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, 2023 through April 30, 2024
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 Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.
Semi-Annual Report
J.P. Morgan International Equity Funds
April 30, 2024 (Unaudited)
JPMorgan Developed International Value Fund |
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 |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
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.
Letter to ShareholdersJune 18, 2024 (Unaudited)
Dear Shareholder,
Global financial markets largely generated positive returns through the first half of this year, led by rising equity prices in the U.S. and many other developed markets. While the U.S. economy slowed during the six months through April 2024, growth remained positive amid strong consumer spending and business investment.
|
“The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation.” — Brian S. Shlissel
|
The U.S. Federal Reserve (the “Fed”) and other leading central banks held rates in check throughout the six months ended April 30, 2024, as inflationary pressures continued to recede, though not as rapidly as Fed policymakers had sought. However, the potential for interest rate reductions later this year has provided some optimism among financial markets.
Meanwhile, an extended period of real growth in wages and historically low unemployment helped drive U.S. consumer spending during the period even as interest rates remained at decade highs and household savings rates diminished.
Investment spending also proved to be resilient as corporate balance sheets largely remained healthy, federal government spending supported select industries and demand surged for artificial intelligence technologies.
The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation. While slower but positive growth may leave the U.S. economy vulnerable to unforeseen shocks from geo-political events, the broad outlook could continue to support financial markets into 2025. We believe that investors who remain patient and hold a properly diversified portfolio are likely to continue to benefit from current trends in financial markets and the broader economy.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
| J.P. Morgan International Equity Funds | |
J.P. Morgan International Equity Funds
MARKET OVERVIEWSIX MONTHS ENDED April 30, 2024 (Unaudited)
Financial markets rallied through the first five months of the period as leading central banks responded to receding inflation by holding interest rates at extant levels. Equities outperformed bonds but both asset classes generated positive returns for the full six month period. However, prices for developed market equities fell in April 2024, while emerging markets equity rose slightly.
By the start of November 2023, the European Central Bank, the Bank of England and the U.S. Federal Reserve had each independently halted any further increases in interest rates. Further, each of the central banks stated that they might begin to cut interest rates sometime during 2024.
The news generally fueled investor expectations that central banks might successfully drive down inflation to target levels without pushing national and regional economies into economic recession. Meanwhile, quarterly corporate earnings largely remained better than expected, given the impact of steady but elevated interest rates. Energy prices declined during the period, though the ongoing wars in Ukraine and Israel threatened to impede energy transports.
As a result, investor demand for equities and bonds surged in late 2023 and through the first quarter of 2024. U.S. markets led the outperformance within global equities. The S&P 500 Index reached several new closing highs and reached 5,000 points for the first time in early February, then proceeded to cross 5,100 and 5,200 points in March 2024.
The S&P 500 Index’s performance in 2023 was led by seven large capitalization companies in the information technology and communications sectors: Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc. However, shares of both Apple and Tesla fell in 2024 and the remaining five companies accounted for 74% of the S&P 500 Index’s return for the first four months of 2024.
Increased spending on artificial intelligence technologies drove demand for semiconductors and related equipment, which bolstered the shares of select companies in both developed and emerging markets. Notably, equity prices in Japan rose amid an improved economic outlook.
Within emerging markets equity, India and Turkey outperformed. Equity prices in China recovered somewhat as the government adopted new economic stimulus measures to counter slower consumer spending and long-standing weakness in the country’s property sector.
For the six months ended April 30, 2024, the S&P 500 Index returned 20.98%, the MSCI World Index returned 20.29%, MSCI EAFE Index returned 18.63% and the MSCI Emerging Markets Index returned 15.40%.
| J.P. Morgan International Equity Funds | |
JPMorgan Developed International Value Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
MSCI EAFE Value Index (net total return) | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE **
The JPMorgan Developed International Value Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares outperformed the MSCI EAFE Value Index (net total return) (the “Benchmark”) for the six months ended April 30, 2024.
The Fund’s underweight position in the pharmaceuticals, biotechnology & life sciences sector and its security selection in the capital goods sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the materials sector was the only significant detractor from relative performance.
By region, the Fund’s security selection in Europe, excluding the U.K., and in Japan was a leading contributor to performance relative to the Benchmark, while its security selection in the Pacific, excluding Japan, was a marginal detractor from relative performance.
Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Fujikura Ltd. and its underweight positions in Bayer AG and Roche Holding AG. Shares of Fujikura, a Japanese electrical components and equipment supplier, rose after the company reported better-than-expected earnings during the period. Shares of Bayer, a German pharmaceuticals and agricultural products manufacturer, fell amid mounting costs from U.S. lawsuits
seeking compensation for the health impacts of the weed-killer Roundup, which Bayer acquired when it bought Monsanto Co. in 2018. Shares of Roche Holding, a Swiss pharmaceuticals company, fell after the company issued a weaker-than-expected earnings forecast for 2024.
Leading individual detractors from relative performance include the Fund’s underweight positions in Toyota Motor Corp., Siemens AG and Mitsubishi Heavy Industries Ltd. Shares of Toyota Motor, a Japanese automobile manufacturer, rose amid surging sales of its electric vehicles. Shares of Siemens, a German industrial conglomerate not held in the Fund, rose amid consecutive quarters of better-than-expected earnings. Shares of Mitsubishi Heavy Industries, a Japanese industrial machinery and equipment manufacturer not held in the Fund, rose amid consecutive quarters of better-than-expected earnings and revenue.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed behavioral-based and quantitative screens in addition to conducting fundamental analysis to seek out companies that they believed were both attractively valued and fundamentally sound. As a result of this process, the Fund’s largest overweight positions relative to the Benchmark during the period were in the energy and banks sectors, while the largest underweight positions were in the utilities sector and the pharmaceutical, biotechnology & life sciences sector.
| J.P. Morgan International Equity Funds | |
JPMorgan Developed International Value Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| Novartis AG (Registered) (Switzerland) | |
| TotalEnergies SE (France) | |
| HSBC Holdings plc (United Kingdom) | |
| Toyota Motor Corp. (Japan) | |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | |
| | |
| Allianz SE (Registered) (Germany) | |
| BHP Group Ltd. (Australia) | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan International Equity Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
|
| |
| Sales Charge for Class A Shares is 5.25%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (4/30/14 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111. Effective May 2018, some of the Fund’s investment strategies changed. The Fund’s past performance would have been different if the Fund was managed under the current strategies.
Returns for Class R5 Shares prior to its inception date are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Developed International Value Fund and the MSCI EAFE Value Index (net total return) from April 30, 2014 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Value Index (net total return) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The MSCI EAFE Value Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of value-oriented large- and mid- cap stocks in developed
markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
| J.P. Morgan International Equity Funds | |
JPMorgan Developed International Value Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this
information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
MSCI Emerging Markets Index (net total return) | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Markets Equity Fund (the “Fund”) seeks to provide high total return.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares underperformed the MSCI Emerging Markets Index (the “Benchmark”) for the six months ended April 30, 2024.
The Fund’s overweight position in the consumer staples sector and its security selection in the health care sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection and overweight position in the information technology sector and its security selection in the communication services sector were leading contributors to relative performance.
By country, the Fund’s security selection in India and China was a leading detractor from performance relative to the Benchmark, while the Fund’s underweight positions in United Arab Emirates and Qatar were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in WuXi AppTec Co. and Yum China Holdings Inc., and its out-of-Benchmark position in AIA Group Ltd. Shares of WuXi AppTec, a Chinese provider of equipment and services to the pharmaceuticals industry, fell amid U.S. legislative efforts to ban contracts with the company over national security concerns. Shares of Yum China, an operator of fast-food restaurant chains, fell after the company reported lower-than-expected revenue for the first quarter of 2024. Shares of AIA Group, a Hong Kong life and health insurance provider, fell amid investor concerns about the company’s lack of growth in new business.
Leading individual contributors to relative performance included the Fund’s overweight position in Taiwan Semiconductor Manufacturing Co. and its out-of-Benchmark positions in Banco Bilbao Viscaya Argentaria SA (BBVA) and NU Holdings Ltd. Shares of Taiwan Semiconductor Manufacturing rose amid broad demand for semiconductors and related technologies during the period. Shares of BBVA, a Spanish bank, rose after the company reported better-than-expected earnings during the period. Shares of NU Holdings, a Brazilian digital financial services provider, rose after the company reported growth in earnings and revenue for the fourth quarter of 2023.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed an active strategy in which portfolio construction was focused on the highest-conviction ideas found at the security level. The Fund’s portfolio managers used bottom-up fundamental research to determine the Fund’s security weightings, researching companies in an attempt to determine their underlying value and potential for future earnings growth.
As a result of this process, the Fund’s largest overweight allocations relative to the Benchmark during the period were in the information technology and consumer staples sectors and its largest relative underweight allocations were in the materials and energy sectors. The Fund’s largest country overweight allocations relative to the Benchmark during the period were in India and Argentina and its largest relative underweight allocations were in Saudi Arabia and South Korea.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | |
| Tencent Holdings Ltd. (China) | |
| Samsung Electronics Co. Ltd. (South Korea) | |
| MercadoLibre, Inc. (Brazil) | |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | |
| NU Holdings Ltd., Class A (Brazil) | |
| SK Hynix, Inc. (South Korea) | |
| AIA Group Ltd. (Hong Kong) | |
| | |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan International Equity Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
|
| |
| Sales Charge for Class A Shares is 5.25%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (4/30/14 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R5 Shares prior to its inception date is based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class L Shares.
Returns shown for Class R2 Shares and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns of Class R2 Shares and Class R3 Shares would have been lower than those shown because Class R2 Shares and Class R3 Shares have higher expenses than Class A Shares.
Returns for Class R4 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Emerging Markets Equity Fund and the MSCI Emerging Markets Index (net total return) from April 30, 2014 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net total return) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
MSCI Emerging Markets Index (net total return) | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE**
The JPMorgan Emerging Markets Research Enhanced Equity Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class R6 Shares underperformed the MSCI Emerging Markets Index (the “Benchmark”) for the six months ended April 30, 2024.
By sector, the Fund’s security selection in the communication services and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the information technology and consumer staples sectors was a leading contributor to relative performance.
By country, the Fund’s security selection in India and Saudi Arabia were leading detractors from relative performance, while the Fund’s security selection in Taiwan and Mexico was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in WuXi AppTech Co. and Ping An Insurance Co., and its underweight position in HLB Co. Shares of WuXi AppTec, a Chinese provider of equipment and services to the pharmaceuticals industry, fell amid U.S. legislative efforts to ban contracts with the company over national security concerns. Shares of Ping An Insurance, a Chinese provider of life and health insurance and asset management, fell amid macroeconomic challenges and lower-than-expected earnings for 2023. Shares of HLB, a South Korean composite materials manufacturer not held in the Fund,
rose amid investor expectations that it’s cancer drug candidate would be approved for sale in the U.S.
Leading individual contributors to relative performance included the Fund’s overweight positions in Zhongji Innolight Co. and Kia Corp., and its out-of-Benchmark position in Tata Consultancy Services Ltd. Shares of Zhongji Innolight, a Chinese manufacturer of communications equipment, rose after the company reported better-than-expected earnings during the period. Shares of Kia, a South Korean automaker rose amid strong consumer demand for electric vehicles. Shares of Tata Consultancy Services, an Indian information technology services provider, rose after the company reported strong earnings growth during the period.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a combination of a disciplined portfolio construction process with in-depth fundamental research into individual securities conducted by a global network of research analysts to identify what they believed to be their relative value.
As a result of this process, the Fund’s largest overweight sector allocations relative to the Benchmark during the period were in the consumer staples and energy sectors and its largest underweight allocations were in the industrials and health care sectors.
By country, the Fund’s largest overweight allocations relative to the Benchmark during the period were in South Africa and Brazil and its largest relative underweight allocations were in India and Kuwait.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
| Samsung Electronics Co. Ltd. (South Korea) | |
| Tencent Holdings Ltd. (China) | |
| Alibaba Group Holding Ltd. (China) | |
| Reliance Industries Ltd. (India) | |
| Petroleo Brasileiro SA (Preference) (Brazil) | |
| SK Hynix, Inc. (South Korea) | |
| China Construction Bank Corp., Class H (China) | |
| | |
| PDD Holdings, Inc., ADR (China) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan International Equity Funds | |
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
LIFE OF FUND PERFORMANCE (12/11/18 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The Fund commenced operations on December 11, 2018.
Returns for Class I Shares prior to its inception date are based on the performance of Class R6 Shares. The actual returns of Class I Shares would have been lower than those shown because Class I Shares have higher expenses than Class R6 Shares.
The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan Emerging Markets Research Enhanced Equity Fund and the MSCI Emerging Markets Index (net total return) from December 11, 2018 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI Emerging Markets Index (net total return) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The MSCI Emerging Markets Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in emerging markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Class R6 Shares have a $15,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date.
Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, noninfringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan International Equity Funds | |
JPMorgan Europe Dynamic Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
Fund (Class A Shares, without a sales charge) * | |
MSCI Europe Index (net total return) | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE**
The JPMorgan Europe Dynamic Fund (the “Fund”) seeks total return from long-term capital growth. Total return consists of capital growth and current income.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, outperformed the MSCI Europe Index (net total return) (the “Benchmark”) for the six months ended April 30, 2024.
Relative to the Benchmark, the Fund’s overweight allocation to the capital goods sector and its underweight allocation to the food, beverage and tobacco sector were leading contributors to performance, while the Fund’s underweight allocation to the semiconductor and semiconductor equipment sector and its security selection in the consumer services sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s underweight position in Nestle SA and its overweight positions in UniCredit SpA and Rolls-Royce Holdings PLC. Shares of Nestle, a Swiss manufacturer of packaged foods and beverages, fell amid higher raw materials costs and consumer resistance to higher retail prices. Shares of UniCredit, an Italian banking and financial services company, rose after the company reported consecutive quarters of better-than-expected results during the period. Shares of Rolls-Royce Holdings, a U.K. aerospace and defense manufacturer, rose after the company reported better-than-expected earnings and sales during the period.
Leading individual detractors from relative performance included the Fund’s underweight position in ASML Holding NV and its overweight positions in Delivery Hero SE and Whitbread PLC. Shares of ASML Holding, a Dutch semiconductor equipment manufacturer, rose amid broad gains in the semiconductors and semiconductor equipment sector. Shares of Delivery Hero, a German food delivery service, fell amid increased competition in the key market of South Korea. Shares of Whitbread, a U.K. hotels and restaurants operator, fell amid weaker-than-expected results during the period.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers believe that attractively valued, high quality securities with positive momentum have the
potential to outperform the market. During the reporting period, the Fund’s portfolio managers invested in securities that they believed had these style characteristics. Portfolio positions were based on bottom-up security selection rather than top-down asset allocation decisions.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Novo Nordisk A/S, Class B (Denmark) | |
| | |
| TotalEnergies SE (France) | |
| | |
| | |
| | |
| ASML Holding NV (Netherlands) | |
| Banco Santander SA (Spain) | |
| Allianz SE (Registered) (Germany) | |
| | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in
| J.P. Morgan International Equity Funds | |
the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan International Equity Funds | |
JPMorgan Europe Dynamic Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
|
| |
| Sales Charge for Class A Shares is 5.25%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (4/30/14 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class L Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class L Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Europe Dynamic Fund and the MSCI Europe Index (net total return) from April 30, 2014 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI Europe Index (net total return) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The MSCI Europe Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in the developed markets countries in Europe. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this
| J.P. Morgan International Equity Funds | |
information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with
respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan International Equity Funds | |
JPMorgan International Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
MSCI EAFE Index (net total return) | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE**
The JPMorgan International Equity Fund (the “Fund”) seeks total return from long-term capital growth and income. Total return consists of capital growth and current income.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI EAFE Index (net of total return) (the “Benchmark”) for the six months ended April 30, 2024.
Relative to the Benchmark, the Fund’s security selection in the utilities sector and its overweight position in the energy sector were leading detractors from performance, while the Fund’s security selection in the health care and information technology sectors was a leading contributor to relative performance.
By region, the Fund’s security selection in the Pacific, excluding Japan, was the sole sector detractor from performance. The Fund’s security selection in Japan and the U.K. was a leading detractor from relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in Nippon Telegraph & Telephone Corp. (NTT), RWE AG and Nestle SA. Shares of NTT, a Japanese telecommunications provider, fell amid a weakening of the Japanese yen during the period and government plans to further control foreign ownership of the company’s shares.
Shares of RWE, a German electric utility, fell amid investor concerns about the impact of elevated interest rates on government regulated utilities. Shares of Nestle, a Swiss manufacturer of packaged foods and beverages, fell amid higher raw materials costs and consumer resistance to higher retail prices.
Leading individual contributors to relative performance included the Fund’s overweight positions in 3i Group PLC, UniCredit SpA and ASML Holding NV. Shares of 3i Group, a U.K. financial asset management company, rose after the company reported better-than-expected earnings for its fiscal third quarter. Shares of UniCredit, an Italian banking and financial services company, rose after the company reported consecutive quarters of better-than-expected results. Shares of ASML Holding, a Dutch semiconductor equipment manufacturer, rose amid broad gains in the semiconductors and semiconductor equipment sector.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.
| J.P. Morgan International Equity Funds | |
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| ASML Holding NV (Netherlands) | |
| Novo Nordisk A/S, Class B (Denmark) | |
| | |
| AstraZeneca plc (United Kingdom) | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| Tokio Marine Holdings, Inc. (Japan) | |
| 3i Group plc (United Kingdom) | |
| | |
| DBS Group Holdings Ltd. (Singapore) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan International Equity Funds | |
JPMorgan International Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
|
| |
| Sales Charge for Class A Shares is 5.25%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (4/30/14 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Equity Fund and the MSCI EAFE Index (net total return) from April 30, 2014 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net total return) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation,
| J.P. Morgan International Equity Funds | |
any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall
any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan International Equity Funds | |
JPMorgan International Focus Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
MSCI ACWI ex USA Index (net total return) | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE**
The JPMorgan International Focus Fund (the “Fund”) seeks to provide long-term capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI ACWI ex USA Index (net total return) (the “Benchmark”) for the six months ended April 30, 2024.
The Fund’s overweight position in the energy sector and its security selection in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the financials and health care sectors was a leading contributor to relative performance.
By region, the Fund’s security selection in the Pacific and Japan was a leading detractor from relative performance, while the Fund’s security selection in emerging markets and the U.K. was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in TotalEnergies SE, Dassault Systemes and AIA Group Ltd. Shares of TotalEnergies, a French integrated oil and natural gas producer, fell after the company reported weaker-than-expected earnings for the fourth quarter of 2023. Shares of Dassault Systemes, a French software developer, fell after reporting weaker-than-expected
results during the period. Shares of AIA Group, a Hong Kong life and health insurance provider, fell amid investor concerns about the company’s lack of growth in new business.
Leading individual contributors to relative performance included the Fund’s overweight positions in Taiwan Semiconductor Manufacturing Co., 3i Group PLC and Safran. Shares of Taiwan Semiconductor Manufacturing rose amid broad demand for semiconductors and related technologies during the period. Shares of 3i Group, a U.K. financial asset management company, rose after the company reported better-than-expected earnings for its fiscal third quarter. Shares of Safran, a French aerospace and defense manufacturer, rose amid increased government demand for military hardware.
HOW WAS THE FUND POSITIONED?
