%, 10/15/2029 (c) | 1,475 | 1,314 |
Rocket Mortgage LLC | ||
2.88%, 10/15/2026 (c) | 2,844 | 2,373 |
3.63%, 3/1/2029 (c) | 3,148 | 2,440 |
4.00%, 10/15/2033 (c) | 486 | 339 |
Rockies Express Pipeline LLC 4.80%, 5/15/2030 (c) | 1,170 | 989 |
Royal Caribbean Cruises Ltd. | ||
11.50%, 6/1/2025 (c) | 4,466 | 4,810 |
11.63%, 8/15/2027 (b) (c) | 5,792 | 5,554 |
8.25%, 1/15/2029 (b) (c) | 3,455 | 3,444 |
9.25%, 1/15/2029 (b) (c) | 3,465 | 3,517 |
Royalty Pharma plc 2.15%, 9/2/2031 | 86 | 63 |
RP Escrow Issuer LLC 5.25%, 12/15/2025 (c) | 1,927 | 1,441 |
RR Donnelley & Sons Co. 8.25%, 7/1/2027 (b) | 450 | 417 |
S&P Global, Inc. 2.90%, 3/1/2032 (c) | 130 | 107 |
Sabre GLBL, Inc. | ||
9.25%, 4/15/2025 (c) | 1,432 | 1,387 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
7.38%, 9/1/2025 (b) (c) | 2,875 | 2,699 |
SBA Communications Corp., REIT 3.13%, 2/1/2029 | 1,050 | 849 |
Scotts Miracle-Gro Co. (The) | ||
5.25%, 12/15/2026 (b) | 2,180 | 2,027 |
4.50%, 10/15/2029 (b) | 2,857 | 2,316 |
4.00%, 4/1/2031 (b) | 2,754 | 2,110 |
4.38%, 2/1/2032 | 3,297 | 2,495 |
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (b) (c) | 1,315 | 1,068 |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (c) | 1,565 | 1,418 |
Sempra Energy | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (d) (e) (f) | 10,070 | 9,147 |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.12%, 4/1/2052 (f) | 7,222 | 5,435 |
Sensata Technologies BV | ||
5.63%, 11/1/2024 (c) | 412 | 409 |
5.00%, 10/1/2025 (c) | 172 | 167 |
4.00%, 4/15/2029 (c) | 5,525 | 4,653 |
5.88%, 9/1/2030 (c) | 1,870 | 1,777 |
Sensata Technologies, Inc. 3.75%, 2/15/2031 (c) | 878 | 699 |
Service Corp. International | ||
7.50%, 4/1/2027 | 2,735 | 2,820 |
4.63%, 12/15/2027 | 825 | 764 |
5.13%, 6/1/2029 | 3,005 | 2,799 |
3.38%, 8/15/2030 | 3,240 | 2,615 |
4.00%, 5/15/2031 | 872 | 724 |
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026 | 300 | 276 |
Sinclair Television Group, Inc. | ||
5.13%, 2/15/2027 (b) (c) | 2,890 | 2,428 |
5.50%, 3/1/2030 (b) (c) | 1,365 | 1,021 |
4.13%, 12/1/2030 (c) | 2,735 | 2,106 |
Sirius XM Radio, Inc. | ||
5.00%, 8/1/2027 (c) | 22,435 | 20,640 |
4.00%, 7/15/2028 (c) | 5,850 | 5,029 |
5.50%, 7/1/2029 (c) | 5,920 | 5,460 |
4.13%, 7/1/2030 (c) | 680 | 556 |
74 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Six Flags Entertainment Corp. | ||
4.88%, 7/31/2024 (c) | 6,691 | 6,479 |
5.50%, 4/15/2027 (b) (c) | 6,054 | 5,449 |
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (c) | 700 | 707 |
SM Energy Co. | ||
5.63%, 6/1/2025 | 3,980 | 3,866 |
6.75%, 9/15/2026 | 1,038 | 1,022 |
6.50%, 7/15/2028 | 1,006 | 976 |
Sonic Automotive, Inc. 4.63%, 11/15/2029 (c) | 2,821 | 2,209 |
Southern California Edison Co. Series E, (ICE LIBOR USD 3 Month + 4.20%), 6.98%, 11/28/2022 (d) (e) (f) | 2,040 | 1,995 |
Southern Co. Gas Capital Corp. | ||
Series 20-A, 1.75%, 1/15/2031 | 60 | 44 |
5.15%, 9/15/2032 | 20 | 19 |
Southwestern Energy Co. | ||
7.75%, 10/1/2027 | 1,705 | 1,754 |
5.38%, 3/15/2030 | 4,399 | 4,069 |
4.75%, 2/1/2032 | 928 | 801 |
Spectrum Brands, Inc. | ||
5.75%, 7/15/2025 | 91 | 90 |
5.00%, 10/1/2029 (c) | 2,486 | 2,039 |
5.50%, 7/15/2030 (c) | 5,413 | 4,345 |
3.88%, 3/15/2031 (c) | 3,061 | 2,257 |
Spirit AeroSystems, Inc. | ||
5.50%, 1/15/2025 (c) | 1,147 | 1,107 |
7.50%, 4/15/2025 (c) | 4,150 | 4,032 |
Sprint Capital Corp. | ||
6.88%, 11/15/2028 | 6,265 | 6,465 |
8.75%, 3/15/2032 | 18,554 | 21,776 |
Sprint Corp. | ||
7.88%, 9/15/2023 | 10,601 | 10,775 |
7.63%, 2/15/2025 | 20,869 | 21,443 |
7.63%, 3/1/2026 | 29,453 | 30,742 |
SRS Distribution, Inc. 4.63%, 7/1/2028 (c) | 5,500 | 4,829 |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (c) | 10,123 | 9,412 |
Stagwell Global LLC 5.63%, 8/15/2029 (c) | 4,831 | 4,167 |
Standard Industries, Inc. | ||
5.00%, 2/15/2027 (c) | 1,647 | 1,491 |
4.75%, 1/15/2028 (c) | 9,295 | 8,145 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
4.38%, 7/15/2030 (c) | 225 | 182 |
3.38%, 1/15/2031 (c) | 1,408 | 1,053 |
Staples, Inc. | ||
7.50%, 4/15/2026 (c) | 15,693 | 13,631 |
10.75%, 4/15/2027 (c) | 7,739 | 5,636 |
State Street Corp. | ||
Series H, (ICE LIBOR USD 3 Month + 2.54%), 5.63%, 12/15/2023 (d) (e) (f) | 4,393 | 4,020 |
(SOFR + 0.73%), 2.20%, 2/7/2028 (f) | 290 | 252 |
Station Casinos LLC 4.50%, 2/15/2028 (b) (c) | 5,304 | 4,569 |
Stericycle, Inc. 3.88%, 1/15/2029 (c) | 1,821 | 1,582 |
Stevens Holding Co., Inc. 6.13%, 10/1/2026 (c) | 1,940 | 1,943 |
StoneX Group, Inc. 8.63%, 6/15/2025 (c) | 123 | 121 |
Summit Materials LLC 5.25%, 1/15/2029 (c) | 952 | 869 |
Summit Midstream Holdings LLC 8.50%, 10/15/2026 (c) | 2,093 | 2,009 |
Sunoco LP | ||
5.88%, 3/15/2028 | 423 | 403 |
4.50%, 5/15/2029 | 2,780 | 2,388 |
4.50%, 4/30/2030 | 4,242 | 3,607 |
SVB Financial Group | ||
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.00%, 5/15/2026 (d) (e) (f) | 10,358 | 7,248 |
Series D, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.07%), 4.25%, 11/15/2026 (d) (e) (f) | 2,300 | 1,538 |
Switch Ltd. | ||
3.75%, 9/15/2028 (c) | 845 | 853 |
4.13%, 6/15/2029 (c) | 1,447 | 1,448 |
Sylvamo Corp. 7.00%, 9/1/2029 (c) | 522 | 485 |
Synaptics, Inc. 4.00%, 6/15/2029 (b) (c) | 1,584 | 1,308 |
Syneos Health, Inc. 3.63%, 1/15/2029 (c) | 911 | 754 |
Sysco Corp. | ||
3.25%, 7/15/2027 | 265 | 239 |
2.40%, 2/15/2030 | 186 | 150 |
Take-Two Interactive Software, Inc. | ||
3.70%, 4/14/2027 | 100 | 92 |
4.00%, 4/14/2032 | 30 | 26 |
October 31, 2022 | J.P. Morgan Funds | 75 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
Tallgrass Energy Partners LP | ||
7.50%, 10/1/2025 (c) | 7,631 | 7,707 |
6.00%, 3/1/2027 (c) | 1,000 | 944 |
5.50%, 1/15/2028 (c) | 710 | 637 |
6.00%, 12/31/2030 (c) | 2,053 | 1,858 |
6.00%, 9/1/2031 (c) | 4,277 | 3,807 |
Targa Resources Partners LP | ||
6.50%, 7/15/2027 | 7,393 | 7,337 |
5.00%, 1/15/2028 | 1,745 | 1,609 |
6.88%, 1/15/2029 | 1,906 | 1,899 |
4.88%, 2/1/2031 | 4,010 | 3,538 |
4.00%, 1/15/2032 | 3,301 | 2,709 |
Target Corp. 4.50%, 9/15/2032 | 70 | 66 |
TEGNA, Inc. | ||
4.75%, 3/15/2026 (b) (c) | 541 | 526 |
4.63%, 3/15/2028 | 2,402 | 2,286 |
Tempur Sealy International, Inc. | ||
4.00%, 4/15/2029 (c) | 7,711 | 6,201 |
3.88%, 10/15/2031 (b) (c) | 3,185 | 2,392 |
Tenet Healthcare Corp. | ||
4.63%, 7/15/2024 | 2,244 | 2,188 |
4.88%, 1/1/2026 (c) | 22,644 | 21,399 |
6.25%, 2/1/2027 (c) | 17,904 | 17,086 |
5.13%, 11/1/2027 (c) | 11,231 | 10,347 |
4.25%, 6/1/2029 (c) | 3,354 | 2,826 |
6.13%, 6/15/2030 (c) | 4,044 | 3,733 |
Tenneco, Inc. | ||
5.00%, 7/15/2026 (b) | 4,090 | 4,079 |
7.88%, 1/15/2029 (c) | 2,336 | 2,308 |
5.13%, 4/15/2029 (c) | 2,780 | 2,748 |
Terex Corp. 5.00%, 5/15/2029 (c) | 5,609 | 5,004 |
Thor Industries, Inc. 4.00%, 10/15/2029 (c) | 510 | 412 |
T-Mobile USA, Inc. | ||
4.75%, 2/1/2028 | 12,087 | 11,440 |
2.25%, 11/15/2031 | 542 | 410 |
Topaz Solar Farms LLC 5.75%, 9/30/2039 (c) | 360 | 342 |
TopBuild Corp. 3.63%, 3/15/2029 (c) | 820 | 652 |
TransDigm, Inc. 6.25%, 3/15/2026 (c) | 9,380 | 9,253 |
Transocean Guardian Ltd. 5.88%, 1/15/2024 (c) | 861 | 837 |
Transocean Pontus Ltd. 6.13%, 8/1/2025 (c) | 3,251 | 3,129 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (c) | 2,066 | 1,978 |
Transocean Proteus Ltd. 6.25%, 12/1/2024 (b) (c) | 277 | 270 |
TreeHouse Foods, Inc. 4.00%, 9/1/2028 | 517 | 436 |
Tri Pointe Homes, Inc. | ||
5.25%, 6/1/2027 | 1,000 | 860 |
5.70%, 6/15/2028 | 128 | 111 |
TriMas Corp. 4.13%, 4/15/2029 (c) | 4,555 | 3,912 |
TriNet Group, Inc. 3.50%, 3/1/2029 (c) | 1,308 | 1,084 |
Trinseo Materials Operating SCA | ||
5.38%, 9/1/2025 (c) | 9,060 | 7,010 |
5.13%, 4/1/2029 (c) | 2,568 | 1,457 |
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (c) | 2,758 | 2,089 |
Triumph Group, Inc. | ||
8.88%, 6/1/2024 (c) | 213 | 215 |
6.25%, 9/15/2024 (b) (c) | 545 | 504 |
7.75%, 8/15/2025 (b) | 1,670 | 1,265 |
Truist Financial Corp. | ||
Series M, (ICE LIBOR USD 3 Month + 2.79%), 5.12%, 12/15/2027 (d) (e) (f) | 2,346 | 1,871 |
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (d) (e) (f) | 12,184 | 10,662 |
TTM Technologies, Inc. 4.00%, 3/1/2029 (c) | 617 | 515 |
Tucson Electric Power Co. 1.50%, 8/1/2030 | 30 | 22 |
Uber Technologies, Inc. 4.50%, 8/15/2029 (c) | 3,800 | 3,257 |
UDR, Inc. | ||
3.20%, 1/15/2030 | 160 | 132 |
3.00%, 8/15/2031 | 41 | 32 |
United Airlines Holdings, Inc. | ||
5.00%, 2/1/2024 (b) | 2,404 | 2,344 |
4.88%, 1/15/2025 (b) | 2,345 | 2,239 |
United Airlines, Inc. 4.38%, 4/15/2026 (c) | 4,662 | 4,255 |
United Rentals North America, Inc. | ||
5.50%, 5/15/2027 | 3,236 | 3,157 |
4.88%, 1/15/2028 | 3,315 | 3,083 |
5.25%, 1/15/2030 | 2,500 | 2,319 |
3.88%, 2/15/2031 | 5,089 | 4,219 |
76 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
United States Cellular Corp. 6.70%, 12/15/2033 | 2,500 | 2,381 |
United States Steel Corp. 6.88%, 3/1/2029 (b) | 993 | 911 |
UnitedHealth Group, Inc. | ||
5.25%, 2/15/2028 | 70 | 70 |
4.20%, 5/15/2032 | 60 | 55 |
5.35%, 2/15/2033 | 65 | 65 |
3.05%, 5/15/2041 | 75 | 53 |
5.88%, 2/15/2053 | 23 | 23 |
Univision Communications, Inc. | ||
6.63%, 6/1/2027 (c) | 1,510 | 1,491 |
4.50%, 5/1/2029 (c) | 1,489 | 1,254 |
7.38%, 6/30/2030 (c) | 4,141 | 4,006 |
US Bancorp | ||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.54%), 3.70%, 1/15/2027 (d) (e) (f) | 6,765 | 5,260 |
Series J, (ICE LIBOR USD 3 Month + 2.91%), 5.30%, 4/15/2027 (d) (e) (f) | 1,414 | 1,188 |
(SOFR + 1.66%), 4.55%, 7/22/2028 (f) | 35 | 33 |
US Foods, Inc. 4.63%, 6/1/2030 (c) | 2,017 | 1,750 |
Vail Resorts, Inc. 6.25%, 5/15/2025 (c) | 1,142 | 1,136 |
Valvoline, Inc. 4.25%, 2/15/2030 (c) | 1,400 | 1,348 |
Varex Imaging Corp. 7.88%, 10/15/2027 (c) | 247 | 241 |
Vector Group Ltd. 5.75%, 2/1/2029 (c) | 1,245 | 1,089 |
Venator Finance SARL 5.75%, 7/15/2025 (b) (c) | 3,375 | 1,114 |
Ventas Realty LP, REIT 4.00%, 3/1/2028 | 100 | 90 |
Verizon Communications, Inc. | ||
4.40%, 11/1/2034 | 246 | 213 |
4.27%, 1/15/2036 | 150 | 126 |
3.40%, 3/22/2041 | 112 | 80 |
Viavi Solutions, Inc. 3.75%, 10/1/2029 (c) | 1,738 | 1,451 |
VICI Properties LP | ||
5.63%, 5/1/2024 (c) | 1,490 | 1,471 |
3.50%, 2/15/2025 (c) | 308 | 286 |
4.63%, 6/15/2025 (c) | 2,251 | 2,110 |
4.50%, 9/1/2026 (c) | 995 | 906 |
4.25%, 12/1/2026 (c) | 8,012 | 7,298 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
5.75%, 2/1/2027 (c) | 4,882 | 4,612 |
3.75%, 2/15/2027 (c) | 2,094 | 1,835 |
4.50%, 1/15/2028 (c) | 555 | 487 |
3.88%, 2/15/2029 (c) | 3,853 | 3,244 |
4.63%, 12/1/2029 (c) | 4,688 | 4,076 |
4.13%, 8/15/2030 (c) | 1,620 | 1,338 |
Victors Merger Corp. 6.38%, 5/15/2029 (b) (c) | 569 | 293 |
Virtusa Corp. 7.13%, 12/15/2028 (c) | 310 | 222 |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (c) | 7,352 | 5,744 |
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (c) (d) (e) (f) | 1,712 | 1,514 |
Vistra Operations Co. LLC | ||
5.50%, 9/1/2026 (c) | 212 | 204 |
5.63%, 2/15/2027 (c) | 6,875 | 6,554 |
5.00%, 7/31/2027 (c) | 50 | 46 |
4.38%, 5/1/2029 (c) | 1,498 | 1,281 |
VM Consolidated, Inc. 5.50%, 4/15/2029 (c) | 357 | 312 |
VMware, Inc. 2.20%, 8/15/2031 | 286 | 208 |
Wabash National Corp. 4.50%, 10/15/2028 (c) | 3,121 | 2,624 |
Warnermedia Holdings, Inc. | ||
3.76%, 3/15/2027 (c) | 60 | 53 |
4.28%, 3/15/2032 (c) | 135 | 109 |
5.05%, 3/15/2042 (c) | 50 | 37 |
Warrior Met Coal, Inc. 7.88%, 12/1/2028 (c) | 976 | 962 |
WEC Energy Group, Inc. 1.80%, 10/15/2030 | 100 | 76 |
Weekley Homes LLC 4.88%, 9/15/2028 (c) | 599 | 482 |
Wells Fargo & Co. | ||
Series S, (ICE LIBOR USD 3 Month + 3.11%), 5.90%, 6/15/2024 (d) (e) (f) | 4,432 | 4,019 |
Series U, (ICE LIBOR USD 3 Month + 3.99%), 5.87%, 6/15/2025 (d) (e) (f) | 1,707 | 1,639 |
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (d) (e) (f) | 12,072 | 10,249 |
October 31, 2022 | J.P. Morgan Funds | 77 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Corporate Bonds — continued | ||
United States — continued | ||
(SOFR + 2.10%), 4.90%, 7/25/2033 (f) | 110 | 101 |
Wesco Aircraft Holdings, Inc. | ||
8.50%, 11/15/2024 (c) | 1,046 | 544 |
9.00%, 11/15/2026 (b) (c) | 10,989 | 6,923 |
13.13%, 11/15/2027 (c) | 444 | 120 |
WESCO Distribution, Inc. | ||
7.13%, 6/15/2025 (c) | 5,708 | 5,763 |
7.25%, 6/15/2028 (c) | 5,708 | 5,791 |
William Carter Co. (The) 5.63%, 3/15/2027 (c) | 8,403 | 7,989 |
Williams Cos., Inc. (The) 2.60%, 3/15/2031 | 85 | 67 |
Winnebago Industries, Inc. 6.25%, 7/15/2028 (c) | 305 | 284 |
WMG Acquisition Corp. | ||
3.75%, 12/1/2029 (c) | 5,431 | 4,521 |
3.00%, 2/15/2031 (c) | 3,119 | 2,434 |
WP Carey, Inc. | ||
2.40%, 2/1/2031 | 150 | 113 |
2.45%, 2/1/2032 | 30 | 22 |
WR Grace Holdings LLC | ||
5.63%, 10/1/2024 (c) | 1,010 | 990 |
4.88%, 6/15/2027 (c) | 250 | 219 |
5.63%, 8/15/2029 (c) | 1,596 | 1,234 |
Wynn Las Vegas LLC 5.50%, 3/1/2025 (c) | 11,657 | 11,033 |
Wynn Resorts Finance LLC 5.13%, 10/1/2029 (c) | 6,555 | 5,214 |
XPO Escrow Sub LLC 7.50%, 11/15/2027 (c) | 2,956 | 2,949 |
Yum! Brands, Inc. | ||
3.88%, 11/1/2023 (b) | 526 | 517 |
4.75%, 1/15/2030 (c) | 1,834 | 1,639 |
3.63%, 3/15/2031 | 3,713 | 2,980 |
4.63%, 1/31/2032 | 3,567 | 3,050 |
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (b) (c) | 3,871 | 2,990 |
Ziff Davis, Inc. 4.63%, 10/15/2030 (c) | 1,271 | 1,074 |
Zimmer Biomet Holdings, Inc. 2.60%, 11/24/2031 | 39 | 30 |
Zoetis, Inc. 2.00%, 5/15/2030 | 182 | 143 |
ZoomInfo Technologies LLC 3.88%, 2/1/2029 (c) | 1,242 | 1,038 |
2,834,158 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Uzbekistan — 0.0% ^ | ||
Uzbekneftegaz JSC 4.75%, 11/16/2028 (c) | 1,350 | 999 |
Total Corporate Bonds (Cost $3,902,266) | 3,400,362 | |
Equity Linked Notes — 7.1% | ||
Canada — 2.1% | ||
National Bank of Canada, ELN, 8.00%, 12/28/2022, (linked to NASDAQ - 100 Index) (c) | 9 | 105,405 |
Royal Bank of Canada, ELN, 8.00%, 12/21/2022, (linked to NASDAQ - 100 Index) (c) | 9 | 105,182 |
210,587 | ||
France — 2.0% | ||
BNP Paribas, ELN, 8.00%, 11/23/2022, (linked to NASDAQ - 100 Index) (c) | 9 | 98,194 |
Societe Generale SA, ELN, 8.00%, 12/15/2022, (linked to NASDAQ - 100 Index) (c) | 9 | 103,957 |
202,151 | ||
United Kingdom — 1.0% | ||
Barclays Bank plc, ELN, 8.00%, 12/12/2022, (linked to NASDAQ - 100 Index) (a) | 9 | 102,909 |
United States — 2.0% | ||
Citigroup Global Markets Holdings, Inc., ELN, 8.00%, 12/5/2022, (linked to NASDAQ - 100 Index) (a) | 8 | 99,757 |
Citigroup Global Markets Holdings, Inc., ELN, 9.00%, 12/30/2022, (linked to NASDAQ - 100 Index) (a) | 9 | 102,875 |
202,632 | ||
Total Equity Linked Notes (Cost $759,242) | 718,279 | |
Commercial Mortgage-Backed Securities — 4.3% | ||
United States — 4.3% | ||
BANK | ||
Series 2019-BN16, Class D, 3.00%, 2/15/2052 ‡ (c) | 2,500 | 1,739 |
Series 2019-BN16, Class F, 3.69%, 2/15/2052 ‡ (c) (k) | 2,000 | 1,132 |
Series 2019-BN21, Class F, 2.68%, 10/17/2052 ‡ (c) | 2,000 | 1,035 |
78 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Mortgage-Backed Securities — continued | ||
United States — continued | ||
Series 2019-BN23, Class D, 2.50%, 12/15/2052 ‡ (c) | 4,000 | 2,603 |
Series 2020-BN30, Class F, 2.00%, 12/15/2053 ‡ (c) (k) | 1,500 | 606 |
Series 2021-BN31, Class E, 2.50%, 2/15/2054 ‡ (c) (k) | 2,500 | 1,385 |
Series 2017-BNK5, Class D, 3.08%, 6/15/2060 ‡ (c) (k) | 8,500 | 6,236 |
Series 2018-BN14, Class F, 3.94%, 9/15/2060 ‡ (c) | 1,534 | 790 |
Series 2018-BN15, Class E, 3.00%, 11/15/2061 ‡ (c) | 1,000 | 628 |
Series 2019-BN18, Class F, 3.33%, 5/15/2062 ‡ (c) | 4,699 | 2,309 |
Series 2019-BN24, Class D, 2.50%, 11/15/2062 ‡ (c) | 1,000 | 651 |
Series 2020-BN26, Class D, 2.50%, 3/15/2063 ‡ (c) | 1,350 | 862 |
Series 2020-BN28, Class E, 2.50%, 3/15/2063 ‡ (c) | 3,000 | 1,718 |
BBCMS MORTGAGE TRUST Series 2017-C1, Class D, 3.49%, 2/15/2050 ‡ (c) (k) | 2,887 | 2,140 |
Benchmark Mortgage Trust | ||
Series 2018-B1, Class D, 2.75%, 1/15/2051 ‡ (c) | 975 | 629 |
Series 2019-B9, Class F, 3.75%, 3/15/2052 ‡ (c) (k) | 6,590 | 3,757 |
Series 2019-B11, Class D, 3.00%, 5/15/2052 ‡ (c) | 4,000 | 2,667 |
Series 2020-B21, Class E, 2.00%, 12/17/2053 ‡ (c) | 2,500 | 1,296 |
Series 2020-B21, Class F, 2.00%, 12/17/2053 ‡ (c) | 1,500 | 606 |
Series 2021-B26, Class F, 1.87%, 6/15/2054 ‡ (c) (k) | 9,851 | 3,472 |
Series 2019-B14, Class E, 2.50%, 12/15/2062 ‡ (c) | 1,415 | 841 |
Series 2019-B15, Class E, 2.75%, 12/15/2072 ‡ (c) | 4,391 | 2,542 |
BX Series 2021-MFM1, Class G, 7.31%, 1/15/2034 ‡ (c) (k) | 750 | 682 |
BX Commercial Mortgage Trust | ||
Series 2020-VIV2, Class C, 3.54%, 3/9/2044 ‡ (c) (k) | 30,590 | 22,721 |
Series 2020-VIV3, Class B, 3.54%, 3/9/2044 (c) (k) | 2,500 | 1,964 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
CAMB Commercial Mortgage Trust Series 2019-LIFE, Class E, 5.56%, 12/15/2037 ‡ (c) (k) | 2,690 | 2,555 |
CD Mortgage Trust | ||
Series 2016-CD2, Class C, 3.98%, 11/10/2049 ‡ (k) | 750 | 603 |
Series 2017-CD4, Class D, 3.30%, 5/10/2050 ‡ (c) | 1,000 | 742 |
Series 2017-CD5, Class D, 3.35%, 8/15/2050 ‡ (c) | 1,831 | 1,316 |
Series 2017-CD6, Class C, 4.23%, 11/13/2050 ‡ (k) | 1,371 | 1,156 |
Series 2018-CD7, Class D, 3.10%, 8/15/2051 ‡ (c) (k) | 2,000 | 1,364 |
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.19%, 11/10/2049 ‡ (c) (k) | 1,000 | 753 |
CGMS Commercial Mortgage Trust Series 2017-B1, Class E, 3.30%, 8/15/2050 ‡ (c) (k) | 3,000 | 1,797 |
Citigroup Commercial Mortgage Trust | ||
Series 2019-PRM, Class E, 4.73%, 5/10/2036 ‡ (c) (k) | 2,750 | 2,700 |
Series 2015-GC27, Class D, 4.42%, 2/10/2048 ‡ (c) (k) | 3,756 | 3,223 |
Series 2015-GC29, Class C, 4.14%, 4/10/2048 ‡ (k) | 2,000 | 1,826 |
Series 2015-P1, Class D, 3.23%, 9/15/2048 ‡ (c) | 2,000 | 1,645 |
Series 2016-C1, Class D, 4.94%, 5/10/2049 (c) (k) | 2,225 | 1,838 |
Series 2016-C2, Class D, 3.25%, 8/10/2049 ‡ (c) (k) | 1,000 | 759 |
Series 2016-P6, Class D, 3.25%, 12/10/2049 ‡ (c) | 1,325 | 983 |
Series 2017-P7, Class D, 3.25%, 4/14/2050 ‡ (c) | 3,000 | 2,008 |
Series 2017-P7, Class B, 4.14%, 4/14/2050 ‡ (k) | 910 | 801 |
Series 2017-P7, Class C, 4.41%, 4/14/2050 ‡ (k) | 3,295 | 2,746 |
Series 2020-GC46, Class E, 2.60%, 2/15/2053 ‡ (c) | 4,500 | 2,695 |
Commercial Mortgage Trust | ||
Series 2020-CBM, Class F, 3.63%, 2/10/2037 ‡ (c) (k) | 2,750 | 2,316 |
Series 2014-CR15, Class C, 4.67%, 2/10/2047 ‡ (k) | 3,375 | 3,238 |
October 31, 2022 | J.P. Morgan Funds | 79 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Mortgage-Backed Securities — continued | ||
United States — continued | ||
Series 2014-LC15, Class D, 5.00%, 4/10/2047 ‡ (c) (k) | 1,500 | 1,380 |
Series 2014-CR19, Class D, 4.70%, 8/10/2047 ‡ (c) (k) | 400 | 360 |
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 ‡ (c) | 5,100 | 4,167 |
Series 2014-LC17, Class D, 3.69%, 10/10/2047 (c) | 3,250 | 2,856 |
Series 2015-CR22, Class E, 3.00%, 3/10/2048 ‡ (c) | 2,500 | 1,950 |
Series 2015-CR22, Class D, 4.07%, 3/10/2048 ‡ (c) (k) | 1,000 | 864 |
Series 2015-LC21, Class D, 4.33%, 7/10/2048 ‡ (k) | 450 | 380 |
Series 2015-CR24, Class D, 3.46%, 8/10/2048 ‡ (k) | 2,134 | 1,744 |
Series 2015-CR25, Class D, 3.77%, 8/10/2048 ‡ (k) | 2,000 | 1,608 |
Series 2015-CR27, Class D, 3.45%, 10/10/2048 ‡ (c) (k) | 500 | 409 |
Series 2015-CR26, Class D, 3.47%, 10/10/2048 ‡ (k) | 2,500 | 2,047 |
Series 2015-LC23, Class D, 3.57%, 10/10/2048 ‡ (c) (k) | 2,750 | 2,329 |
Series 2015-LC23, Class E, 3.57%, 10/10/2048 ‡ (c) (k) | 1,500 | 1,198 |
Series 2016-CR28, Class D, 3.85%, 2/10/2049 ‡ (k) | 1,350 | 1,148 |
Series 2016-CR28, Class C, 4.60%, 2/10/2049 ‡ (k) | 2,000 | 1,807 |
Series 2018-COR3, Class D, 2.81%, 5/10/2051 ‡ (c) (k) | 2,000 | 1,337 |
CSAIL Commercial Mortgage Trust | ||
Series 2015-C4, Class C, 4.56%, 11/15/2048 ‡ (k) | 2,500 | 2,275 |
Series 2019-C15, Class C, 4.99%, 3/15/2052 ‡ (k) | 3,835 | 3,271 |
Series 2015-C2, Class B, 4.21%, 6/15/2057 ‡ (k) | 1,000 | 882 |
DBJPM Mortgage Trust | ||
Series 2016-C3, Class D, 3.48%, 8/10/2049 ‡ (c) (k) | 1,170 | 839 |
Series 2016-C3, Class E, 4.23%, 8/10/2049 ‡ (c) (k) | 1,250 | 829 |
FHLMC Multiclass Certificates Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029 | 17,110 | 1,723 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
FHLMC, Multi-Family Structured Credit Risk | ||
Series MN2, Class B1, 8.50%, 7/25/2041 (c) (k) | 2,000 | 1,622 |
Series 2021-MN1, Class M1, 5.00%, 1/25/2051 (c) (k) | 377 | 352 |
Series MN1, Class M2, 6.75%, 1/25/2051 (c) (k) | 11,750 | 10,462 |
Series 2021-MN1, Class B1, 10.75%, 1/25/2051 (c) (k) | 2,650 | 2,496 |
FHLMC, Multi-Family Structured Pass-Through Certificates | ||
Series K033, Class X1, IO, 0.28%, 7/25/2023 (k) | 102,115 | 146 |
Series KC03, Class X1, IO, 0.48%, 11/25/2024 (k) | 61,866 | 642 |
Series K734, Class X3, IO, 2.17%, 7/25/2026 (k) | 13,025 | 825 |
Series KC04, Class X1, IO, 1.25%, 12/25/2026 (k) | 14,888 | 443 |
Series K084, Class X3, IO, 2.24%, 11/25/2028 (k) | 6,000 | 639 |
Series K090, Class X3, IO, 2.31%, 10/25/2029 (k) | 1,750 | 198 |
Series K723, Class X3, IO, 1.91%, 10/25/2034 (k) | 6,544 | 109 |
Series Q012, Class X, IO, 4.12%, 9/25/2035 (k) | 23,290 | 4,536 |
Series K054, Class X3, IO, 1.60%, 4/25/2043 (k) | 17,000 | 734 |
Series K067, Class X3, IO, 2.11%, 9/25/2044 (k) | 34,106 | 2,763 |
Series K727, Class X3, IO, 2.00%, 10/25/2044 (k) | 33,818 | 1,049 |
Series K068, Class X3, IO, 2.06%, 10/25/2044 (k) | 11,050 | 880 |
Series K059, Class X3, IO, 1.92%, 11/25/2044 (k) | 24,693 | 1,556 |
Series K729, Class X3, IO, 1.97%, 11/25/2044 (k) | 37,637 | 1,246 |
Series K060, Class X3, IO, 1.90%, 12/25/2044 (k) | 1,000 | 62 |
Series K061, Class X3, IO, 1.98%, 12/25/2044 (k) | 1,544 | 102 |
Series K066, Class X3, IO, 2.16%, 8/25/2045 (k) | 20,000 | 1,640 |
Series K728, Class X3, IO, 1.96%, 11/25/2045 (k) | 8,120 | 307 |
80 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Mortgage-Backed Securities — continued | ||
United States — continued | ||
Series K071, Class X3, IO, 2.01%, 11/25/2045 (k) | 5,000 | 411 |
Series K089, Class X3, IO, 2.30%, 1/25/2046 (k) | 22,283 | 2,523 |
Series K087, Class X3, IO, 2.32%, 1/25/2046 (k) | 18,300 | 2,003 |
Series K082, Class X3, IO, 2.21%, 10/25/2046 (k) | 11,750 | 1,196 |
Series K102, Class X3, IO, 1.89%, 12/25/2046 (k) | 1,180 | 118 |
Series K088, Class X3, IO, 2.35%, 2/25/2047 (k) | 11,130 | 1,283 |
Series K093, Class X3, IO, 2.21%, 5/25/2047 (k) | 15,000 | 1,664 |
Series K116, Class X3, IO, 3.02%, 9/25/2047 (k) | 10,500 | 1,792 |
Series K108, Class X3, IO, 3.49%, 4/25/2048 (k) | 19,600 | 3,720 |
Series 2022-MN4, Class B1, 12.50%, 5/25/2052 (c) (k) | 4,000 | 3,817 |
FNMA ACES | ||
Series 2019-M21, Class X2, IO, 1.30%, 2/25/2031 (k) | 5,729 | 446 |
Series 2016-M4, Class X2, IO, 2.67%, 1/25/2039 (k) | 7,003 | 116 |
FNMA, Multi-Family REMIC Trust Series 2020-M37, Class X, IO, 1.05%, 4/25/2032 (k) | 25,773 | 1,422 |
FREMF Mortgage Trust | ||
Series 2017-KF31, Class B, 6.04%, 4/25/2024 (c) (k) | 1,322 | 1,314 |
Series 2017-KF32, Class B, 5.69%, 5/25/2024 (c) (k) | 1,581 | 1,561 |
Series 2017-KF38, Class B, 5.64%, 9/25/2024 (c) (k) | 632 | 620 |
Series 2018-KF47, Class B, 5.14%, 5/25/2025 (c) (k) | 1,348 | 1,331 |
Series 2018-KF49, Class B, 5.04%, 6/25/2025 (c) (k) | 157 | 152 |
Series 2018-KF51, Class C, 9.14%, 8/25/2025 (c) (k) | 2,802 | 2,778 |
Series 2019-KC03, Class B, 4.38%, 1/25/2026 (c) (k) | 2,304 | 2,132 |