By harnessing the insights of more than 80 regional research analysts around the world, the Fund’s portfolio managers sought to build a high-conviction, benchmark-agnostic portfolio of growth, value and unique companies, whose future prospects, the portfolio managers believed, were under-appreciated by the market and thus possessed the potential to deliver higher-than-expected earnings that could have a positive effect on their share prices.
| J.P. Morgan International Equity Funds | |
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan) | |
| | |
| Tencent Holdings Ltd. (China) | |
| Samsung Electronics Co. Ltd. (South Korea) | |
| | |
| ASML Holding NV (Netherlands) | |
| | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| Lloyds Banking Group plc (United Kingdom) | |
| RELX plc (United Kingdom) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| J.P. Morgan International Equity Funds | |
JPMorgan International Focus Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
|
| |
| Sales Charge for Class A Shares is 5.25%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (4/30/14 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Focus Fund and the MSCI ACWI ex USA Index (net total return) from April 30, 2014 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI ACWI ex USA Index (net total return) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The MSCI ACWI ex USA Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed and emerging markets, excluding the U.S. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a
shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation,
| J.P. Morgan International Equity Funds | |
any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall
any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
| J.P. Morgan International Equity Funds | |
JPMorgan International Hedged Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
MSCI EAFE Index (net total return) | |
ICE BofA 3-Month US Treasury Bill Index | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE**
The JPMorgan International Hedged Equity Fund (the “Fund”) seeks to provide capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares underperformed the MSCI EAFE Index (net total return) (the “Benchmark”) and outperformed the ICE BofA 3-Month U.S. Treasury Bill Index for the six months ended April October 31, 2023. The Fund’s options hedge allowed the Fund to generally perform as designed during the reporting period with about 67% of the Benchmark’s volatility.
The Fund’s security selection in the consumer staples sector and technology - software sectors was a leading detractor from performance relative to the Benchmark. The Fund’s allocation to equity futures securities, which were not held in the Benchmark, also detracted from relative performance. The Fund’s security selection in the pharmaceutical/medical technology sector and the technology – semiconductors & hardware sector was a leading contributor to relative performance.
By country, the Fund’s security selection in Germany and Australia was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in Japan and Italy was a leading contributor to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight positions in position in Vinci SA, RWE AG and T&D Holdings Inc., and its underweight position in Rolls-Royce Holdings PLC. Shares of Vinci, a French
construction and engineering company, rallied before the Fund was able to increase its allocation to the stock. Shares of RWE AG, a German electric utility, fell amid investor concerns about the impact of elevated interest rates on government regulated utilities. Shares of Rolls-Royce Holdings, a U.K. aerospace and defense manufacturer not held in the Fund, rose after the company reported better-than-expected earnings and sales during the period. Shares of T&D Holdings, a Japanese life and health insurer, fell amid general weakness in Japan’s financial sector.
Leading individual contributors to relative performance included the Fund’s overweight positions in 3i Group PLC, Tokyo Electron Ltd. and Lonza Group AG. Shares of 3i Group, a U.K. private equity and venture capital manager, rose after the company reported better-than-expected earnings for the its fiscal third quarter. Shares of Tokyo Electron, a Japanese semiconductor materials and equipment manufacturer, rose amid surging global demand for semiconductors and related technologies. Shares of Lonza Group, a Swiss supplier to the pharmaceutical and health care sectors, rose amid a broader rally in the biopharmaceuticals sector.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers continued to focus on security selection to build a portfolio of international equities. They used bottom-up fundamental research to identify what they believed were attractively priced securities of companies with solid financial positions that possessed the potential to increase their earnings faster than their industry peers.
| J.P. Morgan International Equity Funds | |
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| Novo Nordisk A/S, Class B (Denmark) | |
| ASML Holding NV (Netherlands) | |
| | |
| | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| AstraZeneca plc (United Kingdom) | |
| Toyota Motor Corp. (Japan) | |
| | |
| | |
| Allianz SE (Registered) (Germany) | |
PORTFOLIO COMPOSITION BY COUNTRY
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
| J.P. Morgan International Equity Funds | |
JPMorgan International Hedged Equity Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
|
| |
| Sales Charge for Class A Shares is 5.25%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
LIFE OF FUND PERFORMANCE (3/15/19 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The Fund commenced operations on March 15, 2019.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan International Hedged Equity Fund, the MSCI EAFE Index (net total return) and the ICE BofA 3-Month US Treasury Bill Index from March 15, 2019 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI EAFE Index (net total return) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The performance of the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets, excluding the U.S. and Canada. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors
who do not benefit from double taxation treaties. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a
| J.P. Morgan International Equity Funds | |
component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, noninfringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for
any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source ICE Data Indices, LLC is used with permission. ICE® is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA® is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates (“ICE Data”) and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.
| J.P. Morgan International Equity Funds | |
JPMorgan Developed International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
BOC Hong Kong Holdings Ltd. | | |
| | |
Yangzijiang Shipbuilding Holdings Ltd. | | |
| | |
|
| | |
| | |
| | |
Jyske Bank A/S (Registered) | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Television Francaise 1 SA | | |
| | |
| | |
Unibail-Rodamco-Westfield, REIT * | | |
| | |
| | |
| | |
|
Bank of Georgia Group plc | | |
|
| | |
Bayerische Motoren Werke AG | | |
| | |
| | |
| | |
| | |
Deutsche Bank AG (Registered) | | |
Deutsche Telekom AG (Registered) | | |
| | |
| | |
| | |
| | |
| | |
Hornbach Holding AG & Co. KGaA | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| | |
Common Stocks — continued |
|
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | | |
| | |
Schaeffler AG (Preference) | | |
| | |
| | |
| | |
Volkswagen AG (Preference) | | |
| | |
|
| | |
Pacific Basin Shipping Ltd. | | |
| | |
United Laboratories International Holdings Ltd. (The) | | |
| | |
|
| | |
| | |
| | |
Glenveagh Properties plc * (b) | | |
| | |
| | |
|
| | |
|
Assicurazioni Generali SpA | | |
| | |
Banca Monte dei Paschi di Siena SpA * | | |
| | |
| | |
| | |
Danieli & C Officine Meccaniche SpA | | |
| | |
| | |
| | |
| | |
Mediobanca Banca di Credito Finanziario SpA | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
| | |
Concordia Financial Group Ltd. | | |
Cosmo Energy Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Mitsubishi Estate Co. Ltd. | | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
| | |
Mizuho Financial Group, Inc. | | |
MS&AD Insurance Group Holdings, Inc. | | |
| | |
| | |
Nomura Real Estate Holdings, Inc. | | |
| | |
SBI Sumishin Net Bank Ltd. | | |
| | |
| | |
Shizuoka Financial Group, Inc. | | |
SKY Perfect JSAT Holdings, Inc. | | |
| | |
| | |
| | |
| | |
Sumitomo Electric Industries Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Developed International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Sumitomo Forestry Co. Ltd. (a) | | |
Sumitomo Mitsui Financial Group, Inc. | | |
Sumitomo Realty & Development Co. Ltd. | | |
| | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
Tokyo Steel Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
Yokohama Rubber Co. Ltd. (The) | | |
| | |
|
ABN AMRO Bank NV, CVA (b) | | |
| | |
| | |
| | |
Koninklijke Heijmans N.V., CVA * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Norwegian Air Shuttle ASA * | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Oversea-Chinese Banking Corp. Ltd. | | |
United Overseas Bank Ltd. | | |
| | |
|
| | |
| | |
|
|
| | |
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Skandinaviska Enskilda Banken AB, Class A | | |
Svenska Handelsbanken AB, Class A | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
UBS Group AG (Registered) | | |
Zurich Insurance Group AG | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Direct Line Insurance Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
International Consolidated Airlines Group SA * | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| | |
Common Stocks — continued |
United Kingdom — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Marks & Spencer Group plc | | |
| | |
| | |
Paragon Banking Group plc | | |
| | |
Shaftesbury Capital plc, REIT | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $425,581) | | |
Short-Term Investments — 0.9% |
Investment Companies — 0.3% |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (c) (d)(Cost $1,527) | | |
Investment of Cash Collateral from Securities Loaned — 0.6% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $3,142) | | |
Total Short-Term Investments
(Cost $4,669) | | |
Total Investments — 98.8%
(Cost $430,250) | | |
Other Assets Less Liabilities — 1.2% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Certificaten Van Aandelen (Dutch Certificate) |
| |
| 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. |
| Real Estate Investment Trust |
| Limited partnership with share capital |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $3,002. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Developed International Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Oil, Gas & Consumable Fuels | |
| |
| |
| |
| |
Trading Companies & Distributors | |
| |
| |
| |
Construction & Engineering | |
Real Estate Management & Development | |
Diversified Telecommunication Services | |
| |
| |
| |
| |
Consumer Staples Distribution & Retail | |
Energy Equipment & Services | |
Others (each less than 1.0%) | |
| |
Futures contracts outstanding as of April 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| Financial Times and the London Stock Exchange |
| |
| |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
Itau Unibanco Holding SA, ADR | | |
| | |
NU Holdings Ltd., Class A * | | |
Petroleo Brasileiro SA, ADR | | |
| | |
| | |
| | |
|
Alibaba Group Holding Ltd., ADR | | |
Budweiser Brewing Co. APAC Ltd. (a) | | |
Contemporary Amperex Technology Co. Ltd., Class A | | |
Fuyao Glass Industry Group Co. Ltd., Class A | | |
| | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | |
Kweichow Moutai Co. Ltd., Class A | | |
Midea Group Co. Ltd., Class A | | |
| | |
| | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | |
Shenzhou International Group Holdings Ltd. | | |
| | |
| | |
Wanhua Chemical Group Co. Ltd., Class A | | |
Wuliangye Yibin Co. Ltd., Class A | | |
| | |
| | |
|
| | |
Techtronic Industries Co. Ltd. | | |
Techtronic Industries Co. Ltd. | | |
| | |
|
Apollo Hospitals Enterprise Ltd. | | |
| | |
| | |
| | |
Britannia Industries Ltd. * | | |
| | |
HDFC Life Insurance Co. Ltd. (a) | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
Tata Consultancy Services Ltd. | | |
| | |
| | |
|
Bank Central Asia Tbk. PT | | |
Bank Rakyat Indonesia Persero Tbk. PT | | |
| | |
|
| | |
|
Fomento Economico Mexicano SAB de CV, ADR | | |
Grupo Financiero Banorte SAB de CV, Class O | | |
| | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
Copa Holdings SA, Class A | | |
|
| | |
|
| | |
Capitec Bank Holdings Ltd. | | |
| | |
| | |
| | |
|
| | |
Samsung Electronics Co. Ltd. | | |
| | |
| | |
|
Banco Bilbao Vizcaya Argentaria SA | | |
|
ASE Technology Holding Co. Ltd. | | |
Chailease Holding Co. Ltd. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Realtek Semiconductor Corp. | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
| | |
| | |
|
Aselsan Elektronik Sanayi ve Ticaret A/S | | |
BIM Birlesik Magazalar A/S | | |
| | |
Yapi ve Kredi Bankasi A/S | | |
| | |
|
| | |
Estee Lauder Cos., Inc. (The), Class A | | |
| | |
| | |
| | |
Total Common Stocks
(Cost $5,450,465) | | |
Short-Term Investments — 0.3% |
Investment Companies — 0.3% |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (b) (c)(Cost $20,060) | | |
Total Investments — 99.9%
(Cost $5,470,525) | | |
Other Assets Less Liabilities — 0.1% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| |
| Limited liability company |
| |
| Non-income producing security. |
| 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. |
| 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. |
| The rate shown is the current yield as of April 30, 2024. |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Semiconductors & Semiconductor Equipment | |
Consumer Staples Distribution & Retail | |
Technology Hardware, Storage & Peripherals | |
Interactive Media & Services | |
Hotels, Restaurants & Leisure | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Wireless Telecommunication Services | |
| |
Oil, Gas & Consumable Fuels | |
Health Care Equipment & Supplies | |
Textiles, Apparel & Luxury Goods | |
| |
| |
| |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
Raiffeisen Bank International AG | | |
|
| | |
B3 SA - Brasil Bolsa Balcao | | |
Banco Bradesco SA (Preference) | | |
| | |
BB Seguridade Participacoes SA | | |
Centrais Eletricas Brasileiras SA | | |
Cia Energetica de Minas Gerais (Preference) | | |
| | |
| | |
Itau Unibanco Holding SA (Preference) | | |
| | |
| | |
| | |
| | |
| | |
Petroleo Brasileiro SA (Preference) | | |
| | |
| | |
| | |
| | |
Transmissora Alianca de Energia Eletrica S/A | | |
| | |
| | |
| | |
| | |
|
Banco Santander Chile, ADR | | |
|
Agricultural Bank of China Ltd., Class H | | |
Aier Eye Hospital Group Co. Ltd., Class A | | |
Airtac International Group | | |
Alibaba Group Holding Ltd. | | |
Amoy Diagnostics Co. Ltd., Class A | | |
Anker Innovations Technology Co. Ltd., Class A | | |
ANTA Sports Products Ltd. | | |
| | |
| | |
Bank of China Ltd., Class H | | |
| | |
| | |
| | |
|
|
BOE Technology Group Co. Ltd., Class A | | |
| | |
BYD Electronic International Co. Ltd. | | |
CGN Power Co. Ltd., Class H (a) | | |
Chacha Food Co. Ltd., Class A | | |
China Construction Bank Corp., Class H | | |
China International Capital Corp. Ltd., Class H (a) | | |
China Life Insurance Co. Ltd., Class H | | |
China Longyuan Power Group Corp. Ltd., Class H | | |
China Merchants Bank Co. Ltd., Class A | | |
China Merchants Bank Co. Ltd., Class H | | |
China Oilfield Services Ltd., Class H | | |
China Overseas Land & Investment Ltd. | | |
China Pacific Insurance Group Co. Ltd., Class H | | |
China Petroleum & Chemical Corp., Class H | | |
China Resources Gas Group Ltd. | | |
China Resources Land Ltd. | | |
China Resources Mixc Lifestyle Services Ltd. (a) | | |
China Shenhua Energy Co. Ltd., Class H | | |
China Yangtze Power Co. Ltd., Class A | | |
Chongqing Brewery Co. Ltd., Class A | | |
Contemporary Amperex Technology Co. Ltd., Class A | | |
COSCO SHIPPING Holdings Co. Ltd., Class A | | |
CSPC Pharmaceutical Group Ltd. | | |
DaShenLin Pharmaceutical Group Co. Ltd., Class A | | |
| | |
Flat Glass Group Co. Ltd., Class H | | |
Focus Media Information Technology Co. Ltd., Class A | | |
Foxconn Industrial Internet Co. Ltd., Class A | | |
Fuyao Glass Industry Group Co. Ltd., Class H (a) | | |
Ganfeng Lithium Group Co. Ltd. (a) (b) | | |
GF Securities Co. Ltd., Class H | | |
GRG Banking Equipment Co. Ltd., Class A | | |
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A | | |
| | |
| | |
Haier Smart Home Co. Ltd., Class H | | |
Haitian International Holdings Ltd. | | |
Hongfa Technology Co. Ltd., Class A | | |
Huaibei Mining Holdings Co. Ltd., Class A | | |
Huayu Automotive Systems Co. Ltd., Class A | | |
Imeik Technology Development Co. Ltd., Class A | | |
Industrial & Commercial Bank of China Ltd., Class H | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | |
Innovent Biologics, Inc. * (a) | | |
| | |
Jason Furniture Hangzhou Co. Ltd., Class A | | |
JD Health International, Inc. * (a) | | |
| | |
Jiangsu Expressway Co. Ltd., Class H | | |
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | |
| | |
| | |
Kingdee International Software Group Co. Ltd. * | | |
Kuaishou Technology * (a) | | |
| | |
Kweichow Moutai Co. Ltd., Class A | | |
| | |
| | |
Luzhou Laojiao Co. Ltd., Class A | | |
| | |
Midea Group Co. Ltd., Class A | | |
Montage Technology Co. Ltd., Class A | | |
| | |
New Oriental Education & Technology Group, Inc. * | | |
Oppein Home Group, Inc., Class A | | |
PDD Holdings, Inc., ADR * | | |
PetroChina Co. Ltd., Class H | | |
PICC Property & Casualty Co. Ltd., Class H | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
Satellite Chemical Co. Ltd., Class A * | | |
Shanghai Baosight Software Co. Ltd., Class A | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | |
Shenzhen Transsion Holdings Co. Ltd., Class A | | |
Shenzhou International Group Holdings Ltd. | | |
| | |
Sinopharm Group Co. Ltd., Class H | | |
| | |
Skshu Paint Co. Ltd., Class A * | | |
Sunny Optical Technology Group Co. Ltd. | | |
Suzhou Maxwell Technologies Co. Ltd., Class A | | |
| | |
Tencent Music Entertainment Group, ADR * | | |
Tianqi Lithium Corp., Class H | | |
Tingyi Cayman Islands Holding Corp. | | |
Trip.com Group Ltd., ADR * | | |
| | |
|
|
| | |
Vipshop Holdings Ltd., ADR | | |
Wanhua Chemical Group Co. Ltd., Class A | | |
Weichai Power Co. Ltd., Class H | | |
Wuliangye Yibin Co. Ltd., Class A | | |
Wuxi Biologics Cayman, Inc. * (a) | | |
Xiamen C & D, Inc., Class A | | |
Xiaomi Corp., Class B * (a) | | |
Xinyi Solar Holdings Ltd. | | |
| | |
| | |
Yankuang Energy Group Co. Ltd., Class H | | |
Yifeng Pharmacy Chain Co. Ltd., Class A | | |
| | |
| | |
Yutong Bus Co. Ltd., Class A | | |
Zhejiang Dingli Machinery Co. Ltd., Class A | | |
Zhejiang Expressway Co. Ltd., Class H | | |
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A | | |
Zhejiang Weixing New Building Materials Co. Ltd., Class A | | |
Zhongji Innolight Co. Ltd., Class A | | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | | |
Zijin Mining Group Co. Ltd., Class H | | |
ZTO Express Cayman, Inc. (b) | | |
| | |
|
| | |
| | |
| | |
|
| | |
|
Alpha Services and Holdings SA * | | |
Hellenic Telecommunications Organization SA | | |
| | |
National Bank of Greece SA * | | |
| | |
Piraeus Financial Holdings SA * | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| | |
Common Stocks — continued |
|
Sino Biopharmaceutical Ltd. | | |
Techtronic Industries Co. Ltd. | | |
| | |
|
MOL Hungarian Oil & Gas plc | | |
| | |
| | |
| | |
|
| | |
| | |
Apollo Hospitals Enterprise Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Bharat Petroleum Corp. Ltd. | | |
| | |
| | |
Britannia Industries Ltd. * | | |
| | |
Cholamandalam Investment and Finance Co. Ltd. | | |
| | |
| | |
| | |
Colgate-Palmolive India Ltd. | | |
| | |
| | |
| | |
Dr Reddy's Laboratories Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
HDFC Life Insurance Co. Ltd. (a) | | |
| | |
| | |
|
|
| | |
Hindustan Aeronautics Ltd. (a) | | |
Hindustan Petroleum Corp. Ltd. | | |
| | |
| | |
| | |
Indian Railway Catering & Tourism Corp. Ltd. | | |
| | |
InterGlobe Aviation Ltd. * (a) | | |
| | |
Jindal Steel & Power Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Max Healthcare Institute Ltd. | | |
| | |
| | |
Oil & Natural Gas Corp. Ltd. | | |
| | |
| | |
Power Grid Corp. of India Ltd. | | |
| | |
Samvardhana Motherson International Ltd. | | |
| | |
| | |
| | |
Sun Pharmaceutical Industries Ltd. | | |
| | |
Tata Consultancy Services Ltd. | | |
Tata Consumer Products Ltd. | | |
| | |
Tata Power Co. Ltd. (The) | | |
| | |
| | |
| | |
| | |
Tube Investments of India Ltd. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
|
Bank Central Asia Tbk. PT | | |
Bank Mandiri Persero Tbk. PT | | |
Bank Rakyat Indonesia Persero Tbk. PT | | |
Telkom Indonesia Persero Tbk. PT | | |
| | |
| | |
|
National Bank of Kuwait SAKP | | |
|
| | |
| | |
Petronas Chemicals Group Bhd. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Coca-Cola Femsa SAB de CV | | |
Fomento Economico Mexicano SAB de CV | | |
Grupo Aeroportuario del Sureste SAB de CV, Class B | | |
Grupo Financiero Banorte SAB de CV, Class O | | |
| | |
Kimberly-Clark de Mexico SAB de CV, Class A | | |
| | |
Southern Copper Corp. (b) | | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
Copa Holdings SA, Class A | | |
|
| | |
|
| | |
Bank of the Philippine Islands | | |
| | |
|
|
| | |
| | |
| | |
|
Bank Polska Kasa Opieki SA | | |
| | |
Powszechna Kasa Oszczednosci Bank Polski SA | | |
Powszechny Zaklad Ubezpieczen SA | | |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
GMK Norilskiy Nickel PAO, ADR ‡ * | | |
GMK Norilskiy Nickel PAO ‡ | | |
Magnitogorsk Iron & Steel Works PJSC ‡ * | | |
| | |
| | |
Sberbank of Russia PJSC ‡ | | |
Severstal PAO, GDR ‡ * (a) | | |
| | |
|
| | |
| | |
| | |
Bupa Arabia for Cooperative Insurance Co. | | |
Dr Sulaiman Al Habib Medical Services Group Co. | | |
| | |
Mouwasat Medical Services Co. | | |
| | |
Saudi Arabian Mining Co. * | | |
Saudi Arabian Oil Co. (a) | | |
Saudi Basic Industries Corp. | | |
Saudi National Bank (The) | | |
| | |
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| | |
Common Stocks — continued |
|
Aspen Pharmacare Holdings Ltd. | | |
| | |
| | |
Capitec Bank Holdings Ltd. | | |
| | |
| | |
| | |
| | |
Impala Platinum Holdings Ltd. | | |
| | |
| | |
| | |
Standard Bank Group Ltd. (b) | | |
| | |
|
| | |
| | |
| | |
| | |
Hana Financial Group, Inc. | | |
Hankook Tire & Technology Co. Ltd. | | |
Hanwha Aerospace Co. Ltd. | | |
| | |
| | |
| | |
| | |
Hyundai Marine & Fire Insurance Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
KIWOOM Securities Co. Ltd. | | |
Koh Young Technology, Inc. | | |
Korea Investment Holdings Co. Ltd. | | |
Korean Air Lines Co. Ltd. | | |
| | |
Kumho Petrochemical Co. Ltd. | | |
| | |
LG Energy Solution Ltd. * | | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
Samsung Biologics Co. Ltd. * (a) | | |
| | |
| | |
Samsung Electro-Mechanics Co. Ltd. | | |
Samsung Electronics Co. Ltd. | | |
Samsung Fire & Marine Insurance Co. Ltd. | | |
Samsung Securities Co. Ltd. | | |
Shinhan Financial Group Co. Ltd. | | |
| | |
SK IE Technology Co. Ltd. * (a) | | |
| | |
| | |
| | |
| | |
SM Entertainment Co. Ltd. | | |
| | |
| | |
|
| | |
| | |
ASE Technology Holding Co. Ltd. | | |
| | |
| | |
Cathay Financial Holding Co. Ltd. | | |
Chailease Holding Co. Ltd. | | |
Chunghwa Telecom Co. Ltd. | | |
CTBC Financial Holding Co. Ltd. | | |
| | |
E.Sun Financial Holding Co. Ltd. | | |
| | |
Evergreen Marine Corp. Taiwan Ltd. | | |
Fubon Financial Holding Co. Ltd. | | |
Gigabyte Technology Co. Ltd. | | |
Hon Hai Precision Industry Co. Ltd. | | |
Largan Precision Co. Ltd. | | |
| | |
Mega Financial Holding Co. Ltd. | | |
| | |
Nien Made Enterprise Co. Ltd. | | |
Novatek Microelectronics Corp. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Emerging Markets Research Enhanced Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
President Chain Store Corp. | | |
| | |
Realtek Semiconductor Corp. | | |
| | |
| | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
Tong Yang Industry Co. Ltd. | | |
Uni-President Enterprises Corp. | | |
United Microelectronics Corp. | | |
Vanguard International Semiconductor Corp. | | |
| | |
| | |
| | |
Yuanta Financial Holding Co. Ltd. | | |
| | |
|
Bangkok Dusit Medical Services PCL, NVDR | | |
| | |
| | |
| | |
| | |
PTT Exploration & Production PCL | | |
| | |
| | |
| | |
Siam Cement PCL (The) (Registered) | | |
| | |
| | |
|
BIM Birlesik Magazalar A/S | | |
| | |
| | |
| | |
Turkiye Petrol Rafinerileri A/S | | |
Yapi ve Kredi Bankasi A/S | | |
| | |
United Arab Emirates — 1.4% |
Abu Dhabi Commercial Bank PJSC | | |
Abu Dhabi Islamic Bank PJSC | | |
| | |
| | |
| | |
| | |
|
United Arab Emirates — continued |
| | |
Emirates Telecommunications Group Co. PJSC | | |
First Abu Dhabi Bank PJSC | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $1,733,504) | | |
Short-Term Investments — 0.6% |
Investment of Cash Collateral from Securities Loaned — 0.6% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (c) (d) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $11,475) | | |
Total Investments — 101.4%
(Cost $1,744,979) | | |
Liabilities in Excess of Other Assets — (1.4)% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| American Depositary Receipt |
| Global Depositary Receipt |
| |
| Non-Voting Depositary Receipt |
| Public Joint Stock Company |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| 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. |
| Limited liability company |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| 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. | |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $10,512. | |
| 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. | |
| The rate shown is the current yield as of April 30, 2024. | |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Semiconductors & Semiconductor Equipment | |
Technology Hardware, Storage & Peripherals | |
Oil, Gas & Consumable Fuels | |
Interactive Media & Services | |
| |
| |
| |
| |
Consumer Staples Distribution & Retail | |
Hotels, Restaurants & Leisure | |
| |
| |
Electronic Equipment, Instruments & Components | |
Wireless Telecommunication Services | |
| |
Diversified Telecommunication Services | |
| |
Real Estate Management & Development | |
| |
| |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
|
| | |
|
Novo Nordisk A/S, Class B | | |
| | |
| | |
|
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
Gaztransport Et Technigaz SA | | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
CTS Eventim AG & Co. KGaA | | |
DWS Group GmbH & Co. KGaA (b) | | |
| | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | | |
| | |
| | |
| | |
|
| | |
Bank of Ireland Group plc | | |
| | |
| | |
|
| | |
| | |
|
|
| | |
| | |
| | |
Ryanair Holdings plc, ADR | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Norwegian Air Shuttle ASA * | | |
| | |
|
| | |
|
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
Industria de Diseno Textil SA (a) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Auto Trader Group plc (b) | | |
| | |
| | |
Intermediate Capital Group plc | | |
Marks & Spencer Group plc | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| | |
Common Stocks — continued |
United Kingdom — continued |
| | |
Rolls-Royce Holdings plc * | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $376,957) | | |
Short-Term Investments — 4.8% |
Investment Companies — 2.2% |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (c) (d)(Cost $11,378) | | |
Investment of Cash Collateral from Securities Loaned — 2.6% |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (c) (d)(Cost $12,963) | | |
Total Short-Term Investments
(Cost $24,341) | | |
Total Investments — 99.5%
(Cost $401,298) | | |
Other Assets Less Liabilities — 0.5% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Limited partnership with share capital |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $12,094. |
| Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale. |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. |
| The rate shown is the current yield as of April 30, 2024. |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
Oil, Gas & Consumable Fuels | |
| |
| |
| |
| |
| |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
| |
| |
Commercial Services & Supplies | |
Energy Equipment & Services | |
Semiconductors & Semiconductor Equipment | |
Interactive Media & Services | |
| |
| |
| |
| |
| |
Construction & Engineering | |
| |
| |
Consumer Staples Distribution & Retail | |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan Europe Dynamic Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| Financial Times and the London Stock Exchange |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
|
| | |
Novo Nordisk A/S, Class B | | |
| | |
|
| | |
|
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) | | |
| | |
| | |
| | |
|
|
| | |
Techtronic Industries Co. Ltd. | | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
Nippon Telegraph & Telephone Corp. | | |
Recruit Holdings Co. Ltd. | | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
| | |
|
| | |
|
Samsung Electronics Co. Ltd., GDR (b) | | |
Samsung Electronics Co. Ltd., GDR (c) | | |
| | |
|
Industria de Diseno Textil SA (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan International Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
Svenska Handelsbanken AB, Class A | | |
| | |
| | |
|
Cie Financiere Richemont SA (Registered) | | |
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
|
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
| | |
London Stock Exchange Group plc | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $3,092,177) | | |
Short-Term Investments — 5.5% |
Investment Companies — 1.1% |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (d) (e)(Cost $47,063) | | |
Investment of Cash Collateral from Securities Loaned — 4.4% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (d) (e) | | |
| | |
|
Investment of Cash Collateral from Securities Loaned — continued |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (d) (e) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $190,140) | | |
Total Short-Term Investments
(Cost $237,203) | | |
Total Investments — 103.5%
(Cost $3,329,380) | | |
Liabilities in Excess of Other Assets — (3.5)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Global Depositary Receipt |
| Real Estate Investment Trust |
| Limited partnership with share capital |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $176,921. |
| 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. |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. |
| 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. |
| The rate shown is the current yield as of April 30, 2024. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
Oil, Gas & Consumable Fuels | |
Semiconductors & Semiconductor Equipment | |
| |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
| |
| |
| |
| |
Diversified Telecommunication Services | |
| |
Health Care Equipment & Supplies | |
| |
Trading Companies & Distributors | |
| |
Electronic Equipment, Instruments & Components | |
Hotels, Restaurants & Leisure | |
| |
| |
| |
Construction & Engineering | |
Real Estate Management & Development | |
Technology Hardware, Storage & Peripherals | |
| |
| |
| |
| |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan International Focus Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
|
| | |
|
Alimentation Couche-Tard, Inc. | | |
Canadian National Railway Co. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
Novo Nordisk A/S, Class B | | |
|
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
|
| | |
|
Bank Central Asia Tbk. PT | | |
|
| | |
|
| | |
| | |
| | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
|
|
| | |
Tokio Marine Holdings, Inc. | | |
| | |
|
Wal-Mart de Mexico SAB de CV | | |
|
| | |
| | |
| | |
|
| | |
|
| | |
Samsung Electronics Co. Ltd. | | |
| | |
|
Industria de Diseno Textil SA (a) | | |
|
| | |
| | |
| | |
|
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
|
| | |
| | |
InterContinental Hotels Group plc | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Total Common Stocks
(Cost $1,164,318) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| | |
Short-Term Investments — 4.1% |
Investment Companies — 1.5% |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (b) (c)(Cost $22,305) | | |
Investment of Cash Collateral from Securities Loaned — 2.6% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (b) (c) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (b) (c) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $39,836) | | |
Total Short-Term Investments
(Cost $62,141) | | |
Total Investments — 102.2%
(Cost $1,226,459) | | |
Liabilities in Excess of Other Assets — (2.2)% | | |
| | |
Percentages indicated are based on net assets. |
| |
| American Depositary Receipt |
| Limited liability company |
| Limited partnership with share capital |
| Non-income producing security. |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $37,333. |
| 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. |
| The rate shown is the current yield as of April 30, 2024. |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
Oil, Gas & Consumable Fuels | |
Semiconductors & Semiconductor Equipment | |
| |
Interactive Media & Services | |
| |
Technology Hardware, Storage & Peripherals | |
Consumer Staples Distribution & Retail | |
| |
| |
Hotels, Restaurants & Leisure | |
Textiles, Apparel & Luxury Goods | |
| |
Health Care Equipment & Supplies | |
| |
Trading Companies & Distributors | |
| |
Construction & Engineering | |
| |
| |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
| |
| |
| |
| |
| |
Real Estate Management & Development | |
| |
| |
| |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
Commonwealth Bank of Australia | | |
| | |
| | |
| | |
| | |
Insurance Australia Group Ltd. | | |
| | |
| | |
| | |
National Australia Bank Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
|
BOC Hong Kong Holdings Ltd. | | |
| | |
| | |
|
Carlsberg A/S, Class B (a) | | |
Novo Nordisk A/S, Class B (a) | | |
| | |
|
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Allianz SE (Registered) (a) | | |
| | |
Bayer AG (Registered) (a) | | |
| | |
| | |
Deutsche Telekom AG (Registered) (a) | | |
| | |
Infineon Technologies AG (a) | | |
| | |
| | |
Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| | |
Common Stocks — continued |
|
Hong Kong Exchanges & Clearing Ltd. | | |
| | |
| | |
Sun Hung Kai Properties Ltd. | | |
Techtronic Industries Co. Ltd. | | |
| | |
|
| | |
| | |
| | |
|
| | |
FinecoBank Banca Fineco SpA (a) | | |
| | |
| | |
|
| | |
| | |
Asahi Group Holdings Ltd. | | |
| | |
| | |
Central Japan Railway Co. | | |
| | |
| | |
Daiwa House Industry Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
Murata Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
|
|
Nippon Paint Holdings Co. Ltd. | | |
| | |
Nippon Telegraph & Telephone Corp. | | |
Nomura Research Institute Ltd. | | |
| | |
| | |
| | |
Pan Pacific International Holdings Corp. | | |
Recruit Holdings Co. Ltd. | | |
Renesas Electronics Corp. | | |
| | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
| | |
| | |
Sumitomo Electric Industries Ltd. | | |
Sumitomo Metal Mining Co. Ltd. | | |
Sumitomo Mitsui Financial Group, Inc. | | |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
Tokio Marine Holdings, Inc. | | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
| | |
| | |
Koninklijke Ahold Delhaize NV (a) | | |
| | |
| | |
| | |
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Oversea-Chinese Banking Corp. Ltd. | | |
| | |
United Overseas Bank Ltd. | | |
| | |
|
| | |
|
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
| | |
Industria de Diseno Textil SA (a) | | |
| | |
|
Atlas Copco AB, Class A (a) | | |
| | |
Skandinaviska Enskilda Banken AB, Class A | | |
| | |
| | |
|
Cie Financiere Richemont SA (Registered) (a) | | |
Givaudan SA (Registered) (a) | | |
Julius Baer Group Ltd. (a) | | |
Lonza Group AG (Registered) (a) | | |
Novartis AG (Registered) (a) | | |
| | |
| | |
| | |
UBS Group AG (Registered) (a) | | |
Zurich Insurance Group AG (a) | | |
| | |
|
| | |
| | |
| | |
Berkeley Group Holdings plc (a) | | |
British American Tobacco plc | | |
| | |
| | |
| | |
| | |
InterContinental Hotels Group plc (a) | | |
| | |
|
United Kingdom — continued |
| | |
Lloyds Banking Group plc (a) | | |
London Stock Exchange Group plc (a) | | |
| | |
| | |
Reckitt Benckiser Group plc (a) | | |
| | |
| | |
Standard Chartered plc (a) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Nestle SA (Registered) (a) | | |
| | |
| | |
Schneider Electric SE (a) | | |
| | |
| | |
| | |
Total Common Stocks
(Cost $112,311) | | |
| | |
|
Put Options Purchased — 1.1% |
|
| | |
6/28/2024 at USD 2,200.00, European Style | | |
Notional Amount: USD 157,129 | | |
Counterparty: Exchange-Traded * (Cost $978) | | |
| | |
Short-Term Investments — 2.6% |
Investment Companies — 2.6% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (c) (d)(Cost $4,111) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| | |
Total Investments — 98.7%
(Cost $117,400) | | |
Other Assets Less Liabilities — 1.3% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| American Depositary Receipt |
| Europe, Australasia and Far East |
| Morgan Stanley Capital International |
| |
| Real Estate Investment Trust |
| Limited partnership with share capital |
| |
| Non-income producing security. |
| All or a portion of the security is segregated for options written. |
| 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. |
| 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. |
| The rate shown is the current yield as of April 30, 2024. |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
Semiconductors & Semiconductor Equipment | |
Oil, Gas & Consumable Fuels | |
| |
Textiles, Apparel & Luxury Goods | |
| |
| |
| |
| |
| |
| |
| |
| |
Diversified Telecommunication Services | |
| |
| |
Trading Companies & Distributors | |
| |
| |
| |
| |
Electronic Equipment, Instruments & Components | |
| |
Health Care Equipment & Supplies | |
| |
| |
| |
Consumer Staples Distribution & Retail | |
Construction & Engineering | |
| |
Others (each less than 1.0%) | |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
JPMorgan International Hedged Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| Europe, Australasia and Far East |
| Morgan Stanley Capital International |
| Australian Securities Exchange |
| |
Written Call Options Contracts as of April 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Written Put Options Contracts as of April 30, 2024 (amounts in thousands, except number of contracts):
|
| | | | | | |
| | | | | | |
Total Written Options Contracts (Premiums Received $967) | |
| |
| Europe, Australasia and Far East |
| Morgan Stanley Capital International |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited)
(Amounts in thousands, except per share amounts)
| JPMorgan
Developed
International
Value Fund | JPMorgan
Emerging
Markets
Equity Fund | JPMorgan
Emerging
Markets
Research
Enhanced
|
| | | |
Investments in non-affiliates, at value | | | |
Investments in affiliates, at value | | | |
Investments of cash collateral received from securities loaned, at
value (See Note 2.C.) | | | |
| | | |
Foreign currency, at value | | | |
Deposits at broker for futures contracts | | | |
| | | |
Investment securities sold | | | |
| | | |
Dividends from non-affiliates | | | |
Dividends from affiliates | | | |
| | | |
Securities lending income (See Note 2.C.) | | | |
| | | |
| | | |
| | | |
Investment securities purchased | | | |
Collateral received on securities loaned (See Note 2.C.) | | | |
| | | |
Variation margin on futures contracts | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Deferred foreign capital gains tax | | | |
| | | |
| | | |
| | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Developed International Value Fund | JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced |
| | | |
| | | |
Total distributable earnings (loss) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Class A — Redemption price per share | | | |
Class C — Offering price per share (b) | | | |
Class I — Offering and redemption price per share | | | |
Class L — Offering and redemption price per share | | | |
Class R2 — Offering and redemption price per share | | | |
Class R3 — Offering and redemption price per share | | | |
Class R4 — Offering and redemption price per share | | | |
Class R5 — Offering and redemption price per share | | | |
Class R6 — Offering and redemption price per share | | | |
Class A maximum sales charge | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | |
Cost of investments in non-affiliates | | | |
Cost of investments in affiliates | | | |
| | | |
Investment securities on loan, at value (See Note 2.C.) | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| JPMorgan
Europe
Dynamic
Fund | JPMorgan
International
Equity Fund | JPMorgan
International
Focus Fund | JPMorgan
International
Hedged
|
| | | | |
Investments in non-affiliates, at value | | | | |
Investments in affiliates, at value | | | | |
Investments of cash collateral received from securities loaned, at
value (See Note 2.C.) | | | | |
Options purchased, at value | | | | |
| | | | |
Foreign currency, at value | | | | |
Deposits at broker for futures contracts | | | | |
| | | | |
Investment securities sold | | | | |
| | | | |
Dividends from non-affiliates | | | | |
Dividends from affiliates | | | | |
| | | | |
Securities lending income (See Note 2.C.) | | | | |
| | | | |
| | | | |
| | | | |
Investment securities purchased | | | | |
Collateral received on securities loaned (See Note 2.C.) | | | | |
| | | | |
Variation margin on futures contracts | | | | |
Outstanding options written, at fair value | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged |
| | | | |
| | | | |
Total distributable earnings (loss) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Class A — Redemption price per share | | | | |
Class C — Offering price per share (b) | | | | |
Class I — Offering and redemption price per share | | | | |
Class L — Offering and redemption price per share | | | | |
Class R2 — Offering and redemption price per share | | | | |
Class R5 — Offering and redemption price per share | | | | |
Class R6 — Offering and redemption price per share | | | | |
Class A maximum sales charge | | | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | | | |
Cost of investments in non-affiliates | | | | |
Cost of investments in affiliates | | | | |
Cost of options purchased | | | | |
| | | | |
Investment securities on loan, at value (See Note 2.C.) | | | | |
Cost of investment of cash collateral (See Note 2.C.) | | | | |
Premiums received from options written | | | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
(c)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited)
(Amounts in thousands)
| JPMorgan
Developed
International
Value Fund | JPMorgan
Emerging
Markets
Equity Fund | JPMorgan
Emerging
Markets
Research
Enhanced
|
| | | |
Interest income from non-affiliates | | | |
Interest income from affiliates | | | |
Dividend income from non-affiliates | | | |
Dividend income from affiliates | | | |
Income from securities lending (net) (See Note 2.C.) | | | |
Foreign taxes withheld (net) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Custodian and accounting fees | | | |
Interest expense to affiliates | | | |
| | | |
Trustees’ and Chief Compliance Officer’s fees | | | |
Printing and mailing costs | | | |
Registration and filing fees | | | |
Transfer agency fees (See Note 2.I.) | | | |
| | | |
| | | |
| | | |
Less expense reimbursements | | | |
| | | |
Net investment income (loss) | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
(Amounts in thousands)
| JPMorgan Developed International Value Fund | JPMorgan Emerging Markets Equity Fund | JPMorgan Emerging Markets Research Enhanced |
REALIZED/UNREALIZED GAINS (LOSSES): | | | |
Net realized gain (loss) on transactions from: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency transactions | | | |
| | | |
Change in net unrealized appreciation/depreciation on: | | | |
Investments in non-affiliates | | | |
Investments in affiliates | | | |
| | | |
Foreign currency translations | | | |
Change in net unrealized appreciation/depreciation | | | |
Net realized/unrealized gains (losses) | | | |
Change in net assets resulting from operations | | | |
(a)
Net of foreign capital gains tax of $(11,816).