Series 2019-KF58, Class B, 5.29%, 1/25/2026 (c) (k) | 906 | 890 |
Series 2019-KF62, Class B, 5.19%, 4/25/2026 (c) (k) | 548 | 536 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2017-KL1E, Class BE, 3.91%, 2/25/2027 (c) (k) | 186 | 156 |
Series 2017-KF33, Class B, 5.69%, 6/25/2027 (c) (k) | 566 | 589 |
Series 2017-KF40, Class B, 5.84%, 11/25/2027 (c) (k) | 978 | 964 |
Series 2018-KF43, Class B, 5.29%, 1/25/2028 (c) (k) | 1,454 | 1,411 |
Series 21K-F116, Class CS, 8.87%, 6/25/2028 (c) (k) | 8,985 | 9,053 |
Series 2018-KF50, Class B, 5.04%, 7/25/2028 (c) (k) | 293 | 288 |
Series 2018-K82, Class B, 4.13%, 9/25/2028 (c) (k) | 1,460 | 1,329 |
Series 2018-KSW4, Class C, 8.14%, 10/25/2028 (k) | 3,866 | 3,602 |
Series 2019-KF59, Class B, 5.49%, 2/25/2029 (c) (k) | 2,204 | 2,127 |
Series 2019-KG01, Class B, 4.17%, 4/25/2029 (c) (k) | 3,090 | 2,709 |
Series 2019-KW09, Class X2A, IO, 0.10%, 5/25/2029 (c) | 282,815 | 1,200 |
Series 2019-KF63, Class B, 5.49%, 5/25/2029 (c) (k) | 3,019 | 2,996 |
Series 2019-KW09, Class C, PO, 6/25/2029 (c) | 24,011 | 13,884 |
Series 2019-KW09, Class X2B, IO, 0.10%, 6/25/2029 (c) | 32,681 | 156 |
Series 2017-K153, Class B, PO, 4/25/2032 (c) | 10,281 | 4,441 |
Series 2017-K729, Class B, 3.67%, 11/25/2049 (c) (k) | 1,400 | 1,333 |
Series 2017-K724, Class D, PO, 12/25/2049 (c) | 20,000 | 17,842 |
Series 2017-K724, Class X2A, IO, 0.10%, 12/25/2049 (c) | 152,085 | 81 |
Series 2017-K724, Class X2B, IO, 0.10%, 12/25/2049 (c) | 52,000 | 38 |
Series 2019-K103, Class B, 3.46%, 12/25/2051 (c) (k) | 970 | 825 |
GNMA | ||
Series 2012-44, IO, 0.03%, 3/16/2049 (k) | 3,651 | 1 |
Series 2015-86, IO, 0.42%, 5/16/2052 (k) | 4,072 | 74 |
Series 2013-7, IO, 0.30%, 5/16/2053 (k) | 35,053 | 291 |
October 31, 2022 | J.P. Morgan Funds | 81 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Mortgage-Backed Securities — continued | ||
United States — continued | ||
Series 2012-89, IO, 0.16%, 12/16/2053 (k) | 6,876 | 10 |
Series 2014-186, IO, 0.38%, 8/16/2054 (k) | 3,947 | 44 |
Series 2015-33, IO, 0.26%, 2/16/2056 (k) | 4,336 | 47 |
Series 2015-59, IO, 0.89%, 6/16/2056 (k) | 3,664 | 106 |
Series 2016-40, IO, 0.61%, 7/16/2057 (k) | 7,865 | 185 |
Series 2016-157, IO, 0.90%, 11/16/2057 (k) | 10,225 | 444 |
Series 2016-71, Class QI, IO, 0.93%, 11/16/2057 (k) | 43,841 | 1,814 |
Series 2016-151, IO, 0.85%, 6/16/2058 (k) | 37,385 | 1,447 |
Series 2017-54, IO, 0.68%, 12/16/2058 (k) | 3,557 | 138 |
Series 2017-86, IO, 0.69%, 5/16/2059 (k) | 1,795 | 69 |
Series 2017-148, IO, 0.56%, 7/16/2059 (k) | 8,388 | 289 |
Series 2019-53, Class IA, IO, 0.78%, 6/16/2061 (k) | 6,039 | 332 |
Series 2020-145, IO, 0.73%, 3/16/2063 (k) | 55,947 | 3,134 |
GS Mortgage Securities Trust | ||
Series 2012-GCJ9, Class D, 4.63%, 11/10/2045 ‡ (c) (k) | 500 | 495 |
Series 2013-GC12, Class E, 3.25%, 6/10/2046 ‡ (c) | 800 | 743 |
Series 2013-GC12, Class D, 4.45%, 6/10/2046 ‡ (c) (k) | 750 | 720 |
Series 2015-GC28, Class D, 4.31%, 2/10/2048 ‡ (c) (k) | 2,500 | 2,195 |
Series 2017-GS5, Class D, 3.51%, 3/10/2050 ‡ (c) (k) | 2,900 | 2,182 |
Series 2017-GS6, Class D, 3.24%, 5/10/2050 ‡ (c) | 1,750 | 1,291 |
Series 2015-GC30, Class D, 3.38%, 5/10/2050 ‡ | 1,250 | 1,044 |
Series 2019-GC40, Class E, 3.00%, 7/10/2052 ‡ (c) | 2,250 | 1,433 |
Jackson Park Trust | ||
Series 2019-LIC, Class E, 3.24%, 10/14/2039 ‡ (c) (k) | 3,625 | 2,448 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2019-LIC, Class F, 3.24%, 10/14/2039 ‡ (c) (k) | 4,170 | 2,704 |
JPMBB Commercial Mortgage Securities Trust | ||
Series 2013-C15, Class E, 3.50%, 11/15/2045 ‡ (c) | 2,000 | 1,808 |
Series 2013-C17, Class D, 4.88%, 1/15/2047 ‡ (c) (k) | 1,250 | 1,159 |
Series 2014-C21, Class D, 4.64%, 8/15/2047 ‡ (c) (k) | 2,049 | 1,777 |
Series 2014-C26, Class D, 3.88%, 1/15/2048 ‡ (c) (k) | 1,000 | 863 |
Series 2015-C33, Class C, 4.62%, 12/15/2048 (k) | 8,000 | 7,168 |
Series 2016-C1, Class D2, 4.24%, 3/17/2049 ‡ (c) (k) | 1,465 | 1,195 |
Series 2016-C1, Class C, 4.74%, 3/17/2049 ‡ (k) | 5,000 | 4,495 |
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.53%, 3/15/2050 (c) (k) | 7,577 | 5,887 |
JPMDB Commercial Mortgage Securities Trust Series 2016-C4, Class D, 3.07%, 12/15/2049 ‡ (c) (k) | 2,514 | 1,790 |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class D, 3.43%, 8/15/2049 ‡ (c) (k) | 4,500 | 3,285 |
KNDL Mortgage Trust Series 2019-KNSQ, Class E, 5.21%, 5/15/2036 ‡ (c) (k) | 2,040 | 1,969 |
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 ‡ (k) | 3,353 | 1,470 |
MHC Commercial Mortgage Trust Series 2021-MHC, Class G, 6.61%, 4/15/2038 ‡ (c) (k) | 14,400 | 13,046 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
Series 2012-C5, Class G, 4.50%, 8/15/2045 ‡ (c) | 1,500 | 1,327 |
Series 2014-C14, Class D, 5.06%, 2/15/2047 ‡ (c) (k) | 3,750 | 3,549 |
Series 2014-C15, Class D, 4.89%, 4/15/2047 ‡ (c) (k) | 365 | 337 |
Series 2014-C16, Class C, 4.75%, 6/15/2047 ‡ (k) | 2,000 | 1,854 |
Series 2014-C19, Class D, 3.25%, 12/15/2047 ‡ (c) | 2,585 | 2,190 |
82 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Mortgage-Backed Securities — continued | ||
United States — continued | ||
Series 2015-C20, Class C, 4.45%, 2/15/2048 ‡ (k) | 3,127 | 2,884 |
Series 2015-C24, Class D, 3.26%, 5/15/2048 (c) | 6,000 | 4,990 |
Series 2015-C25, Class C, 4.53%, 10/15/2048 ‡ (k) | 6,522 | 5,937 |
Series 2016-C31, Class C, 4.27%, 11/15/2049 ‡ (k) | 1,440 | 1,159 |
Morgan Stanley Capital I Trust | ||
Series 2018-MP, Class D, 4.28%, 7/11/2040 ‡ (c) (k) | 730 | 564 |
Series 2018-L1, Class E, 3.00%, 10/15/2051 ‡ (c) | 5,486 | 3,428 |
Series 2019-L2, Class D, 3.00%, 3/15/2052 ‡ (c) | 7,075 | 4,862 |
Series 2019-L2, Class E, 3.00%, 3/15/2052 ‡ (c) | 2,575 | 1,628 |
MRCD MARK Mortgage Trust | ||
Series 2019-PARK, Class F, 2.72%, 12/15/2036 ‡ (c) | 10,000 | 8,588 |
Series 2019-PARK, Class G, 2.72%, 12/15/2036 ‡ (c) | 4,000 | 3,372 |
Series 2019-PARK, Class J, 4.25%, 12/15/2036 ‡ (c) | 17,000 | 14,519 |
Multi-Family Connecticut Avenue Securities Trust | ||
Series 2019-01, Class M10, 6.84%, 10/25/2049 ‡ (c) (k) | 4,703 | 4,332 |
Series 2020-01, Class M10, 7.34%, 3/25/2050 ‡ (c) (k) | 2,836 | 2,629 |
NYC Commercial Mortgage Trust Series 2021-909, Class E, 3.21%, 4/10/2043 ‡ (c) (k) | 5,000 | 2,778 |
VASA Trust Series 2021-VASA, Class G, 8.41%, 7/15/2039 ‡ (c) (k) | 1,360 | 1,244 |
Velocity Commercial Capital Loan Trust | ||
Series 2018-2, Class A, 4.05%, 10/26/2048 (c) (k) | 2,512 | 2,376 |
Series 2018-2, Class M2, 4.51%, 10/26/2048 ‡ (c) (k) | 171 | 144 |
Series 2018-2, Class M3, 4.72%, 10/26/2048 ‡ (c) (k) | 250 | 209 |
Wells Fargo Commercial Mortgage Trust | ||
Series 2021-SAVE, Class E, 7.06%, 2/15/2040 ‡ (c) (k) | 1,818 | 1,656 |
Series 2015-NXS1, Class E, 2.88%, 5/15/2048 ‡ (c) (k) | 1,500 | 1,150 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2015-C28, Class D, 4.08%, 5/15/2048 ‡ (k) | 7,740 | 6,589 |
Series 2016-C35, Class D, 3.14%, 7/15/2048 ‡ (c) | 5,000 | 3,677 |
Series 2018-C43, Class D, 3.00%, 3/15/2051 ‡ (c) | 1,250 | 853 |
Series 2018-C44, Class D, 3.00%, 5/15/2051 ‡ (c) | 1,517 | 1,032 |
Series 2019-C52, Class XA, IO, 1.60%, 8/15/2052 (k) | 3,745 | 270 |
Series 2022-C62, Class C, 4.35%, 4/15/2055 ‡ (k) | 4,074 | 3,143 |
Series 2015-NXS3, Class D, 3.15%, 9/15/2057 ‡ (c) | 1,000 | 816 |
WFRBS Commercial Mortgage Trust | ||
Series 2014-C19, Class D, 4.23%, 3/15/2047 ‡ (c) | 1,500 | 1,364 |
Series 2014-C22, Class D, 3.91%, 9/15/2057 ‡ (c) (k) | 5,505 | 4,582 |
Total Commercial Mortgage-Backed Securities (Cost $514,791) | 436,760 | |
Collateralized Mortgage Obligations — 3.9% | ||
Bermuda — 0.0% ^ | ||
Bellemeade Re Ltd. Series 2019-1A, Class M2, 6.29%, 3/25/2029 ‡ (c) (k) | 1,000 | 990 |
Eagle RE Ltd. Series 2019-1, Class M2, 6.89%, 4/25/2029 ‡ (c) (k) | 1,980 | 1,882 |
2,872 | ||
United States — 3.9% | ||
Adjustable Rate Mortgage Trust | ||
Series 2004-2, Class 6A1, 3.82%, 2/25/2035 (k) | 635 | 619 |
Series 2005-2, Class 3A1, 3.38%, 6/25/2035 (k) | 531 | 497 |
Alternative Loan Trust | ||
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020 | 6 | 4 |
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020 | 1 | 1 |
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021 | 76 | 67 |
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025 | 44 | 38 |
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026 | 339 | 311 |
October 31, 2022 | J.P. Morgan Funds | 83 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032 | 12 | 12 |
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034 | 102 | 99 |
Series 2004-25CB, Class A1, 6.00%, 12/25/2034 | 3,011 | 2,570 |
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035 | 300 | 269 |
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035 | 425 | 379 |
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035 | 1,670 | 1,498 |
Series 2005-3CB, Class 1A13, 5.50%, 3/25/2035 | 5,822 | 4,911 |
Series 2005-J2, Class 1A5, 4.09%, 4/25/2035 (k) | 3,766 | 2,938 |
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035 | 2,274 | 1,900 |
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035 | 272 | 228 |
Series 2005-10CB, Class 1A5, 5.50%, 5/25/2035 | 2,427 | 1,893 |
Series 2005-10CB, Class 1A8, 5.50%, 5/25/2035 | 1,404 | 1,121 |
Series 2005-13CB, Class A4, 5.50%, 5/25/2035 | 930 | 800 |
Series 2005-21CB, Class A4, 5.25%, 6/25/2035 | 504 | 388 |
Series 2005-21CB, Class A17, 6.00%, 6/25/2035 | 2,245 | 1,784 |
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035 | 98 | 75 |
Series 2005-23CB, Class A15, 5.50%, 7/25/2035 | 1,104 | 882 |
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035 | 410 | 354 |
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035 | 1,034 | 893 |
Series 2005-J14, Class A3, 5.50%, 12/25/2035 | 225 | 147 |
Series 2005-J14, Class A7, 5.50%, 12/25/2035 | 1,190 | 777 |
Series 2005-J14, Class A8, 5.50%, 12/25/2035 | 995 | 649 |
Series 2005-86CB, Class A4, 5.50%, 2/25/2036 | 295 | 187 |
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036 | 101 | 72 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2005-80CB, Class 5A1, 6.00%, 2/25/2036 | 2,788 | 2,601 |
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036 | 505 | 393 |
Series 2006-14CB, Class A1, 6.00%, 6/25/2036 | 1,184 | 663 |
Series 2006-19CB, Class A15, 6.00%, 8/25/2036 | 427 | 259 |
Series 2006-25CB, Class A2, 6.00%, 10/25/2036 | 203 | 113 |
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037 | 2,229 | 1,211 |
Series 2007-8CB, Class A9, 6.00%, 5/25/2037 | 146 | 86 |
Series 2007-19, Class 1A8, 6.00%, 8/25/2037 | 136 | 70 |
American Home Mortgage Investment Trust Series 2007-2, Class 12A1, 4.13%, 3/25/2037 (k) | 4,308 | 1,697 |
Angel Oak Mortgage Trust | ||
Series 2019-5, Class B1, 3.96%, 10/25/2049 ‡ (c) (k) | 2,250 | 1,783 |
Series 2019-6, Class B1, 3.94%, 11/25/2059 (c) (k) | 4,000 | 3,454 |
Series 2019-6, Class B3, 5.95%, 11/25/2059 ‡ (c) (k) | 1,285 | 1,047 |
Angel Oak Mortgage Trust I LLC | ||
Series 2019-2, Class B1, 5.02%, 3/25/2049 ‡ (c) (k) | 4,000 | 3,765 |
Series 2019-2, Class B2, 6.29%, 3/25/2049 ‡ (c) (k) | 2,250 | 2,113 |
Series 2019-4, Class B1, 4.41%, 7/26/2049 (c) (k) | 5,000 | 4,538 |
Banc of America Alternative Loan Trust | ||
Series 2006-4, Class 2A1, 6.00%, 5/25/2021 | 2 | 2 |
Series 2005-11, Class 4A5, 5.75%, 12/25/2035 | 332 | 274 |
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046 | 447 | 374 |
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046 | 987 | 853 |
Series 2006-5, Class CB7, 6.00%, 6/25/2046 | 263 | 227 |
Banc of America Funding Trust | ||
Series 2007-4, Class 8A1, 5.50%, 11/25/2034 | 53 | 32 |
84 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 2005-6, Class 1A2, 5.50%, 10/25/2035 | 1,221 | 897 |
Series 2005-7, Class 4A7, 6.00%, 11/25/2035 | 42 | 37 |
Series 2006-A, Class 1A1, 3.93%, 2/20/2036 (k) | 345 | 321 |
Series 2006-2, Class 2A20, 5.75%, 3/25/2036 | 189 | 156 |
Series 2007-5, Class 4A1, 3.96%, 7/25/2037 (k) | 2,411 | 1,696 |
Banc of America Mortgage Trust | ||
Series 2004-A, Class 2A2, 2.63%, 2/25/2034 (k) | 238 | 231 |
Series 2007-3, Class 1A1, 6.00%, 9/25/2037 | 124 | 105 |
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 3.91%, 2/25/2034 (k) | 196 | 173 |
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class M1, 4.59%, 10/25/2034 ‡ (k) | 298 | 218 |
Chase Mortgage Finance Trust | ||
Series 2007-A2, Class 3A1, 3.06%, 6/25/2035 (k) | — | — |
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036 | 1,074 | 482 |
Series 2006-S4, Class A5, 6.00%, 12/25/2036 | 812 | 390 |
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037 | 195 | 101 |
CHL GMSR Issuer Trust | ||
Series 2018-GT1, Class A, 6.34%, 5/25/2023 (c) (k) | 1,530 | 1,530 |
Series 2018-GT1, Class B, 7.09%, 5/25/2023 ‡ (c) (k) | 795 | 795 |
CHL Mortgage Pass-Through Trust | ||
Series 2005-20, Class A7, 5.25%, 12/25/2027 | 76 | 48 |
Series 2004-25, Class 2A1, 4.27%, 2/25/2035 (k) | 1,913 | 1,594 |
Series 2005-26, Class 1A11, 5.50%, 11/25/2035 | 1,166 | 713 |
Series 2005-31, Class 2A1, 2.45%, 1/25/2036 (k) | 557 | 473 |
Series 2005-30, Class A5, 5.50%, 1/25/2036 | 119 | 75 |
Series 2006-HYB1, Class 2A2C, 2.90%, 3/20/2036 (k) | 1,756 | 1,560 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2006-HYB2, Class 2A1B, 3.10%, 4/20/2036 (k) | 488 | 434 |
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036 | 86 | 52 |
Series 2006-10, Class 1A16, 6.00%, 5/25/2036 | 1,032 | �� 498 |
Series 2006-17, Class A2, 6.00%, 12/25/2036 | 287 | 129 |
Series 2006-18, Class 2A4, 6.00%, 12/25/2036 | 1,750 | 984 |
Series 2007-2, Class A2, 6.00%, 3/25/2037 | 101 | 50 |
Series 2007-3, Class A18, 6.00%, 4/25/2037 | 805 | 426 |
Series 2007-10, Class A4, 5.50%, 7/25/2037 | 100 | 46 |
Series 2007-13, Class A4, 6.00%, 8/25/2037 | 213 | 112 |
Series 2007-16, Class A1, 6.50%, 10/25/2037 | 1,917 | 950 |
Series 2007-18, Class 2A1, 6.50%, 11/25/2037 | 413 | 156 |
Series 2006-OA5, Class 2A1, 3.99%, 4/25/2046 (k) | 1,586 | 1,299 |
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037 | 332 | 282 |
Citigroup Mortgage Loan Trust | ||
Series 2006-AR3, Class 1A1A, 3.26%, 6/25/2036 (k) | 895 | 808 |
Series 2006-AR5, Class 1A5A, 3.24%, 7/25/2036 (k) | 373 | 346 |
Citigroup Mortgage Loan Trust, Inc. | ||
Series 2005-6, Class A1, 6.08%, 9/25/2035 (k) | 247 | 240 |
Series 2006-8, Class A3, 3.94%, 10/25/2035 (c) (k) | 497 | 273 |
Series 2005-9, Class 2A2, 5.50%, 11/25/2035 | 67 | 50 |
COLT Mortgage Loan Trust | ||
Series 2021-3, Class B1, 3.06%, 9/27/2066 ‡ (c) (k) | 2,500 | 1,395 |
Series 2021-5, Class B1, 4.12%, 11/26/2066 ‡ (c) (k) | 3,903 | 2,513 |
Series 2021-5, Class B2, 4.12%, 11/26/2066 ‡ (c) (k) | 2,247 | 1,336 |
Series 2022-1, Class B1, 4.15%, 12/27/2066 ‡ (c) (k) | 2,038 | 1,358 |
October 31, 2022 | J.P. Morgan Funds | 85 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 2022-1, Class B2, 4.15%, 12/27/2066 ‡ (c) (k) | 2,581 | 1,601 |
Connecticut Avenue Securities Trust | ||
Series 2019-R05, Class 1B1, 7.69%, 7/25/2039 ‡ (c) (k) | 2,230 | 2,176 |
Series 2019-R07, Class 1B1, 6.99%, 10/25/2039 ‡ (c) (k) | 8,500 | 8,056 |
Series 2020-R02, Class 2B1, 6.59%, 1/25/2040 ‡ (c) (k) | 19,158 | 16,190 |
Series 2021-R01, Class 1B1, 6.10%, 10/25/2041 ‡ (c) (k) | 5,200 | 4,697 |
Series 2021-R03, Class 1B1, 5.75%, 12/25/2041 ‡ (c) (k) | 2,000 | 1,740 |
Series 2021-R03, Class 1B2, 8.50%, 12/25/2041 ‡ (c) (k) | 9,100 | 7,589 |
Series 2022-R01, Class 1B2, 9.00%, 12/25/2041 ‡ (c) (k) | 11,437 | 9,790 |
Series 2022-R06, Class 1M1, 5.75%, 5/25/2042 (c) (k) | 812 | 808 |
Series 2022-R08, Class 1M1, 5.55%, 7/25/2042 ‡ (c) (k) | 4,051 | 4,034 |
CSFB Mortgage-Backed Pass-Through Certificates | ||
Series 2005-10, Class 11A1, 5.50%, 11/25/2020 | 572 | 72 |
Series 2003-29, Class 3A1, 5.50%, 12/25/2033 | 173 | 162 |
Series 2004-AR4, Class 4A1, 3.47%, 5/25/2034 (k) | 893 | 890 |
Series 2004-AR4, Class 2A1, 3.65%, 5/25/2034 (k) | 153 | 152 |
Series 2004-AR5, Class 6A1, 2.92%, 6/25/2034 (k) | 227 | 217 |
Series 2004-4, Class 4A1, 5.50%, 8/25/2034 | 1,112 | 1,073 |
Series 2004-8, Class 4A3, 5.50%, 12/25/2034 | 84 | 75 |
Series 2005-4, Class 2A5, 4.14%, 6/25/2035 (k) | 2,276 | 1,606 |
Series 2005-10, Class 5A3, 5.50%, 11/25/2035 | 278 | 205 |
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 3.21%, 10/25/2034 (k) | 397 | 392 |
CSMC Mortgage-Backed Trust | ||
Series 2006-8, Class 5A1, 5.53%, 10/25/2026 (k) | 36 | 32 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2007-2, Class 3A13, 5.50%, 3/25/2037 | 349 | 193 |
Deephaven Residential Mortgage Trust | ||
Series 2021-3, Class B1, 3.27%, 8/25/2066 ‡ (c) (k) | 5,000 | 3,184 |
Series 2021-3, Class B2, 4.13%, 8/25/2066 ‡ (c) (k) | 4,502 | 2,722 |
Series 2021-4, Class B1, 4.16%, 11/25/2066 ‡ (c) (k) | 6,000 | 3,812 |
Series 2021-4, Class B2, 4.48%, 11/25/2066 ‡ (c) (k) | 6,508 | 3,972 |
Series 2022-1, Class B1, 4.30%, 1/25/2067 ‡ (c) (k) | 3,000 | 2,046 |
Series 2022-1, Class B2, 4.30%, 1/25/2067 ‡ (c) (k) | 5,640 | 3,460 |
Series 2022-2, Class A3, 4.30%, 3/25/2067 (c) (k) | 4,594 | 4,109 |
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 4.29%, 2/25/2020 (k) | 20 | 19 |
Deutsche Alt-A Securities, Inc., Mortgage Loan Trust Series 2005-2, Class 2A1, 3.89%, 3/25/2020 (k) | 4 | 4 |
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 4.00%, 8/19/2045 (k) | 1,253 | 1,048 |
FHLMC STACR Series 2019-HQA3, Class B1, 6.59%, 9/25/2049 (c) (k) | 3,000 | 2,678 |
FHLMC STACR REMIC Trust | ||
Series 2021-DNA5, Class B2, 8.50%, 1/25/2034 (c) (k) | 3,400 | 2,546 |
Series 2021-DNA6, Class B1, 6.40%, 10/25/2041 (c) (k) | 2,500 | 2,200 |
Series 2020-HQA1, Class B2, 8.69%, 1/25/2050 (c) (k) | 4,000 | 3,398 |
Series 2021-DNA1, Class B2, 7.75%, 1/25/2051 ‡ (c) (k) | 8,000 | 6,072 |
FHLMC Structured Agency Credit Risk Debt Notes | ||
Series 2015-HQ1, Class B, 14.34%, 3/25/2025 (k) | 2,624 | 2,622 |
Series 2017-DNA3, Class B1, 8.04%, 3/25/2030 (k) | 3,000 | 3,044 |
Series 2021-DNA2, Class B2, 9.00%, 8/25/2033 (c) (k) | 18,050 | 14,152 |
FHLMC, REMIC | ||
Series 4068, Class DS, IF, IO, 2.59%, 6/15/2042 (k) | 1,794 | 170 |
86 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 4097, Class ES, IF, IO, 2.69%, 8/15/2042 (k) | 2,738 | 257 |
Series 4103, Class SB, IF, IO, 2.64%, 9/15/2042 (k) | 3,041 | 294 |
Series 4425, Class SA, IF, IO, 2.64%, 1/15/2045 (k) | 3,025 | 292 |
Series 4594, Class SG, IF, IO, 2.59%, 6/15/2046 (k) | 3,183 | 357 |
Series 4606, Class SB, IF, IO, 2.59%, 8/15/2046 (k) | 6,026 | 615 |
Series 4614, Class SK, IF, IO, 2.59%, 9/15/2046 (k) | 10,629 | 1,162 |
Series 4616, Class HS, IF, IO, 2.59%, 9/15/2046 (k) | 3,483 | 332 |
Series 4703, Class SA, IF, IO, 2.74%, 7/15/2047 (k) | 5,420 | 570 |
Series 4718, Class SD, IF, IO, 2.74%, 9/15/2047 (k) | 2,761 | 282 |
Series 4768, Class SG, IF, IO, 2.79%, 3/15/2048 (k) | 2,211 | 243 |
Series 4820, Class ES, IF, IO, 2.79%, 3/15/2048 (k) | 1,202 | 110 |
Series 4834, Class SA, IF, IO, 2.74%, 10/15/2048 (k) | 3,137 | 287 |
Series 4937, Class MS, IF, IO, 2.46%, 12/25/2049 (k) | 5,220 | 518 |
Series 4839, Class WS, IF, IO, 2.69%, 8/15/2056 (k) | 6,790 | 822 |
FHLMC, STRIPS | ||
Series 264, Class S1, IF, IO, 2.54%, 7/15/2042 (k) | 1,745 | 159 |
Series 274, Class S1, IF, IO, 2.59%, 8/15/2042 (k) | 2,213 | 196 |
Series 278, Class S1, IF, IO, 2.64%, 9/15/2042 (k) | 1,921 | 198 |
Series 279, Class S6, IF, IO, 2.64%, 9/15/2042 (k) | 1,534 | 144 |
Series 300, Class S1, IF, IO, 2.69%, 1/15/2043 (k) | 2,036 | 182 |
Series 316, Class S7, IF, IO, 2.69%, 11/15/2043 (k) | 1,929 | 169 |
Series 326, Class S2, IF, IO, 2.54%, 3/15/2044 (k) | 2,350 | 217 |
Series 336, Class S1, IF, IO, 2.64%, 8/15/2044 (k) | 1,606 | 139 |
Series 337, Class S1, IF, IO, 2.64%, 9/15/2044 (k) | 1,323 | 129 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 356, Class S5, IF, IO, 2.59%, 9/15/2047 (k) | 7,915 | 714 |
First Horizon Alternative Mortgage Securities Trust Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021 | 16 | 12 |
FNMA, Connecticut Avenue Securities | ||
Series 2017-C01, Class 1B1, 9.34%, 7/25/2029 (k) | 2,750 | 2,930 |
Series 2021-R02, Class 2B1, 6.30%, 11/25/2041 (c) (k) | 3,153 | 2,778 |
Series 2021-R02, Class 2B2, 9.20%, 11/25/2041 (c) (k) | 5,142 | 4,373 |
FNMA, REMIC | ||
Series 2011-126, Class SM, IF, IO, 2.36%, 12/25/2041 (k) | 1,932 | 147 |
Series 2012-20, Class SL, IF, IO, 2.86%, 3/25/2042 (k) | 2,414 | 256 |
Series 2012-35, Class SN, IF, IO, 2.86%, 4/25/2042 (k) | 2,674 | 279 |
Series 2012-75, Class DS, IF, IO, 2.36%, 7/25/2042 (k) | 2,750 | 226 |
Series 2012-128, Class MS, IF, IO, 2.56%, 11/25/2042 (k) | 1,258 | 123 |
Series 2013-124, Class SB, IF, IO, 2.36%, 12/25/2043 (k) | 3,007 | 247 |
Series 2013-136, Class SB, IF, IO, 2.31%, 1/25/2044 (k) | 2,807 | 226 |
Series 2015-35, Class SA, IF, IO, 2.01%, 6/25/2045 (k) | 2,994 | 204 |
Series 2015-37, Class ST, IF, IO, 2.03%, 6/25/2045 (k) | 2,936 | 247 |
Series 2016-1, Class SJ, IF, IO, 2.56%, 2/25/2046 (k) | 6,462 | 766 |
Series 2016-77, Class SA, IF, IO, 2.41%, 10/25/2046 (k) | 2,501 | 248 |
Series 2017-1, Class SA, IF, IO, 2.46%, 2/25/2047 (k) | 2,853 | 263 |
Series 2017-16, Class SM, IF, IO, 2.46%, 3/25/2047 (k) | 1,681 | 176 |
Series 2017-37, Class AS, IF, IO, 2.51%, 5/25/2047 (k) | 7,837 | 733 |
Series 2018-14, Class SA, IF, IO, 2.61%, 3/25/2048 (k) | 4,654 | 507 |
Series 2018-15, Class JS, IF, IO, 2.61%, 3/25/2048 (k) | 2,991 | 335 |
Series 2018-16, Class SN, IF, IO, 2.66%, 3/25/2048 (k) | 1,159 | 125 |
October 31, 2022 | J.P. Morgan Funds | 87 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 2018-27, Class SE, IF, IO, 2.61%, 5/25/2048 (k) | 2,279 | 269 |
Series 2018-60, Class SK, IF, IO, 2.11%, 8/25/2048 (k) | 2,091 | 116 |
Series 2018-73, Class SC, IF, IO, 2.61%, 10/25/2048 (k) | 4,746 | 426 |
Series 2019-9, Class SM, IF, IO, 2.46%, 3/25/2049 (k) | 2,622 | 244 |
Series 2019-20, Class BS, IF, IO, 2.46%, 5/25/2049 (k) | 775 | 68 |
GCAT Trust Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 ‡ (c) (k) | 3,000 | 2,375 |
GMACM Mortgage Loan Trust | ||
Series 2004-AR2, Class 3A, 3.97%, 8/19/2034 (k) | 257 | 222 |
Series 2005-AR1, Class 3A, 3.22%, 3/18/2035 (k) | 52 | 45 |
GNMA | ||
Series 2014-25, Class HS, IF, IO, 2.61%, 2/20/2044 (k) | 2,121 | 202 |
Series 2015-124, Class SB, IF, IO, 2.76%, 9/20/2045 (k) | 3,617 | 380 |
Series 2015-149, Class GS, IF, IO, 2.76%, 10/20/2045 (k) | 3,755 | 429 |
Series 2016-111, Class SA, IF, IO, 2.61%, 8/20/2046 (k) | 1,848 | 176 |
Series 2016-120, Class NS, IF, IO, 2.61%, 9/20/2046 (k) | 5,193 | 574 |
Series 2017-11, Class AS, IF, IO, 2.61%, 1/20/2047 (k) | 2,084 | 182 |
Series 2017-55, Class AS, IF, IO, 2.66%, 4/20/2047 (k) | 1,246 | 125 |
Series 2017-56, Class SC, IF, IO, 2.66%, 4/20/2047 (k) | 2,730 | 299 |
Series 2017-68, Class SA, IF, IO, 2.66%, 5/20/2047 (k) | 2,861 | 292 |
Series 2017-67, Class ST, IF, IO, 2.71%, 5/20/2047 (k) | 5,571 | 589 |
Series 2017-75, Class SD, IF, IO, 2.71%, 5/20/2047 (k) | 1,044 | 103 |
Series 2017-80, Class AS, IF, IO, 2.71%, 5/20/2047 (k) | 2,783 | 295 |
Series 2017-93, Class SE, IF, IO, 2.71%, 6/20/2047 (k) | 2,001 | 175 |