(b)
Net of foreign capital gains tax of $(1,273).
(c)
Net of change in foreign capital gains tax of $5,553.
(d)
Net of change in foreign capital gains tax of $(6,218).
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| JPMorgan
Europe
Dynamic
Fund | JPMorgan
International
Equity Fund | JPMorgan
International
Focus Fund | JPMorgan
International
Hedged
|
| | | | |
Interest income from non-affiliates | | | | |
Interest income from affiliates | | | | |
Dividend income from non-affiliates | | | | |
Dividend income from affiliates | | | | |
Income from securities lending (net) (See Note 2.C.) | | | | |
Foreign taxes withheld (net) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Custodian and accounting fees | | | | |
Interest expense to affiliates | | | | |
| | | | |
Trustees’ and Chief Compliance Officer’s fees | | | | |
Printing and mailing costs | | | | |
Registration and filing fees | | | | |
Transfer agency fees (See Note 2.I.) | | | | |
| | | | |
| | | | |
| | | | |
Less expense reimbursements | | | | |
| | | | |
Net investment income (loss) | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
(Amounts in thousands)
| JPMorgan Europe Dynamic Fund | JPMorgan International Equity Fund | JPMorgan International Focus Fund | JPMorgan International Hedged |
REALIZED/UNREALIZED GAINS (LOSSES): | | | | |
Net realized gain (loss) on transactions from: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
Foreign currency transactions | | | | |
| | | | |
| | | | |
Change in net unrealized appreciation/depreciation on: | | | | |
Investments in non-affiliates | | | | |
Investments in affiliates | | | | |
| | | | |
| | | | |
Foreign currency translations | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Net realized/unrealized gains (losses) | | | | |
Change in net assets resulting from operations | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Developed International
Value Fund | JPMorgan Emerging Markets
Equity Fund |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Emerging Markets Research
Enhanced Equity Fund | JPMorgan Europe Dynamic Fund |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| JPMorgan International Equity Fund | JPMorgan International Focus Fund |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan International Hedged Equity Fund |
| Six Months Ended
April 30, 2024
(Unaudited) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | |
| | |
| | |
| | |
| | |
| | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| JPMorgan Developed International
Value Fund | JPMorgan Emerging Markets
Equity Fund |
| Six Months Ended April 30, 2024
(Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024
(Unaudited) | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class L capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Developed International Value Fund | JPMorgan Emerging Markets Equity Fund |
| Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024 (Unaudited) | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| JPMorgan Developed International Value Fund | JPMorgan Emerging Markets Equity Fund |
| Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024 (Unaudited) | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Emerging Markets Research
Enhanced Equity Fund | JPMorgan Europe Dynamic Fund |
| Six Months Ended April 30, 2024
(Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024
(Unaudited) | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class L capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | JPMorgan Europe Dynamic Fund |
| Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024 (Unaudited) | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan International Equity Fund | JPMorgan International Focus Fund |
| Six Months Ended April 30, 2024
(Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024
(Unaudited) | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| JPMorgan International Equity Fund | JPMorgan International Focus Fund |
| Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024 (Unaudited) | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan International Hedged Equity Fund |
| Six Months Ended April 30, 2024
(Unaudited) | |
| | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class A capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class C capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class I capital transactions | | |
| | |
| | |
Change in net assets resulting from Class R5 capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R6 capital transactions | | |
Total change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| JPMorgan International Hedged Equity Fund |
| Six Months Ended April 30, 2024 (Unaudited) | |
SHARE TRANSACTIONS: (continued) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Change in Class R5 Shares | | |
| | |
| | |
| | |
| | |
Change in Class R6 Shares | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | |
JPMorgan Developed International Value Fund | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | |
JPMorgan Developed International Value Fund (continued) | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Reflects income from foreign withholding tax claims, including related interest income, less IRS compliance fees. Had the Fund not received these proceeds, the net investment income (loss) per share would have been $0.46, $0.39, $0.51, $0.52, $0.41, $0.64 and $0.53 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 3.73%, 3.27%, 3.96%, 4.09%, 3.42%, 5.07% and 4.20% for Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6, respectively. |
| 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. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Emerging Markets Equity Fund | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Emerging Markets Equity Fund (continued) | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
January 30, 2019 (g) through October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
December 11, 2018 (i) through October 31, 2019 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Interest expense is 0.02% |
| Commencement of offering of class of shares. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
| Commencement of operations. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | Ratios to average net assets(a) |
Net asset
value,
end of
period | | Net assets,
end of
period
(000's) | | Net
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | |
JPMorgan Europe Dynamic Fund | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| 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 $0.47, $0.31, $0.56, $0.73 and $0.64 for Class A, Class C, Class I, Class L and Class R6, respectively, and the net investment income (loss) ratios would have been 1.69%, 1.28%, 1.98%, 2.54% and 2.24% for Class A, Class C, Class I, Class L and Class R6, respectively. |
| 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. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan International Equity Fund | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan International Equity Fund (continued) | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| 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 $0.32, $0.23, $0.37, $0.37, $0.37 and $0.40 for Class A, Class C, Class I, Class R2, Class R5 and Class R6, respectively, and the net investment income (loss) ratios would have been 1.85%, 1.39%, 2.08%, 2.20%, 2.07% and 2.29% for Class A, Class C, Class I, Cass R2, Class R5 and Class R6, respectively. |
| 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. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | |
JPMorgan International Focus Fund | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | |
JPMorgan International Focus Fund (continued) | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| 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. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
|
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | |
JPMorgan International Hedged Equity Fund | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
March 15, 2019 (g) through October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
March 15, 2019 (g) through October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
March 15, 2019 (g) through October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
March 15, 2019 (g) through October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
March 15, 2019 (g) through October 31, 2019 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Interest expense is 0.01% |
| Commencement of operations. |
| Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited)
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I") and JPMorgan Trust IV (“JPM IV") (collectively, the “Trusts”) were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
The following are 7 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:
| | | Diversification Classification |
JPMorgan Developed International Value Fund | Class A, Class C, Class I, Class L, Class R2, Class R5 and Class R6 | | |
JPMorgan Emerging Markets Equity Fund | Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | | | |
JPMorgan Europe Dynamic Fund | Class A, Class C, Class I, Class L and Class R6 | | |
JPMorgan International Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan International Focus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | | |
JPMorgan International Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | | |
The investment objective of JPMorgan Developed International Value Fund (“Developed International Value Fund”), JPMorgan Emerging Markets Research Enhanced Equity Fund (“Emerging Markets Research Enhanced Equity Fund”) and JPMorgan International Focus Fund (“International Focus Fund”) is to seek to provide long-term capital appreciation.
The investment objective of JPMorgan Emerging Markets Equity Fund (“Emerging Markets Equity Fund”) is to seek to provide high total return.
The investment objective of JPMorgan Europe Dynamic Fund (“Europe Dynamic Fund”) is to seek total return from long-term capital growth. Total return consists of capital growth and current income.
The investment objective of JPMorgan International Equity Fund (“International Equity Fund”) is to seek total return from long-term capital growth and income. Total return consists of capital growth and current income.
The investment objective of JPMorgan International Hedged Equity Fund (“International Hedged Equity Fund”) is to seek to provide capital appreciation.
Class L Shares of Developed International Value Fund and Europe Dynamic Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of Developed International Value Fund and Europe Dynamic Fund unless they meet certain requirements as described in the Funds' prospectuses.
Effective as of the close of business on December 31, 2020, all share classes of Emerging Markets Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund's prospectuses.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as Adviser (the "Adviser") and Administrator (the "Administrator") to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i)
| J.P. Morgan International Equity Funds | |
the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts and options are generally valued on the basis of available market quotations.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
Developed International Value Fund | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
Emerging Markets Equity Fund | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| J.P. Morgan International Equity Funds | |
Emerging Markets Equity Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Emerging Markets Research Enhanced Equity Fund | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
Emerging Markets Research Enhanced Equity Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Investments in Securities | | | | |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
| J.P. Morgan International Equity Funds | |
International Equity Fund | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
International Focus Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
International Hedged Equity Fund | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
| J.P. Morgan International Equity Funds | |
International Hedged Equity Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
Total Depreciation in Other Financial Instruments | | | | |
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2024, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
C. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2024.
| 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) |
Developed International Value Fund | | | |
Emerging Markets Research Enhanced Equity Fund | | | |
| | | |
International Equity Fund | | | |
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (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) |
| | | |
|
| Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2024, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
Developed International Value Fund | |
Emerging Markets Research Enhanced Equity Fund | |
| |
International Equity Fund | |
| |
|
| Amount rounds to less than one thousand. |
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
Emerging Markets Equity Fund and International Hedged Equity Fund did not lend out any securities during the six months ended April 30, 2024.
D. Investment Transactions with Affiliates— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
Developed International Value Fund |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
| 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). |
| J.P. Morgan International Equity Funds | |
Emerging Markets Equity Fund |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
Emerging Markets Research Enhanced Equity Fund |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
|
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
| 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). |
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
International Equity Fund |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
| 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). |
|
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
| 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). |
International Hedged Equity Fund |
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 5.18% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
| J.P. Morgan International Equity Funds | |
| Amount rounds to less than one thousand. |
E. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
F. Options — International Hedged Equity Fund purchased put and call options on securities to gain long or short exposure to the underlying instrument. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.
Options Purchased— Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
Options Written— Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund records a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.
Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.
The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.
The Fund's exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
G. Futures Contracts— Developed International Value Fund, Emerging Markets Research Enhanced Equity Fund, Europe Dynamic Fund and International Hedged Equity Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
Derivatives Volume
The table below discloses the volume of the Funds' options and futures contracts activity during the six months ended April 30, 2024 (amounts in thousands, except for number of contracts):
| Developed
International
Value Fund | Emerging
Markets
Research
Enhanced
Equity Fund | | International
Hedged
Equity Fund |
| | | | |
Average Notional Balance Long | | | | |
Ending Notional Balance Long | | | | |
| | | | |
Average Number of Contracts Purchased | | | | |
Average Number of Contracts Written | | | | |
Ending Number of Contracts Purchased | | | | |
Ending Number of Contracts Written | | | | |
The Funds' derivatives contracts held at April 30, 2024 are not accounted for as hedging instruments under GAAP.
H. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.
Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.
Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when the Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
I. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended April 30, 2024 are as follows:
| | | | | | | | | | |
Developed International Value Fund | | | | | | | | | | |
| | | | | | | | | | |
Emerging Markets Equity Fund | | | | | | | | | | |
| | | | | | | | | | |
| J.P. Morgan International Equity Funds | |
| | | | | | | | | | |
Emerging Markets Research Enhanced Equity Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
International Equity Fund | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | |
International Hedged Equity Fund | | | | | | | | | | |
| | | | | | | | | | |
|
| Amount rounds to less than one thousand. |
J. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 2024, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
K. Foreign Taxes—The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
L. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:
| |
Developed International Value Fund | |
Emerging Markets Equity Fund | |
Emerging Markets Research Enhanced Equity Fund | |
| |
International Equity Fund | |
| |
International Hedged Equity Fund | |
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the six months ended April 30, 2024, the effective annualized rate was 0.07% of each Fund's average daily net assets, except for International Focus Fund, which was 0.08%, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that the following Funds shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
| | | | |
Developed International Value Fund | | | | |
Emerging Markets Equity Fund | | | | |
| | | | |
International Equity Fund | | | | |
| | | | |
International Hedged Equity Fund | | | | |
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2024, JPMDS retained the following:
| | |
Developed International Value Fund | | |
Emerging Markets Equity Fund | | |
| | |
International Equity Fund | | |
| | |
International Hedged Equity Fund | | |
|
| Amount rounds to less than one thousand. |
D. Service Fees— The Trusts, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
| | | | | | | | |
Developed International Value Fund | | | | | | | | |
Emerging Markets Equity Fund | | | | | | | | |
Emerging Markets Research Enhanced Equity Fund | | | | | | | | |
| | | | | | | | |
International Equity Fund | | | | | | | | |
| | | | | | | | |
International Hedged Equity Fund | | | | | | | | |
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
| J.P. Morgan International Equity Funds | |
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:
| | | | | | | | |
Developed International Value Fund | | | | | | | | |
Emerging Markets Equity Fund | | | | | | | | |
Emerging Markets Research Enhanced Equity Fund | | | | | | | | |
| | | | | | | | |
International Equity Fund | | | | | | | | |
| | | | | | | | |
International Hedged Equity Fund | | | | | | | | |
The expense limitation agreements were in effect for the six months ended April 30, 2024 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2025.
For the six months ended April 30, 2024, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| | |
| | | | | Contractual
Reimbursements |
Developed International Value Fund | | | | | |
Emerging Markets Equity Fund | | | | | |
Emerging Markets Research Enhanced Equity Fund | | | | | |
| | | | | |
International Equity Fund | | | | | |
| | | | | |
International Hedged Equity Fund | | | | | |
|
| Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2024 were as follows:
| |
Developed International Value Fund | |
Emerging Markets Equity Fund | |
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
| |
Emerging Markets Research Enhanced Equity Fund | |
| |
International Equity Fund | |
| |
International Hedged Equity Fund | |
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended April 30, 2024, the amount of these reimbursements were as follows:
| |
Developed International Value Fund | |
Emerging Markets Equity Fund | |
Emerging Markets Research Enhanced Equity Fund | |
| |
International Equity Fund | |
| |
International Hedged Equity Fund | |
|
| Amount rounds to less than one thousand. |
G. Other— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
Developed International Value Fund | | |
Emerging Markets Equity Fund | | |
Emerging Markets Research Enhanced Equity Fund | | |
| | |
International Equity Fund | | |
| | |
International Hedged Equity Fund | | |
During the six months ended April 30, 2024, there were no purchases or sales of U.S. Government securities.
| J.P. Morgan International Equity Funds | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
Developed International Value Fund | | | | |
Emerging Markets Equity Fund | | | | |
Emerging Markets Research Enhanced Equity Fund | | | | |
| | | | |
International Equity Fund | | | | |
| | | | |
International Hedged Equity Fund | | | | |
At October 31, 2023, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
Developed International Value Fund | | |
Emerging Markets Equity Fund | | |
Emerging Markets Research Enhanced Equity Fund | | |
| | |
International Equity Fund | | |
| | |
International Hedged Equity Fund | | |
During the year ended October 31, 2023, the following Funds utilized capital loss carryforwards as follows:
| |
| | |
Developed International Value Fund | | |
| | |
International Equity Fund | | |
| | |
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II ("JPM II") and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2024. Average borrowings from the Facility during the six months ended April 30, 2024 were as follows:
| | | | |
Emerging Markets Equity Fund | | | | |
Emerging Markets Research Enhanced Equity Fund | | | | |
| | | | |
International Equity Fund | | | | |
| | | | |
International Hedged Equity Fund | | | | |
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2024.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended April 30, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of April 30, 2024, the Funds had individual shareholders and/or non-affiliated omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:
| Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts | | Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
Developed International Value Fund | | | | |
Emerging Markets Equity Fund | | | | |
Emerging Markets Research Enhanced Equity Fund | | | | |
| | | | |
International Equity Fund | | | | |
| | | | |
International Hedged Equity Fund | | | | |
| J.P. Morgan International Equity Funds | |
As of April 30, 2024, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:
| | JPMorgan
SmartRetirement
Funds | JPMorgan
SmartRetirement
Blend Funds |
Emerging Markets Research Enhanced Equity Fund | | | |
| | | |
International Equity Fund | | | |
| | | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of April 30, 2024, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:
| Developed
International
Value Fund | Emerging
Markets
Equity Fund | Emerging
Markets
Research
Enhanced
Equity Fund | | | | International
Hedged
Equity Fund |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
As of April 30, 2024, a significant portion of each Fund's investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.
The Funds invest in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Emerging Markets Equity Fund and Emerging Markets Research Enhanced Equity Fund each invests a substantial portion of their assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public
| J.P. Morgan International Equity Funds | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable.
Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty’s legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.
The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other global event to business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan International Equity Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2023, and continued to hold your shares at the end of the reporting period, April 30, 2024.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| Beginning
Account Value
November 1, 2023 | Ending
Account Value
April 30, 2024 | Expenses
Paid During
the Period* | |
JPMorgan Developed International Value Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
JPMorgan Emerging Markets Equity Fund | | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan International Equity Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During the Period* | |
JPMorgan Emerging Markets Equity Fund (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
JPMorgan Emerging Markets Research Enhanced Equity Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
JPMorgan Europe Dynamic Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
JPMorgan International Equity Fund | | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan International Equity Funds | |
| Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During the Period* | |
JPMorgan International Equity Fund (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
JPMorgan International Focus Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
JPMorgan International Hedged Equity Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| J.P. Morgan International Equity Funds | |
SCHEDULE OF SHAREHOLDER EXPENSES(Unaudited) (continued)
Hypothetical $1,000 Investment
| Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During the Period* | |
JPMorgan International Hedged Equity Fund (continued) | | | | |
| | | | |
| | | | |
| | | | |
|
| Expenses are equal to each Class’ respective annualized net expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
| J.P. Morgan International Equity Funds | |
LIQUIDITY RISK MANAGEMENT PROGRAM(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.1
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2024, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Adminis
trator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined or modified under the Program) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
1 Effective July 24, 2024, the J.P. Morgan Funds will implement the Tailored Shareholder Reports for Mutual Funds and Exchanged-Traded Funds Rule. This rule rescinds the currently-required statement regarding the operation and effectiveness of a fund’s Liquidity Risk Management Program from the shareholder report.
| J.P. Morgan International Equity Funds | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. April 2024.
SAN-INTEQ-424
Semi-Annual Report
J.P. Morgan Tax Aware Fund
April 30, 2024 (Unaudited)
JPMorgan Tax Aware Real Return Fund |
CONTENTS
Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund’s share price is lower than when you invested.
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 the Fund or the securities markets.
Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's 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 the Fund, including management fees and other expenses. Please read it carefully before investing.
Letter to ShareholdersJune 18, 2024 (Unaudited)
Dear Shareholder,
Global financial markets largely generated positive returns through the first half of this year, led by rising equity prices in the U.S. and many other developed markets. While the U.S. economy slowed during the six months through April 2024, growth remained positive amid strong consumer spending and business investment.
|
“The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation.” — Brian S. Shlissel
|
The U.S. Federal Reserve (the “Fed”) and other leading central banks held rates in check throughout the six months ended April 30, 2024, as inflationary pressures continued to recede, though not as rapidly as Fed policymakers had sought. However, the potential for interest rate reductions later this year has provided some optimism among financial markets.
Meanwhile, an extended period of real growth in wages and historically low unemployment helped drive U.S. consumer spending during the period even as interest rates remained at decade highs and household savings rates diminished.
Investment spending also proved to be resilient as corporate balance sheets largely remained healthy, federal government spending supported select industries and demand surged for artificial intelligence technologies.
The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation. While slower but positive growth may leave the U.S. economy vulnerable to unforeseen shocks from geo-political events, the broad outlook could continue to support financial markets into 2025. We believe that investors who remain patient and hold a properly diversified portfolio are likely to continue to benefit from current trends in financial markets and the broader economy.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
| J.P. Morgan Tax Aware Fund | |
JPMorgan Tax Aware Real Return Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index | |
Tax Aware Real Return Composite Benchmark ** | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE***
The JPMorgan Tax Aware Real Return Fund (the “Fund”) seeks to maximize after-tax inflation protected return.
HOW DID THE MARKET PERFORM?
Financial markets rallied through the first five months of the period as leading central banks responded to receding inflation by holding interest rates at extant levels. Equities outperformed bonds but both asset classes generated positive returns for the full six month period.
By the start of November 2024, the European Central Bank, the Bank of England and the U.S. Federal Reserve had each independently halted any further increases in interest rates. Further, each of the central banks stated that they might begin to cut interest rates sometime during 2024.
The news generally fueled investor expectations that central banks might successfully drive down inflation to target levels without pushing national and regional economies into economic recession. Meanwhile, quarterly corporate earnings largely remained better than expected, given the impact of steady but elevated interest rates. Energy prices declined during the period, though the ongoing wars in Ukraine and Israel threatened to impede energy transports.
As a result, investor demand for equities and bonds surged in late 2023 and through the first quarter of 2024. U.S. markets led the outperformance within global equities. The S&P 500 Index reached several new closing highs and reached 5,000 points for the first time in early February, then proceeded to cross 5,100 and 5,200 points in March 2024.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares generated a positive absolute return and outperformed the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (the “Benchmark”) and the Tax Aware Real Return Composite Benchmark for the six months ended April 30, 2024.
The Fund’s hedge against inflation, which was implemented through the use of swaps contracts, detracted from absolute performance as U.S. inflation levels fell during the period. The Bloomberg Inflation Swap 5-Year Zero Coupon Index returned 0.13% for the period.
Relative to the Benchmark, the Fund’s longer overall duration and its overweight allocations in bonds rated single-A and BBB were leading contributors to performance. The Fund’s inflation hedge also made a modest contribution to relative performance. Duration is a measure of the price sensitivity of a portfolio of bonds to changes in interest rates. Generally, bonds of longer duration will experience a smaller decrease in price relative to shorter duration bonds when interest rates rise.
The Fund’s overweight allocations to short duration, higher quality pre-refunded bonds was a leading detractor from performance relative to the Benchmark. The Fund’s shorter duration positions in the leasing and hospitals sectors also detracted from relative performance.
HOW WAS THE FUND POSITIONED?
Among the Fund’s tax-exempt fixed income investments, the Fund employed a bottom-up, security-selection-based investment approach and sought to take advantage of opportunities stemming from increased volatility, supply pressures and headline credit risk. The Fund maintained its bias to high quality debt securities, as the Fund’s portfolio managers preferred higher quality issuances. The Fund’s portfolio managers also maintained an inflation-overlay hedging strategy, using zero coupon inflation linked swaps (“inflation swaps”) to purchase protection against inflation along the yield curve. The yield curve shows the relationship between yields and maturity dates for a set of similar bonds at a given point in time.
During the period, the Fund’s portfolio managers increased the aggregate amount of hedged positions to 97% from 96% at the start of the period.
INVESTMENT APPROACH
The Fund uses inflation swaps in combination with tax-exempt municipal bonds to seek to replicate a portfolio of inflation protected securities. The Fund is designed to protect the total return generated by its tax-exempt fixed income holdings from inflation risk. The inflation swaps used by the Fund are based on cumulative percentage movements in the Consumer Price Index for All Urban Consumers (“CPI-U”). The inflation swaps are structured so that one counterparty agrees to pay the cumulative percentage change in the CPI-U over the duration of
| J.P. Morgan Tax Aware Fund | |
the swap. The other counterparty (the Fund) pays a compounded fixed rate (zero coupon inflation-swap rate), which is based on the “breakeven inflation rate,” calculated as the yield difference between a nominal U.S. Treasury security and a U.S. Treasury Inflation Protected Security of equal maturity.
The Fund’s portfolio managers aim to protect the portfolio from inflation risk across maturities. Therefore, the yield curve positioning of the underlying bonds is used as the general basis for the Fund’s inflation swap positioning. The Fund’s portfolio managers believe that matching the duration of the inflation protection to the duration of the underlying bonds is the most effective and efficient way to protect the portfolio from both actual realized inflation as well as the loss of value that results from an increase in inflation expectations. Duration measures the price sensitivity of a bond or a portfolio of bonds to relative changes in interest rates. However, the inflation protection is actively managed, and the Fund’s portfolio managers may elect to deviate from the curve positioning of the underlying bonds as a result of opportunities that may result from macroeconomic or technical factors.
PORTFOLIO COMPOSITION
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The Fund’s Composite Benchmark is determined by adding the return of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index (formerly known as Bloomberg Barclays U.S. 1-15 Year Blend (1-17) Municipal Bond Index) and the Bloomberg Inflation Swap 5 Year Zero Coupon Index (formerly known as
Bloomberg Barclays Inflation Swap 5 Year Zero Coupon Index).
***
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
| J.P. Morgan Tax Aware Fund | |
JPMorgan Tax Aware Real Return Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
| | | | | |
| | | After Taxes
on
Distributions* | After Taxes
on
Distributions
and Sale of
Fund Shares* | | After Taxes
on
Distributions | After Taxes
on
Distributions
and Sale of
Fund Shares | | After Taxes
on
Distributions | After Taxes
on
Distributions
and Sale of
Fund Shares | | After Taxes
on
Distributions | After Taxes
on
Distributions
and Sale of
Fund Shares |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
|
| |
| Sales Charge for Class A Shares is 3.75%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (4/30/14 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Tax Aware Real Return Fund, the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark from April 30, 2014 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Tax Aware Real Return Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable.
The Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index represents the performance of municipal bonds with maturities from 1 to 17 years. The Tax Aware Real Return Composite Benchmark is determined by adding the return of the Bloomberg U.S. 1-15 Year Blend (1-17) Municipal Bond Index and the Bloomberg Inflation Swap 5 Year Zero Coupon Index. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
For some investors, income from municipal bonds may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.
The Tax Aware strategy seeks to minimize shareholders’ tax liability in connection with the Fund’s distribution of realized capital gains. There can be no guarantee the strategy will minimize or eliminate such tax liability.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods since the applicable inception date. Without these waivers and reimbursements, performance would have been lower.
Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares, with the exception of returns noted above as returns after taxes.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
| J.P. Morgan Tax Aware Fund | |
JPMorgan Tax Aware Real Return Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
Municipal Bonds — 91.8% (a) |
|
Black Belt Energy Gas District, Gas Project Series 2022C-1, Rev., 5.25%, 12/1/2028 | | |
| | |
| | |
| | |
Southeast Energy Authority A Cooperative District, Project No. 3 Series 2022A-1, Rev., 5.50%, 12/1/2029 (b) | | |
| | |
|
Borough of Matanuska-Susitna, Goose Creek Correctional Center Project Rev., 5.00%, 9/1/2024 | | |
|
Arizona Board of Regents Series 2024, Rev., 5.00%, 8/1/2043 (c) | | |
Arizona Industrial Development Authority, Academic of Math and Science Projects | | |
Rev., 5.00%, 7/1/2038 (d) | | |
Rev., 5.25%, 7/1/2043 (d) | | |
Arizona Industrial Development Authority, Doral Academy of Northern Nevada Project Series 2021A, Rev., 4.00%, 7/15/2036 (d) | | |
City of Phoenix Civic Improvement Corp., Senior Lien Rev., AMT, 5.00%, 7/1/2030 | | |
Industrial Development Authority of the County of Pima (The), La Posada at Pusch Ridge Project Series 2022B-3, Rev., 5.13%, 11/15/2029 (d) | | |
Maricopa County Industrial Development Authority, Valley Christian School Project Series 2023A, Rev., 6.25%, 7/1/2053 (d) | | |
Maricopa County Unified School District No. 60 Higley | | |
COP, AGM, 5.00%, 6/1/2037 | | |
COP, AGM, 5.00%, 6/1/2038 | | |
Maricopa County Unified School District No. 69 Paradise Valley Series 2022D, GO, 5.00%, 7/1/2035 | | |
Pima County Unified School District No. 1 Tucson, Project Of 2023 Series 2024 A, GO, AGM, 5.00%, 7/1/2040 | | |
Pinal County Electric District No. 3 Rev., 4.00%, 7/1/2034 | | |
Salt Verde Financial Corp. Series 2007-1, Rev., 5.00%, 12/1/2032 | | |
| | |
| | |
|
|
City of Fort Smith, Water and Sewer Rev., 5.00%, 10/1/2027 | | |
County of Pulaski, Arkansas Children's Hospital Rev., 5.00%, 3/1/2037 | | |
| | |
|
California Community Choice Financing Authority, Clean Energy Project Series 2021B-1, Rev., 4.00%, 8/1/2031 (b) | | |
California Infrastructure and Economic Development Bank, Brightline West Passenger Rail Project Series 2020A, Rev., AMT, 3.95%, 1/30/2025 (b) (d) | | |
California Pollution Control Financing Authority, Poseidon Resources Channelside LP Desalination Project Rev., AMT, 5.00%, 7/1/2036 (d) | | |
California Statewide Communities Development Authority Series 2009 C-2, Rev., 5.00%, 11/1/2029 (b) | | |
CSCDA Community Improvement Authority, Essential Housing, Orange Portfolio Series 2021A-1, Rev., 2.80%, 3/1/2047 (d) | | |
CSCDA Community Improvement Authority, Essential Housing, Pasadena Portfolio Series 2021A-1, Rev., 2.65%, 12/1/2046 (d) | | |
CSCDA Community Improvement Authority, Essential Housing, Senior Lien Series 2021A-1, Rev., 2.45%, 2/1/2047 (d) | | |
Golden State Tobacco Securitization Corp., Tobacco Settlement Asset-Backed Bonds Series 2015A, Rev., 5.00%, 6/1/2025 (e) | | |
Lompoc Valley Medical Center GO, 5.00%, 8/1/2024 | | |
Los Angeles Community College District, Election of 2008 Series G, GO, 4.00%, 8/1/2024 (e) | | |
Los Angeles Unified School District Series 2024A, GO, 5.00%, 7/1/2034 | | |
Ontario Public Financing Authority Series 2022A, Rev., AGM, 5.00%, 11/1/2030 | | |
Sacramento Municipal Utility District Financing Authority, Cosumnes Project Rev., 5.00%, 7/1/2028 | | |
Southern California Public Power Authority Series 2024-1, Rev., 5.00%, 7/1/2044 (c) | | |
Vista Unified School District Series 2022B, GO, 5.00%, 8/1/2033 | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
JPMorgan Tax Aware Real Return Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Municipal Bonds — continued |
|
Arapahoe County School District No. 5 Cherry Creek GO, 5.00%, 12/15/2037 | | |
Boulder Valley School District No. Re-2 Boulder GO, 4.13%, 12/1/2046 | | |
City and County of Denver, Airport System | | |
Series 2022D, Rev., AMT, 5.50%, 11/15/2032 | | |
Series 2022A, Rev., AMT, 5.50%, 11/15/2042 | | |
Denver Health and Hospital Authority Series 2019A, Rev., 4.00%, 12/1/2037 | | |
Dominion Water and Sanitation District Rev., 5.25%, 12/1/2032 | | |
Jefferson County School District R-1 GO, 5.00%, 12/15/2035 | | |
Reunion Metropolitan District Series 2021A, Rev., 3.63%, 12/1/2044 | | |
Third Creek Metropolitan District No. 1, Limited Tax Series 2022A-1, GO, 4.50%, 12/1/2037 | | |
| | |
|
City of Norwalk GO, 4.25%, 8/15/2048 | | |
Stamford Housing Authority, The Dogwoods Project Rev., BAN, 11.00%, 12/1/2027 (d) | | |
State of Connecticut, Special Tax Transportation Infrastructure Purposes | | |
Series 2022A, Rev., 5.00%, 7/1/2031 | | |
Series 2022B, Rev., 5.00%, 7/1/2031 | | |
| | |
District of Columbia — 0.0% ^ |
Metropolitan Washington Airports Authority Dulles Toll Road Series 2019A, Rev., 5.00%, 10/1/2036 | | |
|
Capital Trust Agency, Inc., Legends Academy Project Series 2021A, Rev., 5.00%, 12/1/2045 (d) | | |
City of Melbourne Water and Sewer Series 2023, Rev., 5.00%, 11/15/2039 | | |
Florida Development Finance Corp., Brightline Florida Passenger Rail Project Series 2024, Rev., AMT, 5.50%, 7/1/2053 (c) | | |
Florida Development Finance Corp., Educational Facilities, River City Science Academy Projects Series 2022B, Rev., 5.00%, 7/1/2031 | | |
Florida Development Finance Corp., Idea Florida, Inc., Jacksonville IV Project Rev., 5.25%, 6/15/2029 (d) | | |
JEA Electric System Series 2017 B, Rev., 5.00%, 10/1/2031 | | |
| | |
|
|
Lee County Industrial Development Authority, Cypress Cove at Healthpeak Florida, Inc., Project Series 2022B2, Rev., 3.25%, 10/1/2026 | | |
Lee County School Board (The) Series 2023A, COP, 5.00%, 8/1/2042 | | |
Palm Beach County School District COP, 5.00%, 8/1/2036 | | |
| | |
|
Brookhaven Urban Redevelopment Agency Series 2023A, Rev., 5.00%, 7/1/2040 | | |
| | |
Series 2021C, Rev., AMT, 5.00%, 7/1/2029 | | |
Series 2021B, Rev., 4.00%, 7/1/2040 | | |
Development Authority of Burke County (The) Series 2013-1, Rev., 3.38%, 3/12/2027 (b) | | |
Development Authority of Monroe County (The), Georgia Power Co. Plant Scherer Project Series 2009-2, Rev., 3.88%, 3/6/2026 (b) | | |
Georgia Ports Authority Rev., 4.00%, 7/1/2052 | | |
Lee County School District GO, 5.00%, 2/1/2030 | | |
Main Street Natural Gas, Inc., Gas Supply | | |
Series 2023B, Rev., 5.00%, 3/1/2030 (b) | | |
Series 2023A, Rev., 5.00%, 6/1/2030 (b) | | |
Series 2023E, Subseries E-1, Rev., 5.00%, 6/1/2031 (b) | | |
Rome Building Authority, Rome City School Project | | |
Series 2023, Rev., 5.00%, 3/1/2037 | | |
Series 2023, Rev., 5.00%, 3/1/2038 | | |
Series 2023, Rev., 5.00%, 3/1/2039 | | |
| | |
|
Chicago Midway International Airport, Senior Lien Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | | |
Chicago O'Hare International Airport, Senior Lien Series 2023A, Rev., AMT, 5.00%, 1/1/2033 | | |
City of Chicago, Second Lien Waterworks Project Rev., 5.00%, 11/1/2029 | | |
Cook County Community Consolidated School District No. 15 Palatine GO, 5.00%, 12/1/2038 | | |
Illinois Finance Authority, Depaul College Prep Project Series 2023A, Rev., 4.50%, 8/1/2033 (d) | | |
Illinois Finance Authority, Plymouth Place, Inc. Series 2022B-1, Rev., 6.00%, 5/25/2024 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
| | |
Municipal Bonds — continued |
|
Illinois Finance Authority, Smith Crossing | | |
| | |
| | |
Illinois Housing Development Authority Series 2024 A, Rev., GNMA / FNMA/ FHLMC, 6.00%, 10/1/2054 | | |
Illinois State Toll Highway Authority Series 2023A, Rev., 5.00%, 1/1/2042 | | |
Regional Transportation Authority Series 2002A, Rev., NATL -RE, 6.00%, 7/1/2024 | | |
| | |
Series 2017D, GO, 5.00%, 11/1/2025 | | |
Series 2022A, GO, 5.00%, 3/1/2033 | | |
| | |
|
City of Valparaiso Rev., 5.38%, 12/1/2041 (d) | | |
Fort Wayne Community School Building Corp., Fort Wayne Community Schools Rev., 5.00%, 7/15/2038 | | |
Fort Wayne Redevelopment Authority Lease Rental, Harrison Square Project Rev., 5.00%, 2/1/2026 | | |
Greater Clark County School Building Corp. Series 2024A, Rev., 5.00%, 7/15/2026 | | |
Indiana Finance Authority, CHF- Tippecanoe LLC- Student Housing Project Series 2023A, Rev., 5.00%, 6/1/2043 | | |
Indiana Finance Authority, DePauw University | | |
Series 2022A, Rev., 5.00%, 7/1/2029 | | |
Series 2022A, Rev., 5.00%, 7/1/2030 | | |
Series 2022A, Rev., 5.00%, 7/1/2031 | | |
Series 2022A, Rev., 5.00%, 7/1/2032 | | |
Indiana Housing and Community Development Authority, Vita of New Whiteland Project Rev., 6.75%, 1/1/2043 | | |
Indianapolis Local Public Improvement Bond Bank, Stormwater Project Series 2013D, Rev., 5.00%, 1/1/2026 | | |
| | |
|
City of Topeka, Kansas Health Care Facilities Series 2022B, Rev., 5.13%, 12/1/2026 | | |
City of Wichita Series 2016B, Rev., 4.00%, 10/1/2026 | | |
| | |
| | |
|
|
County of Boone, Duke Energy Kentucky, Inc. Series 2008A, Rev., 3.70%, 8/1/2027 | | |
County of Knott, Solid Waste Water Project Series 2024, Rev., AMT, 4.00%, 4/1/2025 (b) (d) | | |
| | |
|
Louisiana Public Facilities Authority, School Master Project Series 2021A, Rev., 4.00%, 6/1/2031 (d) | | |
Parish of St. John the Baptist, Marathon Oil Corp., Project Series 2017A-1, Rev., 4.05%, 7/1/2026 (b) | | |
State of Louisiana Gasoline and Fuels Tax Series A, Rev., 4.50%, 5/1/2025 (e) | | |
State of Louisiana Gasoline and Fuels Tax, Second Lien Series 2023 A-2, Rev., VRDO, LOC : TD Bank NA, 3.10%, 5/1/2024 (b) | | |
| | |
|
Maine Health and Higher Educational Facilities Authority Series 2023A, Rev., AGM, 5.00%, 7/1/2026 | | |
Maine Municipal Bond Bank Series 2022A, Rev., 5.00%, 11/1/2033 | | |
| | |
|
County of Howard Series 2021A, GO, 5.00%, 8/15/2024 | | |
County of Montgomery Series 2022A, GO, 5.00%, 8/1/2026 | | |
State of Maryland Series 2021-A, GO, 4.00%, 8/1/2036 | | |
| | |
|
Commonwealth of Massachusetts | | |
Series 2018B, GO, 5.00%, 1/1/2030 | | |
Series 2024A, GO, 5.00%, 1/1/2041 | | |
Series 2022 E, GO, 5.00%, 11/1/2049 | | |
Commonwealth of Massachusetts Transportation Fund Series 2015 A, Rev., 5.00%, 6/1/2028 | | |
Massachusetts Clean Water Trust (The) | | |
Series 2023, Rev., 5.00%, 2/1/2037 | | |
Series 25B, Rev., 5.00%, 2/1/2037 | | |
Series 2023, Rev., 5.00%, 2/1/2038 | | |
Series 25B, Rev., 5.00%, 2/1/2038 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
JPMorgan Tax Aware Real Return Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Municipal Bonds — continued |
Massachusetts — continued |
Series 25B, Rev., 5.00%, 2/1/2039 | | |
Massachusetts Development Finance Agency, Boston Medical Center Issue | | |
Series 2023G, Rev., 5.25%, 7/1/2048 | | |
Series 2023G, Rev., 4.38%, 7/1/2052 | | |
Massachusetts Development Finance Agency, Salem Community Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
City of Detroit, Unlimited Tax Series 2021A, GO, 5.00%, 4/1/2037 | | |
Eastern Michigan University, Board of Regents Series 2017A, Rev., 5.00%, 3/1/2033 | | |
Michigan Strategic Fund, Graphic Packaging International, LLC Coated Recycled Board Machine Project Rev., AMT, 4.00%, 10/1/2026 (b) | | |
| | |
|
Chisholm Independent School District No. 695 Series 2023A, GO, Zero Coupon, 2/1/2039 | | |
County of Hennepin Series 2018 A, GO, 5.00%, 12/1/2029 | | |
Metropolitan Council, Minneapolis St. Paul Metropolitan Area Series 2023C, GO, 4.00%, 3/1/2042 | | |
Minnesota Higher Education Facilities Authority, University of St. Thomas | | |
Series 2022A, Rev., 5.00%, 10/1/2025 | | |
Series 2022A, Rev., 5.00%, 10/1/2027 | | |