Series 2017-107, Class SL, IF, IO, 2.71%, 7/20/2047 (k) | 6,108 | 647 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2017-112, Class S, IF, IO, 2.71%, 7/20/2047 (k) | 4,073 | 383 |
Series 2017-120, Class QS, IF, IO, 2.71%, 8/20/2047 (k) | 2,264 | 210 |
Series 2017-134, Class SB, IF, IO, 2.71%, 9/20/2047 (k) | 2,233 | 199 |
Series 2017-141, Class QS, IF, IO, 2.71%, 9/20/2047 (k) | 5,126 | 401 |
Series 2017-149, Class QS, IF, IO, 2.71%, 10/20/2047 (k) | 2,505 | 255 |
Series 2018-1, Class ST, IF, IO, 2.71%, 1/20/2048 (k) | 5,972 | 622 |
Series 2018-11, Class SA, IF, IO, 2.71%, 1/20/2048 (k) | 2,227 | 226 |
Series 2018-6, Class CS, IF, IO, 2.71%, 1/20/2048 (k) | 1,966 | 206 |
Series 2018-36, Class SG, IF, IO, 2.71%, 3/20/2048 (k) | 5,672 | 601 |
Series 2018-63, Class SB, IF, IO, 2.71%, 4/20/2048 (k) | 1,005 | 103 |
Series 2018-64, Class GS, IF, IO, 2.71%, 5/20/2048 (k) | 3,299 | 319 |
Series 2018-65, Class SE, IF, IO, 2.71%, 5/20/2048 (k) | 3,921 | 383 |
Series 2018-92, Class SH, IF, IO, 2.71%, 7/20/2048 (k) | 2,118 | 207 |
Series 2018-115, Class DS, IF, IO, 2.71%, 8/20/2048 (k) | 5,025 | 482 |
Series 2018-126, Class CS, IF, IO, 2.71%, 9/20/2048 (k) | 3,179 | 265 |
Series 2018-146, Class S, IF, IO, 2.66%, 10/20/2048 (k) | 2,167 | 206 |
Series 2018-147, Class SD, IF, IO, 2.66%, 10/20/2048 (k) | 6,149 | 556 |
Series 2018-168, Class SA, IF, IO, 2.61%, 12/20/2048 (k) | 2,586 | 252 |
Series 2019-16, Class SB, IF, IO, 2.56%, 2/20/2049 (k) | 3,687 | 320 |
Series 2019-22, Class SM, IF, IO, 2.56%, 2/20/2049 (k) | 11,166 | 1,061 |
Series 2019-23, Class JS, IF, IO, 2.56%, 2/20/2049 (k) | 3,113 | 246 |
Series 2019-30, Class SA, IF, IO, 2.56%, 3/20/2049 (k) | 4,381 | 416 |
Series 2019-38, Class SN, IF, IO, 2.56%, 3/20/2049 (k) | 5,619 | 599 |
Series 2019-41, Class CS, IF, IO, 2.56%, 3/20/2049 (k) | 3,469 | 287 |
88 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 2019-42, Class SJ, IF, IO, 2.56%, 4/20/2049 (k) | 3,985 | 375 |
Series 2019-56, Class GS, IF, IO, 2.66%, 5/20/2049 (k) | 2,122 | 159 |
Series 2019-69, Class DS, IF, IO, 2.61%, 6/20/2049 (k) | 2,292 | 210 |
Series 2019-70, Class SM, IF, IO, 2.61%, 6/20/2049 (k) | 2,354 | 163 |
Series 2020-76, Class SL, IF, IO, 2.66%, 5/20/2050 (k) | 5,248 | 466 |
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (c) (k) | 1,219 | 287 |
GSR Mortgage Loan Trust | ||
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034 | 184 | 136 |
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035 | 136 | 98 |
Series 2005-AR3, Class 6A1, 3.17%, 5/25/2035 (k) | 60 | 51 |
Series 2005-AR4, Class 3A5, 3.08%, 7/25/2035 (k) | 1,060 | 777 |
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035 | 654 | 587 |
Series 2005-AR7, Class 6A1, 3.69%, 11/25/2035 (k) | 519 | 465 |
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036 | 530 | 276 |
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036 | 858 | 447 |
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036 | 397 | 347 |
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037 | 215 | 141 |
HarborView Mortgage Loan Trust Series 2005-11, Class 2A1A, 4.10%, 8/19/2045 (k) | 139 | 125 |
Impac CMB Trust | ||
Series 2004-5, Class 1A1, 4.31%, 10/25/2034 (k) | 245 | 234 |
Series 2004-6, Class 1A2, 4.37%, 10/25/2034 (k) | — | — |
Series 2004-5, Class 1M2, 4.46%, 10/25/2034 ‡ (k) | 89 | 83 |
Series 2004-7, Class 1A2, 4.51%, 11/25/2034 (k) | 265 | 260 |
Series 2004-9, Class 1A1, 4.35%, 1/25/2035 (k) | — | — |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2004-10, Class 2A, 4.23%, 3/25/2035 (k) | 399 | 348 |
Series 2004-10, Class 3A1, 4.29%, 3/25/2035 (k) | — | — |
Series 2005-1, Class 1A1, 4.11%, 4/25/2035 (k) | 232 | 212 |
Series 2005-1, Class 1A2, 4.21%, 4/25/2035 (k) | 284 | 259 |
Series 2005-2, Class 1A2, 4.21%, 4/25/2035 (k) | 270 | 246 |
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A4, 3.75%, 8/25/2033 | 171 | 128 |
Impac Secured Assets Trust | ||
Series 2007-3, Class A1B, 4.07%, 9/25/2037 (k) | 1,605 | 1,307 |
Series 2007-3, Class A1C, 4.31%, 9/25/2037 (k) | 2,696 | 2,159 |
IndyMac INDX Mortgage Loan Trust | ||
Series 2005-AR3, Class 3A1, 2.76%, 4/25/2035 (k) | 167 | 156 |
Series 2005-AR14, Class 2A1A, 4.19%, 7/25/2035 (k) | 718 | 583 |
Series 2007-AR21, Class 6A1, 3.05%, 9/25/2037 (k) | 4,473 | 3,275 |
JPMorgan Alternative Loan Trust Series 2006-A2, Class 1A1, 3.95%, 5/25/2036 (k) | 2,487 | 2,071 |
JPMorgan Mortgage Trust | ||
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021 | 8 | 7 |
Series 2004-A6, Class 1A1, 2.79%, 12/25/2034 (k) | 58 | 51 |
Series 2005-A3, Class 6A6, 3.02%, 6/25/2035 (k) | 147 | 143 |
Series 2005-A6, Class 1A2, 4.11%, 9/25/2035 (k) | 151 | 138 |
Series 2005-A8, Class 1A1, 3.77%, 11/25/2035 (k) | 80 | 65 |
Series 2005-A8, Class 4A1, 3.84%, 11/25/2035 (k) | 1,250 | 1,055 |
Series 2006-A7, Class 2A4, 3.39%, 1/25/2037 (k) | 383 | 297 |
Series 2007-S1, Class 2A17, 3.92%, 3/25/2037 (k) | 3,664 | 1,031 |
October 31, 2022 | J.P. Morgan Funds | 89 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Legacy Mortgage Asset Trust | ||
Series 2021-GS3, Class A2, 3.25%, 7/25/2061 (c) (h) | 2,800 | 2,505 |
Series 2021-GS1, Class A2, 3.84%, 10/25/2066 (c) (h) | 2,000 | 1,650 |
Lehman Mortgage Trust | ||
Series 2005-2, Class 2A5, 5.50%, 12/25/2035 | 660 | 410 |
Series 2007-7, Class 5A7, 6.50%, 8/25/2037 | 6,697 | 3,473 |
MASTR Alternative Loan Trust | ||
Series 2004-8, Class 1A1, 6.50%, 9/25/2034 | 149 | 145 |
Series 2004-12, Class 3A1, 6.00%, 12/25/2034 | 476 | 447 |
Series 2005-3, Class 1A1, 5.50%, 4/25/2035 | 121 | 110 |
Series 2005-5, Class 3A1, 5.75%, 8/25/2035 | 206 | 107 |
Series 2005-6, Class 1A2, 5.50%, 12/25/2035 | 405 | 286 |
Merrill Lynch Mortgage Investors Trust | ||
Series 2005-1, Class 2A2, 2.75%, 4/25/2035 (k) | 133 | 118 |
Series 2006-1, Class 2A1, 2.82%, 2/25/2036 (k) | 711 | 672 |
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036 | 180 | 89 |
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (c) (k) | 2,483 | 2,347 |
Morgan Stanley Mortgage Loan Trust | ||
Series 2006-2, Class 1A, 5.25%, 2/25/2021 | 267 | 224 |
Series 2004-8AR, Class 4A1, 3.61%, 10/25/2034 (k) | 359 | 339 |
Series 2004-9, Class 1A, 5.36%, 11/25/2034 (k) | 400 | 386 |
Series 2005-4, Class 1A, 5.00%, 8/25/2035 | 20 | 17 |
MortgageIT Trust Series 2005-3, Class A1, 4.19%, 8/25/2035 (k) | — | — |
New Residential Mortgage Loan Trust | ||
Series 2019-NQM4, Class B1, 3.74%, 9/25/2059 ‡ (c) (k) | 2,500 | 1,917 |
Series 2019-NQM4, Class B2, 4.89%, 9/25/2059 ‡ (c) (k) | 4,000 | 3,253 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 ‡ (c) (k) | 2,041 | 1,603 |
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, Class 2A5, 5.66%, 3/25/2035 (h) | 3 | 3 |
PNMAC FMSR ISSUER TRUST Series 2018-GT1, Class A, 6.44%, 2/25/2023 (c) (k) | 3,715 | 3,666 |
PRET LLC Series 2022-NPL4, Class A1, 6.56%, 8/25/2052 (c) (h) | 9,870 | 9,698 |
PRPM 3.77%, 3/25/2026 | 4,987 | 4,259 |
PRPM LLC | ||
Series 2020-4, Class A2, 3.44%, 10/25/2025 ‡ (c) (h) | 7,000 | 6,685 |
Series 2020-6, Class A2, 4.70%, 11/25/2025 (c) (h) | 2,350 | 2,118 |
Series 2021-1, Class A2, 3.72%, 1/25/2026 (c) (k) | 5,000 | 4,326 |
Series 2021-3, Class A2, 3.72%, 4/25/2026 (c) (h) | 5,500 | 4,322 |
Series 2021-5, Class A2, 3.72%, 6/25/2026 (c) (h) | 4,000 | 3,257 |
Series 2021-6, Class A1, 1.79%, 7/25/2026 (c) (h) | 1,457 | 1,314 |
Series 2021-6, Class A2, 3.47%, 7/25/2026 (c) (h) | 3,447 | 2,898 |
Series 2021-7, Class A2, 3.67%, 8/25/2026 (c) (h) | 5,030 | 4,496 |
Series 2021-8, Class A2, 3.60%, 9/25/2026 (c) (k) | 5,000 | 4,474 |
Series 2021-10, Class A2, 4.83%, 10/25/2026 (c) (h) | 9,000 | 7,367 |
Series 2021-11, Class A2, 4.58%, 11/25/2026 (c) (h) | 5,269 | 4,743 |
RALI Trust | ||
Series 2003-QS20, Class CB, 5.00%, 11/25/2018 | 3 | 2 |
Series 2005-QA5, Class A2, 4.01%, 4/25/2035 (k) | 753 | 671 |
Series 2005-QS17, Class A3, 6.00%, 12/25/2035 | 576 | 474 |
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036 | 904 | 740 |
Series 2006-QS4, Class A2, 6.00%, 4/25/2036 | 1,037 | 803 |
Series 2006-QS17, Class A5, 6.00%, 12/25/2036 | 1,555 | 1,235 |
90 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Residential Asset Securitization Trust | ||
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035 | 1,455 | 972 |
Series 2005-A14, Class A1, 5.50%, 12/25/2035 | 128 | 66 |
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036 | 2,569 | 1,323 |
Series 2007-A5, Class 2A2, 6.00%, 5/25/2037 | 6,369 | 3,622 |
RFMSI Trust | ||
Series 2004-S9, Class 2A1, 4.75%, 12/25/2019 | — | — |
Series 2005-S7, Class A6, 5.50%, 11/25/2035 | 57 | 44 |
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036 | 1,220 | 1,009 |
Series 2006-SA4, Class 2A1, 5.14%, 11/25/2036 (k) | 908 | 750 |
Seasoned Credit Risk Transfer Trust Series 2017-3, Class AIO, IO, 0.00%, 7/25/2056 (k) | 194,166 | 118 |
Sequoia Mortgage Trust Series 2007-3, Class 1A1, 3.89%, 7/20/2036 (k) | 380 | 324 |
Starwood Mortgage Residential Trust | ||
Series 2020-1, Class B1, 3.73%, 2/25/2050 ‡ (c) (k) | 5,410 | 4,590 |
Series 2020-INV1, Class B2, 4.26%, 11/25/2055 ‡ (c) | 1,600 | 1,450 |
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 1A1, 3.50%, 2/25/2035 (k) | 219 | 200 |
Structured Asset Mortgage Investments II Trust | ||
Series 2005-AR3, Class 1A1, 4.13%, 8/25/2035 (k) | 1,962 | 1,681 |
Series 2007-AR7, Class 1A1, 4.44%, 5/25/2047 (k) | 2,774 | 2,182 |
Verus Securitization Trust | ||
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 ‡ (c) (k) | 2,000 | 1,710 |
Series 2019-INV3, Class B1, 3.73%, 11/25/2059 ‡ (c) (k) | 5,000 | 4,594 |
Series 2021-R1, Class B1, 3.20%, 10/25/2063 ‡ (c) (k) | 2,000 | 1,570 |
Series 2021-R1, Class B2, 4.20%, 10/25/2063 ‡ (c) (k) | 1,322 | 1,060 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2021-R3, Class B1, 3.07%, 4/25/2064 ‡ (c) (k) | 2,500 | 1,981 |
Series 2021-R3, Class B2, 4.07%, 4/25/2064 ‡ (c) (k) | 1,776 | 1,415 |
Series 2020-5, Class B1, 3.71%, 5/25/2065 ‡ (c) (k) | 2,400 | 1,965 |
Series 2020-5, Class B2, 4.71%, 5/25/2065 ‡ (c) (k) | 1,400 | 1,163 |
Series 2021-1, Class B1, 2.98%, 1/25/2066 ‡ (c) (k) | 3,150 | 2,010 |
Series 2021-4, Class M1, 2.19%, 7/25/2066 (c) (k) | 1,121 | 620 |
Series 2021-5, Class B1, 3.04%, 9/25/2066 ‡ (c) (k) | 3,826 | 2,361 |
Series 2021-5, Class B2, 3.94%, 9/25/2066 ‡ (c) (k) | 3,750 | 2,282 |
WaMu Mortgage Pass-Through Certificates Trust | ||
Series 2004-AR11, Class A, 4.14%, 10/25/2034 (k) | 519 | 467 |
Series 2005-AR5, Class A6, 3.31%, 5/25/2035 (k) | 1,064 | 1,031 |
Series 2005-AR16, Class 1A1, 2.79%, 12/25/2035 (k) | 389 | 352 |
Series 2005-AR14, Class 1A3, 3.32%, 12/25/2035 (k) | 909 | 844 |
Series 2005-AR14, Class 1A4, 3.32%, 12/25/2035 (k) | 606 | 563 |
Series 2005-AR18, Class 1A3A, 2.99%, 1/25/2036 (k) | 41 | 38 |
Series 2006-AR2, Class 1A1, 3.09%, 3/25/2036 (k) | 147 | 132 |
Series 2004-AR10, Class A1B, 4.43%, 7/25/2044 (k) | 443 | 396 |
Series 2005-AR15, Class A1A1, 4.11%, 11/25/2045 (k) | 26 | 23 |
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | ||
Series 2005-1, Class 1A3, 5.50%, 3/25/2035 | 477 | 411 |
Series 2005-4, Class CB7, 5.50%, 6/25/2035 | 333 | 294 |
Series 2005-10, Class 2A5, 5.75%, 11/25/2035 | 1,710 | 1,556 |
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035 | 526 | 479 |
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036 | 154 | 110 |
October 31, 2022 | J.P. Morgan Funds | 91 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Collateralized Mortgage Obligations — continued | ||
United States — continued | ||
Series 2007-1, Class 1A7, 4.19%, 2/25/2037 (k) | 2,575 | 1,801 |
Wells Fargo Mortgage-Backed Securities Trust | ||
Series 2006-AR19, Class A3, 3.69%, 12/25/2036 (k) | 100 | 92 |
Series 2007-15, Class A1, 6.00%, 11/25/2037 | 123 | 99 |
397,502 | ||
Total Collateralized Mortgage Obligations (Cost $504,103) | 400,374 | |
SHARES (000) | ||
Exchange-Traded Funds — 2.9% | ||
United States — 2.9% | ||
JPMorgan Equity Premium Income ETF (l)(Cost $332,143) | 5,365 | 292,788 |
PRINCIPAL AMOUNT ($000) | ||
Loan Assignments — 2.2% (f) (m) | ||
Canada — 0.0% ^ | ||
Flutter Entertainment plc, Term Loan (ICE LIBOR USD + 2.25%), 7.01%, 7/21/2026 (n) | 150 | 147 |
West Jet, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 5.99%, 12/11/2026 | 288 | 250 |
397 | ||
France — 0.0% ^ | ||
Altice France, 1st Lien Term Loan B-13 (ICE LIBOR USD 3 Month + 4.00%), 6.91%, 8/14/2026 | 2,646 | 2,420 |
Numericable US LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.69%), 7.77%, 1/31/2026 | 432 | 387 |
2,807 | ||
Ireland — 0.0% ^ | ||
Flutter Entertainment plc, 1st Lien Term Loan B (3-MONTH SOFR + 3.25%), 6.78%, 7/22/2028 | 264 | 261 |
ICON, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 5.94%, 7/3/2028 | 111 | 110 |
371 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Luxembourg — 0.1% | ||
ICON, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 5.94%, 7/3/2028 | 447 | 442 |
Nestle Skin Health, Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 10/1/2026 | 9,262 | 8,804 |
9,246 | ||
Netherlands — 0.0% ^ | ||
Commscope, Inc., 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 4/6/2026 | 1,025 | 975 |
United Kingdom — 0.0% ^ | ||
Delta 2 (Lux) SARL, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 6.25%, 2/1/2024 | 329 | 328 |
United States — 2.1% | ||
Adient US LLC, Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 4/10/2028 | 5,218 | 5,034 |
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 5.37%, 7/31/2026 | 307 | 307 |
Albany Molecular Research, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.56%, 8/30/2026 (n) | 813 | 744 |
Alliance Laundry Systems LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 7.41%, 10/8/2027 (n) | 1,207 | 1,163 |
Allied Universal Holdco LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 7.50%, 5/12/2028 | 514 | 465 |
Altice Financing SA, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.75%), 6.83%, 7/15/2025 | 382 | 358 |
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 5.84%, 4/6/2024 | 952 | 939 |
Ancestry.com, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 12/6/2027 | 608 | 536 |
API Group DE, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 3.75%, 10/1/2026 | 819 | 807 |
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 7.48%, 10/19/2027 | 8,011 | 7,570 |
Astoria Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 7.26%, 12/10/2027 | 195 | 191 |
92 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
United States — continued | ||
Asurion LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 7/31/2027 (n) | 347 | 305 |
Asurion LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 5.25%), 9.00%, 1/31/2028 | 325 | 228 |
Asurion LLC, Term Loan B-10 (1-MONTH CME TERM SOFR + 4.00%), 7.65%, 8/19/2028 | 149 | 134 |
Asurion LLC, Term Loan B-6 (ICE LIBOR USD + 3.13%), 5.50%, 11/3/2023 | 190 | 170 |
Asurion LLC, Term Loan B-7 (ICE LIBOR USD 1 Month + 3.00%), 6.75%, 11/3/2024 (n) | 381 | 359 |
Avantor Funding, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 6.00%, 11/8/2027 | 543 | 532 |
Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 5.42%, 6/1/2024 | 346 | 342 |
AZZ Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.25%; 3-MONTH SOFR + 4.25%), 8.08%, 5/13/2029 | 552 | 547 |
B&G Foods, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 6.25%, 10/10/2026 | 476 | 448 |
Banijay Entertainment, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.88%, 3/1/2025 | 539 | 523 |
Bausch Health Cos., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 5.25%), 8.62%, 2/1/2027 | 602 | 449 |
Birkenstock, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 5.10%, 4/28/2028 | 522 | 494 |
Brookfield WEC Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 6.50%, 8/1/2025 (n) | 883 | 867 |
Brooks Automation, 1st Lien Term Loan B (1-MONTH SOFR + 3.10%; 6-MONTH SOFR + 3.10%), 5.26%, 2/1/2029 | 1,098 | 1,025 |
Brooks Automation, 2nd Lien Term Loan (1-MONTH SOFR + 5.60%), 7.35%, 2/1/2030 | 169 | 143 |
Buckeye Partners LP, 1st Lien Term Loan B-1 (ICE LIBOR USD 1 Month + 2.25%), 5.37%, 11/1/2026 (n) | 670 | 661 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Bway Holding Co., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 6.38%, 4/3/2024 | 6,970 | 6,622 |
Cabinetworks, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 7.92%, 5/17/2028 | 5,677 | 3,937 |
Caesars Resort Collection, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 6.50%, 12/23/2024 (n) | 1,023 | 1,011 |
Calpine Construction Finance Co. LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.00%), 5.75%, 1/15/2025 | 418 | 411 |
Camelot Finance LP, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 6.75%, 10/30/2026 (n) | 743 | 731 |
Carroll County Energy LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 7.17%, 2/16/2026 | 275 | 259 |
CenturyLink, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 6.00%, 3/15/2027 | 280 | 260 |
Chamberlain Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 6.62%, 11/3/2028 | 552 | 500 |
Charter Communications Operating LLC, 1st Lien Term Loan B-2 (ICE LIBOR USD 1 Month + 1.75%), 5.51%, 2/1/2027 (n) | 799 | 784 |
Cincinnati Bell, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 7.01%, 11/22/2028 | 584 | 572 |
Claire's Stores, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 6.50%), 10.25%, 12/18/2026 (o) | 1,805 | 1,709 |
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.31%, 8/21/2026 | 1,646 | 1,504 |
Conair Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 5/17/2028 | 767 | 641 |
Conservice LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 8.00%, 5/13/2027 | 592 | 564 |
Consilio, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 7.75%, 5/12/2028 | 782 | 728 |
Cortes NP Acquisition Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.88%, 3/2/2027 | 832 | 800 |
October 31, 2022 | J.P. Morgan Funds | 93 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
United States — continued | ||
CSC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.25%), 5.66%, 7/17/2025 | 685 | 661 |
CSC Holdings LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 5.66%, 1/15/2026 | 871 | 843 |
CVS Holdings I LP, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.25%), 7.37%, 8/31/2026 | 584 | 457 |
DaVita, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 5.50%, 8/12/2026 | 634 | 612 |
DexKo Global, Inc., 1st Lien Term Loan B (1-MONTH SOFR + 7.50%; 3-MONTH SOFR + 7.50%), 7.06%, 10/4/2028 | 5,624 | 5,102 |
Diamond Sports Group LLC, 2nd Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 6.46%, 8/24/2026 | 336 | 65 |
DigiCert Buyer, Inc., 1st Lien Term Loan | ||
(ICE LIBOR USD 1 Month + 4.00%), 6.90%, 10/16/2026 | 477 | 459 |
(ICE LIBOR USD 3 Month + 7.00%), 9.90%, 2/19/2029 | 145 | 135 |
DIRECTV Financing LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 5.00%), 8.75%, 8/2/2027 | 7,092 | 6,743 |
Duff & Phelps Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 6.78%, 4/9/2027 | 533 | 503 |
E.W. Scripps Co. (The), 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 2.75%), 5.87%, 1/7/2028 | 717 | 705 |
Elanco Animal Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 5.52%, 8/1/2027 (n) | 585 | 563 |
Endo Pharmaceutical, 1st Lien Term Loan B (3-MONTH PRIME + 6.00%), 12.25%, 3/27/2028 | 197 | 162 |
Ensemble RCM LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.56%, 8/3/2026 | 259 | 255 |
Entegris, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%; 3-MONTH SOFR + 3.00%), 5.82%, 7/6/2029 | 400 | 397 |
Envision Healthcare Corp., Term Loan (ICE LIBOR USD + 3.75%), 6.12%, 10/10/2025 | 880 | 240 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
EPIC Crude Services LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.00%), 7.08%, 3/2/2026 | 9,991 | 7,972 |
Exelon Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 5.57%, 12/15/2027 | 729 | 721 |
FGI Operating Co. LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 11.00%), 12.00%, 5/16/2023 ‡ (j) | 147 | 16 |
First Student Bidco, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 6.64%, 7/21/2028 | 4,597 | 4,315 |
First Student Bidco, 1st Lien Term Loan C | ||
(ICE LIBOR USD 3 Month + 3.00%), 6.64%, 7/21/2028 | 1,710 | 1,605 |
(3-MONTH SOFR + 4.00%), 7.65%, 7/21/2028 | 265 | 251 |
First Student Bidco, Term Loan B (3-MONTH SOFR + 4.00%), 7.65%, 7/21/2028 | 3,820 | 3,613 |
Garda World Security, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.25%), 7.24%, 10/30/2026 | 400 | 380 |
Gates Global LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.50%), 6.25%, 3/31/2027 | 551 | 535 |
Gemini HDPE LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.81%, 12/31/2027 | 577 | 552 |
Genesee & Wyoming, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 5.67%, 12/30/2026 | 1,017 | 1,003 |
Geneys Telecom Holdings, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 7.75%, 12/1/2027 (n) | 5,794 | 5,638 |
Getty Images, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 7.63%, 2/19/2026 | 395 | 392 |
GoodRx, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 6.50%, 10/10/2025 | 394 | 382 |
Graham Packaging, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.00%), 6.75%, 8/4/2027 | 3,380 | 3,291 |
Gray Television, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 5.63%, 1/2/2026 | 362 | 355 |
Gray TV, 1st Lien Term Loan D (ICE LIBOR USD 1 Month + 3.00%), 6.13%, 12/1/2028 | 213 | 210 |
94 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
United States — continued | ||
Griffon Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 5.49%, 1/24/2029 | 475 | 463 |
Grizzly Acquisitions, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.99%, 10/1/2025 (n) | 461 | 453 |
Harsco Corp., Term Loan B-3 (ICE LIBOR USD 1 Month + 2.25%), 6.06%, 6/9/2028 | 379 | 329 |
Hercules Achievement, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 12/16/2024 | 269 | 250 |
Hertz Corp. (The), 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 6/30/2028 | 881 | 848 |
Hertz Corp. (The), 1st Lien Term Loan C (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 6/30/2028 | 168 | 162 |
Holley, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 11/17/2028 | 463 | 415 |
HUB International, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 7.33%, 4/25/2025 | 520 | 509 |
Hyland Software, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 7/1/2024 | 475 | 463 |
iHeartCommunications, Inc., Term Loan B | ||
(ICE LIBOR USD 1 Month + 3.00%), 6.75%, 5/1/2026 | 4,077 | 3,842 |
(ICE LIBOR USD 1 Month + 3.25%), 7.00%, 5/1/2026 | 150 | 141 |
INEOS Enterprises, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 6.57%, 8/28/2026 | 528 | 477 |
INEOS US Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 5.62%, 11/8/2028 | 497 | 461 |
INEOS US Petrochem LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 6.50%, 1/29/2026 | 346 | 324 |
Ingram Micro, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 7.17%, 6/30/2028 | 368 | 355 |
Insulet, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 5/4/2028 | 969 | 946 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Intelsat Jackson Holding, 1st Lien Term Loan (6-MONTH SOFR + 4.25%), 7.44%, 2/1/2029 | 809 | 779 |