Series 2022A, Rev., 5.00%, 10/1/2028 | | |
Series 2022B, Rev., 5.00%, 10/1/2028 | | |
Series 2022A, Rev., 5.00%, 10/1/2029 | | |
Series 2022A, Rev., 5.00%, 10/1/2030 | | |
Series 2022A, Rev., 5.00%, 10/1/2031 | | |
| | |
|
|
Series 2022A, Rev., 5.00%, 10/1/2032 | | |
Minnesota Municipal Gas Agency Series Subseries,2022A, Rev., LIQ : Royal Bank of Canada, 4.00%, 12/1/2027 | | |
| | |
|
Missouri Housing Development Commission, Single Family, First Place Homeownership Loan Program Series 2024 A, Rev., GNMA / FNMA/ FHLMC, 5.75%, 5/1/2055 | | |
Missouri State Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Series 2015 B, Rev., 5.00%, 7/1/2026 | | |
| | |
|
Nebraska Public Power District Series C, Rev., 5.00%, 1/1/2029 | | |
|
County of Clark, Nevada Improvement District No. 158 5.00%, 8/1/2034 | | |
State of Nevada Series 2015B, GO, 5.00%, 11/1/2026 | | |
| | |
|
New Hampshire Health and Education Facilities Authority Act, Trustees of Dartmouth College Series 2007B, Rev., VRDO, LIQ : Bank of New York Mellon (The), 3.10%, 5/1/2024 (b) | | |
|
Camden County Improvement Authority (The) | | |
Rev., GTD, 5.00%, 1/15/2037 | | |
| | |
Camden County Improvement Authority (The), Camden Prep High School Project | | |
Rev., 4.00%, 7/15/2027 (d) | | |
Rev., 5.00%, 7/15/2032 (d) | | |
Rev., 5.00%, 7/15/2042 (d) | | |
New Jersey Economic Development Authority, Department of the Treasury Series 2014PP, Rev., 5.00%, 6/15/2024 (e) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
| | |
Municipal Bonds — continued |
|
New Jersey Economic Development Authority, School Facilities Construction Series 2023RRR, Rev., 5.00%, 3/1/2026 | | |
New Jersey Transportation Trust Fund Authority, Transportation Program Series 2020AA, Rev., 4.00%, 6/15/2045 | | |
| | |
|
Albuquerque Municipal School District No. 12, School Building Series 2023A, GO, 5.00%, 8/1/2024 | | |
Loving Municipal School District No. 10 | | |
| | |
| | |
| | |
| | |
| | |
| | |
State of New Mexico GO, 5.00%, 3/1/2031 | | |
| | |
|
Build NYC Resource Corp., Kipp NYC Public School Facilities - Canal West Project | | |
| | |
| | |
City of New York, Fiscal Year 2014 Series 2014D-4, GO, VRDO, LOC : TD Bank NA, 3.10%, 5/1/2024 (b) | | |
City of New York, Fiscal Year 2021 | | |
Series 2021F Subseries F-1, GO, 5.00%, 3/1/2036 | | |
Series 2021F, Subseries F-1, GO, 5.00%, 3/1/2037 | | |
City of New York, Fiscal Year 2024 Series 2024D, GO, 5.00%, 4/1/2036 | | |
City of Oneida GO, BAN, 4.50%, 3/28/2025 | | |
Hudson Yards Infrastructure Corp., Second Indenture Series 2017 A, Rev., 5.00%, 2/15/2031 | | |
Metropolitan Transportation Authority Series C-1, Rev., 5.25%, 11/15/2028 | | |
Monroe County Water Authority Rev., 4.00%, 3/1/2050 | | |
New York City Municipal Water Finance Authority Series 2024, Subseries BB-2, Rev., 5.25%, 6/15/2047 | | |
| | |
|
|
New York City Municipal Water Finance Authority, Water and Sewer System, Second General Resolution | | |
Series BB 1A, Rev., VRDO, LIQ : State Street Bank & Trust Co., 3.00%, 5/1/2024 (b) | | |
Series 2009BB-2, Rev., VRDO, LIQ : UBS AG, 3.10%, 5/1/2024 (b) | | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2020 Series 2020B-1, Rev., 5.00%, 11/1/2025 | | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2022 Series 2022B, Subseries B-1, Rev., 4.00%, 8/1/2038 | | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2023 Series 2023D, SubseriesD-1, Rev., 5.00%, 11/1/2046 | | |
New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2024 | | |
Series 2024C, Rev., 5.25%, 5/1/2050 | | |
Series 2024F, Subseries F-1, Rev., 5.25%, 2/1/2053 | | |
Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 | | |
New York City Transitional Finance Authority, Future Tax Secured, Tax-Exempt, Fiscal Year 2022 Series 2022F, SubseriesF-1, Rev., 5.00%, 2/1/2036 | | |
New York Convention Center Development Corp., Subordinate Lien, Hotel Unit Fee Secured Series B, Rev., AGM-CR, Zero Coupon, 11/15/2049 | | |
New York Liberty Development Corp., Secured by Port Authority Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | | |
New York Liberty Development Corp., World Trade Centre Series 1WTC-2021, Rev., 2.25%, 2/15/2041 | | |
New York Power Authority Series 2020A, Rev., 4.00%, 11/15/2045 | | |
New York State Dormitory Authority Series 2024A, Rev., 5.50%, 7/1/2054 | | |
New York State Dormitory Authority, Personal Income Tax Series 2017A, Rev., 4.00%, 2/15/2034 | | |
New York State Dormitory Authority, Sales Tax Series A, Rev., 5.00%, 6/14/2024 | | |
New York State Dormitory Authority, State Personal Income Tax, General Purpose | | |
Series 2021 E, Rev., 4.00%, 3/15/2042 | | |
Series 2020A, Rev., 4.00%, 3/15/2047 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
JPMorgan Tax Aware Real Return Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Municipal Bonds — continued |
|
New York State Environmental Facilities Corp. | | |
Series 2022B, Rev., 5.00%, 9/15/2031 | | |
Series 2022B, Rev., 5.00%, 9/15/2032 | | |
Series 2022B, Rev., 5.00%, 9/15/2033 | | |
Series 2022B, Rev., 5.00%, 9/15/2034 | | |
Series 2022B, Rev., 5.00%, 9/15/2035 | | |
Series 2022B, Rev., 5.00%, 9/15/2036 | | |
Series 2022B, Rev., 5.00%, 9/15/2037 | | |
New York Transportation Development Corp., Delta Air Lines, Inc., LaGuardia Airport Terminals C&D Redevelopment Project | | |
Rev., AMT, 5.00%, 1/1/2028 | | |
Series 2018, Rev., AMT, 5.00%, 1/1/2031 | | |
Series 2023, Rev., AMT, 6.00%, 4/1/2035 | | |
New York Transportation Development Corp., JFK International Airport New Terminal One Project Series 2023, Rev., AMT, AGM, 5.00%, 6/30/2049 | | |
Sales Tax Asset Receivable Corp., Fiscal Year 2015 Series 2015A, Rev., 5.00%, 10/15/2024 (e) | | |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc. Project Series 2021C-EFRB, Rev., 3.20%, 7/1/2028 (d) | | |
Westchester County Local Development Corp., Purchase Senior Learning Community, Inc., Project Series 2021A, Rev., 5.00%, 7/1/2041 (d) | | |
| | |
|
City of Charlotte Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | | |
City of Wilson Series 2024, Rev., 5.00%, 10/1/2038 | | |
| | |
| | |
| | |
County of Durham Series 2023A, Rev., 5.00%, 6/1/2026 | | |
County of Wake GO, 5.00%, 4/1/2028 | | |
North Carolina Turnpike Authority, Triangle Expressway System, Senior Lien Rev., AGM, 5.00%, 1/1/2029 | | |
Water and Sewer Authority of Cabarrus County Rev., 4.00%, 6/1/2049 | | |
| | |
|
North Dakota Building Authority Series 2020A, Rev., 5.00%, 12/1/2035 | | |
| | |
|
|
Akron Bath Copley Joint Township Hospital District, Children's Hospital Medical Center of Akron Series 2022A, Rev., 5.00%, 11/15/2029 | | |
Butler County Port Authority, Community First Solutions | | |
Series 2021A, Rev., 4.00%, 5/15/2038 | | |
Series 2021A, Rev., 4.00%, 5/15/2039 | | |
Series 2021A, Rev., 4.00%, 5/15/2040 | | |
Series 2021A, Rev., 4.00%, 5/15/2041 | | |
Jefferson County Port Authority, JSW Steel USA Ohio, Inc., Project Rev., 5.00%, 12/1/2028 (b) (d) | | |
Ohio Higher Educational Facility Commission, Capital University 2022 Project Rev., 5.00%, 9/1/2030 | | |
Ohio Higher Educational Facility Commission, Cleveland Clinic Health System Series 2008-B4, Rev., VRDO, LIQ : Barclays Bank plc, 3.20%, 5/1/2024 (b) | | |
Ohio Water Development Authority Series 2021A, Rev., 5.00%, 12/1/2039 | | |
Ohio Water Development Authority Water Pollution Control Loan Fund | | |
Series 2021A, Rev., 4.00%, 12/1/2041 | | |
Series 2024A, Rev., 5.00%, 12/1/2043 (c) | | |
Ohio Water Development Authority, Water Pollution Control Loan Fund Series 2023B, Rev., 5.00%, 12/1/2038 | | |
State of Ohio Series Y, GO, 5.00%, 5/1/2038 | | |
| | |
|
Oklahoma Turnpike Authority, Turnpike System, Second Senior Series 2017A, Rev., 5.00%, 1/1/2038 | | |
Oklahoma Water Resources Board Series 2023 C, Rev., 5.00%, 10/1/2037 | | |
| | |
|
City of Portland, Second Lien Sewer System Series 2014B, Rev., 4.00%, 10/1/2036 | | |
Hillsboro School District No. 1J GO, 4.00%, 6/15/2035 | | |
Hospital Facilities Authority of Multnomah County Oregon, Terwilliger Plaza, Inc. Series 2021B1, Rev., 1.20%, 6/1/2028 | | |
Oregon State Facilities Authority, Peacehealth Series 2018A, Rev., VRDO, LOC : US Bank NA, 3.25%, 5/1/2024 (b) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
| | |
Municipal Bonds — continued |
|
Washington & Multnomah Counties School District No. 48J Beaverton Series B, GO, 5.00%, 6/15/2025 | | |
Yamhill County Hospital Authority, Friendsview Manor Series 2021A, Rev., 5.00%, 11/15/2056 | | |
| | |
|
Allegheny County Airport Authority, Pittsburgh International Airport Series 2023A, Rev., AMT, AGM, 5.50%, 1/1/2043 | | |
Bucks County Water and Sewer Authority Series 2022A, Rev., AGM, 5.00%, 12/1/2039 | | |
Commonwealth Financing Authority, Tobacco Master Settlement Payment | | |
| | |
| | |
| | |
| | |
| | |
Health Care Facilities Authority of Sayre, Guthrie Clinic (The) Rev., (3-MONTH SOFR + 1.04%), 4.53%, 6/1/2024 (f) | | |
Montgomery County Higher Education and Health Authority, Thomas Jefferson University Series 2018A, Rev., 4.00%, 9/1/2043 | | |
Northampton County General Purpose Authority Series 2024 B, Rev., VRDO, LOC : TD Bank NA, 3.10%, 5/1/2024 (b) | | |
Pennsylvania Economic Development Financing Authority, Junior Guaranteed, Capitol Region Parking System Series 2024 B, Rev., GTD, 4.25%, 1/1/2050 | | |
Pennsylvania Economic Development Financing Authority, The Penndot Major Bridges Rev., AMT, AGM, 5.00%, 12/31/2057 | | |
Pennsylvania Turnpike Commission Series 2016A-3, Rev., 5.00%, 12/1/2027 | | |
Philadelphia Authority for Industrial Development, Holy Family University Rev., 5.00%, 9/1/2029 | | |
| | |
|
Puerto Rico Sales Tax Financing Corp. Sales Tax Series A-1, Rev., 4.75%, 7/1/2053 | | |
| | |
|
|
Rhode Island Health and Educational Building Corp., Lifespan Obligated Group | | |
| | |
| | |
| | |
|
County of Oconee Series 2023, GO, 5.00%, 4/1/2035 | | |
Horry County School District Series 2015A, GO, SCSDE, 4.00%, 3/1/2028 | | |
| | |
|
City of Clarksville Series 2021A, Rev., 4.00%, 2/1/2051 | | |
City of Murfreesboro GO, 5.00%, 6/1/2029 | | |
County of Sumner Series 2021, GO, 5.00%, 6/1/2025 | | |
Knox County Health Educational and Housing Facility Board, University of Tennessee Project Series 2024A-1, Rev., 5.50%, 7/1/2054 | | |
Metropolitan Government Nashville and Davidson County Health and Educational Facilities Board, Blakeford at Green Hills Series 2020A, Rev., 4.00%, 11/1/2038 | | |
Metropolitan Government of Nashville and Davidson County Series 2024 A, Rev., 5.00%, 5/15/2037 | | |
Metropolitan Nashville Airport Authority (The) | | |
Series 2022B, Rev., AMT, 5.50%, 7/1/2038 | | |
Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | | |
Tennergy Corp., Gas Supply Series 2021 A, Rev., 4.00%, 9/1/2028 (b) | | |
Tennessee Energy Acquisition Corp., Gas Project Series 2023A-1, Rev., 5.00%, 5/1/2028 (b) | | |
| | |
|
Aledo Independent School District, Unlimited Tax | | |
GO, PSF-GTD, 5.00%, 2/15/2042 | | |
GO, PSF-GTD, 5.00%, 2/15/2043 | | |
GO, PSF-GTD, 5.00%, 2/15/2048 | | |
Allen Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2026 (e) | | |
Bryan Independent School District GO, PSF-GTD, 4.00%, 2/15/2032 | | |
City of Austin, Airport System Rev., AMT, 5.00%, 11/15/2034 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
JPMorgan Tax Aware Real Return Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Municipal Bonds — continued |
|
City of Houston, Combined Utility System, Junior Lien Series 2002A, Rev., AGM, 5.75%, 12/1/2032 (e) | | |
City of Mesquite, Waterworks and Sewer System | | |
| | |
| | |
City of Round Rock GO, 5.00%, 8/15/2027 (c) | | |
County of El Paso GO, 5.00%, 2/15/2032 | | |
County of Tarrant GO, 5.00%, 7/15/2033 | | |
Crandall Independent School District, Unlimited Tax | | |
GO, PSF-GTD, 4.25%, 2/1/2053 | | |
GO, PSF-GTD, 5.25%, 2/1/2053 | | |
Irving Independent School District | | |
Series 2023, GO, PSF-GTD, 5.00%, 2/15/2037 | | |
Series 2023, GO, PSF-GTD, 5.00%, 2/15/2039 | | |
McKinney Independent School District GO, PSF-GTD, 5.00%, 2/15/2033 | | |
New Hope Cultural Education Facilities Finance Corp., Morningside Ministries Project Rev., 4.00%, 1/1/2037 | | |
Newark Higher Education Finance Corp., The Hughen Center, Inc. | | |
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2037 | | |
Series 2022A, Rev., PSF-GTD, 5.00%, 8/15/2042 | | |
North Texas Tollway Authority, First Tier Series 2023 A, Rev., 5.00%, 1/1/2026 | | |
North Texas Tollway Authority, North Texas Tollway System Series A, Rev., 5.00%, 1/1/2035 | | |
North Texas Tollway Authority, Second Tier Series B, Rev., 5.00%, 1/1/2030 | | |
Northwest Independent School District, Unlimited Tax GO, PSF-GTD, 5.00%, 2/15/2044 | | |
Pearland Independent School District Series 2017, GO, PSF-GTD, 5.00%, 2/15/2026 | | |
Plano Independent School District, Unlimited Tax GO, 5.00%, 2/15/2041 | | |
Taylor Independent School District GO, PSF-GTD, 5.00%, 2/15/2026 (e) | | |
Texas Water Development Board Series 2018B, Rev., 5.00%, 10/15/2029 | | |
Trinity River Authority, Walker-Calloway System | | |
| | |
| | |
| | |
| | |
| | |
|
|
City of Salt Lake City Series 2018A, Rev., AMT, 5.00%, 7/1/2029 | | |
Utah Charter School Finance Authority, Wallace Stegner Academy Series 2022A, Rev., 5.63%, 6/15/2042 (d) | | |
| | |
|
Henrico County Economic Development Authority, Westminster-Canterbury Corp. Rev., 4.00%, 10/1/2040 | | |
Virginia Public Building Authority Series 2015A, Rev., 4.00%, 8/1/2031 | | |
Virginia Public School Authority, Prince William County Series 2023, Rev., 4.25%, 10/1/2039 | | |
| | |
|
King County School District No. 403 Renton, Unlimited Tax GO, 4.00%, 12/1/2039 | | |
Port of Seattle, Intermediate Lien | | |
Series B, Rev., 5.00%, 3/1/2033 | | |
Series B, Rev., 5.00%, 3/1/2034 | | |
State of Washington Series R-2022A, GO, 4.00%, 2/1/2036 | | |
State of Washington Motor Vehicle Fuel Tax Series 2024 B, GO, 5.00%, 6/1/2045 | | |
State of Washington, Various Purpose | | |
Series 2023C, GO, 5.00%, 6/1/2041 | | |
Series 2022C, GO, 5.00%, 2/1/2042 | | |
Washington State Housing Finance Commission, Bitter Lake Village Associates 1 LP Rev., VRDO, LOC : FNMA, 3.80%, 5/9/2024 (b) | | |
Washington State Housing Finance Commission, Rockwood Retirement Communities Project Series 2020A, Rev., 5.00%, 1/1/2041 (d) | | |
| | |
|
Public Finance Authority, Ascend Leadership Academy Project Series 2021A, Rev., 5.00%, 6/15/2041 (d) | | |
Public Finance Authority, Carmelite System, Inc. (The) Rev., 3.25%, 1/1/2029 | | |
Public Finance Authority, Coral Academy of Science Las Vegas Series 2021A, Rev., 4.00%, 7/1/2030 | | |
Public Finance Authority, Eastern Michigan University Student Housing Project Series 2022A-1, Rev., 5.25%, 7/1/2033 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
| | |
Municipal Bonds — continued |
|
Public Finance Authority, The Franklin School of Innovation Rev., 5.00%, 1/1/2042 (d) | | |
Public Finance Authority, Triad Educational Services, Inc. Rev., 5.00%, 6/15/2032 | | |
Public Finance Authority, Triad Math and Science Academy Co. | | |
Series 2021A, Rev., 4.00%, 6/15/2024 | | |
Series 2021A, Rev., 4.00%, 6/15/2026 | | |
Series 2021A, Rev., 4.00%, 6/15/2028 | | |
Public Finance Authority, Viticus Group Project | | |
Series 2022A, Rev., 4.00%, 12/1/2031 (d) | | |
Series 2022A, Rev., 4.00%, 12/1/2041 (d) | | |
State of Wisconsin Series 2021A, GO, 5.00%, 5/1/2036 | | |
University of Wisconsin Hospitals and Clinics Series 2018 C, Rev., VRDO, LIQ : BMO Harris Bank NA, 3.20%, 5/1/2024 (b) | | |
Wisconsin Department of Transportation Series 2017-1, Rev., 5.00%, 7/1/2025 | | |
Wisconsin Health and Educational Facilities Authority, Marquette University Rev., 5.00%, 10/1/2032 | | |
Wisconsin Health and Educational Facilities Authority, Medical College of Wisconsin, Inc., (The) Series 2008B, Rev., VRDO, LOC : TD Bank NA, 3.10%, 5/1/2024 (b) | | |
Wisconsin Housing and Economic Development Authority Home Ownership Series 2024 A, Rev., GNMA / FNMA/ FHLMC, 6.00%, 9/1/2054 | | |
| | |
Total Municipal Bonds
(Cost $478,769) | | |
| | |
Short-Term Investments — 6.9% |
Investment Companies — 6.9% |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.60% (g) (h)
(Cost $36,034) | | |
Total Investments — 98.7%
(Cost $514,803) | | |
Other Assets Less Liabilities — 1.3% | | |
| | |
Percentages indicated are based on net assets. |
| |
| Insured by Assured Guaranty Municipal Corp. |
| |
| |
| Certificate of Participation |
| |
| Federal Home Loan Mortgage Corp. |
| Federal National Mortgage Association |
| Government National Mortgage Association |
| |
| |
| |
| |
| Insured by National Public Finance Guarantee Corp. |
| Permanent School Fund Guaranteed |
| |
| |
| South Carolina School District Enhancement |
| Secured Overnight Financing Rate |
| Variable Rate Demand Obligation |
| Amount rounds to less than 0.1% of net assets. |
| The date shown represents the earliest of the prerefunded date, next put date or final maturity date. | |
| Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of April 30, 2024. | |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Security is prerefunded or escrowed to maturity. | |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2024. | |
| Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. | |
| The rate shown is the current yield as of April 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
JPMorgan Tax Aware Real Return Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
U.S. Treasury 5 Year Note | | | | | |
Centrally Cleared Inflation-linked swap contracts outstanding as of April 30, 2024 (amounts in thousands):
| | | | | UPFRONT
PAYMENTS
(RECEIPTS)
$ | UNREALIZED
APPRECIATION
(DEPRECIATION) ($) | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| |
| Consumer Price Index for All Urban Consumers |
| |
(a) Value of floating rate index at April 30, 2024 was as follows: |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
STATEMENT OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited)
(Amounts in thousands, except per share amounts)
| |
| |
Investments in non-affiliates, at value | |
Investments in affiliates, at value | |
| |
Deposits at broker for futures contracts | |
Deposits at broker for centrally cleared swaps | |
| |
Investment securities sold | |
Investment securities sold — delayed delivery securities | |
| |
Interest from non-affiliates | |
Dividends from affiliates | |
| |
| |
| |
Investment securities purchased | |
Investment securities purchased — delayed delivery securities | |
| |
Variation margin on futures contracts | |
Variation margin on centrally cleared swaps | |
| |
| |
| |
| |
| |
| |
| |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
STATEMENT OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| |
| |
| |
Total distributable earnings (loss) | |
| |
| |
| |
| |
| |
| |
| |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | |
| |
| |
| |
| |
| |
Class A — Redemption price per share | |
Class C — Offering price per share (b) | |
Class I — Offering and redemption price per share | |
Class R6 — Offering and redemption price per share | |
Class A maximum sales charge | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | |
Cost of investments in non-affiliates | |
Cost of investments in affiliates | |
Net upfront payments on centrally cleared swaps | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
STATEMENT OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited)
(Amounts in thousands)
| |
| |
Interest income from non-affiliates | |
Interest income from affiliates | |
Dividend income from affiliates | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Custodian and accounting fees | |
Interest expense to affiliates | |
| |
Trustees’ and Chief Compliance Officer’s fees | |
Printing and mailing costs | |
Registration and filing fees | |
| |
| |
| |
| |
Less expense reimbursements | |
| |
Net investment income (loss) | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
STATEMENT OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
(Amounts in thousands)
| |
REALIZED/UNREALIZED GAINS (LOSSES): | |
Net realized gain (loss) on transactions from: | |
Investments in non-affiliates | |
Investments in affiliates | |
| |
| |
| |
Change in net unrealized appreciation/depreciation on: | |
Investments in non-affiliates | |
Investments in affiliates | |
| |
| |
Change in net unrealized appreciation/depreciation | |
Net realized/unrealized gains (losses) | |
Change in net assets resulting from operations | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Tax Aware Real Return Fund |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | |
Net investment income (loss) | | |
| | |
Distributions of capital gains received from investment company affiliates | | |
Change in net unrealized appreciation/depreciation | | |
Change in net assets resulting from operations | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | |
| | |
| | |
| | |
| | |
Total distributions to shareholders | | |
| | |
Change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Tax Aware Real Return Fund |
| Six Months Ended April 30, 2024
(Unaudited) | Year Ended October 31, 2023 |
| | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class A capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class C capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class I capital transactions | | |
| | |
Proceeds from shares issued | | |
| | |