Interior Logic Group, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 4/3/2028 | 482 | 329 |
Invenergy LLC, Term Loan (1-MONTH CME TERM SOFR + 3.75%), 7.59%, 8/28/2025 | 206 | 202 |
ION Corporates, 1st Lien Term Loan B (1-MONTH SOFR + 3.75%), 7.45%, 3/11/2028 | 389 | 374 |
IRB Holding Corp., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 5.87%, 2/5/2025 | 785 | 772 |
Jazz Pharmaceuticals plc, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 5/5/2028 | 515 | 508 |
KDC US Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 7.50%, 12/22/2025 | 524 | 496 |
LABL, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 8.12%, 10/29/2028 | 4,806 | 4,425 |
LegalShield, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 6.82%, 12/15/2028 | 328 | 317 |
Leslie's Poolmart, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 6.25%, 3/9/2028 (n) | 795 | 772 |
LifePoint Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 8.16%, 11/16/2025 | 615 | 542 |
LogMeIn, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.75%), 8.32%, 8/31/2027 | 314 | 197 |
Madison IAQ LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 6.82%, 6/21/2028 | 4,697 | 4,238 |
Medallion Midland Acquisition LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 10/18/2028 | 446 | 439 |
Medline, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 10/23/2028 | 3,370 | 3,095 |
MetroNet Systems Holdings LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 7.14%, 6/2/2028 | 469 | 456 |
October 31, 2022 | J.P. Morgan Funds | 95 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
United States — continued | ||
MH Sub I LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 7.50%, 9/13/2024 | 719 | 691 |
MI Windows & Doors, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.33%, 12/18/2027 | 300 | 292 |
Mirion Technologies, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.75%), 5.63%, 10/20/2028 | 367 | 356 |
Moran Foods LLC, 1st Lien PIK Tranche (ICE LIBOR USD 3 Month + 7.00%), 0.00%, 12/31/2038 | 436 | 349 |
Moran Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 7.00%), 10.67%, 4/1/2024 ‡ | 3,351 | 2,681 |
Moran Foods LLC, Tranche A Second Lien Term Loan (ICE LIBOR USD 3 Month + 10.75%), 14.42%, 10/1/2024 | 2,639 | 1,584 |
NAI Entertainment Holdings, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 6.26%, 5/8/2025 | 292 | 277 |
Netsmart Technologies, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.00%), 7.75%, 10/1/2027 | 449 | 433 |
Nielsen Holdings plc, Term Loan B-3 (ICE LIBOR USD 1 Month + 3.75%), 7.50%, 3/6/2028 (n) | 383 | 338 |
Option Care Health, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.75%), 6.50%, 10/27/2028 | 605 | 596 |
Osmose Holdings, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 6.88%, 6/23/2028 | 559 | 517 |
Pactiv Evergreen Group Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 9/24/2028 | 312 | 302 |
PAREXEL International Corp., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 11/15/2028 (n) | 4,899 | 4,711 |
Pathway Vet Alliance LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 3/31/2027 | 432 | 389 |
PCI Pharma, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.75%), 7.42%, 11/30/2027 | 699 | 674 |
Pearl Intermediate Parent LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 2/14/2025 | 298 | 279 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Petco Health & Wellness Co., Inc., Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.92%, 3/3/2028 | 6,765 | 6,477 |
PetVet Care Centers, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 2/14/2025 | 542 | 504 |
PG&E Corp., Exit Term Loan (ICE LIBOR USD 1 Month + 3.00%), 6.81%, 6/23/2025 | 319 | 313 |
Pike Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.23%, 1/21/2028 | 275 | 272 |
Pike Corp., Delayed Draw Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 6.76%, 1/21/2028 (n) | 756 | 740 |
PQ Corp., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.50%), 5.31%, 6/9/2028 | 483 | 465 |
Prime Security Services Borrower LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 6.50%, 9/23/2026 | 834 | 821 |
PrimeSource, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.99%, 12/28/2027 | 2,582 | 2,178 |
Project Boost Purchaser LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 6/1/2026 | 697 | 670 |
Proofpoint, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.25%), 6.32%, 8/31/2028 | 426 | 405 |
Pure Fishing, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 4.50%), 8.25%, 12/22/2025 | 11,425 | 8,997 |
Quest Software US Holdings, Inc., 1st Lien Term Loan B (3-MONTH SOFR + 4.25%), 8.49%, 2/1/2029 (n) | 559 | 412 |
Quikrete Holdings, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 6.12%, 6/11/2028 | 496 | 483 |
Radiology Partners, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 7.82%, 7/9/2025 | 550 | 440 |
RealPage, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 6.75%, 4/24/2028 | 539 | 506 |
Red Ventures LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%), 5.62%, 11/8/2024 | 181 | 177 |
96 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
United States — continued | ||
Reynolds Group Holdings, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 2/5/2026 | 444 | 431 |
Ring Container Technologies LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 6.61%, 8/12/2028 | 427 | 419 |
Sabre Holdings Corp., 1st Lien Term Loan B | ||
(ICE LIBOR USD 1 Month + 3.50%), 7.25%, 12/17/2027 | 270 | ��� 240 |
(ICE LIBOR USD 1 Month + 3.50%), 7.25%, 12/17/2027 | 169 | 150 |
Samsonite International SA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 1.75%), 5.50%, 4/25/2025 | 397 | 378 |
Shearer's Foods LLC, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 9/23/2027 | 323 | 300 |
Shutterfly, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 8.12%, 9/25/2026 | 3,505 | 2,127 |
Solenis International LP, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.44%, 11/9/2028 | 1,729 | 1,571 |
Spin Holdco, Inc., Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 7.14%, 3/4/2028 | 367 | 322 |
Spirit AeroSystems, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 7.50%, 1/15/2025 | 1,402 | 1,388 |
SPX Flow, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 8.33%, 4/5/2029 | 3,485 | 3,288 |
SRS Distribution, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 7.33%, 6/2/2028 | 434 | 402 |
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (ICE LIBOR USD 1 Month + 1.75%), 5.50%, 4/16/2025 | 314 | 307 |
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (ICE LIBOR USD 1 Month + 1.75%), 5.50%, 4/16/2025 | 255 | 250 |
St. George's University Scholastic Services LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 2/10/2029 | 529 | 514 |
Staples, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 5.00%), 7.78%, 4/16/2026 | 1,161 | 1,008 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Star Merger Sub, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 6.85%, 2/6/2026 | 699 | 687 |
Summer BC Holdco B SARL, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 4.50%), 8.17%, 12/4/2026 (n) | 1,747 | 1,618 |
Sundyne, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 8.00%, 3/17/2027 | 607 | 570 |
Synaptics, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.25%), 4.36%, 12/2/2028 (n) | 765 | 754 |
Team Health Holdings, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.25%), 8.98%, 3/2/2027 | 413 | 342 |
Tekni-Plex, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.00%), 7.67%, 9/15/2028 | 413 | 391 |
Tekni-Plex, Inc., Delayed Draw Term Loan B (ICE LIBOR USD 3 Month + 4.00%), 7.67%, 9/15/2028 | 37 | 35 |
Tenneco, Inc., 1st Lien Term Loan B (1 Week LIBOR + 3.00%), 6.21%, 10/1/2025 | 659 | 656 |
ThoughtWorks, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 2.75%), 6.50%, 3/24/2028 | 525 | 515 |
Thyssenkrupp Elevator, 1st Lien Term Loan B-1 (ICE LIBOR USD 6 Month + 3.50%), 6.87%, 7/30/2027 | 2,719 | 2,578 |
Titan Acquisition Ltd., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.00%), 5.88%, 3/28/2025 (n) | 5,798 | 5,292 |
Traeger Grills, 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 6/29/2028 | 292 | 234 |
Traeger Grills, Delayed Draw Term Loan (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 6/29/2028 (n) | 10 | 8 |
Trans Union LLC, Term Loan B-6 (ICE LIBOR USD 1 Month + 2.25%), 6.00%, 12/1/2028 | 320 | 315 |
TransDigm Group, Inc., 1st Lien Term Loan E (ICE LIBOR USD 3 Month + 2.25%), 5.92%, 5/30/2025 | 418 | 408 |
TransDigm Group, Inc., 1st Lien Term Loan F (ICE LIBOR USD 3 Month + 2.25%), 5.92%, 12/9/2025 | 1,473 | 1,438 |
October 31, 2022 | J.P. Morgan Funds | 97 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Loan Assignments — continued | ||
United States — continued | ||
Trinseo Materials Operating SCA, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.00%), 5.75%, 9/6/2024 | 334 | 311 |
Triton Water Holdings, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.50%), 7.17%, 3/31/2028 | 4,033 | 3,575 |
Tropicana, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 6.90%, 1/24/2029 | 314 | 286 |
Truck Hero, Inc., 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.50%), 7.25%, 1/31/2028 | 388 | 333 |
U.S. Renal Care, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.00%), 8.12%, 6/26/2026 | 3,964 | 2,438 |
UFC Holdings LLC, 1st Lien Term Loan B-3 (ICE LIBOR USD 3 Month + 2.75%), 7.11%, 4/29/2026 | 2,137 | 2,086 |
Ultimate Software Group, Inc. (The), 1st Lien Term Loan (ICE LIBOR USD 1 Month + 3.75%), 7.50%, 5/4/2026 | 125 | 121 |
Ultimate Software Group, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 7.00%, 5/4/2026 | 897 | 864 |
Ultra Resources, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 3.75%), 7.06%, 8/3/2029 | 596 | 574 |
United Airlines, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 5.25%), 8.78%, 6/21/2027 (n) | 445 | 454 |
United Natural Foods, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 7.09%, 10/22/2025 | 1,351 | 1,337 |
Univision Communications Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 6.37%, 3/15/2026 | 784 | 758 |
USI, Inc., Term Loan (ICE LIBOR USD 3 Month + 2.75%), 6.42%, 5/16/2024 | 535 | 528 |
Utz Quality Foods LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 6.84%, 1/20/2028 | 403 | 395 |
Vertex Aerospace, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.75%), 7.50%, 12/6/2028 | 472 | 461 |
Virtusa Corp., 1st Lien Term Loan B | ||
(ICE LIBOR USD 1 Month + 3.75%), 7.50%, 2/11/2028 | 143 | 137 |
(1-MONTH CME TERM SOFR + 3.75%), 7.58%, 2/15/2029 | 182 | 174 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Whataburger, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.25%), 7.00%, 8/3/2028 | 804 | 762 |
Wheel Pros, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 4.50%), 8.82%, 5/11/2028 | 433 | 314 |
WIRB Copernicus Group, Inc., 1st Lien Term Loan B (1-MONTH SOFR + 4.00%; 3-MONTH SOFR + 4.00%), 7.46%, 1/8/2027 (n) | 791 | 748 |
WMG Acquisition Corp., 1st Lien Term Loan G (ICE LIBOR USD 1 Month + 2.13%), 5.88%, 1/20/2028 | 884 | 861 |
Zekelman Industries, Inc., 1st Lien Term Loan (ICE LIBOR USD 3 Month + 2.00%), 5.60%, 1/24/2027 | 660 | 639 |
209,307 | ||
Total Loan Assignments (Cost $243,582) | 223,431 | |
Asset-Backed Securities — 1.5% | ||
Cayman Islands — 0.0% ^ | ||
BlueMountain CLO Ltd. Series 2018-3A, Class D, 7.61%, 10/25/2030 ‡ (c) (k) | 685 | 556 |
Voya CLO Ltd. Series 2016-3A, Class CR, 7.44%, 10/18/2031 ‡ (c) (k) | 550 | 452 |
1,008 | ||
United States — 1.5% | ||
ABFC Trust | ||
Series 2003-OPT1, Class A1A, 4.41%, 4/25/2033 ‡ (k) | 133 | 128 |
Series 2004-OPT3, Class M1, 4.34%, 9/25/2033 ‡ (k) | 294 | 290 |
Series 2004-HE1, Class M1, 4.49%, 3/25/2034 ‡ (k) | 605 | 586 |
Accredited Mortgage Loan Trust Series 2004-4, Class M1, 4.46%, 1/25/2035 ‡ (k) | 460 | 413 |
ACE Securities Corp. Home Equity Loan Trust | ||
Series 2003-FM1, Class M1, 4.88%, 11/25/2032 ‡ (k) | 457 | 450 |
Series 2004-OP1, Class M2, 5.16%, 4/25/2034 ‡ (k) | 1,598 | 1,525 |
Affirm Asset Securitization Trust | ||
Series 2021-Z2, Class A, 1.17%, 11/16/2026 (c) | 3,206 | 3,085 |
98 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
United States — continued | ||
Series 2022-A, Class 1E, 8.04%, 5/17/2027 ‡ (c) | 1,060 | 985 |
American Credit Acceptance Receivables Trust | ||
Series 2019-1, Class F, 6.06%, 12/12/2025 (c) | 1,630 | 1,630 |
Series 2019-3, Class F, 5.42%, 5/12/2026 (c) | 1,210 | 1,193 |
Series 2019-2, Class F, 5.81%, 6/12/2026 (c) | 510 | 505 |
Series 2021-2, Class E, 2.54%, 7/13/2027 (c) | 1,400 | 1,274 |
Series 2021-3, Class D, 1.34%, 11/15/2027 (c) | 700 | 655 |
Series 2022-1, Class E, 3.64%, 3/13/2028 (c) | 1,473 | 1,277 |
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-AR1, Class M1, 4.65%, 9/25/2032 ‡ (k) | 154 | 160 |
Asset-Backed Securities Corp. Home Equity Loan Trust | ||
Series 2004-HE2, Class M2, 5.46%, 4/25/2034 ‡ (k) | 704 | 632 |
Series 2004-HE7, Class M2, 5.16%, 10/25/2034 ‡ (k) | 578 | 532 |
Series 2005-HE6, Class M4, 4.55%, 7/25/2035 ‡ (k) | 77 | 77 |
Bear Stearns Asset-Backed Securities Trust | ||
Series 2003-SD1, Class M1, 4.86%, 12/25/2033 ‡ (k) | 388 | 378 |
Series 2004-HE2, Class M2, 5.39%, 3/25/2034 ‡ (k) | 8 | 9 |
Series 2003-1, Class M1, 5.24%, 11/25/2042 ‡ (k) | 60 | 68 |
Series 2004-SD4, Class A1, 4.49%, 8/25/2044 ‡ (k) | 671 | 627 |
Centex Home Equity Loan Trust | ||
Series 2004-C, Class M2, 4.38%, 6/25/2034 ‡ (k) | 372 | 343 |
Series 2004-D, Class MV2, 4.62%, 9/25/2034 ‡ (k) | 93 | 94 |
Series 2004-D, Class MF2, 6.06%, 9/25/2034 ‡ (h) | 603 | 564 |
Series 2004-D, Class MF3, 6.26%, 9/25/2034 ‡ (h) | 1,640 | 1,425 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Chase Funding Trust | ||
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 ‡ (k) | 117 | 89 |
Series 2004-1, Class 1M1, 4.73%, 5/25/2033 ‡ | 841 | 734 |
Series 2003-4, Class 1A5, 4.89%, 5/25/2033 ‡ (h) | 557 | 519 |
Series 2004-1, Class 2M1, 4.34%, 9/25/2033 ‡ (k) | 13 | 13 |
Series 2004-2, Class 1M1, 5.70%, 2/26/2035 ‡ (k) | 1,803 | 1,568 |
CHEC Loan Trust Series 2004-1, Class M1, 4.49%, 7/25/2034 ‡ (c) (k) | 583 | 561 |
Citigroup Mortgage Loan Trust, Inc. | ||
Series 2005-OPT1, Class M4, 4.64%, 2/25/2035 ‡ (k) | 137 | 135 |
Series 2005-WF2, Class AF7, 5.75%, 8/25/2035 ‡ (h) | 25 | 22 |
Conn's Receivables Funding LLC Series 2022-A, Class B, 9.52%, 12/15/2026 ‡ (c) | 1,000 | 991 |
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2020-9, Class PT, 8.65%, 4/15/2045 (c) (k) | 1,163 | 1,108 |
Countrywide Asset-Backed Certificates | ||
Series 2004-3, Class M1, 4.34%, 6/25/2034 ‡ (k) | 427 | 410 |
Series 2004-3, Class M2, 4.41%, 6/25/2034 ‡ (k) | 397 | 388 |
Series 2004-ECC2, Class M2, 4.56%, 12/25/2034 ‡ (k) | 151 | 148 |
Countrywide Partnership Trust Series 2004-EC1, Class M2, 4.53%, 1/25/2035 ‡ (k) | 233 | 230 |
Credit Acceptance Auto Loan Trust | ||
Series 2022-3A, Class A, 6.57%, 10/15/2032 (c) | 400 | 400 |
Series 2022-3A, Class D, 9.00%, 4/18/2033 (c) | 1,000 | 961 |
CWABS Asset-Backed Certificates Trust Series 2005-11, Class AF6, 5.05%, 2/25/2036 ‡ (k) | 75 | 72 |
CWABS Asset-Backed Certificates Trust, Series 2004-BC4, Class M1, 4.64%, 11/25/2034 ‡ (k) | 50 | 49 |
October 31, 2022 | J.P. Morgan Funds | 99 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
United States — continued | ||
CWABS Asset-Backed Certificates Trust, Series 2005-AB4, Class 2A1 Series 2005-AB4, Class 2A1, 4.13%, 3/25/2036 ‡ (k) | 1,141 | 1,025 |
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 4.41%, 3/25/2034 ‡ (k) | 381 | 374 |
CWABS, Inc. Asset-Backed Certificates Trust Series 2004-5, Class M2, 4.59%, 7/25/2034 ‡ (k) | 549 | 544 |
CWABS, Inc., Asset-Backed Certificates Series 2004-1, Class M3, 4.56%, 2/25/2034 ‡ (k) | 231 | 229 |
DT Auto Owner Trust | ||
Series 2019-2A, Class E, 4.46%, 5/15/2026 (c) | 4,167 | 4,100 |
Series 2021-3A, Class D, 1.31%, 5/17/2027 (c) | 600 | 530 |
Series 2021-2A, Class E, 2.97%, 7/17/2028 (c) | 1,235 | 1,107 |
Series 2022-3A, Class C, 7.69%, 7/17/2028 (c) | 935 | 932 |
Exeter Automobile Receivables Trust | ||
Series 2019-3A, Class E, 4.00%, 8/17/2026 (c) | 2,333 | 2,263 |
Series 2020-1A, Class E, 3.74%, 1/15/2027 (c) | 2,690 | 2,588 |
Series 2021-4A, Class E, 4.02%, 1/17/2028 (c) | 1,070 | 935 |
Series 2021-2A, Class E, 2.90%, 7/17/2028 (c) | 2,750 | 2,351 |
Finance America Mortgage Loan Trust Series 2004-3, Class M2, 4.53%, 11/25/2034 ‡ (k) | 139 | 118 |
First Franklin Mortgage Loan Asset-Backed Certificates Series 2004-FF3, Class M1, 4.41%, 5/25/2034 ‡ (k) | 366 | 351 |
FREED ABS Trust | ||
Series 2019-1, Class C, 5.39%, 6/18/2026 ‡ (c) | 145 | 145 |
Series 2022-4FP, Class B, 7.58%, 12/18/2029 (c) | 2,300 | 2,295 |
Fremont Home Loan Trust | ||
Series 2002-1, Class M1, 4.84%, 8/25/2033 ‡ (k) | 663 | 661 |
Series 2004-B, Class M2, 4.53%, 5/25/2034 ‡ (k) | 310 | 302 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Series 2004-C, Class M1, 4.56%, 8/25/2034 ‡ (k) | 500 | 455 |
Series 2004-D, Class M1, 4.46%, 11/25/2034 (k) | 1,335 | 1,147 |
Series 2004-D, Class M2, 4.49%, 11/25/2034 (k) | 226 | 208 |
GLS Auto Receivables Issuer Trust Series 2019-2A, Class D, 4.52%, 2/17/2026 (c) | 1,000 | 985 |
GM Financial Consumer Automobile Receivables Trust Series 2019-3, Class A3, 2.18%, 4/16/2024 | 3 | 3 |
GSAMP Trust | ||
Series 2003-SEA, Class A1, 4.39%, 2/25/2033 ‡ (k) | 467 | 446 |
Series 2003-HE1, Class M1, 4.73%, 6/20/2033 ‡ (k) | 985 | 958 |
Series 2006-FM1, Class A2C, 3.91%, 4/25/2036 ‡ (k) | 2,013 | 1,294 |
Home Equity Mortgage Loan Asset-Backed Trust | ||
Series 2004-B, Class M2, 4.71%, 11/25/2034 ‡ (k) | 353 | 340 |
Series 2004-C, Class M2, 4.49%, 3/25/2035 ‡ (k) | 636 | 551 |
LendingClub Loan Certificate Issuer Trust | ||
Series 2022-P3, Class CERT, 11.88%, 5/15/2037 ‡ (c) | 125 | 2,693 |
Series 2022-NP3, Class CERT, HB, 25.22%, 5/15/2037 ‡ (c) | 125 | 3,253 |
Series 2022-NP5, Class CERT, 0.00%, 6/15/2037 ‡ (c) | 200 | 6,405 |
Series 2022-P4, Class CERT, 0.00%, 6/15/2037 ‡ (c) | 200 | 4,953 |
Series 2022-NP6, Class CERT, HB, 25.46%, 7/15/2037 ‡ (c) | 50 | 1,721 |
Lendingpoint Asset Securitization Trust Series 2021-B, Class B, 1.68%, 2/15/2029 ‡ (c) | 750 | 696 |
Lendmark Funding Trust | ||
Series 2021-1A, Class B, 2.47%, 11/20/2031 (c) | 1,200 | 951 |
Series 2021-1A, Class D, 5.05%, 11/20/2031 ‡ (c) | 1,100 | 807 |
Series 2021-2A, Class B, 2.37%, 4/20/2032 (c) | 500 | 390 |
100 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
United States — continued | ||
Long Beach Mortgage Loan Trust Series 2003-4, Class M1, 4.61%, 8/25/2033 ‡ (k) | 34 | 34 |
MASTR Asset-Backed Securities Trust | ||
Series 2004-OPT2, Class M2, 4.56%, 9/25/2034 ‡ (k) | 554 | 532 |
Series 2005-NC1, Class M4, 4.73%, 12/25/2034 ‡ (k) | 532 | 510 |
ME Funding LLC Series 2019-1, Class A2, 6.45%, 7/30/2049 (c) | 2,383 | 2,303 |
Merrill Lynch Mortgage Investors Trust | ||
Series 2003-OPT1, Class M1, 4.56%, 7/25/2034 (k) | 127 | 121 |
Series 2004-HE2, Class M1, 4.79%, 8/25/2035 ‡ (k) | 70 | 67 |
Morgan Stanley ABS Capital I, Inc. Trust | ||
Series 2003-NC10, Class M1, 4.61%, 10/25/2033 ‡ (k) | 322 | 313 |
Series 2004-HE1, Class M1, 4.44%, 1/25/2034 ‡ (k) | 9 | 9 |
Series 2004-NC3, Class M1, 4.38%, 3/25/2034 ‡ (k) | 1,170 | 1,115 |
Series 2004-WMC2, Class M1, 4.50%, 7/25/2034 ‡ (k) | 848 | 815 |
Series 2004-WMC2, Class M2, 5.39%, 7/25/2034 ‡ (k) | 169 | 166 |
Series 2004-HE6, Class M2, 4.49%, 8/25/2034 ‡ (k) | 585 | 556 |
Series 2004-HE7, Class M2, 4.53%, 8/25/2034 ‡ (k) | 160 | 151 |
Series 2004-HE6, Class M3, 4.56%, 8/25/2034 ‡ (k) | 387 | 373 |
Series 2004-HE7, Class M3, 4.61%, 8/25/2034 ‡ (k) | 20 | 18 |
Series 2004-HE8, Class M2, 4.61%, 9/25/2034 ‡ (k) | 222 | 209 |
Series 2004-NC8, Class M3, 4.70%, 9/25/2034 ‡ (k) | 291 | 284 |
Series 2004-HE8, Class M3, 4.71%, 9/25/2034 ‡ (k) | 389 | 364 |
Series 2005-HE1, Class M2, 4.29%, 12/25/2034 ‡ (k) | 240 | 222 |
Series 2005-NC1, Class M3, 4.35%, 1/25/2035 ‡ (k) | 263 | 242 |
Morgan Stanley Mortgage Loan Trust Series 2007-5AX, Class 2A2, 3.89%, 2/25/2037 ‡ (k) | 2,915 | 795 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
New Century Home Equity Loan Trust | ||
Series 2004-2, Class M2, 4.52%, 8/25/2034 ‡ (k) | 96 | 93 |
Series 2004-2, Class M4, 5.39%, 8/25/2034 ‡ (k) | 10 | 9 |
Series 2004-3, Class M2, 4.56%, 11/25/2034 ‡ (k) | 300 | 287 |
Series 2004-3, Class M3, 4.65%, 11/25/2034 ‡ (k) | 82 | 81 |
Series 2004-4, Class M2, 4.38%, 2/25/2035 ‡ (k) | 265 | 258 |
NovaStar Mortgage Funding Trust Series 2003-2, Class M2, 6.36%, 9/25/2033 ‡ (k) | 1,042 | 1,046 |
Oak Street Investment Grade Net Lease Fund | ||
Series 2021-1A, Class A3, 2.80%, 1/20/2051 (c) | 2,500 | 2,227 |
Series 2021-1A, Class B1, 4.23%, 1/20/2051 ‡ (c) | 1,250 | 1,118 |
Oportun Issuance Trust Series 2022-3, Class B, 8.53%, 1/8/2030 (c) | 1,000 | 993 |
Option One Mortgage Accept Corp. Asset-Backed Certificates | ||
Series 2003-5, Class A2, 4.23%, 8/25/2033 ‡ (k) | 265 | 255 |
Series 2003-5, Class M2, 5.91%, 8/25/2033 ‡ (k) | 12 | 14 |
Option One Mortgage Loan Trust Series 2004-3, Class M2, 4.44%, 11/25/2034 ‡ (k) | 344 | 324 |
Pagaya AI Debt Selection Trust Series 2021-3, Class C, 3.27%, 5/15/2029 ‡ (c) | 1,500 | 1,247 |
People's Choice Home Loan Securities Trust Series 2004-2, Class M3, 5.31%, 10/25/2034 ‡ (k) | 1,910 | 1,712 |
PNMAC FMSR ISSUER TRUST Series 2018-FT1, Class A, 5.94%, 4/25/2023 (c) (k) | 2,878 | 2,737 |
PRET LLC | ||
Series 2021-NPL6, Class A1, 2.49%, 7/25/2051 ‡ (c) (h) | 2,533 | 2,340 |
Series 2021-NPL3, Class A2, 3.72%, 7/25/2051 (c) (h) | 3,333 | 2,897 |
Series 2021-NPL6, Class A2, 5.07%, 7/25/2051 ‡ (c) (h) | 6,250 | 5,699 |
October 31, 2022 | J.P. Morgan Funds | 101 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Asset-Backed Securities — continued | ||
United States — continued | ||
Series 2021-RN4, Class A2, 5.19%, 10/25/2051 (c) (k) | 5,000 | 4,609 |
Series 2022-NPL2, Class A1, 5.24%, 4/25/2052 ‡ (c) (h) | 7,260 | 6,943 |
Pretium Mortgage Credit Partners I LLC Series 2021-NPL1, Class A2, 4.21%, 9/27/2060 (c) (h) | 4,000 | 3,723 |
Pretium Mortgage Credit Partners LLC Series 2021-RN1, Class A2, 3.60%, 2/25/2061 (c) (h) | 5,000 | 4,576 |
Progress Residential Trust | ||
Series 2021-SFR8, Class G, 4.01%, 10/17/2038 ‡ (c) | 6,080 | 4,899 |
Series 2022-SFR3, Class D, 4.45%, 4/17/2039 ‡ (c) | 1,250 | 1,108 |
RAMP Trust Series 2002-RS2, Class AI5, 5.06%, 3/25/2032 ‡ (k) | 207 | 186 |
RASC Trust Series 2005-KS2, Class M1, 4.23%, 3/25/2035 ‡ (k) | 69 | 68 |
Renaissance Home Equity Loan Trust | ||
Series 2002-3, Class M1, 5.09%, 12/25/2032 ‡ (k) | 356 | 327 |
Series 2003-1, Class M1, 5.09%, 6/25/2033 ‡ (k) | 155 | 144 |
Series 2003-4, Class M1, 4.86%, 3/25/2034 ‡ (k) | 1,110 | 970 |
Series 2003-4, Class M2F, 6.24%, 3/25/2034 ‡ (h) | 598 | 549 |
Santander Prime Auto Issuance Notes Trust | ||
Series 2018-A, Class E, 5.04%, 9/15/2025 (c) | 174 | 174 |
Series 2018-A, Class F, 6.80%, 9/15/2025 (c) | 264 | 264 |
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 5.16%, 8/25/2034 ‡ (k) | 571 | 558 |
Saxon Asset Securities Trust Series 2004-2, Class MV2, 4.17%, 8/25/2035 ‡ (k) | 171 | 162 |
Securitized Asset-Backed Receivables LLC Trust Series 2005-OP1, Class M2, 4.26%, 1/25/2035 ‡ (k) | 379 | 351 |
Stanwich Mortgage Loan Co. LLC Series 2021-NPB1, Class A2, 4.38%, 10/16/2026 (c) (h) | 5,500 | 4,415 |
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032 ‡ | 1,001 | 583 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United States — continued | ||
Theorem Funding Trust Series 2022-3A, Class A, 7.60%, 4/15/2029 (c) (i) | 1,000 | 995 |
Upstart Pass-Through Trust | ||
Series 2022-PT3, Class A, 17.31%, 4/20/2030 (c) (k) | 2,499 | 2,617 |
Series 2022-PT4, Class A, 17.63%, 5/20/2030 (c) (k) | 4,339 | 4,408 |
Upstart Securitization Trust | ||
Series 2021-5, Class C, 4.15%, 11/20/2031 (c) | 1,200 | 991 |
Series 2022-1, Class C, 5.71%, 3/20/2032 ‡ (c) | 1,200 | 1,046 |
Series 2022-4, Class A, 5.98%, 8/20/2032 (c) | 560 | 549 |
Wells Fargo Home Equity Asset-Backed Securities Trust | ||
Series 2004-2, Class M1, 4.49%, 10/25/2034 ‡ (k) | 356 | 350 |
Series 2004-2, Class M8B, 5.00%, 10/25/2034 ‡ (c) (k) | 290 | 240 |
Series 2004-2, Class M8A, 8.09%, 10/25/2034 ‡ (c) (k) | 290 | 280 |
Wells Fargo Home Equity Trust Mortgage Pass-Through Certificates Series 2004-1, Class M2, 4.53%, 4/25/2034 ‡ (k) | 9 | 9 |
Westlake Automobile Receivables Trust Series 2019-2A, Class F, 5.00%, 3/16/2026 (c) | 1,880 | 1,862 |
156,901 | ||
Total Asset-Backed Securities (Cost $165,554) | 157,909 | |
Foreign Government Securities — 0.8% | ||
Angola — 0.0% ^ | ||
Republic of Angola | ||
9.50%, 11/12/2025 (a) | 970 | 943 |
8.00%, 11/26/2029 (a) | 780 | 634 |
8.00%, 11/26/2029 (c) | 1,550 | 1,259 |
9.13%, 11/26/2049 (a) | 840 | 631 |
3,467 | ||
Argentina — 0.0% ^ | ||
Argentine Republic | ||
1.00%, 7/9/2029 | 354 | 72 |
0.50%, 7/9/2030 (h) | 853 | 179 |
102 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
Argentina—continued | ||
1.50%, 7/09/2035 (h) | 5,116 | 1,013 |
3.88%, 1/9/2038 (h) | 1,486 | 382 |
3.50%, 7/9/2041 (h) | 450 | 107 |
1,753 | ||
Bahrain — 0.1% | ||
Kingdom of Bahrain | ||
7.00%, 1/26/2026 (a) | 970 | 967 |
7.00%, 10/12/2028 (a) | 1,400 | 1,339 |
6.75%, 9/20/2029 (a) | 200 | 187 |
5.45%, 9/16/2032 (c) | 481 | 388 |
6.00%, 9/19/2044 (a) | 1,500 | 1,048 |
7.50%, 9/20/2047 (a) | 970 | 772 |
4,701 | ||
Brazil — 0.1% | ||
Federative Republic of Brazil | ||
4.50%, 5/30/2029 | 2,730 | 2,443 |
8.25%, 1/20/2034 | 785 | 847 |
5.63%, 1/7/2041 | 950 | 763 |
5.00%, 1/27/2045 | 1,230 | 883 |
4,936 | ||
Colombia — 0.1% | ||
Republic of Colombia | ||
4.50%, 1/28/2026 | 750 | 673 |
3.88%, 4/25/2027 | 1,390 | 1,158 |
4.50%, 3/15/2029 | 600 | 484 |
7.38%, 9/18/2037 | 1,000 | 841 |
6.13%, 1/18/2041 | 950 | 679 |
5.00%, 6/15/2045 | 1,370 | 831 |
5.20%, 5/15/2049 | 420 | 255 |
4.13%, 5/15/2051 (b) | 1,000 | 529 |
5,450 | ||
Costa Rica — 0.0% ^ | ||
Republic of Costa Rica | ||
6.13%, 2/19/2031 (a) | 1,200 | 1,112 |
7.00%, 4/4/2044 (a) | 1,100 | 930 |
2,042 | ||
Cote D'Ivoire — 0.0% ^ | ||
Republic of Cote d'Ivoire | ||
5.75%, 12/31/2032 (a) (h) | 815 | 717 |
6.13%, 6/15/2033 (a) | 1,830 | 1,422 |
2,139 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Dominican Republic — 0.1% | ||
Dominican Republic Government Bond | ||
6.88%, 1/29/2026 (a) | 1,200 | 1,176 |
5.95%, 1/25/2027 (a) | 1,420 | 1,322 |
4.50%, 1/30/2030 (b) (c) | 790 | 631 |
4.88%, 9/23/2032 (c) | 1,090 | 836 |
7.45%, 4/30/2044 (a) | 1,580 | 1,318 |
6.85%, 1/27/2045 (a) | 500 | 384 |
6.50%, 2/15/2048 (a) | 1,250 | 908 |
5.88%, 1/30/2060 (c) | 880 | 590 |
7,165 | ||
Ecuador — 0.0% ^ | ||
Republic of Ecuador | ||
5.50%, 7/31/2030 (a) (h) | 3,810 | 2,019 |
5.50%, 7/31/2030 (c) (h) | 650 | 344 |
2.50%, 7/31/2035 (a) (h) | 3,110 | 1,130 |
3,493 | ||
Egypt — 0.1% | ||
Arab Republic of Egypt | ||
3.88%, 2/16/2026 (c) | 665 | 501 |
3.88%, 2/16/2026 (a) | 600 | 452 |
7.50%, 1/31/2027 (a) | 2,670 | 2,146 |
7.60%, 3/1/2029 (a) | 500 | 358 |
5.88%, 2/16/2031 (c) | 482 | 293 |
7.05%, 1/15/2032 (b) (c) | 880 | 553 |
7.63%, 5/29/2032 (c) | 750 | 476 |
8.70%, 3/01/2049 (c) | 1,520 | 898 |
8.88%, 5/29/2050 (a) | 250 | 148 |
8.15%, 11/20/2059 (c) | 1,050 | 604 |
6,429 | ||
El Salvador — 0.0% ^ | ||
Republic of El Salvador | ||
6.38%, 1/18/2027 (a) | 950 | 369 |
7.12%, 1/20/2050 (a) | 1,437 | 482 |
851 | ||
Gabon — 0.0% ^ | ||
Gabonese Republic 6.95%, 6/16/2025 (a) | 700 | 628 |
Ghana — 0.0% ^ | ||
Republic of Ghana | ||
7.63%, 5/16/2029 (a) | 1,310 | 360 |
October 31, 2022 | J.P. Morgan Funds | 103 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
Ghana—continued | ||
10.75%, 10/14/2030 (a) | 520 | 336 |
8.63%, 6/16/2049 (a) | 1,890 | 507 |
1,203 | ||
Guatemala — 0.0% ^ | ||
Republic of Guatemala | ||
4.50%, 5/3/2026 (a) | 655 | 618 |
5.38%, 4/24/2032 (a) | 250 | 230 |
6.13%, 6/1/2050 (c) | 720 | 618 |
1,466 | ||
Iraq — 0.0% ^ | ||
Republic of Iraq | ||
6.75%, 3/9/2023 (a) | 1,150 | 1,128 |
5.80%, 1/15/2028 (a) | 1,526 | 1,295 |
2,423 | ||
Jamaica — 0.0% ^ | ||
Jamaica Government Bond | ||
8.00%, 3/15/2039 | 343 | 377 |
7.88%, 7/28/2045 | 550 | 583 |
960 | ||
Jordan — 0.0% ^ | ||
Hashemite Kingdom of Jordan 5.85%, 7/7/2030 (c) | 1,810 | 1,498 |
Kenya — 0.0% ^ | ||
Republic of Kenya | ||
6.88%, 6/24/2024 (a) | 2,663 | 2,324 |
6.30%, 1/23/2034 (b) (c) | 483 | 304 |
2,628 | ||
Lebanon — 0.0% ^ | ||
Lebanese Republic | ||
6.65%, 4/22/2024 (a) (j) | 625 | 35 |
6.85%, 3/23/2027 (a) (j) | 2,639 | 149 |
6.65%, 11/3/2028 (a) (j) | 2,215 | 126 |
310 | ||
Mexico — 0.0% ^ | ||
United Mexican States | ||
5.55%, 1/21/2045 | 650 | 551 |
4.60%, 1/23/2046 | 610 | 445 |
4.50%, 1/31/2050 | 500 | 355 |
3.77%, 5/24/2061 (b) | 1,198 | 698 |
2,049 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Mongolia — 0.0% ^ | ||
State of Mongolia 4.45%, 7/7/2031 (a) | 1,000 | 645 |
Morocco — 0.0% ^ | ||
Kingdom of Morocco | ||
3.00%, 12/15/2032 (c) | 690 | 496 |
4.00%, 12/15/2050 (c) | 650 | 383 |
879 | ||
Namibia — 0.0% ^ | ||
Republic of Namibia 5.25%, 10/29/2025 (a) | 400 | 360 |
Nigeria — 0.0% ^ | ||
Federal Republic of Nigeria | ||
7.63%, 11/21/2025 (a) | 1,000 | 860 |
6.50%, 11/28/2027 (c) | 1,220 | 864 |
6.50%, 11/28/2027 (a) | 1,220 | 863 |
8.75%, 1/21/2031 (a) | 780 | 546 |
7.88%, 2/16/2032 (a) | 710 | 454 |
7.63%, 11/28/2047 (a) | 600 | 339 |
7.63%, 11/28/2047 (c) | 1,290 | 729 |
4,655 | ||
Oman — 0.1% | ||
Sultanate of Oman Government Bond | ||
4.75%, 6/15/2026 (a) | 1,710 | 1,616 |
5.38%, 3/08/2027 (a) | 1,320 | 1,257 |
6.00%, 8/1/2029 (a) | 1,180 | 1,120 |
6.25%, 1/25/2031 (c) | 264 | 251 |
7.38%, 10/28/2032 (c) | 625 | 638 |
6.50%, 3/08/2047 (a) | 340 | 280 |
6.75%, 1/17/2048 (a) | 1,170 | 981 |
7.00%, 1/25/2051 (c) | 301 | 257 |
6,400 | ||
Pakistan — 0.0% ^ | ||
Islamic Republic of Pakistan | ||
8.25%, 4/15/2024 (a) | 730 | 303 |
8.25%, 9/30/2025 (a) | 550 | 187 |
6.00%, 4/8/2026 (a) | 450 | 141 |
7.38%, 4/8/2031 (c) | 554 | 168 |
8.88%, 4/8/2051 (a) | 767 | 230 |
1,029 | ||
Paraguay — 0.0% ^ | ||
Republic of Paraguay | ||
4.70%, 3/27/2027 (a) | 2,020 | 1,924 |
104 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Foreign Government Securities — continued | ||
Paraguay—continued | ||
6.10%, 8/11/2044 (a) | 1,730 | 1,487 |
5.60%, 3/13/2048 (a) | 350 | 272 |
5.40%, 3/30/2050 (c) | 950 | 723 |
4,406 | ||
Senegal — 0.0% ^ | ||
Republic of Senegal | ||
6.25%, 5/23/2033 (a) | 1,000 | 745 |
6.75%, 3/13/2048 (a) | 650 | 412 |
6.75%, 3/13/2048 (c) | 460 | 291 |
1,448 | ||
South Africa — 0.1% | ||
Republic of South Africa | ||
4.88%, 4/14/2026 | 220 | 206 |
4.30%, 10/12/2028 | 2,380 | 2,027 |
6.25%, 3/08/2041 | 2,500 | 1,894 |
5.00%, 10/12/2046 | 700 | 439 |
5.75%, 9/30/2049 | 1,550 | 1,027 |
5,593 | ||
Turkey — 0.1% | ||
Republic of Turkey | ||
5.60%, 11/14/2024 | 950 | 907 |
4.88%, 10/09/2026 | 1,100 | 934 |
5.13%, 2/17/2028 | 940 | 759 |
5.25%, 3/13/2030 (b) | 1,050 | 781 |
6.00%, 1/14/2041 | 1,040 | 668 |
4.88%, 4/16/2043 | 1,120 | 655 |
4,704 | ||
Ukraine — 0.0% ^ | ||
Ukraine Government Bond 7.75%, 9/1/2028 (a) | 500 | 89 |
Zambia — 0.0% ^ | ||
Republic of Zambia 8.97%, 7/30/2027 (a) | 800 | 296 |
Total Foreign Government Securities (Cost $121,871) | 86,095 | |
U.S. Treasury Obligations — 0.8% | ||
United States — 0.8% | ||
U.S. Treasury Notes | ||
0.13%, 1/31/2023 (p) | 76,425 | 75,677 |
4.25%, 9/30/2024 | 1,100 | 1,095 |
Total U.S. Treasury Obligations (Cost $77,331) | 76,772 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
Preferred Stocks — 0.6% | ||
United States — 0.6% | ||
Allstate Corp. (The) Series H, 5.10%, 10/15/2024 ($25 par value) (q) | 44 | 861 |
Bank of America Corp., | ||
Series KK, 5.38%, 6/25/2024 ($25 par value) (q) | 92 | 1,975 |
Series LL, 5.00%, 9/17/2024 ($25 par value) (q) | 35 | 702 |
Energy Transfer LP Series E, 7.60%, 5/15/2024 (q) | 255 | 5,881 |
Goodman Networks, Inc. ‡ * | 64 | 1 |
MetLife, Inc. Series F, 4.75%, 3/15/2025 ($25 par value) (q) | 69 | 1,360 |
Morgan Stanley, | ||
Series I, 6.38%, 10/15/2024 ($25 par value) (q) | 72 | 1,743 |
Series K, 5.85%, 4/15/2027 ($25 par value) (q) | 341 | 7,824 |
Series P, 6.50%, 10/15/2027 ($25 par value) (q) | 200 | 4,961 |
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | 2,316 | 2,536 |
Northern Trust Corp. Series E, 4.70%, 1/1/2025 ($25 par value) (q) | 28 | 565 |
Public Storage Series L, REIT, 4.63%, 6/17/2025 ($25 par value) (q) | 6 | 115 |
SCE Trust VI 5.00%, 6/26/2022 ($25 par value) (q) | 453 | 7,766 |
Sempra Energy 5.75%, 7/1/2079 ($25 par value) | 18 | 387 |
Southern Co. (The) Series 2020, 4.95%, 1/30/2080 ($25 par value) | 160 | 3,059 |
State Street Corp. Series G, 5.35%, 3/15/2026 ($25 par value) (q) | 43 | 1,036 |
Truist Financial Corp. Series R, 4.75%, 9/1/2025 ($25 par value) (q) | 104 | 1,971 |
Wells Fargo & Co., | ||
Series Y, 5.63%, 12/15/2022 ($25 par value) (q) | 153 | 3,254 |
Series Z, 4.75%, 3/15/2025 ($25 par value) (q) | 776 | 13,961 |
Series AA, 4.70%, 12/15/2025 ($25 par value) (q) | 19 | 336 |
Total Preferred Stocks (Cost $73,057) | 60,294 |
October 31, 2022 | J.P. Morgan Funds | 105 |
AS OF October 31, 2022 (continued)
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Convertible Bonds — 0.5% | ||
Australia — 0.0% ^ | ||
DEXUS Finance Pty. Ltd. REIT, 2.30%, 6/19/2026 (a) | AUD 1,600 | 962 |
Glencore Funding LLC Zero Coupon, 3/27/2025 (a) | 1,000 | 1,081 |
2,043 | ||
Canada — 0.0% ^ | ||
Shopify, Inc. 0.13%, 11/1/2025 | 681 | 572 |
China — 0.1% | ||
Hansoh Pharmaceutical Group Co. Ltd. Zero Coupon, 1/22/2026 (a) | 600 | 537 |
Hello Group, Inc. 1.25%, 7/1/2025 | 1,149 | 1,057 |
Meituan Zero Coupon, 4/27/2028 (a) | 1,000 | 716 |
Pharmaron Beijing Co. Ltd. Zero Coupon,6/18/2026 (a) | 1,000 | 839 |
Pinduoduo, Inc. Zero Coupon, 12/1/2025 | 1,120 | 1,005 |
Smart Insight International Ltd. 4.50%, 12/5/2023 (a) | HKD 2,000 | 53 |
Weibo Corp. 1.25%, 11/15/2022 | 1,124 | 1,114 |
5,321 | ||
France — 0.0% ^ | ||
Worldline SA Zero Coupon, 7/30/2026 (a) | EUR 610(r) | 517 |
Germany — 0.0% ^ | ||
MTU Aero Engines AG Series MTX, 0.05%, 3/18/2027 (a) | EUR 800 | 661 |
Zalando SE Series B, 0.63%, 8/6/2027 (a) | EUR 800 | 593 |
1,254 | ||
Israel — 0.0% ^ | ||
Wix.com Ltd. Zero Coupon, 8/15/2025 | 1,673 | 1,388 |
New Zealand — 0.0% ^ | ||
Xero Investments Ltd. Zero Coupon, 12/2/2025 (a) | 916 | 707 |
Singapore — 0.0% ^ | ||
Sea Ltd. 0.25%, 9/15/2026 | 1,027 | 708 |
South Korea — 0.0% ^ | ||
Delivery Hero SE Series A, 1.00%, 4/30/2026 (a) | EUR 300 | 212 |
Spain — 0.0% ^ | ||
Cellnex Telecom SA 0.75%, 11/20/2031 (a) | EUR 1,200 | 807 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
United Kingdom — 0.1% | ||
Barclays Bank plc | ||
Zero Coupon, 2/4/2025 | 490 | 622 |
Series VUN, Zero Coupon, 2/18/2025 | 508 | 541 |
Capital & Counties Properties plc REIT, 2.00%, 3/30/2026 | GBP 500 | 464 |
Cornwall Jersey Ltd. 0.75%, 4/16/2026 (a) | GBP 500 | 353 |
Just Eat Takeaway.com NV Series B, 0.63%, 2/9/2028 (a) | EUR 600 | 368 |
Ocado Group plc 0.75%, 1/18/2027 (a) | GBP 300 | 209 |
Trainline plc 1.00%, 1/14/2026 (a) | GBP 600 | 568 |
WH Smith plc 1.63%, 5/7/2026 (a) | GBP 500 | 458 |
3,583 | ||
United States — 0.3% | ||
Affirm Holdings, Inc. Zero Coupon, 11/15/2026 (c) | 1,508 | 934 |
Airbnb, Inc. Zero Coupon, 3/15/2026 | 693 | 580 |
Alteryx, Inc. 1.00%, 8/1/2026 | 1,137 | 910 |
Avalara, Inc. 0.25%, 8/1/2026 | 687 | 682 |
BigCommerce Holdings, Inc. 0.25%, 10/1/2026 | 389 | 285 |
Block, Inc. 0.25%, 11/1/2027 | 734 | 548 |
BofA Finance LLC 0.25%, 5/1/2023 | 615 | 653 |
Cheesecake Factory, Inc. (The) 0.38%, 6/15/2026 | 740 | 607 |
Chegg, Inc. Zero Coupon, 9/1/2026 | 1,646 | 1,275 |
Cloudflare, Inc. Zero Coupon, 8/15/2026 | 766 | 616 |
Coinbase Global, Inc. 0.50%, 6/1/2026 | 860 | 568 |
Confluent, Inc. Zero Coupon, 1/15/2027 (c) | 1,560 | 1,170 |
Coupa Software, Inc. 0.38%, 6/15/2026 | 1,539 | 1,217 |
DigitalBridge Group, Inc. REIT, 5.00%, 4/15/2023 | 853 | 845 |
DISH Network Corp. | ||
2.38%,3/15/2024 | 2,092 | 1,898 |
3.38%, 8/15/2026 | 4,533 | 3,135 |
DocuSign, Inc. Zero Coupon, 1/15/2024 | 970 | 910 |
Dropbox, Inc. Zero Coupon, 3/1/2026 | 999 | 885 |
Gulfport Energy Corp. 10.00% (Cash), 11/28/2022 ‡ * (d) (e) (g) | — | 2,040 |
Halozyme Therapeutics, Inc. 0.25%, 3/1/2027 | 469 | 419 |
Liberty Interactive LLC | ||
4.00%, 11/15/2029 | 3,709 | 1,669 |
3.75%, 2/15/2030 | 320 | 144 |
106 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Convertible Bonds — continued | ||
United States — continued | ||
Okta, Inc. 0.13%, 9/1/2025 | 359 | 301 |
Peloton Interactive, Inc. Zero Coupon, 2/15/2026 | 1,133 | 810 |
Redwood Trust, Inc. REIT, 4.75%, 8/15/2023 | 716 | 682 |
Repay Holdings Corp. Zero Coupon, 2/1/2026 (c) | 855 | 588 |
RingCentral, Inc. | ||
Zero Coupon, 3/1/2025 | 1,093 | 909 |
Zero Coupon, 3/15/2026 | 1,704 | 1,299 |
RWT Holdings, Inc. 5.75%, 10/1/2025 | 313 | 251 |
Shift4 Payments, Inc. 0.50%, 8/1/2027 | 544 | 418 |
Snap, Inc. Zero Coupon, 5/1/2027 | 1,328 | 914 |
Splunk, Inc. 1.13%, 6/15/2027 | 657 | 558 |
Spotify USA, Inc. Zero Coupon, 3/15/2026 | 654 | 519 |
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023 | 636 | 617 |
TripAdvisor, Inc. 0.25%, 4/1/2026 | 672 | 534 |
Twitter, Inc. Zero Coupon, 3/15/2026 | 1,630 | 1,606 |
Uber Technologies, Inc. Zero Coupon, 12/15/2025 | 1,071 | 885 |
Unity Software, Inc. Zero Coupon, 11/15/2026 (c) | 384 | 279 |
Vishay Intertechnology, Inc. 2.25%, 6/15/2025 | 756 | 725 |
33,885 | ||
Vietnam — 0.0% ^ | ||
No. Va Land Investment Group Corp. 5.25%, 7/16/2026 (a) | 1,200 | 1,048 |
Total Convertible Bonds (Cost $60,225) | 52,045 | |
SHARES (000) | ||
Convertible Preferred Stocks — 0.2% | ||
United States — 0.2% | ||
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value) | 20 | 935 |
Bank of America Corp. Series L, 7.25% ($1,000 par value) | 2 | 2,500 |
Claire's Stores, Inc. ‡ * | 3 | 7,100 |
Danaher Corp. Series B, 5.00%, 4/15/2023 ($1,000 par value) | 1 | 638 |
KKR Group Co., Inc., Series C, 6.00%, 9/15/2023 ($50 par value) | 26 | 1,580 |
INVESTMENTS | SHARES (000) | VALUE ($000) |
United States — continued | ||
NextEra Energy, Inc. 6.93%, 9/1/2025 ($49 par value) * | 45 | 2,078 |
Wells Fargo & Co. Series L, 7.50% ($1,000 par value) | 1 | 1,713 |
Total Convertible Preferred Stocks (Cost $10,230) | 16,544 | |
NO. OF WARRANTS (000) | ||
Warrants — 0.0% ^ | ||
United Kingdom — 0.0% ^ | ||
Cineworld Group expiring 12/31/2049, price 4,149.00 GBP * | 17 | — |
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD ‡ * | 47 | 2,099 |
2,099 | ||
United States — 0.0% ^ | ||
Windstream Holdings, Inc. expiring 12/31/2049, price 11.00 USD ‡ * | 4 | 63 |
Total Warrants (Cost $—) | 2,162 | |
PRINCIPAL AMOUNT ($000) | ||
Mortgage-Backed Securities — 0.0% ^ | ||
United States — 0.0% ^ | ||
FNMA UMBS, 20 Year Pool # CA1231, 3.50%, 2/1/2038 | 251 | 229 |
FNMA UMBS, 30 Year | ||
Pool # MA4398, 2.00%, 8/1/2051 | 580 | 459 |
Pool # MA4465, 2.00%, 11/1/2051 | 52 | 41 |
Pool # MA4548, 2.50%, 2/1/2052 | 19 | 15 |
Pool # MA4563, 2.50%, 3/1/2052 | 58 | 47 |
Pool # MA4564, 3.00%, 3/1/2052 | 17 | 15 |
Total Mortgage-Backed Securities (Cost $986) | 806 | |
NO. OF RIGHTS (000) | ||
Rights — 0.0% ^ | ||
Luxembourg — 0.0% ^ | ||
Intelsat Jackson Holdings SA, expiring 12/5/2025‡ * | 56 | — |
October 31, 2022 | J.P. Morgan Funds | 107 |
AS OF October 31, 2022 (continued)
INVESTMENTS | NO. OF RIGHTS (000) | VALUE ($000) |
Rights — continued | ||
United States — 0.0% ^ | ||
Vistra Corp., expiring 12/31/2049‡ | 488 | 622 |
Total Rights (Cost $—) | 622 | |
PRINCIPAL AMOUNT ($000) | ||
Short-Term Investments — 7.0% | ||
Certificates of Deposits — 0.0% ^ | ||
Bank of Nova Scotia (The), (SOFR + 3.68%), 3.63%, 3/24/2023 (f) | 325 | 325 |
Lloyds Bank Corporate Markets plc, (SOFR + 8.99%), 3.72%, 3/22/2023 (f) | 249 | 249 |
Svenska Handelsbanken AB, 3.46%, 6/13/2023 | 250 | 247 |
Total Certificates of Deposits (Cost $824) | 821 | |
Commercial Paper — 0.8% | ||
Allianz Fin Corp., 4.40%, 1/31/2023 (s) | 4,600 | 4,550 |
Ameren Illinois Co., 4.16%, 11/22/2022 (s) | 2,800 | 2,793 |
American Electric Power Co. Inc., 4.32%, 12/12/2022 (s) | 1,100 | 1,095 |
American Honda Finance Corp., 4.49%, 1/9/2023 (s) | 2,250 | 2,231 |
Brookfield US Holdings Inc., 4.15%, 11/7/2022 (s) | 1,700 | 1,699 |
Canadian Pacific Railway Co., 3.65%, 11/3/2022 (s) | 1,750 | 1,749 |
CDP Financial, Inc., 4.28%, 1/30/2023 (c) (s) | 4,600 | 4,551 |
CenterPoint Energy Resources Corp., 4.14%, 11/17/2022 (s) | 1,750 | 1,747 |
Church & Dwight Co., Inc., 3.60%, 11/3/2022 (s) | 1,700 | 1,699 |
Citigroup Global Markets, Inc., 4.12%, 8/9/2023 (s) | 216 | 207 |
Consolidated Edison Co., Inc., 4.16%, 11/9/2022 (s) | 1,100 | 1,099 |
Credit Industriel et Commercial, 3.69%, 2/9/2023 (s) | 250 | 247 |
DNB Bank ASA, 3.75%, 5/17/2023 (s) | 250 | 243 |
DTE Energy Co., 4.28%, 11/17/2022 (s) | 1,100 | 1,098 |
Enbridge (US) Inc., 4.31%, 11/23/2022 (s) | 1,700 | 1,696 |
Enel Finance America LLC, 1.01%, 1/20/2023 (s) | 250 | 247 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Commercial Paper — continued | ||
Export Development Corp., 4.30%, 1/27/2023 (s) | 4,600 | 4,552 |
General Mills, Inc., 4.18%, 11/16/2022 (s) | 1,100 | 1,098 |
Gta Funding Corporate Commercial Paper Discount, 4.60%, 1/18/2023 (s) | 2,300 | 2,278 |
Henkel US Operations Corp., 4.31%, 9/7/2023 (s) | 78 | 75 |
John Deere Limited, 4.24%, 1/13/2023 (s) | 4,600 | 4,562 |
KEB Hana Bank USA, 3.77%, 1/17/2023 (s) | 250 | 248 |
National Rural Utilities Cooperative Finance Corp., 4.11%, 11/21/2022 (s) | 4,600 | 4,590 |
Nederlandse Waterschapsbank NV, 4.50%, 3/2/2023 (s) | 4,600 | 4,531 |
NextEra Energy Capital Holdings, Inc., 4.11%, 11/14/2022 (s) | 1,700 | 1,697 |
NiSource Inc., 4.16%, 11/16/2022 (s) | 1,100 | 1,098 |
ONE Gas, Inc., 4.15%, 11/7/2022 (s) | 2,300 | 2,298 |
Ontario Teachers' Finance Trust, 4.15%, 3/9/2023 (c) (s) | 343 | 337 |
PPL Capital Funding, Inc., 4.16%, 11/10/2022 (s) | 1,100 | 1,099 |
Procter & Gamble Co. (The), 4.41%, 2/21/2023 (s) | 4,600 | 4,537 |
PSP Capital, Inc. | ||
4.20%, 1/26/2023 (c) (s) | 4,600 | 4,553 |
4.50%, 3/1/2023 (c) (s) | 4,600 | 4,531 |
Suncor Energy, Inc., 4.98%, 1/30/2023 (s) | 1,700 | 1,680 |
TELUS Corp. | ||
4.35%, 1/10/2023 (s) | 250 | 248 |
5.13%, 2/22/2023 (s) | 1,400 | 1,379 |
Toronto-Dominion Bank (The) | ||
0.40%, 11/22/2022 (s) | 250 | 249 |
5.25%, 5/22/2023 (s) | 2,135 | 2,074 |
Toyota Industries Commercial Finance, Inc., 4.02%, 6/9/2023 (c) (s) | 111 | 108 |
TransCanada PipeLines Ltd., 4.43%, 12/15/2022 (s) | 1,700 | 1,691 |
Ventas Realty LP, 3.95%, 11/7/2022 (s) | 1,700 | 1,699 |
VF Corp., 4.26%, 11/28/2022 (s) | 1,725 | 1,720 |
Westpac Securities NZ Ltd., 0.52%, 11/25/2022 (s) | 250 | 249 |
108 | J.P. Morgan Funds | October 31, 2022 |
INVESTMENTS | PRINCIPAL AMOUNT ($000) | VALUE ($000) |
Short-Term Investments — continued | ||
Commercial Paper — continued | ||
Xcel Energy, Inc., 3.85%, 11/4/2022 (s) | 1,700 | 1,699 |
Total Commercial Paper (Cost $81,842) | 81,831 | |
SHARES (000) | ||
Investment Companies — 4.5% | ||
JPMorgan Prime Money Market Fund Class IM Shares, 3.18% (l) (t) | 47,925 | 47,930 |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (l) (t) | 407,526 | 407,567 |
Total Investment Companies (Cost $455,489) | 455,497 | |
Investment of Cash Collateral from Securities Loaned — 1.7% | ||
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (l) (t) | 147,949 | 147,949 |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (l) (t) | 29,510 | 29,510 |
Total Investment of Cash Collateral from Securities Loaned (Cost $177,390) | 177,459 | |
Total Short-Term Investments (Cost $715,545) | 715,608 | |
Total Investments — 101.2% (Cost $11,003,454) | 10,300,723 | |
Liabilities in Excess of Other Assets — (1.2)% | (126,606) | |
NET ASSETS — 100.0% | 10,174,117 |
Percentages indicated are based on net assets. | ||
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
Abbreviations | |
ABS | Asset-Backed Securities |
ACES | Alternative Credit Enhancement Securities |
ADR | American Depositary Receipt |
AUD | Australian Dollar |
CJSC | Closed Joint Stock Company |
CLO | Collateralized Loan Obligations |
CME | Chicago Mercantile Exchange |
CSMC | Credit Suisse Mortgage Trust |
CVA | Dutch Certification |
ELN | Equity-Linked Note |
ETF | Exchange Traded Fund |
EUR | Euro |
EURIBOR | Euro Interbank Offered Rate |
FHLMC | Federal Home Loan Mortgage Corp. |
FNMA | Federal National Mortgage Association |
GBP | British Pound |
GDR | Global Depositary Receipt |
GNMA | Government National Mortgage Association |
HB | High Coupon Bonds (a.k.a. "IOettes") represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO's the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class. |
HKD | Hong Kong Dollar |
ICE | Intercontinental Exchange |
IF | Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of October 31, 2022. The rate may be subject to a cap and floor. |
IO | Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably. |
JSC | Joint Stock Company |
LIBOR | London Interbank Offered Rate |
NASDAQ | National Association of Securities Dealers Automate Quotation |
OYJ | Public Limited Company |
PIK | Payment In Kind |
PJSC | Public Joint Stock Company |
PO | Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases. |
Preference | A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference. |
PT | Limited liability company |
REIT | Real Estate Investment Trust |
REMIC | Real Estate Mortgage Investment Conduit |
RTS | Russian Trading System |
SCA | Limited partnership with share capital |
SGPS | Holding company |
SOFR | Secured Overnight Financing Rate |
SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
October 31, 2022 | J.P. Morgan Funds | 109 |
AS OF October 31, 2022 (continued)
STRIPS | Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities. |
UMBS | Uniform Mortgage-Backed Securities |
USD | United States Dollar |
^ | Amount rounds to less than 0.1% of net assets. | |
‡ | Value determined using significant unobservable inputs. | |
* | Non-income producing security. | |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. | |
(b) | The security or a portion of this security is on loan at October 31, 2022. The total value of securities on loan at October 31, 2022 is $168,289. | |