| | |
Change in net assets resulting from Class R6 capital transactions | | |
Total change in net assets resulting from capital transactions | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
| JPMorgan Tax Aware Real Return Fund |
| Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 |
SHARE TRANSACTIONS: (continued) | | |
| | |
| | |
| | |
| | |
Change in Class R6 Shares | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | |
JPMorgan Tax Aware Real Return Fund | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
| | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | |
Year Ended October 31, 2023 | | | | | |
Year Ended October 31, 2022 | | | | | |
Year Ended October 31, 2021 | | | | | |
Year Ended October 31, 2020 | | | | | |
Year Ended October 31, 2019 | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| Amount rounds to less than $0.005. |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| J.P. Morgan Tax Aware Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited)
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following is a separate fund of the Trust (the "Fund") covered by this report:
| | Diversification Classification |
JPMorgan Tax Aware Real Return Fund | Class A, Class C, Class I and Class R6 | |
The investment objective of the Fund is to seek to maximize after-tax inflation protected return.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund's prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Fund.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund is calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts are generally valued on the basis of available market quotations.
| J.P. Morgan Tax Aware Fund | |
Swaps are valued utilizing market quotations from approved Pricing Services.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):
| | | | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other Financial Instruments | | | | |
B. Restricted Securities— Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Fund.
As of April 30, 2024, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.
C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments— The Fund purchased when-issued securities, including To-Be-Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Fund may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
The Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of April 30, 2024, which are shown as a Receivable for Investment securities sold - delayed delivery securities and/or a Payable for Investment securities purchased - delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at April 30, 2024 are detailed on the SOI, if any.
| J.P. Morgan Tax Aware Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
D. Securities Lending — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but is required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.
The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.
The Fund did not lend out any securities during the six months ended April 30, 2024.
E. Investment Transactions with Affiliates— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the table below.
|
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Institutional Tax Free Money Market Fund Class IM Shares, 3.60% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
F. Futures Contracts— The Fund used treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Fund also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures
| J.P. Morgan Tax Aware Fund | |
contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.
The use of futures contracts exposes the Fund to interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
G. Swaps— The Fund engaged in various swap transactions to manage interest rate (e.g., duration, yield curve) and inflation risks within its portfolio. The Fund also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter (“OTC swaps”) between the fund and a counterparty or are centrally cleared (“centrally cleared swaps”) through a central clearinghouse managed by a Futures Commission Merchant (“FCM”) that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.
Upfront payments made and/or received by the Fund are recorded as assets or liabilities, respectively, on the Statement of Assets and Liabilities and amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statement of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statement of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statement of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/ depreciation on swaps on the Statement of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.
The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.
Credit Default Swaps
The Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.
The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.
Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.
If a credit event occurs, the Fund, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund’s portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statement of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.
| J.P. Morgan Tax Aware Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
Inflation-Linked Swaps
The Fund used inflation-linked swaps to provide inflation protection within its portfolio. These are agreements between counterparties to exchange interest payments based on interest rates over the life of the swap. One cash flow stream will typically be a floating rate payment based upon the Consumer Price Index upon while the other is a pre-determined fixed interest rate. The use of swaps exposes the Fund to interest rate risk.
(1) Summary of Derivatives Information—The following table presents the value of derivatives held as of April 30, 2024, by its primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:
Interest Rate Risk Exposure: | |
Swaps at Value (Assets) * | |
Unrealized Depreciation on Futures Contracts ** | |
Net Fair Value of Derivative Contracts: | |
Unrealized Appreciation (Depreciation) on Futures Contracts ** | |
| |
|
| Includes the fair value of centrally cleared swap contracts as reported on the SOI. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
| Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOI. Only current day’s variation margin is reported within the Statement of Assets and Liabilities. |
The following table presents the effect of derivatives on the Statement of Operations for the six months ended April 30, 2024, by primary underlying risk exposure:
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
Interest Rate Risk Exposure: |
| |
| |
|
| |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
Interest Rate Risk Exposure: |
| |
| |
|
| |
Derivatives Volume
The table below discloses the volume of the Fund's futures contracts and swaps activity during the six months ended April 30, 2024. Please refer to the table in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:
| |
| |
Average Notional Balance Long | |
Ending Notional Balance Long | |
Interest Rate-Related Swaps (Inflation-Linked Swaps) : | |
Average Notional Balance - Pays Fixed Rate | |
Ending Notional Balance - Pays Fixed Rate | |
| |
Average Notional Balance - Buy Protection | |
| J.P. Morgan Tax Aware Fund | |
H. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Fund first learns of the dividend.
I. Allocation of Income and Expenses— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the six months ended April 30, 2024 are as follows:
|
| Amount rounds to less than one thousand. |
J. Federal Income Taxes— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of April 30, 2024, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years, remain subject to examination by the Internal Revenue Service.
K. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.35% of the Fund’s average daily net assets.
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the six months ended April 30, 2024, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.
The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to
| J.P. Morgan Tax Aware Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2024, JPMDS retained the following:
D. Service Fees— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund's respective average daily net assets as shown in the table below:
The expense limitation agreements were in effect for the six months ended April 30, 2024 and the contractual expense limitation percentages in the table above are in place until at least February 28, 2025.
For the six months ended April 30, 2024, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.
| J.P. Morgan Tax Aware Fund | |
The amount of these waivers resulting from investments in these money market funds for the six months ended April 30, 2024 was $17.
JPMIM voluntarily agreed to reimburse the Fund for the Trustee Fees paid to one of the interested Trustees. For the six months ended April 30, 2024, the amount of this reimbursement was less than one thousand.
G. Other— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the six months ended April 30, 2024, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) |
| | |
During the six months ended April 30, 2024, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
At October 31, 2023, the Fund had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
| | |
6. Borrowings
The Fund relies upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2024.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken
| J.P. Morgan Tax Aware Fund | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2024.
The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Fund did not utilize the Credit Facility during the six months ended April 30, 2024.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.
As of April 30, 2024, the Fund had three individual shareholders and/or non-affiliated omnibus accounts each owning more than 10% of the Fund's outstanding shares, and collectively owning 46.1% of the Fund’s outstanding shares.
Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.
The Fund is subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund invests in variable and floating rate loans and other variable and floating rate securities. Although these investments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of such increases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.
The Fund is subject to credit risk. The Fund’s investments are subject to the risk that an issuer and/or a counterparty will fail to make payments when due or default completely. Prices of the Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.
The Fund invests primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. An issuer's ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers' ratings and the Fund's ability to collect principal and interest, in the event of an issuer's default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.
The Fund is subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Fund invests. The effects of any future pandemic or other global event to business and market conditions may have a significant negative impact on the performance of the Fund's investments, increase the Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could have a significant negative impact on the Fund's investment performance. The ultimate impact of any pandemic or other global event and the extent to
| J.P. Morgan Tax Aware Fund | |
which the associated conditions and governmental responses impact the Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
| J.P. Morgan Tax Aware Fund | |
SCHEDULE OF SHAREHOLDER EXPENSES(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2023, and continued to hold your shares at the end of the reporting period, April 30, 2024.
Actual Expenses
For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| Beginning
Account Value
November 1, 2023 | Ending
Account Value
April 30, 2024 | Expenses
Paid During
the Period* | |
JPMorgan Tax Aware Real Return Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
| Expenses are equal to each Class’ respective annualized net expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
| J.P. Morgan Tax Aware Fund | |
LIQUIDITY RISK MANAGEMENT PROGRAM(Unaudited)
The JPMorgan Tax Aware Real Return Fund (the “Fund”) has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review the Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Fund to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.1
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2024, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of the Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately
and effectively implemented with respect to the Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of the Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether the Fund invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for the Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether the Fund invested more than 15% of its assets in “Illiquid Investments” (as defined or modified under the Program) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.
1 Effective July 24, 2024, the J.P. Morgan Funds will implement the Tailored Shareholder Reports for Mutual Funds and Exchanged-Traded Funds Rule. This rule rescinds the currently-required statement regarding the operation and effectiveness of a fund’s Liquidity Risk Management Program from the shareholder report.
| J.P. Morgan Tax Aware Fund | |
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Fund.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
A description of the Fund's policies and procedures with respect to the disclosure of the Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund's website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund's voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund's website at www.jpmorganfunds.com no later than August 31 of each year. The Fund's proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. April 2024.
SAN-TA-424
Semi-Annual Report
J.P. Morgan Funds
April 30, 2024 (Unaudited)
JPMorgan Global Allocation Fund |
JPMorgan Income Builder Fund |
CONTENTS
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
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.
Letter to ShareholdersJune 18, 2024 (Unaudited)
Dear Shareholder,
Global financial markets largely generated positive returns through the first half of this year, led by rising equity prices in the U.S. and many other developed markets. While the U.S. economy slowed during the six months through April 2024, growth remained positive amid strong consumer spending and business investment.
|
“The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation.” — Brian S. Shlissel
|
The U.S. Federal Reserve (the “Fed”) and other leading central banks held rates in check throughout the six months ended April 30, 2024, as inflationary pressures continued to recede, though not as rapidly as Fed policymakers had sought. However, the potential for interest rate reductions later this year has provided some optimism among financial markets.
Meanwhile, an extended period of real growth in wages and historically low unemployment helped drive U.S. consumer spending during the period even as interest rates remained at decade highs and household savings rates diminished.
Investment spending also proved to be resilient as corporate balance sheets largely remained healthy, federal government spending supported select industries and demand surged for artificial intelligence technologies.
The U.S. economic expansion has entered its fifth year, led by consumer spending, an increase in immigrant workers and receding inflation. While slower but positive growth may leave the U.S. economy vulnerable to unforeseen shocks from geo-political events, the broad outlook could continue to support financial markets into 2025. We believe that investors who remain patient and hold a properly diversified portfolio are likely to continue to benefit from current trends in financial markets and the broader economy.
Sincerely,
Brian S. Shlissel
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information
MARKET OVERVIEWSIX MONTHS ENDED April 30, 2024 (Unaudited)
Financial markets rallied through the first five months of the period as leading central banks responded to receding inflation by holding interest rates at extant levels. Equities outperformed bonds but both asset classes generated positive returns for the full six month period. However, prices for developed market equities fell in April 2024, while emerging markets equities rose slightly.
By the start of November 2024, the European Central Bank, the Bank of England and the U.S. Federal Reserve (the “Fed”) had each independently halted any further increases in interest rates. Further, each of the central banks stated that they might begin to cut interest rates sometime during 2024.
The news generally fueled investor expectations that central banks might successfully drive down inflation to target levels without pushing national and regional economies into economic recession. Meanwhile, quarterly corporate earnings largely remained better than expected, given the impact of steady but elevated interest rates. Energy prices declined during the period, though the ongoing wars in Ukraine and Israel threatened to impede energy transports.
As a result, investor demand for equities and bonds surged in late 2023 and through the first quarter of 2024. U.S. markets led the outperformance within global equities. The S&P 500 Index reached several new closing highs and reached 5,000 points for the first time in early February, then proceeded to cross the 5,100 and 5,200 in March 2024.
The Index’s performance in 2023 was led by seven large capitalization companies in the information technology and communications sectors: Apple Inc., Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp., Nvidia Corp. and Tesla Inc. However, shares of both Apple and Tesla fell in 2024 and the remaining five companies accounted for 74% of the Index’s return for the first four months of 2024.
Increased spending on artificial intelligence technologies drove demand for semiconductors and related equipment, which bolstered the shares of select companies in both developed and emerging markets. Notably, equity prices in Japan rose amid an improved economic outlook.
Within emerging markets equity, India and Turkey outperformed. Equity prices in China recovered somewhat as the government adopted new economic stimulus measures to counter slower consumer spending and long-standing weakness in the country’s property sector.
For the six months ended April 30, 2024, the S&P 500 Index returned 20.98%, the MSCI World Index returned 20.29%, MSCI EAFE Index returned 18.63% and the MSCI Emerging Markets Index returned 15.40%.
JPMorgan Global Allocation Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
| |
MSCI All Country World Index (net total return) | |
Bloomberg Global Aggregate Index (Unhedged USD) | |
60% MSCI All Country World Index (net total return) / 40% Bloomberg Global Aggregate Index (Unhedged) | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE**
The JPMorgan Global Allocation Fund (the “Fund”) seeks to maximize long-term total return.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended April 30, 2024, the Fund’s Class I Shares underperformed the MSCI All Country World Index (net total return) (the “Benchmark”) and outperformed both the Bloomberg Global Aggregate Index (Unhedged USD) and the 60% MSCI All Country World Index (net total return) / 40% Bloomberg Global Aggregate Index (unhedged).
Relative to the Benchmark, which is an all-equity index, the Fund’s underweight allocation to equity was a leading detractor from performance as equity markets outperformed during the period.
Relative to the 60% MSCI All Country World Index (net total return) / 40% Bloomberg Global Aggregate Index (unhedged), the allocation to developed markets equities and its allocation to a diversified mix of non-government bonds contributed to performance, while the Fund’s overall neutral position in equities was a leading detractor from performance.
HOW WAS THE FUND POSITIONED?
During the reporting period, the Fund’s portfolio managers added to its overall equity allocation, specifically within developed equities. The portfolio managers also added to higher quality corporate credit and decreased the Fund’s overall duration. Duration is a measure of the price sensitivity of a portfolio of bonds relative to changes in interest rates. Generally, bonds of longer duration will experience a larger increase in price compared with shorter duration bonds when
interest rates fall.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| | |
| | |
| | |
| | |
| Mastercard, Inc., Class A | |
| Meta Platforms, Inc., Class A | |
| | |
| LVMH Moet Hennessy Louis Vuitton SE (France) | |
| | |
| U.S. Treasury Notes 4.13%, 1/31/2025 | |
PORTFOLIO COMPOSITION
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
Foreign Government Securities | |
| |
Others (each less than 1.0%) | |
| |
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
JPMorgan Global Allocation Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
|
| |
| Sales Charge for Class A Shares is 4.50%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (4/30/14 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.