(c) | Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
(d) | Security is an interest bearing note with preferred security characteristics. | |
(e) | Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of October 31, 2022. | |
(f) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of October 31, 2022. | |
(g) | Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
(h) | Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of October 31, 2022. | |
(i) | All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
(j) | Defaulted security. | |
(k) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of October 31, 2022. | |
(l) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(m) | Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. | |
(n) | All or a portion of this security is unsettled as of October 31, 2022. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position. | |
(o) | Fund is subject to legal or contractual restrictions on the resale of the security. | |
(p) | All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
(q) | The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of October 31, 2022. | |
(r) | Amount represents Units. | |
(s) | The rate shown is the effective yield as of October 31, 2022. | |
(t) | The rate shown is the current yield as of October 31, 2022. |
110 | J.P. Morgan Funds | October 31, 2022 |
INDUSTRY | PERCENT OF TOTAL INVESTMENTS |
Convertible Bonds | 7.0% |
Oil, Gas & Consumable Fuels | 6.9 |
Banks | 6.2 |
Equity Real Estate Investment Trusts (REITs) | 4.3 |
Commercial Mortgage-Backed Securities | 4.2 |
Diversified Telecommunication Services | 4.1 |
Collateralized Mortgage Obligations | 3.9 |
Media | 3.6 |
Pharmaceuticals | 3.4 |
Electric Utilities | 3.0 |
Exchange-Traded Fund | 2.8 |
Health Care Providers & Services | 2.5 |
Insurance | 2.4 |
Capital Markets | 1.9 |
Hotels, Restaurants & Leisure | 1.9 |
Wireless Telecommunication Services | 1.5 |
Asset-Backed Securities | 1.5 |
Metals & Mining | 1.4 |
Chemicals | 1.4 |
Semiconductors & Semiconductor Equipment | 1.4 |
Food Products | 1.3 |
Multi-Utilities | 1.2 |
Specialty Retail | 1.1 |
Food & Staples Retailing | 1.1 |
Auto Components | 1.1 |
Beverages | 1.1 |
Machinery | 1.0 |
Others (each less than 1.0%) | 19.6 |
Short-Term Investments | 7.2 |
October 31, 2022 | J.P. Morgan Funds | 111 |
AS OF October 31, 2022 (continued)
DESCRIPTION | NUMBER OF CONTRACTS | EXPIRATION DATE | TRADING CURRENCY | NOTIONAL AMOUNT ($) | VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($) |
Long Contracts | |||||
EURO STOXX 50 Index | 24 | 12/16/2022 | EUR | 858 | 33 |
FTSE 100 Index | 5 | 12/16/2022 | GBP | 408 | 2 |
S&P 500 E-Mini Index | 1,833 | 12/16/2022 | USD | 355,877 | (731) |
U.S. Treasury 10 Year Note | 16,504 | 12/20/2022 | USD | 1,826,786 | (105,579) |
(106,275) | |||||
Short Contracts | |||||
EURO STOXX 50 Index | (5,544) | 12/16/2022 | EUR | (198,170) | (1,713) |
E-Mini NASDAQ 100 Index | (2,679) | 12/16/2022 | USD | (613,438) | 35,521 |
33,808 | |||||
(72,467) |
Abbreviations | |
EUR | Euro |
FTSE | Financial Times and the London Stock Exchange |
GBP | British Pound |
NASDAQ | National Association of Securities Dealers Automate Quotation |
USD | United States Dollar |
112 | J.P. Morgan Funds | October 31, 2022 |
AS OF October 31, 2022
(Amounts in thousands, except per share amounts)
JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund | |
ASSETS: | ||
Investments in non-affiliates, at value | $2,832,692 | $9,374,979 |
Investments in affiliates, at value | 429,317 | 748,285 |
Investments of cash collateral received from securities loaned, at value (See Note 2.F.) | 51,155 | 177,459 |
Cash | 3,010 | 2,017 |
Foreign currency, at value | 4,157 | 742 |
Deposits at broker for futures contracts | 2,998 | 121 |
Receivables: | ||
Investment securities sold | 10,335 | 18,165 |
Fund shares sold | 2,809 | 7,822 |
Interest from non-affiliates | 4,303 | 63,076 |
Dividends from non-affiliates | 2,162 | 7,165 |
Dividends from affiliates | 1,164 | 829 |
Tax reclaims | 2,519 | 8,238 |
Securities lending income (See Note 2.F.) | 18 | 184 |
Variation margin on futures contracts | 2,539 | 7,016 |
Unrealized appreciation on forward foreign currency exchange contracts | 12,189 | — |
Total Assets | 3,361,367 | 10,416,098 |
LIABILITIES: | ||
Payables: | ||
Investment securities purchased | 14,490 | 39,094 |
Investment securities purchased — delayed delivery securities | — | 1,017 |
Collateral received on securities loaned (See Note 2.F.) | 51,155 | 177,459 |
Fund shares redeemed | 5,967 | 17,330 |
Unrealized depreciation on forward foreign currency exchange contracts | 5,798 | — |
Unrealized depreciation on unfunded commitments | — | 7 |
Accrued liabilities: | ||
Investment advisory fees | 1,437 | 3,374 |
Administration fees | 174 | 579 |
Distribution fees | 336 | 1,733 |
Service fees | 282 | 284 |
Custodian and accounting fees | 157 | 320 |
Deferred foreign capital gains tax | — | 263 |
Other | 280 | 521 |
Total Liabilities | 80,076 | 241,981 |
Net Assets | $3,281,291 | $10,174,117 |
October 31, 2022 | J.P. Morgan Funds | 113 |
AS OF October 31, 2022 (continued)
(Amounts in thousands, except per share amounts)
JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund | |
NET ASSETS: | ||
Paid-in-Capital | $3,612,464 | $11,459,114 |
Total distributable earnings (loss) | (331,173) | (1,284,997) |
Total Net Assets | $3,281,291 | $10,174,117 |
Net Assets: | ||
Class A | $600,741 | $4,354,310 |
Class C | 324,254 | 1,284,317 |
Class I | 1,657,768 | 4,142,959 |
Class R2 | 4,859 | — |
Class R3 | 1,410 | — |
Class R4 | 1,656 | — |
Class R5 | 61 | — |
Class R6 | 690,542 | 392,531 |
Total | $3,281,291 | $10,174,117 |
Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized): | ||
Class A | 35,528 | 483,252 |
Class C | 19,561 | 142,963 |
Class I | 97,374 | 458,981 |
Class R2 | 289 | — |
Class R3 | 83 | — |
Class R4 | 98 | — |
Class R5 | 4 | — |
Class R6 | 40,581 | 43,481 |
Net Asset Value (a): | ||
Class A — Redemption price per share | $16.91 | $9.01 |
Class C — Offering price per share (b) | 16.58 | 8.98 |
Class I — Offering and redemption price per share | 17.02 | 9.03 |
Class R2 — Offering and redemption price per share | 16.78 | — |
Class R3 — Offering and redemption price per share | 16.97 | — |
Class R4 — Offering and redemption price per share | 16.91 | — |
Class R5 — Offering and redemption price per share | 17.04 | — |
Class R6 — Offering and redemption price per share | 17.02 | 9.03 |
Class A maximum sales charge | 4.50% | 4.50% |
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)] | $17.71 | $9.43 |
Cost of investments in non-affiliates | $2,755,990 | $10,038,432 |
Cost of investments in affiliates | 445,156 | 787,632 |
Cost of foreign currency | 5,935 | 637 |
Investment securities on loan, at value (See Note 2.F.) | 48,471 | 168,289 |
Cost of investment of cash collateral (See Note 2.F.) | 51,149 | 177,390 |
114 | J.P. Morgan Funds | October 31, 2022 |
FOR THE YEAR ENDED October 31, 2022
(Amounts in thousands)
JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund | |
INVESTMENT INCOME: | ||
Interest income from non-affiliates | $27,843 | $375,151 |
Interest income from affiliates | 6 | 15 |
Dividend income from non-affiliates | 53,760 | 186,815 |
Dividend income from affiliates | 7,255 | 27,839 |
Income from securities lending (net) (See Note 2.F.) | 328 | 1,379 |
Foreign taxes withheld (net) | (3,130) | (13,062) |
Total investment income | 86,062 | 578,137 |
EXPENSES: | ||
Investment advisory fees | 23,661 | 50,857 |
Administration fees | 3,227 | 8,480 |
Distribution fees: | ||
Class A | 1,754 | 12,286 |
Class C | 3,175 | 12,898 |
Class R2 | 30 | — |
Class R3 | 3 | — |
Service fees: | ||
Class A | 1,754 | 12,286 |
Class C | 1,058 | 4,300 |
Class I | 5,649 | 12,586 |
Class R2 | 15 | — |
Class R3 | 3 | — |
Class R4 | 3 | — |
Class R5 | —(a) | — |
Custodian and accounting fees | 835 | 1,603 |
Interest expense to affiliates | 20 | 5 |
Professional fees | 165 | 213 |
Trustees’ and Chief Compliance Officer’s fees | 39 | 65 |
Printing and mailing costs | 141 | 396 |
Registration and filing fees | 242 | 277 |
Transfer agency fees (See Note 2.M.) | 87 | 261 |
Dividend expense to non-affiliates on securities sold short | 271 | — |
Other | 373 | 514 |
Total expenses | 42,505 | 117,027 |
Less fees waived | (5,319) | (25,623) |
Less expense reimbursements | (8) | (1,189) |
Net expenses | 37,178 | 90,215 |
Net investment income (loss) | 48,884 | 487,922 |
October 31, 2022 | J.P. Morgan Funds | 115 |
FOR THE YEAR ENDED October 31, 2022 (continued)
(Amounts in thousands)
JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | ||
Net realized gain (loss) on transactions from: | ||
Investments in non-affiliates | $(160,431) | $(111,298)(a) |
Investments in affiliates | (2,833) | (91) |
Options purchased | 57,139 | — |
Futures contracts | (274,004) | (297,436) |
Securities sold short | (2,813) | — |
Foreign currency transactions | (6,838) | (2,937) |
Forward foreign currency exchange contracts | 158,413 | 14 |
Swaps | 2,755 | — |
Unfunded commitments | — | (6) |
Net realized gain (loss) | (228,612) | (411,754) |
Change in net unrealized appreciation/depreciation on: | ||
Investments in non-affiliates | (799,176) | (1,994,602)(b) |
Investments in affiliates | (15,881) | (39,316) |
Options purchased | (2,417) | — |
Futures contracts | 230 | (35,682) |
Securities sold short | (10) | — |
Foreign currency translations | (2,628) | (738) |
Forward foreign currency exchange contracts | (733) | — |
Swaps | (2,250) | — |
Unfunded commitments | — | (11) |
Change in net unrealized appreciation/depreciation | (822,865) | (2,070,349) |
Net realized/unrealized gains (losses) | (1,051,477) | (2,482,103) |
Change in net assets resulting from operations | $(1,002,593) | $(1,994,181) |
116 | J.P. Morgan Funds | October 31, 2022 |
FOR THE PERIODS INDICATED
(Amounts in thousands)
JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | ||||
Net investment income (loss) | $48,884 | $53,504 | $487,922 | $458,527 |
Net realized gain (loss) | (228,612) | 371,128 | (411,754) | 691,837 |
Change in net unrealized appreciation/depreciation | (822,865) | 508,200 | (2,070,349) | 962,131 |
Change in net assets resulting from operations | (1,002,593) | 932,832 | (1,994,181) | 2,112,495 |
DISTRIBUTIONS TO SHAREHOLDERS: | ||||
Class A | (73,481) | (11,389) | (439,976) | (175,523) |
Class C | (45,949) | (7,511) | (154,753) | (72,722) |
Class I | (255,254) | (52,958) | (467,053) | (205,129) |
Class R2 | (600) | (100) | — | — |
Class R3 | (121) | (15) | — | — |
Class R4 | (136) | (20) | — | — |
Class R5 | (8) | (4) | — | — |
Class R6 | (101,356) | (18,956) | (40,165) | (18,942) |
Total distributions to shareholders | (476,905) | (90,953) | (1,101,947) | (472,316) |
CAPITAL TRANSACTIONS: | ||||
Change in net assets resulting from capital transactions | (361,808) | 651,552 | (408,719) | (30,633) |
NET ASSETS: | ||||
Change in net assets | (1,841,306) | 1,493,431 | (3,504,847) | 1,609,546 |
Beginning of period | 5,122,597 | 3,629,166 | 13,678,964 | 12,069,418 |
End of period | $3,281,291 | $5,122,597 | $10,174,117 | $13,678,964 |
October 31, 2022 | J.P. Morgan Funds | 117 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: | ||||
Class A | ||||
Proceeds from shares issued | $216,187 | $343,717 | $1,060,358 | $1,470,545 |
Distributions reinvested | 67,553 | 10,397 | 404,267 | 160,549 |
Cost of shares redeemed | (218,876) | (165,771) | (1,187,511) | (1,007,091) |
Change in net assets resulting from Class A capital transactions | 64,864 | 188,343 | 277,114 | 624,003 |
Class C | ||||
Proceeds from shares issued | 30,932 | 58,369 | 113,805 | 192,408 |
Distributions reinvested | 41,472 | 6,657 | 147,746 | 69,488 |
Cost of shares redeemed | (119,980) | (110,453) | (680,135) | (941,440) |
Change in net assets resulting from Class C capital transactions | (47,576) | (45,427) | (418,584) | (679,544) |
Class I | ||||
Proceeds from shares issued | 417,741 | 596,114 | 805,155 | 991,794 |
Distributions reinvested | 215,638 | 43,953 | 420,510 | 183,235 |
Cost of shares redeemed | (956,605) | (447,625) | (1,521,305) | (1,052,204) |
Change in net assets resulting from Class I capital transactions | (323,226) | 192,442 | (295,640) | 122,825 |
Class R2 | ||||
Proceeds from shares issued | 805 | 741 | — | — |
Distributions reinvested | 600 | 100 | — | — |
Cost of shares redeemed | (1,472) | (886) | — | — |
Change in net assets resulting from Class R2 capital transactions | (67) | (45) | — | — |
Class R3 | ||||
Proceeds from shares issued | 1,324 | 95 | — | — |
Distributions reinvested | 5 | 1 | — | — |
Cost of shares redeemed | (450) | (47) | — | — |
Change in net assets resulting from Class R3 capital transactions | 879 | 49 | — | — |
Class R4 | ||||
Proceeds from shares issued | 705 | 920 | — | — |
Distributions reinvested | 136 | 20 | — | — |
Cost of shares redeemed | (115) | (449) | — | — |
Change in net assets resulting from Class R4 capital transactions | 726 | 491 | — | — |
Class R5 | ||||
Proceeds from shares issued | 11 | 707 | — | — |
Distributions reinvested | 8 | 4 | — | — |
Cost of shares redeemed | (23) | (680) | — | — |
Change in net assets resulting from Class R5 capital transactions | (4) | 31 | — | — |
118 | J.P. Morgan Funds | October 31, 2022 |
JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
CAPITAL TRANSACTIONS: (continued) | ||||
Class R6 | ||||
Proceeds from shares issued | $51,915 | $353,812 | $77,792 | $83,057 |
Distributions reinvested | 96,450 | 18,024 | 39,614 | 18,708 |
Cost of shares redeemed | (205,769) | (56,168) | (89,015) | (199,682) |
Change in net assets resulting from Class R6 capital transactions | (57,404) | 315,668 | 28,391 | (97,917) |
Total change in net assets resulting from capital transactions | $(361,808) | $651,552 | $(408,719) | $(30,633) |
SHARE TRANSACTIONS: | ||||
Class A | ||||
Issued | 10,906 | 15,139 | 103,460 | 128,767 |
Reinvested | 3,154 | 469 | 38,265 | 14,043 |
Redeemed | (11,354) | (7,316) | (117,153) | (88,675) |
Change in Class A Shares | 2,706 | 8,292 | 24,572 | 54,135 |
Class C | ||||
Issued | 1,553 | 2,621 | 10,976 | 16,903 |
Reinvested | 1,961 | 309 | 13,907 | 6,110 |
Redeemed | (6,369) | (4,969) | (67,193) | (82,929) |
Change in Class C Shares | (2,855) | (2,039) | (42,310) | (59,916) |
Class I | ||||
Issued | 20,991 | 26,172 | 78,373 | 86,981 |
Reinvested | 10,009 | 1,971 | 39,674 | 16,013 |
Redeemed | (50,007) | (19,623) | (151,346) | (92,705) |
Change in Class I Shares | (19,007) | 8,520 | (33,299) | 10,289 |
Class R2 | ||||
Issued | 41 | 33 | — | — |
Reinvested | 28 | 5 | — | — |
Redeemed | (77) | (40) | — | — |
Change in Class R2 Shares | (8) | (2) | — | — |
Class R3 | ||||
Issued | 67 | 4 | — | — |
Reinvested | —(a) | —(a) | — | — |
Redeemed | (23) | (2) | — | — |
Change in Class R3 Shares | 44 | 2 | — | — |
Class R4 | ||||
Issued | 40 | 40 | — | — |
Reinvested | 6 | 1 | — | — |
Redeemed | (6) | (19) | — | — |
Change in Class R4 Shares | 40 | 22 | — | — |
October 31, 2022 | J.P. Morgan Funds | 119 |
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund | |||
Year Ended October 31, 2022 | Year Ended October 31, 2021 | Year Ended October 31, 2022 | Year Ended October 31, 2021 | |
SHARE TRANSACTIONS: (continued) | ||||
Class R5 | ||||
Issued | 1 | 32 | — | — |
Reinvested | —(a) | —(a) | — | — |
Redeemed | (1) | (29) | — | — |
Change in Class R5 Shares | —(a) | 3 | — | — |
Class R6 | ||||
Issued | 2,621 | 15,695 | 7,621 | 7,264 |
Reinvested | 4,487 | 807 | 3,749 | 1,635 |
Redeemed | (11,269) | (2,448) | (8,796) | (17,707) |
Change in Class R6 Shares | (4,161) | 14,054 | 2,574 | (8,808) |
120 | J.P. Morgan Funds | October 31, 2022 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b)(c) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Global Allocation Fund | |||||||
Class A | |||||||
Year Ended October 31, 2022 | $23.57 | $0.19 | $(4.69) | $(4.50) | $(0.36) | $(1.80) | $(2.16) |
Year Ended October 31, 2021 | 19.27 | 0.22 | 4.50 | 4.72 | (0.28) | (0.14) | (0.42) |
Year Ended October 31, 2020 | 18.82 | 0.27 | 0.46 | 0.73 | (0.28) | — | (0.28) |
Year Ended October 31, 2019 | 17.71 | 0.36 | 1.22 | 1.58 | (0.47) | — | (0.47) |
Year Ended October 31, 2018 | 18.63 | 0.31 | (0.63) | (0.32) | (0.31) | (0.29) | (0.60) |
Class C | |||||||
Year Ended October 31, 2022 | 23.15 | 0.09 | (4.58) | (4.49) | (0.28) | (1.80) | (2.08) |
Year Ended October 31, 2021 | 18.94 | 0.11 | 4.41 | 4.52 | (0.17) | (0.14) | (0.31) |
Year Ended October 31, 2020 | 18.54 | 0.18 | 0.46 | 0.64 | (0.24) | — | (0.24) |
Year Ended October 31, 2019 | 17.47 | 0.27 | 1.19 | 1.46 | (0.39) | — | (0.39) |
Year Ended October 31, 2018 | 18.39 | 0.22 | (0.63) | (0.41) | (0.22) | (0.29) | (0.51) |
Class I | |||||||
Year Ended October 31, 2022 | 23.72 | 0.24 | (4.73) | (4.49) | (0.41) | (1.80) | (2.21) |
Year Ended October 31, 2021 | 19.39 | 0.28 | 4.52 | 4.80 | (0.33) | (0.14) | (0.47) |
Year Ended October 31, 2020 | 18.91 | 0.32 | 0.47 | 0.79 | (0.31) | — | (0.31) |
Year Ended October 31, 2019 | 17.79 | 0.41 | 1.22 | 1.63 | (0.51) | — | (0.51) |
Year Ended October 31, 2018 | 18.71 | 0.37 | (0.65) | (0.28) | (0.35) | (0.29) | (0.64) |
Class R2 | |||||||
Year Ended October 31, 2022 | 23.40 | 0.12 | (4.65) | (4.53) | (0.29) | (1.80) | (2.09) |
Year Ended October 31, 2021 | 19.14 | 0.14 | 4.45 | 4.59 | (0.19) | (0.14) | (0.33) |
Year Ended October 31, 2020 | 18.73 | 0.20 | 0.46 | 0.66 | (0.25) | — | (0.25) |
Year Ended October 31, 2019 | 17.64 | 0.30 | 1.20 | 1.50 | (0.41) | — | (0.41) |
Year Ended October 31, 2018 | 18.57 | 0.25 | (0.62) | (0.37) | (0.27) | (0.29) | (0.56) |
Class R3 | |||||||
Year Ended October 31, 2022 | 23.65 | 0.16 | (4.70) | (4.54) | (0.34) | (1.80) | (2.14) |
Year Ended October 31, 2021 | 19.34 | 0.20 | 4.50 | 4.70 | (0.25) | (0.14) | (0.39) |
Year Ended October 31, 2020 | 18.90 | 0.24 | 0.48 | 0.72 | (0.28) | — | (0.28) |
Year Ended October 31, 2019 | 17.79 | 0.34 | 1.22 | 1.56 | (0.45) | — | (0.45) |
October 1, 2018 (j) through October 31, 2018 | 18.65 | 0.02 | (0.88) | (0.86) | — | — | — |
Class R4 | |||||||
Year Ended October 31, 2022 | 23.57 | 0.21 | (4.68) | (4.47) | (0.39) | (1.80) | (2.19) |
Year Ended October 31, 2021 | 19.28 | 0.26 | 4.48 | 4.74 | (0.31) | (0.14) | (0.45) |
Year Ended October 31, 2020 | 18.81 | 0.30 | 0.47 | 0.77 | (0.30) | — | (0.30) |
Year Ended October 31, 2019 | 17.71 | 0.42 | 1.17 | 1.59 | (0.49) | — | (0.49) |
October 1, 2018 (j) through October 31, 2018 | 18.56 | 0.02 | (0.87) | (0.85) | — | — | — |
Class R5 | |||||||
Year Ended October 31, 2022 | 23.73 | 0.25 | (4.72) | (4.47) | (0.42) | (1.80) | (2.22) |
Year Ended October 31, 2021 | 19.39 | 0.33 | 4.48 | 4.81 | (0.33) | (0.14) | (0.47) |
Year Ended October 31, 2020 | 18.92 | 0.33 | 0.46 | 0.79 | (0.32) | — | (0.32) |
Year Ended October 31, 2019 | 17.80 | 0.42 | 1.22 | 1.64 | (0.52) | — | (0.52) |
October 1, 2018 (j) through October 31, 2018 | 18.65 | 0.02 | (0.87) | (0.85) | — | — | — |
122 | J.P. Morgan Funds | October 31, 2022 |
Ratios/Supplemental data | |||||||
Ratios to average net assets(a) | |||||||
Net asset value, end of period | Total return (excludes sales charge)(d)(e) | Net assets, end of period (000's) | Net expenses (including dividend and interest expense for securities sold short)(f)(g) | Net investment income (loss)(b) | Expenses without waivers and reimbursements (including dividend and interest expense for securities sold short)(f) | Portfolio turnover rate (excluding securities sold short)(d)(h) | Portfolio turnover rate (including securities sold short)(d)(h) |
$16.91 | (20.90)% | $600,741 | 1.03% (i) | 0.98% | 1.18% (i) | 92% | 100% |
23.57 | 24.67 | 773,563 | 1.04(i) | 0.97 | 1.18(i) | 101 | 110 |
19.27 | 3.94 | 472,779 | 1.03(i) | 1.45 | 1.19(i) | 105 | 116 |
18.82 | 9.08 | 443,776 | 1.05(i) | 2.00 | 1.26(i) | 111 | 139 |
17.71 | (1.81) | 344,414 | 1.06(i) | 1.67 | 1.28(i) | 108 | 131 |
16.58 | (21.26) | 324,254 | 1.53(i) | 0.47 | 1.68(i) | 92 | 100 |
23.15 | 24.02 | 519,020 | 1.54(i) | 0.49 | 1.68(i) | 101 | 110 |
18.94 | 3.44 | 463,256 | 1.54(i) | 0.95 | 1.69(i) | 105 | 116 |
18.54 | 8.54 | 526,390 | 1.55(i) | 1.49 | 1.76(i) | 111 | 139 |
17.47 | (2.32) | 511,863 | 1.56(i) | 1.18 | 1.78(i) | 108 | 131 |
17.02 | (20.74) | 1,657,768 | 0.78(i) | 1.22 | 0.93(i) | 92 | 100 |
23.72 | 24.96 | 2,760,026 | 0.79(i) | 1.23 | 0.93(i) | 101 | 110 |
19.39 | 4.25 | 2,091,223 | 0.78(i) | 1.71 | 0.93(i) | 105 | 116 |
18.91 | 9.36 | 2,170,359 | 0.80(i) | 2.25 | 1.00(i) | 111 | 139 |
17.79 | (1.58) | 1,855,964 | 0.82(i) | 1.95 | 1.03(i) | 108 | 131 |
16.78 | (21.17) | 4,859 | 1.40(i) | 0.62 | 1.45(i) | 92 | 100 |
23.40 | 24.16 | 6,946 | 1.41(i) | 0.61 | 1.45(i) | 101 | 110 |
19.14 | 3.55 | 5,724 | 1.40(i) | 1.09 | 1.46(i) | 105 | 116 |
18.73 | 8.69 | 5,394 | 1.42(i) | 1.64 | 1.56(i) | 111 | 139 |
17.64 | (2.09) | 3,658 | 1.39(i) | 1.35 | 1.56(i) | 108 | 131 |
16.97 | (21.01) | 1,410 | 1.15(i) | 0.83 | 1.18(i) | 92 | 100 |
23.65 | 24.47 | 932 | 1.16(i) | 0.86 | 1.18(i) | 101 | 110 |
19.34 | 3.85 | 720 | 1.15(i) | 1.22 | 1.26(i) | 105 | 116 |
18.90 | 8.97 | 50 | 1.17(i) | 1.83 | 1.44(i) | 111 | 139 |
17.79 | (4.61) | 19 | 1.23(i) | 1.08 | 1.38(i) | 108 | 131 |
16.91 | (20.78) | 1,656 | 0.89(i) | 1.11 | 0.93(i) | 92 | 100 |
23.57 | 24.77 | 1,377 | 0.91(i) | 1.12 | 0.93(i) | 101 | 110 |
19.28 | 4.13 | 688 | 0.90(i) | 1.59 | 0.95(i) | 105 | 116 |
18.81 | 9.20 | 631 | 0.92(i) | 2.29 | 1.02(i) | 111 | 139 |
17.71 | (4.58) | 19 | 0.98(i) | 1.33 | 1.13(i) | 108 | 131 |
17.04 | (20.66) | 61 | 0.75(i) | 1.26 | 0.79(i) | 92 | 100 |
23.73 | 25.00 | 89 | 0.76(i) | 1.43 | 0.81(i) | 101 | 110 |
19.39 | 4.23 | 22 | 0.75(i) | 1.73 | 0.97(i) | 105 | 116 |
18.92 | 9.39 | 21 | 0.78(i) | 2.27 | 1.00(i) | 111 | 139 |
17.80 | (4.56) | 19 | 0.73(i) | 1.58 | 0.88(i) | 108 | 131 |
October 31, 2022 | J.P. Morgan Funds | 123 |
FOR THE PERIODS INDICATED (continued)
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b)(c) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Global Allocation Fund (continued) | |||||||
Class R6 | |||||||
Year Ended October 31, 2022 | $23.71 | $0.27 | $(4.72) | $(4.45) | $(0.44) | $(1.80) | $(2.24) |
Year Ended October 31, 2021 | 19.38 | 0.31 | 4.52 | 4.83 | (0.36) | (0.14) | (0.50) |
Year Ended October 31, 2020 | 18.91 | 0.35 | 0.46 | 0.81 | (0.34) | — | (0.34) |
Year Ended October 31, 2019 | 17.79 | 0.43 | 1.22 | 1.65 | (0.53) | — | (0.53) |
November 1, 2017 (j) through October 31, 2018 | 18.74 | 0.37 | (0.65) | (0.28) | (0.38) | (0.29) | (0.67) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
(c) | Calculated based upon average shares outstanding. |
(d) | Not annualized for periods less than one year. |
(e) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(f) | Does not include expenses of underlying funds. |
(g) | Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
(h) | The Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. |
(i) |
October 31, 2022 | October 31, 2021 | October 31, 2020 | October 31, 2019 | October 31, 2018 | |
Net expenses (excluding dividend and interest expense for securities sold short) | |||||
Class A | 1.02% | 1.03% | 1.02% | 1.02% | 1.02% |
Class C | 1.52% | 1.53% | 1.53% | 1.52% | 1.52% |
Class I | 0.77% | 0.78% | 0.77% | 0.77% | 0.78% |
Class R2 | 1.39% | 1.40% | 1.39% | 1.39% | 1.35% |
Class R3 | 1.14% | 1.15% | 1.14% | 1.14% | 1.19% |
Class R4 | 0.88% | 0.90% | 0.89% | 0.89% | 0.94% |
Class R5 | 0.74% | 0.75% | 0.74% | 0.75% | 0.69% |
Class R6 | 0.64% | 0.65% | 0.64% | 0.64% | 0.64% |
Expenses without waivers and reimbursements (excluding dividend and interest expense for securities sold short) | |||||
Class A | 1.17% | 1.17% | 1.18% | 1.23% | 1.24% |
Class C | 1.67% | 1.67% | 1.68% | 1.73% | 1.74% |
Class I | 0.92% | 0.92% | 0.92% | 0.97% | 0.99% |
Class R2 | 1.44% | 1.44% | 1.45% | 1.53% | 1.52% |
Class R3 | 1.17% | 1.17% | 1.25% | 1.41% | 1.34% |
Class R4 | 0.92% | 0.92% | 0.94% | 0.99% | 1.09% |
Class R5 | 0.78% | 0.80% | 0.96% | 0.97% | 0.84% |
Class R6 | 0.67% | 0.67% | 0.67% | 0.72% | 0.74% |
(j) | Commencement of offering of class of shares. |
124 | J.P. Morgan Funds | October 31, 2022 |
Ratios/Supplemental data | |||||||
Ratios to average net assets(a) | |||||||
Net asset value, end of period | Total return (excludes sales charge)(d)(e) | Net assets, end of period (000's) | Net expenses (including dividend and interest expense for securities sold short)(f)(g) | Net investment income (loss)(b) | Expenses without waivers and reimbursements (including dividend and interest expense for securities sold short)(f) | Portfolio turnover rate (excluding securities sold short)(d)(h) | Portfolio turnover rate (including securities sold short)(d)(h) |
$17.02 | (20.59)% | $690,542 | 0.65% (i) | 1.36% | 0.68% (i) | 92% | 100% |
23.71 | 25.13 | 1,060,644 | 0.66(i) | 1.36 | 0.68(i) | 101 | 110 |
19.38 | 4.34 | 594,754 | 0.65(i) | 1.83 | 0.68(i) | 105 | 116 |
18.91 | 9.50 | 528,192 | 0.67(i) | 2.35 | 0.75(i) | 111 | 139 |
17.79 | (1.58) | 841,967 | 0.68(i) | 2.02 | 0.78(i) | 108 | 131 |
October 31, 2022 | J.P. Morgan Funds | 125 |
FOR THE PERIODS INDICATED
Per share operating performance | |||||||
Investment operations | Distributions | ||||||
Net asset value, beginning of period | Net investment income (loss)(b) | Net realized and unrealized gains (losses) on investments | Total from investment operations | Net investment income | Net realized gain | Total distributions | |
JPMorgan Income Builder Fund | |||||||
Class A | |||||||
Year Ended October 31, 2022 | $11.62 | $0.41 | $(2.08) | $(1.67) | $(0.44) | $(0.50) | $(0.94) |
Year Ended October 31, 2021 | 10.21 | 0.40 | 1.42 | 1.82 | (0.41) | — | (0.41) |
Year Ended October 31, 2020 | 10.73 | 0.38 | (0.49) | (0.11) | (0.39) | (0.02) | (0.41) |
Year Ended October 31, 2019 | 10.13 | 0.41 | 0.60 | 1.01 | (0.41) | — | (0.41) |
Year Ended October 31, 2018 | 10.62 | 0.42 | (0.48) | (0.06) | (0.43) | — | (0.43) |
Class C | |||||||
Year Ended October 31, 2022 | 11.58 | 0.36 | (2.07) | (1.71) | (0.39) | (0.50) | (0.89) |
Year Ended October 31, 2021 | 10.19 | 0.34 | 1.40 | 1.74 | (0.35) | — | (0.35) |
Year Ended October 31, 2020 | 10.70 | 0.32 | (0.47) | (0.15) | (0.34) | (0.02) | (0.36) |
Year Ended October 31, 2019 | 10.10 | 0.36 | 0.60 | 0.96 | (0.36) | — | (0.36) |
Year Ended October 31, 2018 | 10.59 | 0.37 | (0.49) | (0.12) | (0.37) | — | (0.37) |
Class I | |||||||
Year Ended October 31, 2022 | 11.64 | 0.43 | (2.09) | (1.66) | (0.45) | (0.50) | (0.95) |
Year Ended October 31, 2021 | 10.23 | 0.41 | 1.42 | 1.83 | (0.42) | — | (0.42) |
Year Ended October 31, 2020 | 10.74 | 0.39 | (0.48) | (0.09) | (0.40) | (0.02) | (0.42) |
Year Ended October 31, 2019 | 10.14 | 0.43 | 0.60 | 1.03 | (0.43) | — | (0.43) |
Year Ended October 31, 2018 | 10.63 | 0.44 | (0.49) | (0.05) | (0.44) | — | (0.44) |
Class R6 | |||||||
Year Ended October 31, 2022 | 11.64 | 0.44 | (2.09) | (1.65) | (0.46) | (0.50) | (0.96) |
Year Ended October 31, 2021 | 10.23 | 0.42 | 1.42 | 1.84 | (0.43) | — | (0.43) |
Year Ended October 31, 2020 | 10.74 | 0.40 | (0.48) | (0.08) | (0.41) | (0.02) | (0.43) |
Year Ended October 31, 2019 | 10.14 | 0.43 | 0.61 | 1.04 | (0.44) | — | (0.44) |
November 1, 2017 (f) through October 31, 2018 | 10.64 | 0.46 | (0.51) | (0.05) | (0.45) | — | (0.45) |
(a) | Annualized for periods less than one year, unless otherwise noted. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized for periods less than one year. |
(d) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. |
(e) | Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted. |
(f) | Commencement of offering of class of shares. |
126 | J.P. Morgan Funds | October 31, 2022 |
Ratios/Supplemental data | ||||||
Ratios to average net assets(a) | ||||||
Net asset value, end of period | Total return (excludes sales charge)(c)(d) | Net assets, end of period (000's) | Net expenses(e) | Net investment income (loss) | Expenses without waivers, reimbursements, and earnings credits | Portfolio turnover rate(c) |
$9.01 | (15.40)% | $4,354,310 | 0.75% | 4.04% | 1.02% | 56% |
11.62 | 17.94 | 5,328,533 | 0.75 | 3.47 | 1.02 | 72 |
10.21 | (1.01) | 4,132,310 | 0.74 | 3.65 | 1.02 | 64 |
10.73 | 10.20 | 3,678,891 | 0.74 | 3.90 | 1.05 | 48 |
10.13 | (0.67) | 3,386,949 | 0.75 | 4.02 | 1.07 | 59 |
8.98 | (15.80) | 1,284,317 | 1.25 | 3.50 | 1.52 | 56 |
11.58 | 17.18 | 2,146,228 | 1.25 | 2.95 | 1.52 | 72 |
10.19 | (1.42) | 2,497,469 | 1.24 | 3.16 | 1.52 | 64 |
10.70 | 9.67 | 3,814,158 | 1.24 | 3.43 | 1.55 | 48 |
10.10 | (1.17) | 4,114,927 | 1.25 | 3.52 | 1.57 | 59 |
9.03 | (15.24) | 4,142,959 | 0.60 | 4.18 | 0.77 | 56 |
11.64 | 18.08 | 5,728,166 | 0.60 | 3.61 | 0.76 | 72 |
10.23 | (0.76) | 4,930,991 | 0.59 | 3.80 | 0.77 | 64 |
10.74 | 10.35 | 5,672,266 | 0.59 | 4.08 | 0.80 | 48 |
10.14 | (0.52) | 4,445,260 | 0.60 | 4.17 | 0.81 | 59 |
9.03 | (15.16) | 392,531 | 0.51 | 4.29 | 0.52 | 56 |
11.64 | 18.18 | 476,037 | 0.51 | 3.69 | 0.51 | 72 |
10.23 | (0.68) | 508,648 | 0.51 | 3.90 | 0.52 | 64 |
10.74 | 10.44 | 354,830 | 0.51 | 4.15 | 0.55 | 48 |
10.14 | (0.51) | 212,657 | 0.50 | 4.37 | 0.57 | 59 |
October 31, 2022 | J.P. Morgan Funds | 127 |
AS OF October 31, 2022
(Dollar values in thousands)
Classes Offered | Diversification Classification | |
JPMorgan Global Allocation Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | Diversified |
JPMorgan Income Builder Fund | Class A, Class C, Class I and Class R6 | Diversified |
128 | J.P. Morgan Funds | October 31, 2022 |
Global Allocation Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Asset-Backed Securities | $— | $2,310 | $— | $2,310 |
Collateralized Mortgage Obligations | — | —(a) | 840 | 840 |
Commercial Mortgage-Backed Securities | ||||
United States | — | 6,430 | 779 | 7,209 |
Common Stocks | ||||
Australia | 72 | 18,178 | — | 18,250 |
Austria | — | 222 | — | 222 |
Belgium | — | 6,569 | — | 6,569 |
Brazil | 17,969 | 53 | — | 18,022 |
Canada | 13,091 | — | — | 13,091 |
Chile | 939 | 38 | — | 977 |
China | 21,489 | 87,506 | — | 108,995 |
Denmark | — | 25,824 | — | 25,824 |
Finland | — | 6,600 | — | 6,600 |
France | — | 99,180 | — | 99,180 |
Germany | 83 | 31,398 | — | 31,481 |
Greece | — | 1,140 | — | 1,140 |
October 31, 2022 | J.P. Morgan Funds | 129 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Global Allocation Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Hong Kong | $— | $14,940 | $— | $14,940 |
India | 25,149 | — | — | 25,149 |
Indonesia | — | 11,081 | — | 11,081 |
Ireland | 51 | 408 | — | 459 |
Israel | 213 | 533 | — | 746 |
Italy | — | 1,862 | — | 1,862 |
Japan | — | 60,088 | — | 60,088 |
Jordan | — | 17 | — | 17 |
Luxembourg | — | 145 | — | 145 |
Macau | — | 636 | — | 636 |
Mexico | 14,725 | — | — | 14,725 |
Netherlands | 117 | 27,264 | — | 27,381 |
New Zealand | — | 216 | — | 216 |
Norway | — | 691 | — | 691 |
Peru | 1,995 | — | — | 1,995 |
Poland | — | 1,502 | — | 1,502 |
Portugal | — | 164 | — | 164 |
Qatar | — | 1,699 | — | 1,699 |
Russia | — | — | 31 | 31 |
Saudi Arabia | — | 1,320 | — | 1,320 |
Singapore | 152 | 5,777 | — | 5,929 |
South Africa | 2,899 | 8,064 | — | 10,963 |
South Korea | — | 32,493 | — | 32,493 |
Spain | — | 5,522 | — | 5,522 |
Sweden | — | 17,910 | — | 17,910 |
Switzerland | — | 8,105 | — | 8,105 |
Taiwan | 12,396 | 20,024 | — | 32,420 |
Tanzania, United Republic of | — | 442 | — | 442 |
Thailand | 3,502 | 1,256 | — | 4,758 |
United Arab Emirates | — | — | — | — |
United Kingdom | 69 | 63,245 | — | 63,314 |
United States | 1,205,038 | 26,382 | 178 | 1,231,598 |
Total Common Stocks | 1,319,949 | 588,494 | 209 | 1,908,652 |
Convertible Preferred Stocks | — | — | 557 | 557 |
Corporate Bonds | — | 170,628 | — | 170,628 |
Exchange-Traded Funds | 17,570 | — | — | 17,570 |
Foreign Government Securities | — | 581,388 | — | 581,388 |
Investment Companies | 146,493 | — | — | 146,493 |
Loan Assignments | ||||
United States | — | 310 | 481 | 791 |
Preferred Stocks | — | — | 44 | 44 |
Rights | — | — | 22 | 22 |
Supranational | — | 6,240 | — | 6,240 |
U.S. Treasury Obligations | — | 63,156 | — | 63,156 |
Warrants | ||||
Netherlands | — | 300 | — | 300 |
Switzerland | — | 2,227 | — | 2,227 |
United Kingdom | — | — | 40 | 40 |
130 | J.P. Morgan Funds | October 31, 2022 |
Global Allocation Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
United States | $— | $— | $8 | $8 |
Total Warrants | — | 2,527 | 48 | 2,575 |
Short-Term Investments | ||||
Certificates of Deposits | — | 5,115 | — | 5,115 |
Commercial Paper | — | 49,696 | — | 49,696 |
Investment Companies | 282,824 | — | — | 282,824 |
Investment of Cash Collateral from Securities Loaned | 51,155 | — | — | 51,155 |
U.S. Treasury Obligations | — | 15,899 | — | 15,899 |
Total Short-Term Investments | 333,979 | 70,710 | — | 404,689 |
Total Investments in Securities | $1,817,991 | $1,492,193 | $2,980 | $3,313,164 |
Appreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | $— | $12,189 | $— | $12,189 |
Futures Contracts | 33,207 | — | — | 33,207 |
Depreciation in Other Financial Instruments | ||||
Forward Foreign Currency Exchange Contracts | — | (5,798) | — | (5,798) |
Futures Contracts | (44,037) | (48) | — | (44,085) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $(10,830) | $6,343 | $— | $(4,487) |
(a) | Amount rounds to less than one thousand. |
Income Builder Fund | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Investments in Securities | ||||
Asset-Backed Securities | ||||
Cayman Islands | $— | $— | $1,008 | $1,008 |
United States | — | 73,334 | 83,567 | 156,901 |
Total Asset-Backed Securities | — | 73,334 | 84,575 | 157,909 |
Collateralized Mortgage Obligations | ||||
Bermuda | — | — | 2,872 | 2,872 |
United States | — | 255,971 | 141,531 | 397,502 |
Total Collateralized Mortgage Obligations | — | 255,971 | 144,403 | 400,374 |
Commercial Mortgage-Backed Securities | ||||
United States | — | 167,155 | 269,605 | 436,760 |
Common Stocks | ||||
Australia | 2,641 | 68,829 | — | 71,470 |
Austria | — | 12,336 | — | 12,336 |
Belgium | — | 20,123 | — | 20,123 |
Brazil | 28,310 | 2,089 | — | 30,399 |
Canada | 193,494 | — | — | 193,494 |
Cayman Islands | — | — | —(a) | —(a) |
Chile | 4,970 | — | — | 4,970 |
China | 11,615 | 121,571 | — | 133,186 |
October 31, 2022 | J.P. Morgan Funds | 131 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Income Builder Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Denmark | $— | $37,607 | $— | $37,607 |
Egypt | 2,812 | — | — | 2,812 |
Finland | — | 40,152 | — | 40,152 |
France | — | 144,016 | — | 144,016 |
Germany | — | 112,490 | — | 112,490 |
Hong Kong | — | 35,892 | — | 35,892 |
India | 17,765 | 17,024 | — | 34,789 |
Indonesia | — | 30,738 | — | 30,738 |
Italy | — | 52,167 | — | 52,167 |
Japan | — | 162,583 | — | 162,583 |
Luxembourg | — | 2,187 | 6,745 | 8,932 |
Mexico | 38,607 | — | — | 38,607 |
Netherlands | — | 40,928 | — | 40,928 |
New Zealand | — | 9,812 | — | 9,812 |
Norway | 3,037 | 29,521 | — | 32,558 |
Peru | 10,311 | — | — | 10,311 |
Poland | — | 4,459 | — | 4,459 |
Portugal | — | 11,406 | — | 11,406 |
Russia | — | — | 106 | 106 |
Saudi Arabia | — | 7,017 | — | 7,017 |
Singapore | — | 32,371 | — | 32,371 |
South Africa | 9,712 | 34,396 | — | 44,108 |
South Korea | 2,019 | 54,903 | — | 56,922 |
Spain | 2,263 | 91,222 | — | 93,485 |
Sweden | — | 51,980 | — | 51,980 |
Switzerland | 84 | 51,782 | — | 51,866 |
Taiwan | 5,297 | 62,812 | — | 68,109 |
Thailand | 3,996 | 6,518 | — | 10,514 |
United Kingdom | 9,832 | 223,777 | — | 233,609 |
United States | 1,624,231 | 106,618 | 2,699 | 1,733,548 |
Total Common Stocks | 1,970,996 | 1,679,326 | 9,550 | 3,659,872 |
Convertible Bonds | ||||
Australia | — | 2,043 | — | 2,043 |
Canada | — | 572 | — | 572 |
China | — | 5,321 | — | 5,321 |
France | — | 517 | — | 517 |
Germany | — | 1,254 | — | 1,254 |
Israel | — | 1,388 | — | 1,388 |
New Zealand | — | 707 | — | 707 |
Singapore | — | 708 | — | 708 |
South Korea | — | 212 | — | 212 |
Spain | — | 807 | — | 807 |
United Kingdom | — | 3,583 | — | 3,583 |
United States | — | 31,845 | 2,040 | 33,885 |
Vietnam | — | 1,048 | — | 1,048 |
Total Convertible Bonds | — | 50,005 | 2,040 | 52,045 |
Convertible Preferred Stocks | ||||
United States | 9,444 | — | 7,100 | 16,544 |
132 | J.P. Morgan Funds | October 31, 2022 |
Income Builder Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Corporate Bonds | ||||
Australia | $— | $8,293 | $— | $8,293 |
Austria | — | 1,143 | — | 1,143 |
Azerbaijan | — | 3,045 | — | 3,045 |
Bahrain | — | 1,308 | — | 1,308 |
Belgium | — | 2,205 | — | 2,205 |
Brazil | — | 4,253 | — | 4,253 |
Canada | — | 149,427 | — | 149,427 |
Cayman Islands | — | 776 | — | 776 |
Chile | — | 886 | — | 886 |
China | — | 25,860 | — | 25,860 |
Colombia | — | 2,729 | — | 2,729 |
Finland | — | 7,021 | — | 7,021 |
France | — | 63,682 | — | 63,682 |
Germany | — | 4,231 | — | 4,231 |
Guatemala | — | 997 | — | 997 |
Hong Kong | — | 10,045 | — | 10,045 |
India | — | 25,591 | — | 25,591 |
Indonesia | — | 16,238 | — | 16,238 |
Ireland | — | 6,579 | — | 6,579 |
Israel | — | 1,058 | — | 1,058 |
Italy | — | 11,602 | — | 11,602 |
Japan | — | 9,409 | — | 9,409 |
Kazakhstan | — | 2,300 | — | 2,300 |
Luxembourg | — | 29,178 | — | 29,178 |
Macau | — | 997 | — | 997 |
Mexico | — | 14,923 | — | 14,923 |
Morocco | — | 336 | — | 336 |
Netherlands | — | 24,722 | — | 24,722 |
Panama | — | 755 | — | 755 |
Paraguay | — | 243 | — | 243 |
Peru | — | 1,411 | — | 1,411 |
Philippines | — | 8,111 | — | 8,111 |
Singapore | — | 1,195 | — | 1,195 |
South Africa | — | 1,880 | — | 1,880 |
South Korea | — | 3,738 | — | 3,738 |
Spain | — | 8,576 | — | 8,576 |
Sweden | — | 2,464 | — | 2,464 |
Switzerland | — | 36,373 | — | 36,373 |
Thailand | — | 4,773 | — | 4,773 |
United Arab Emirates | — | 1 | — | 1 |
United Kingdom | — | 66,851 | — | 66,851 |
United States | — | 2,834,141 | 17 | 2,834,158 |
Uzbekistan | — | 999 | — | 999 |
Total Corporate Bonds | — | 3,400,345 | 17 | 3,400,362 |
Equity Linked Notes | — | 718,279 | — | 718,279 |
Exchange-Traded Funds | 292,788 | — | — | 292,788 |
Foreign Government Securities | — | 86,095 | — | 86,095 |
October 31, 2022 | J.P. Morgan Funds | 133 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Income Builder Fund (continued) | ||||
Level 1 Quoted prices | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | Total | |
Loan Assignments | ||||
Canada | $— | $397 | $— | $397 |
France | — | 2,807 | — | 2,807 |
Ireland | — | 371 | — | 371 |
Luxembourg | — | 9,246 | — | 9,246 |
Netherlands | — | 975 | — | 975 |
United Kingdom | — | 328 | — | 328 |
United States | — | 206,610 | 2,697 | 209,307 |
Total Loan Assignments | — | 220,734 | 2,697 | 223,431 |
Mortgage-Backed Securities | — | 806 | — | 806 |
Preferred Stocks | ||||
United States | 57,757 | — | 2,537 | 60,294 |
Rights | — | — | 622 | 622 |
U.S. Treasury Obligations | — | 76,772 | — | 76,772 |
Warrants | ||||
United Kingdom | — | —(a) | 2,099 | 2,099 |
United States | — | — | 63 | 63 |
Total Warrants | — | — | 2,162 | 2,162 |
Short-Term Investments | ||||
Certificates of Deposits | — | 821 | — | 821 |
Commercial Paper | — | 81,831 | — | 81,831 |
Investment Companies | 455,497 | — | — | 455,497 |
Investment of Cash Collateral from Securities Loaned | 177,459 | — | — | 177,459 |
Total Short-Term Investments | 632,956 | 82,652 | — | 715,608 |
Total Investments in Securities | $2,963,941 | $6,811,474 | $525,308 | $10,300,723 |
Appreciation in Other Financial Instruments | ||||
Futures Contracts | $35,556 | $— | $— | $35,556 |
Depreciation in Other Financial Instruments | ||||
Futures Contracts | (108,023) | — | — | (108,023) |
Total Net Appreciation/ Depreciation in Other Financial Instruments | $(72,467) | $— | $— | $(72,467) |
(a) | Amount rounds to less than one thousand. |
Income Builder Fund | Balance as of October 31, 2021(a) | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion (amortization) | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Other | Balance as of October 31, 2022 |
Investments in Securities: | ||||||||||
Asset-Backed Securities | $111,362 | $1,405 | $(9,667) | $361 | $48,025 | $(61,386) | $1,486 | $— | $(7,011) | $84,575 |
Collateralized Mortgage Obligations | 91,751 | (65) | (37,478) | 11 | 65,952 | (38,864) | 56,085 | — | 7,011 | 144,403 |
Commercial Mortgage-Backed Securities | 270,236 | (6,333) | (58,745) | 785 | 63,687 | (29,457) | 37,784 | (8,352) | — | 269,605 |
Common Stocks | 8,968 | 112 | (22,604) | — | 9,011 | (8,592) | 22,655 | — | — | 9,550 |
Convertible Bonds | 1,869 | — | 171 | — | — | — | — | — | — | 2,040 |
Convertible Preferred Stocks | 7,671 | 541 | (404) | — | — | (708) | — | — | — | 7,100 |
134 | J.P. Morgan Funds | October 31, 2022 |
Income Builder Fund | Balance as of October 31, 2021(a) | Realized gain (loss) | Change in net unrealized appreciation (depreciation) | Net accretion (amortization) | Purchases1 | Sales2 | Transfers into Level 3 | Transfers out of Level 3 | Other | Balance as of October 31, 2022 |
Corporate Bonds | $640 | $6 | $(906) | $— | $283 | $(6) | $— | $— | $— | $17 |
Loan Assignments | 3,411 | (2) | (812) | 76 | 3,207 | (3,183) | — | — | — | 2,697 |
Preferred Stocks | 2,648 | — | (111) | — | — | — | — | — | — | 2,537 |
Rights | 678 | — | (57) | — | 1 | — | — | — | — | 622 |
Warrants | 992 | — | 1,170 | — | — | — | — | — | — | 2,162 |
Total | $500,226 | $(4,336) | $(129,443) | $1,233 | $190,166 | $(142,196) | $118,010 | $(8,352) | $— | $525,308 |
1 | Purchases include all purchases of securities and securities received in corporate actions. | ||||||||
2 | Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
(a) | Certain Level 3 investments were re-classified between Asset-Backed Securities and Collateralized Mortgage Obligations. |
Fair Value at October 31, 2022 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) (a) | |
$—(b) | Market Comparable Companies | EBITDA Multiple(c) | 5.0x(5.0x) | |
Liquidity Discount | 30.00% (30.00%) | |||
Common Stocks | — | |||
1 | Market Comparable Companies | EBITDA Multiple (c) | 5.0x (5.0x) | |
Liquidity Discount | 30.00% (30.00%) | |||
Preferred Stocks | 1 | |||
64,542 | Discounted Cash Flow | ConstantPrepayment Rate | 0.00% - 60.00% (10.30%) | |
Constant Default Rate | 0.00% - 7.92% (1.57%) | |||
Yield (Discount Rateof Cash Flows) | 5.21% - 23.51% (8.10%) | |||
Asset-Backed Securities | 64,542 | |||
144,403 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 29.29% (13.01%) | |
Constant Default Rate | 0.00% - 1.89% (0.03%) | |||
Yield (Discount Rate of Cash Flows) | 5.91% - 14.16% (9.52%) | |||
Collateralized Mortgage Obligations | 144,403 |
October 31, 2022 | J.P. Morgan Funds | 135 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Fair Value at October 31, 2022 | Valuation Technique(s) | Unobservable Input | Range (Weighted Average) (a) | |
268,136 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 100.00% (1.01%) | |
Constant Default Rate | 0.00% - 15.00% (0.02%) | |||
Yield (Discount Rate of Cash Flows) | 6.43% - 199.00% (11.82%) | |||
Commercial Mortgage- Backed Securities | 268,136 | |||
16 | Terms of Restructuring | Expected Recovery | 10.90% (10.90%) | |
Loan Assignments | 16 | |||
2,040 | Term of Restructuring | Liquidation Preference | 71.43x (71.43x) | |
Convertible Bonds | 2,040 | |||
1 | Pending Distribution Amount | Expected Recovery | $0.01 ($0.01) | |
Rights | 1 | |||
Total | $479,138 |
# | The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At October 31 2022, the value of these investments was $46,170. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. |
(a) | Unobservable inputs were weighted by the relative fair value of the instruments. |
(b) | Amount rounds to less than one thousand. |
(c) | Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. |
136 | J.P. Morgan Funds | October 31, 2022 |
Unfunded Commitment | Funded Commitment | Total Commitment | |||||||
Security Description | Maturity Date | Commitment Fee Rate | Rate if Funded | Par Amount | Value | Par Amount | Value | Par Amount | Value |
Income Builder Fund | |||||||||
Moran Foods LLC, Delayed Draw 1st Lien Term Loan B | 10/01/2024 | 5.000% | 0.000% | $483 | $483 | $— | $— | $483 | $483 |
Tekni-Plex, Inc., Delayed Draw Term Loan B | 09/15/2028 | 4.000 | 7.674 | 22 | 21 | 37 | 35 | 59 | 56 |
Traeger Grills, Delayed Draw Term Loan | 06/29/2028 | 3.250 | 7.004 | 29 | 23 | 10 | 8 | 39 | 31 |
October 31, 2022 | J.P. Morgan Funds | 137 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities | Cash Collateral Posted by Borrower* | Net Amount Due to Counterparty (not less than zero) | |
Global Allocation Fund | $48,471 | $(48,471) | $— |
Income Builder Fund | 168,289 | (168,289) | — |
* | Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Global Allocation Fund | $5 |
Income Builder Fund | 17 |
Global Allocation Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Income Fund Class R6 Shares (a) | $— | $194,272 | $29,185 | $(2,746) | $(15,848) | $146,493 | 17,953 | $4,701 | $— |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | 207,109 | 3,454,317 | 3,378,478 | (87) | (37) | 282,824 | 282,795 | 2,554 | — |
138 | J.P. Morgan Funds | October 31, 2022 |
Global Allocation Fund (continued) | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (a) (b) | $68,262 | $331,500 | $354,000 | $(10) * | $4 | $45,756 | 45,756 | $287 * | $— |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (a) (b) | 9,037 | 223,578 | 227,216 | — | — | 5,399 | 5,399 | 41* | — |
Total | $284,408 | $4,203,667 | $3,988,879 | $(2,843) | $(15,881) | $480,472 | $7,583 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
Income Builder Fund | |||||||||
For the year ended October 31, 2022 | |||||||||
Security Description | Value at October 31, 2021 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation/ (Depreciation) | Value at October 31, 2022 | Shares at October 31, 2022 | Dividend Income | Capital Gain Distributions |
JPMorgan Equity Premium Income ETF (a) | $— | $332,143 | $— | $— | $(39,355) | $292,788 | 5,365 | $24,431 | $— |
JPMorgan Prime Money Market Fund Class IM Shares, 3.18% (a) (b) | 55,261 | 584,522 | 591,828 | (20) | (5) | 47,930 | 47,925 | 489 | — |
JPMorgan Prime Money Market Fund Class Institutional Shares, 3.12% (a) (b) | 209,276 | 7,302,224 | 7,103,837 | (71) | (25) | 407,567 | 407,526 | 2,919 | — |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 3.23% (a) (b) | 213,987 | 373,000 | 439,001 | (106)* | 69 | 147,949 | 147,949 | 1,355* | — |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 2.85% (a) (b) | 24,954 | 467,484 | 462,928 | — | — | 29,510 | 29,510 | 202* | — |
Total | $503,478 | $9,059,373 | $8,597,594 | $(197) | $(39,316) | $925,744 | $29,396 | $— |
(a) | Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
(b) | The rate shown is the current yield as of October 31, 2022. |
* | Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
October 31, 2022 | J.P. Morgan Funds | 139 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
140 | J.P. Morgan Funds | October 31, 2022 |
October 31, 2022 | J.P. Morgan Funds | 141 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Global Allocation Fund | Income Builder Fund | |
Equity Risk Exposure: | ||
Unrealized Appreciation on Futures Contracts * | $21,642 | $35,556 |
Unrealized Depreciation on Futures Contracts * | (1,101) | (2,444) |
Foreign Exchange Rate Risk Exposure: | ||
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | 12,189 | — |
Unrealized Depreciation on Futures Contracts * | (14,076) | — |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | (5,798) | — |
Interest Rate Risk Exposure: | ||
Unrealized Appreciation on Futures Contracts * | 11,565 | — |
Unrealized Depreciation on Futures Contracts * | (28,908) | (105,579) |
Net Fair Value of Derivative Contracts: | ||
Unrealized Appreciation (Depreciation) on Futures Contracts * | (10,878) | (72,467) |
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts | 6,391 | — |
* | Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day’s variation margin is reported within the Statements of Assets and Liabilities. |
142 | J.P. Morgan Funds | October 31, 2022 |
Global Allocation Fund | Income Builder Fund | |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: | ||
Equity Risk Exposure: | ||
Futures Contracts | $(83,373) | $(90,990) |
Swap Contracts | 2,755 | — |
Purchased Options | 57,139 | — |
Foreign Exchange Rate Risk Exposure: | ||
Futures Contracts | (175,658) | — |
Forward Foreign Currency Exchange Contracts | 158,413 | 14 |
Interest Rate Risk Exposure: | ||
Futures Contracts | (14,973) | (206,446) |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: | ||
Equity Risk Exposure: | ||
Futures Contracts | 12,839 | 36,537 |
Swap Contracts | (2,250) | — |
Purchased Options | (2,417) | — |
Foreign Exchange Rate Risk Exposure: | ||
Futures Contracts | 1,188 | — |
Forward Foreign Currency Exchange Contracts | (733) | — |
Interest Rate Risk Exposure: | ||
Futures Contracts | (13,797) | (72,219) |
Global Allocation Fund | Income Builder Fund | |
Futures Contracts: | ||
Average Notional Balance Long | $1,420,945 | $2,130,814 |
Average Notional Balance Short | (863,711) | (535,592) |
Ending Notional Balance Long | 987,621 | 2,183,929 |
Ending Notional Balance Short | (878,200) | (811,608) |
Forward Foreign Currency Exchange Contracts: | ||
Average Settlement Value Purchased | (348,790) | — |
Average Settlement Value Sold | 1,090,408 | — |
Ending Settlement Value Purchased | (676,268) | — |
Ending Settlement Value Sold | 1,294,861 | — |
Exchange-Traded Options: | ||
Average Number of Contracts Purchased | 374 | — |
Total Return Basket Swaps: | ||
Average Notional Balance Long | 32,071 | — |
October 31, 2022 | J.P. Morgan Funds | 143 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
144 | J.P. Morgan Funds | October 31, 2022 |
Class A | Class C | Class I | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | Total | |
Global Allocation Fund | |||||||||
Transfer agency fees | $25 | $24 | $27 | $2 | $—(a) | $—(a) | $—(a) | $9 | $87 |
Income Builder Fund | |||||||||
Transfer agency fees | 134 | 60 | 59 | n/a | n/a | n/a | n/a | 8 | 261 |
(a) | Amount rounds to less than one thousand. |
Paid-in-Capital | Accumulated undistributed (distributions in excess of) net investment income | Accumulated net realized gains (losses) | |
Global Allocation Fund | $— | $107,099 | $(107,099) |
Income Builder Fund | (2,023) | 18,177 | (16,154) |
Global Allocation Fund | 0.55% |
October 31, 2022 | J.P. Morgan Funds | 145 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Income Builder Fund | 0.42% |
Class A | Class C | Class R2 | Class R3 | |
Global Allocation Fund | 0.25% | 0.75% | 0.50% | 0.25% |
Income Builder Fund | 0.25 | 0.75 | n/a | n/a |
Front-End Sales Charge | CDSC | |
Global Allocation Fund | $34 | $—(a) |
Income Builder Fund | 194 | 2 |
(a) | Amount rounds to less than one thousand. |
Class A | Class C | Class I | Class R2 | Class R3 | Class R4 | Class R5 | |
Global Allocation Fund | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.10% |
Income Builder Fund | 0.25 | 0.25 | 0.25 | n/a | n/a | n/a | n/a |
146 | J.P. Morgan Funds | October 31, 2022 |
Class A | Class C | Class I | Class R2 | Class R3 | Class R4 | Class R5 | Class R6 | |
Global Allocation Fund | 1.03% | 1.53% | 0.78% | 1.40% | 1.15% | 0.90% | 0.75% | 0.65% |
Income Builder Fund | 0.75 | 1.25 | 0.60 | n/a | n/a | n/a | n/a | 0.52 |
Contractual Waivers | |||||
Investment Advisory Fees | Administration Fees | Service Fees | Total | Contractual Reimbursements | |
Global Allocation Fund | $442 | $296 | $4,133 | $4,871 | $8 |
Income Builder Fund | 214 | 47 | 24,935 | 25,196 | 1,189 |
Global Allocation Fund | $446 |
Income Builder Fund | 424 |
Global Allocation Fund | $2 |
Income Builder Fund | 3 |
October 31, 2022 | J.P. Morgan Funds | 147 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Purchases (excluding U.S. Government) | Sales (excluding U.S. Government) | Purchases of U.S. Government | Sales of U.S. Government | Securities Sold Short | Covers on Securities Sold Short | |
Global Allocation Fund | $3,473,302 | $4,453,358 | $86,461 | $76,161 | $278,568 | $293,366 |
Income Builder Fund | 6,522,767 | 7,878,551 | 57,119 | 25,196 | — | — |
Aggregate Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | |
Global Allocation Fund | $3,329,790 | $383,537 | $404,650 | $(21,113) |
Income Builder Fund | 11,044,752 | 588,662 | 1,405,158 | (816,496) |
Ordinary Income* | Net Long-Term Capital Gains | Total Distributions Paid | |
Global Allocation Fund | $311,808 | $165,097 | $476,905 |
Income Builder Fund | 719,734 | 382,213 | 1,101,947 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Ordinary Income* | Total Distributions Paid | |
Global Allocation Fund | $90,953 | $90,953 |
Income Builder Fund | 472,316 | 472,316 |
* | Short-term gain distributions are treated as ordinary income for income tax purposes. |
Current Distributable Ordinary Income | Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover) | Unrealized Appreciation (Depreciation) | |
Global Allocation Fund | $115,482 | $(326,116) | $(120,493) |
Income Builder Fund | — | (465,796) | (819,073) |
148 | J.P. Morgan Funds | October 31, 2022 |
Capital Loss Carryforward Character | ||
Short-Term | Long-Term | |
Global Allocation Fund | $191,161 | $134,955 |
Income Builder Fund | 344,843 | 120,953 |
October 31, 2022 | J.P. Morgan Funds | 149 |
AS OF October 31, 2022 (continued)
(Dollar values in thousands)
Number of Individual Shareholder and/or Affiliated Omnibus Accounts | % of the Fund | Number of Individual Shareholder and/or Non-Affiliated Omnibus Accounts | % of the Fund | |
Global Allocation Fund | — | —% | 2 | 22.5% |
Income Builder Fund | 1 | 16.1 | 3 | 34.4 |
150 | J.P. Morgan Funds | October 31, 2022 |
Global Allocation Fund | |
Japan | 10.2% |
October 31, 2022 | J.P. Morgan Funds | 151 |
152 | J.P. Morgan Funds | October 31, 2022 |
(Unaudited)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Independent Trustees | |||
John F. Finn (1947); Chair since 2020; Trustee since 1998. | Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present). | 166 | Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present). |
Stephen P. Fisher (1959); Trustee since 2018. | Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies). | 166 | Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present). |
Gary L. French (1951); Trustee since 2014. | Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017). | 166 | Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014). |
Kathleen M. Gallagher (1958); Trustee since 2018. | Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016). | 166 | Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016). |
Robert J. Grassi (1957); Trustee since 2014. | Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012). | 166 | None |
October 31, 2022 | J.P. Morgan Funds | 153 |
(Unaudited) (continued)
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Frankie D. Hughes (1952); Trustee since 2008. | President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014). | 166 | None |
Raymond Kanner (1953); Trustee since 2017. | Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016). | 166 | Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017- present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016- 2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015). |
Thomas P. Lemke (1954); Trustee since 2014. | Retired since 2013. | 166 | (1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018). |
Lawrence R. Maffia (1950); Trustee since 2014 | Retired; Director and President, ICI Mutual Insurance Company (2006-2013). | 166 | Director, ICI Mutual Insurance Company (1999-2013). |
Mary E. Martinez (1960); Vice Chair since 2021; Trustee since 2013. | Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (asset management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005). | 166 | None |
Marilyn McCoy (1948); Trustee since 2005. | Vice President of Administration and Planning, Northwestern University (1985-present). | 166 | None |
154 | J.P. Morgan Funds | October 31, 2022 |
Name (Year of Birth); Positions With the Funds (1) | Principal Occupation During Past 5 Years | Number of Funds in Fund Complex Overseen by Trustee (2) | Other Directorships Held During the Past 5 Years |
Dr. Robert A. Oden, Jr. (1946); Trustee since 2005. | Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002). | 166 | Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021);Trustee, Dartmouth- Hitchcock MedicalCenter (2011-2020). |
Marian U. Pardo* (1946); Trustee since 2013. | Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006). | 166 | Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present). |
Emily A. Youssouf (1951); Trustee since 2022. | Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation. | 166 | Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019). |
Interested Trustees | |||
Robert F. Deutsch** (1957); Trustee since 2014. | Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013). | 166 | Treasurer and Director of the JUST Capital Foundation (2017-present). |
Nina O. Shenker** (1957); Trustee since 2022. | Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management. | 166 | Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present). |
(1) | The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78. | ||
(2) | A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes nine registered investment companies (166 J.P. Morgan Funds). | ||
* | In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase. | ||
** | Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser. |
October 31, 2022 | J.P. Morgan Funds | 155 |
(Unaudited) (continued)
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172. |
156 | J.P. Morgan Funds | October 31, 2022 |
(Unaudited)
Name (Year of Birth), Positions Held with the Trust (Since) | Principal Occupations During Past 5 Years |
Brian S. Shlissel (1964), President and Principal Executive Officer (2016)* | Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. since 2014. |
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018) | Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013. |
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary 2010-2019)** | Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with JPMorgan Chase & Co. since 2010. |
Stephen M. Ungerman (1953), Chief Compliance Officer (2005) | Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000. |
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 through June 2021. |
Matthew Beck (1988), Assistant Secretary (2021)*** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018. |
Elizabeth A. Davin (1964), Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 2004. |
Jessica K. Ditullio (1962) Assistant Secretary (2005)*** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1990. |
Anthony Geron (1971), Assistant Secretary (2018)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015. |
Carmine Lekstutis (1980), Assistant Secretary (2011)** | Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Lekstutis has been with JPMorgan Chase & Co. since 2011. |
Max Vogel (1990), Assistant Secretary (2021)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021. |
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)** | Vice President and Assistant General Counsel, JPMorgan Chase & Co. since September 2016. |
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012) | Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012. |
Aleksandr Fleytekh (1972), Assistant Treasurer (2019) | Vice President, J.P. Morgan Investment Management Inc. since February 2012. |
Shannon Gaines (1977), Assistant Treasurer (2018)*** | Vice President, J.P. Morgan Investment Management Inc. since January 2014. |
Jeffrey D. House (1972), Assistant Treasurer (2017)*** | Vice President, J.P. Morgan Investment Management Inc. since July 2006. |
Michael Mannarino (1985), Assistant Treasurer (2020) | Vice President, J.P. Morgan Investment Management Inc. since 2014. |
Joseph Parascondola (1963), Assistant Treasurer (2011)* | Executive Director, J.P. Morgan Investment Management, Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006. |
Gillian I. Sands (1969), Assistant Treasurer (2012) | Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 2012. |
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172. |
October 31, 2022 | J.P. Morgan Funds | 157 |
(Unaudited) (continued)
* | The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310. |
** | The contact address for the officer is 4 New York Plaza, New York, NY 10004. |
*** | The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240. |
158 | J.P. Morgan Funds | October 31, 2022 |
(Unaudited)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Global Allocation Fund | ||||
Class A | ||||
Actual | $1,000.00 | $901.40 | $4.84 | 1.01% |
Hypothetical | 1,000.00 | 1,020.11 | 5.14 | 1.01 |
Class C | ||||
Actual | 1,000.00 | 899.10 | 7.23 | 1.51 |
Hypothetical | 1,000.00 | 1,017.59 | 7.68 | 1.51 |
Class I | ||||
Actual | 1,000.00 | 902.20 | 3.64 | 0.76 |
Hypothetical | 1,000.00 | 1,021.37 | 3.87 | 0.76 |
Class R2 | ||||
Actual | 1,000.00 | 899.90 | 6.61 | 1.38 |
Hypothetical | 1,000.00 | 1,018.25 | 7.02 | 1.38 |
Class R3 | ||||
Actual | 1,000.00 | 900.90 | 5.41 | 1.13 |
Hypothetical | 1,000.00 | 1,019.51 | 5.75 | 1.13 |
Class R4 | ||||
Actual | 1,000.00 | 902.20 | 4.22 | 0.88 |
Hypothetical | 1,000.00 | 1,020.77 | 4.48 | 0.88 |
Class R5 | ||||
Actual | 1,000.00 | 903.00 | 3.50 | 0.73 |
Hypothetical | 1,000.00 | 1,021.53 | 3.72 | 0.73 |
Class R6 | ||||
Actual | 1,000.00 | 903.40 | 3.02 | 0.63 |
Hypothetical | 1,000.00 | 1,022.03 | 3.21 | 0.63 |
October 31, 2022 | J.P. Morgan Funds | 159 |
(Unaudited) (continued)
Hypothetical $1,000 Investment
Beginning Account Value May 1, 2022 | Ending Account Value October 31, 2022 | Expenses Paid During the Period* | Annualized Expense Ratio | |
JPMorgan Income Builder Fund | ||||
Class A | ||||
Actual | $1,000.00 | $915.30 | $3.57 | 0.74% |
Hypothetical | 1,000.00 | 1,021.47 | 3.77 | 0.74 |
Class C | ||||
Actual | 1,000.00 | 912.60 | 5.98 | 1.24 |
Hypothetical | 1,000.00 | 1,018.95 | 6.31 | 1.24 |
Class I | ||||
Actual | 1,000.00 | 916.10 | 2.85 | 0.59 |
Hypothetical | 1,000.00 | 1,022.23 | 3.01 | 0.59 |
Class R6 | ||||
Actual | 1,000.00 | 916.50 | 2.46 | 0.51 |
Hypothetical | 1,000.00 | 1,022.63 | 2.60 | 0.51 |
* | Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). |
160 | J.P. Morgan Funds | October 31, 2022 |
(Unaudited)
October 31, 2022 | J.P. Morgan Funds | 161 |
(Unaudited) (continued)
162 | J.P. Morgan Funds | October 31, 2022 |
October 31, 2022 | J.P. Morgan Funds | 163 |
(Unaudited) (continued)
164 | J.P. Morgan Funds | October 31, 2022 |
(Unaudited)
(Dollar values in thousands)
Dividends Received Deduction | |
JPMorgan Global Allocation Fund | 6.10% |
JPMorgan Income Builder Fund | 7.23 |
Long-Term Capital Gain Distribution | |
JPMorgan Global Allocation Fund | $165,097 |
JPMorgan Income Builder Fund | 382,213 |
Qualified Dividend Income | |
JPMorgan Global Allocation Fund | $44,702 |
JPMorgan Income Builder Fund | 159,051 |
October 31, 2022 | J.P. Morgan Funds | 165 |
FACT | WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION? |
Why? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: |
○Social Security number and account balances | |
○transaction history and account transactions | |
○checking account information and wire transfer instructions | |
When you are no longer our customer, we continue to share your information as described in this notice. |
How? | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing. |
Reasons we can share your personal information | Does J.P. Morgan Funds share? | Can you limit this sharing? |
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
For marketing purposes — to offer our products and services to you | Yes | No |
For joint marketing with other financial companies | No | We don't share |
For our affiliates’ everyday business purposes — information about your transactions and experiences | No | We don't share |
For our affiliates’ everyday business purposes — information about your creditworthiness | No | We don't share |
For nonaffiliates to market to you | No | We don't share |
Questions? Call 1-800-480-4111 or go to www.jpmorganfunds.com |
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Who we are | |
Who is providing this notice? | J.P. Morgan Funds |
What we do | |
How does J.P. Morgan Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information. |
How does J.P. Morgan Funds protect my personal information? | We collect your personal information, for example, when you: |
○open an account or provide contact information | |
○give us your account information or pay us by check | |
○make a wire transfer | |
We also collect your personal information from others, such as credit bureaus, affiliates and other companies. | |
Why can’t I limit all sharing? | Federal law gives you the right to limit only: |
○sharing for affiliates’ everyday business purposes – information about your creditworthiness | |
○affiliates from using your information to market to you | |
○sharing for nonaffiliates to market to you | |
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
○J.P. Morgan Funds does not share with our affiliates. | |
Nonaffiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. |
○J.P. Morgan Funds does not share with nonaffiliates so they can market to you. | |
Joint Marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
○J.P. Morgan Funds doesn’t jointly market. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-314545/g425432img6a50c7b76.gif)
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ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.
The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.
The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:
(i) Has at least one audit committee financial expert serving on its audit committee; or
(ii) Does not have an audit committee financial expert serving on its audit committee.
The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.
(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or
(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
The Audit committee financial expert is Kathleen M. Gallagher. Ms. Gallagher is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.
(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.
AUDIT FEES
2022 – $837,633
2021 – $715,339
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
AUDIT-RELATED FEES
2022 – $152,543
2021 – $116,912
Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
TAX FEES
2022 – $235,368
2021 – $172,595
The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended October 31, 2022 and 2021, respectively.
For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
ALL OTHER FEES
2022 – Not applicable
2021 – Not applicable
(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the
“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.
One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.
(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
2022 – 0.0%
2021 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Not applicable—Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.
The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:
2021—$30.8 million
2020—$30.3 million
(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.
The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.
(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must
provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:
(1) | That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant; |
(2) | The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized; |
(3) | Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant; |
(4) | The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and |
(5) | Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter. |
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.
Not applicable.
ITEM 6. INVESTMENTS.
File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.
No material changes to report.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).
The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 13. EXHIBITS.
(a) | File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. |
(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.
(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:
(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
Not applicable.
(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.
Not applicable.
(b) | A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
JPMorgan Trust I
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
December 29, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Brian S. Shlissel | |
Brian S. Shlissel | ||
President and Principal Executive Officer | ||
December 29, 2022 | ||
By: | /s/ Timothy J. Clemens | |
Timothy J. Clemens | ||
Treasurer and Principal Financial Officer | ||
December 29, 2022 |