Returns for Class R3 Shares prior to its inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.
Returns for Class R4 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Global Allocation Fund, the MSCI All Country World Index (net total return), the Bloomberg Global Aggregate Index (Unhedged USD) and 60% MSCI All Country World Index (net total return) / 40% Bloomberg Global Aggregate Index (Unhedged) from April 30, 2014 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI All Country World Index (net total return), the Bloomberg Global Aggregate Index (Unhedged USD) and 60% MSCI All Country World Index (net total return) / 40% Bloomberg Global Aggregate Index (Unhedged) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The performance of 60% MSCI All Country World Index (net total return) / 40% Bloomberg Global Aggregate Index (Unhedged) does not reflect the deduction of expenses associated with a mutual fund, such as investment management fees and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmark, if applicable. The MSCI All Country World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and
emerging markets. The Bloomberg Global Aggregate Index (Unhedged USD) provides a broad-based measure of the global investment-grade fixed income markets. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment. Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis
for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
JPMorgan Income Builder Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited)
| |
Fund (Class A Shares, without a sales charge) * | |
MSCI World Index (net total return) | |
Bloomberg U.S. Aggregate Index | |
60% MSCI World Index (net of total return) / 40% Bloomberg U.S. Aggregate Index | |
Net Assets as of 4/30/2024 (In Thousands) | |
INVESTMENT OBJECTIVE**
The JPMorgan Income Builder Fund (the “Fund”) seeks to maximize income while maintaining prospects for capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
For the six months ended April 30, 2024, the Fund’s Class A Shares, without a sales charge, underperformed the MSCI World Index (net total return) (the “Benchmark”), outperformed the Bloomberg U.S. Aggregate Index and underperformed the combined 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index.
Relative to the Benchmark, which is an all-equity index, the Fund’s underweight allocation to equity was a leading detractor from performance as equity markets outperformed fixed income markets during the period.
Relative to the Bloomberg U.S. Aggregate Index, which primarily contains U.S. government bonds, the Fund’s allocation to a more diversified set of corporate bonds was a leading contributor to performance.
Relative to the 60% MSCI World Index / 40% Bloomberg US Aggregate Index, the Fund’s smaller allocation to growth-style equities early in the period was a leading detractor from performance, while the Fund’s allocation to developed market equities and its mix of corporate credit helped relative performance.
HOW WAS THE FUND POSITIONED?
During the period, the Fund’s portfolio managers increased the Fund’s overall equities exposure and maintained its positioning in credit. The portfolio managers also increased the Fund’s allocation to higher yielding strategies, including the use of Single-Security Covered Calls. The portfolio managers sought to balance credit allocations with more conservative exposures
through U.S. Treasury futures.
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| JPMorgan Equity Premium Income ETF | |
| JPMorgan Nasdaq Equity Premium Income ETF | |
| U.S. Treasury Notes 4.13%, 1/31/2025 | |
| | |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | |
| | |
| | |
| | |
| | |
| | |
PORTFOLIO COMPOSITION
AS OF April 30, 2024 | PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
| |
| |
Collateralized Mortgage Obligations | |
Commercial Mortgage-Backed Securities | |
| |
| |
Foreign Government Securities | |
U.S. Treasury Obligations | |
Others (each less than 1.0%) | |
| |
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
AVERAGE ANNUAL TOTAL RETURNS AS OF April 30, 2024
|
| |
| Sales Charge for Class A Shares is 4.50%. |
| Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter. |
TEN YEAR FUND PERFORMANCE (4/30/14 TO 4/30/24)
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Income Builder Fund, the MSCI World Index (net total return), the Bloomberg U.S. Aggregate Index and 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index from April 30, 2014 to April 30, 2024. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the MSCI World Index (net total return), the Bloomberg U.S. Aggregate Index and 60% MSCI World Index (net total return) / 40% Bloomberg U.S. Aggregate Index do not reflect the deduction of expenses or a sales charge associated with a mutual fund and have been adjusted to reflect reinvestment of all dividends and capital gain distributions of securities included in the benchmarks, if applicable. The MSCI World Index (net total return) assumes the dividend is reinvested after deduction of withholding tax, applying the maximum rate to non-resident individual investors who do not benefit from double taxation treaties. The MSCI World Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Bloomberg
U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a
JPMorgan Income Builder Fund
FUND COMMENTARYSIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental,
punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Commonwealth Bank of Australia | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Insurance Australia Group Ltd. | | |
| | |
| | |
| | |
| | |
| | |
National Australia Bank Ltd. | | |
Northern Star Resources Ltd. | | |
| | |
| | |
Pilbara Minerals Ltd. (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
Seven Group Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Treasury Wine Estates Ltd. | | |
| | |
Washington H Soul Pattinson & Co. Ltd. | | |
| | |
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Groupe Bruxelles Lambert NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
Warehouses De Pauw CVA, REIT | | |
| | |
|
| | |
B3 SA - Brasil Bolsa Balcao | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
Petroleo Brasileiro SA (Preference) | | |
| | |
| | |
Transmissora Alianca de Energia Eletrica S/A | | |
| | |
| | |
|
| | |
|
Alimentation Couche-Tard, Inc. | | |
Canadian National Railway Co. | | |
| | |
| | |
|
| | |
| | |
| | |
|
Alibaba Group Holding Ltd. | | |
Anjoy Foods Group Co. Ltd., Class A | | |
BOC Hong Kong Holdings Ltd. | | |
Budweiser Brewing Co. APAC Ltd. (b) | | |
Chacha Food Co. Ltd., Class A | | |
China Construction Bank Corp., Class H | | |
China Merchants Bank Co. Ltd., Class H | | |
China Yangtze Power Co. Ltd., Class A | | |
| | |
Foshan Haitian Flavouring & Food Co. Ltd., Class A | | |
Fuyao Glass Industry Group Co. Ltd., Class H (b) | | |
Ganfeng Lithium Group Co. Ltd., Class A | | |
| | |
Haier Smart Home Co. Ltd., Class H | | |
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | |
| | |
| | |
| | |
| | |
|
|
Jiangsu Hengli Hydraulic Co. Ltd., Class A | | |
| | |
| | |
Midea Group Co. Ltd., Class A | | |
| | |
| | |
PDD Holdings, Inc., ADR * | | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
| | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | | |
Shenzhou International Group Holdings Ltd. | | |
| | |
SITC International Holdings Co. Ltd. | | |
| | |
Wanhua Chemical Group Co. Ltd., Class A | | |
Weichai Power Co. Ltd., Class H | | |
Wharf Holdings Ltd. (The) | | |
Wilmar International Ltd. | | |
Wuliangye Yibin Co. Ltd., Class A | | |
| | |
Zhuzhou CRRC Times Electric Co. Ltd., Class H | | |
Zijin Mining Group Co. Ltd., Class H | | |
| | |
| | |
|
| | |
|
AP Moller - Maersk A/S, Class A | | |
AP Moller - Maersk A/S, Class B | | |
| | |
| | |
| | |
| | |
| | |
| | |
Novo Nordisk A/S, Class B | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
| | |
Vestas Wind Systems A/S * | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
La Francaise des Jeux SAEM (b) | | |
| | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Unibail-Rodamco-Westfield, REIT * | | |
Veolia Environnement SA (a) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Bayerische Motoren Werke AG | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Bayerische Motoren Werke AG (Preference) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Deutsche Bank AG (Registered) | | |
| | |
Deutsche Lufthansa AG (Registered) * | | |
| | |
Deutsche Telekom AG (Registered) | | |
Dr Ing hc F Porsche AG (Preference) (b) | | |
| | |
| | |
Fresenius Medical Care AG | | |
| | |
| | |
| | |
| | |
| | |
Henkel AG & Co. KGaA (Preference) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | | |
| | |
Porsche Automobil Holding SE (Preference) | | |
| | |
| | |
| | |
| | |
| | |
Sartorius AG (Preference) | | |
| | |
| | |
| | |
|
|
| | |
Siemens Healthineers AG (b) | | |
| | |
| | |
| | |
Volkswagen AG (Preference) | | |
| | |
| | |
| | |
|
Hellenic Telecommunications Organization SA | | |
|
| | |
| | |
CK Infrastructure Holdings Ltd. | | |
| | |
Futu Holdings Ltd., ADR * | | |
Hang Lung Properties Ltd. | | |
| | |
Henderson Land Development Co. Ltd. | | |
| | |
Hong Kong & China Gas Co. Ltd. | | |
Hong Kong Exchanges & Clearing Ltd. | | |
Hongkong Land Holdings Ltd. | | |
Jardine Matheson Holdings Ltd. | | |
| | |
| | |
Power Assets Holdings Ltd. | | |
| | |
| | |
Sun Hung Kai Properties Ltd. | | |
Swire Pacific Ltd., Class A | | |
| | |
Techtronic Industries Co. Ltd. | | |
| | |
Wharf Real Estate Investment Co. Ltd. | | |
| | |
|
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
| | |
| | |
Reliance Industries Ltd., GDR (c) | | |
| | |
| | |
|
Bank Central Asia Tbk. PT | | |
Bank Mandiri Persero Tbk. PT | | |
Bank Rakyat Indonesia Persero Tbk. PT | | |
Telkom Indonesia Persero Tbk. PT | | |
| | |
|
| | |
| | |
Bank of Ireland Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Check Point Software Technologies Ltd. * | | |
| | |
| | |
| | |
Israel Discount Bank Ltd., Class A | | |
Mizrahi Tefahot Bank Ltd. | | |
| | |
Teva Pharmaceutical Industries Ltd., ADR * | | |
| | |
| | |
|
| | |
Assicurazioni Generali SpA | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
FinecoBank Banca Fineco SpA | | |
Infrastrutture Wireless Italiane SpA (b) | | |
| | |
| | |
Mediobanca Banca di Credito Finanziario SpA | | |
| | |
| | |
| | |
| | |
Recordati Industria Chimica e Farmaceutica SpA | | |
| | |
| | |
Terna - Rete Elettrica Nazionale | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
Asahi Group Holdings Ltd. | | |
| | |
| | |
| | |
| | |
Bandai Namco Holdings, Inc. | | |
| | |
| | |
| | |
| | |
Central Japan Railway Co. | | |
| | |
Chubu Electric Power Co., Inc. | | |
Chugai Pharmaceutical Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Concordia Financial Group Ltd. | | |
Dai Nippon Printing Co. Ltd. | | |
| | |
Dai-ichi Life Holdings, Inc. | | |
| | |
| | |
Daito Trust Construction Co. Ltd. | | |
Daiwa House Industry Co. Ltd. | | |
Daiwa Securities Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Hankyu Hanshin Holdings, Inc. | | |
| | |
| | |
Hitachi Construction Machinery Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Iida Group Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
Japan Exchange Group, Inc. | | |
Japan Metropolitan Fund Invest, REIT | | |
| | |
Japan Post Holdings Co. Ltd. | | |
Japan Post Insurance Co. Ltd. | | |
| | |
|
|
Japan Real Estate Investment Corp., REIT | | |
| | |
| | |
| | |
Kansai Electric Power Co., Inc. (The) | | |
| | |
Kawasaki Kisen Kaisha Ltd. | | |
| | |
KDX Realty Investment Corp., REIT | | |
Keisei Electric Railway Co. Ltd. | | |
| | |
| | |
Kintetsu Group Holdings Co. Ltd. | | |
| | |
| | |
Koito Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
McDonald's Holdings Co. Japan Ltd. | | |
| | |
| | |
| | |
Mitsubishi Chemical Group Corp. | | |
| | |
Mitsubishi Electric Corp. | | |
Mitsubishi Estate Co. Ltd. | | |
Mitsubishi HC Capital, Inc. | | |
Mitsubishi Heavy Industries Ltd. | | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
Mizuho Financial Group, Inc. | | |
| | |
MS&AD Insurance Group Holdings, Inc. | | |
Murata Manufacturing Co. Ltd. | | |
| | |
| | |
| | |
| | |
Nippon Building Fund, Inc., REIT | | |
Nippon Express Holdings, Inc. | | |
Nippon Paint Holdings Co. Ltd. | | |
Nippon Prologis REIT, Inc., REIT | | |
Nippon Sanso Holdings Corp. | | |
| | |
Nippon Telegraph & Telephone Corp. | | |
| | |
| | |
| | |
Nissin Foods Holdings Co. Ltd. | | |
| | |
| | |
| | |
Nomura Real Estate Holdings, Inc. | | |
Nomura Real Estate Master Fund, Inc., REIT | | |
Nomura Research Institute Ltd. | | |
| | |
| | |
| | |
Odakyu Electric Railway Co. Ltd. | | |
| | |
| | |
Ono Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Pan Pacific International Holdings Corp. | | |
| | |
| | |
Recruit Holdings Co. Ltd. | | |
Renesas Electronics Corp. | | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Sekisui Chemical Co. Ltd. | | |
| | |
Seven & i Holdings Co. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
| | |
Shizuoka Financial Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Square Enix Holdings Co. Ltd. | | |
| | |
| | |
| | |
Sumitomo Electric Industries Ltd. | | |
Sumitomo Metal Mining Co. Ltd. | | |
Sumitomo Mitsui Financial Group, Inc. | | |
Sumitomo Mitsui Trust Holdings, Inc. | | |
Sumitomo Realty & Development Co. Ltd. | | |
Suntory Beverage & Food Ltd. | | |
| | |
| | |
| | |
| | |
Takeda Pharmaceutical Co. Ltd. | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
Tokio Marine Holdings, Inc. | | |
Tokyo Electric Power Co. Holdings, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Hikma Pharmaceuticals plc | | |
|
| | |
| | |
| | |
|
Galaxy Entertainment Group Ltd. | | |
| | |
| | |
|
Fomento Economico Mexicano SAB de CV | | |
Grupo Aeroportuario del Pacifico SAB de CV, Class B (a) | | |
| | |
|
|
Grupo Aeroportuario del Sureste SAB de CV, ADR (a) | | |
Grupo Financiero Banorte SAB de CV, Class O | | |
Kimberly-Clark de Mexico SAB de CV, Class A | | |
| | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
ABN AMRO Bank NV, CVA (b) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
BE Semiconductor Industries NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Koninklijke Ahold Delhaize NV | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Auckland International Airport Ltd. | | |
Fisher & Paykel Healthcare Corp. Ltd. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
Gjensidige Forsikring ASA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
|
| | |
Powszechny Zaklad Ubezpieczen SA | | |
| | |
|
EDP - Energias de Portugal SA * | | |
| | |
| | |
| | |
|
Severstal PAO, GDR ‡ * (b) | | |
|
| | |
Saudi Basic Industries Corp. | | |
Saudi National Bank (The) | | |
| | |
|
CapitaLand Ascendas, REIT | | |
CapitaLand Integrated Commercial Trust, REIT | | |
CapitaLand Investment Ltd. * | | |
| | |
| | |
| | |
| | |
|
|
Grab Holdings Ltd., Class A * | | |
Jardine Cycle & Carriage Ltd. | | |
| | |
Mapletree Logistics Trust, REIT | | |
Mapletree Pan Asia Commercial Trust, REIT | | |
Oversea-Chinese Banking Corp. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
Singapore Technologies Engineering Ltd. | | |
Singapore Telecommunications Ltd. | | |
| | |
United Overseas Bank Ltd. | | |
| | |
|
| | |
| | |
Aspen Pharmacare Holdings Ltd. | | |
| | |
Capitec Bank Holdings Ltd. | | |
| | |
| | |
| | |
|
| | |
Hana Financial Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Samsung Electronics Co. Ltd. | | |
Samsung Fire & Marine Insurance Co. Ltd. | | |
| | |
| | |
SM Entertainment Co. Ltd. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
ACS Actividades de Construccion y Servicios SA | | |
| | |
| | |
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Industria de Diseno Textil SA | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Fastighets AB Balder, Class B * | | |
| | |
H & M Hennes & Mauritz AB, Class B (a) | | |
| | |
| | |
| | |
Industrivarden AB, Class A | | |
Industrivarden AB, Class C | | |
| | |
Investment AB Latour, Class B (a) | | |
| | |
L E Lundbergforetagen AB, Class B | | |
| | |
|
|
| | |
Nibe Industrier AB, Class B (a) | | |
| | |
| | |
| | |
Securitas AB, Class B (a) | | |
Skandinaviska Enskilda Banken AB, Class A | | |
| | |
| | |
Svenska Cellulosa AB SCA, Class B | | |
Svenska Handelsbanken AB, Class A | | |
| | |
Swedish Orphan Biovitrum AB * | | |
| | |
Telefonaktiebolaget LM Ericsson, Class B | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Adecco Group AG (Registered) | | |
| | |
| | |
| | |
Baloise Holding AG (Registered) | | |
Banque Cantonale Vaudoise (Registered) | | |
Barry Callebaut AG (Registered) | | |
| | |
Chocoladefabriken Lindt & Spruengli AG | | |
Cie Financiere Richemont SA (Registered) | | |
| | |
| | |
EMS-Chemie Holding AG (Registered) | | |
| | |
| | |
Helvetia Holding AG (Registered) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
Kuehne + Nagel International AG (Registered) (a) | | |
Logitech International SA (Registered) | | |
Lonza Group AG (Registered) | | |
| | |
Partners Group Holding AG | | |
| | |
| | |
Schindler Holding AG (Registered) | | |
| | |
| | |
| | |
Sonova Holding AG (Registered) | | |
Straumann Holding AG (Registered) | | |
Swatch Group AG (The) (a) | | |
Swatch Group AG (The) (Registered) | | |
Swiss Life Holding AG (Registered) | | |
Swiss Prime Site AG (Registered) | | |
| | |
| | |
UBS Group AG (Registered) | | |
| | |
Zurich Insurance Group AG | | |
| | |
|
| | |
| | |
ASE Technology Holding Co. Ltd. | | |
| | |
Chailease Holding Co. Ltd. | | |
| | |
| | |
Largan Precision Co. Ltd. | | |
| | |
Realtek Semiconductor Corp. | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
| | |
| | |
|
PTT Exploration & Production PCL | | |
| | |
|
|
Siam Cement PCL (The) (Registered) | | |
| | |
| | |
United Arab Emirates — 0.0% ^ |
| | |
|
| | |
| | |
| | |
| | |
| | |
Associated British Foods plc | | |
| | |
Auto Trader Group plc (b) | | |
| | |
| | |
| | |
| | |
Berkeley Group Holdings plc | | |
British American Tobacco plc | | |
| | |
| | |
| | |
| | |
CK Hutchison Holdings Ltd. | | |
Coca-Cola Europacific Partners plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
Flutter Entertainment plc * | | |
| | |
| | |
| | |
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
United Kingdom — continued |
| | |
Land Securities Group plc, REIT | | |
Legal & General Group plc | | |
| | |
London Stock Exchange Group plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Phoenix Group Holdings plc | | |
Reckitt Benckiser Group plc | | |
| | |
| | |
| | |
Rolls-Royce Holdings plc * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Spirax-Sarco Engineering plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
United Utilities Group plc | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
Advanced Micro Devices, Inc. * | | |
| | |
| | |
|
United States — continued |
| | |
Albertsons Cos., Inc., Class A | | |
| | |
| | |
Alnylam Pharmaceuticals, Inc. * | | |
Alphabet, Inc., Class C * | | |
| | |
American Airlines Group, Inc. * | | |
| | |
American Homes 4 Rent, Class A, REIT | | |
| | |
| | |
Apple Hospitality REIT, Inc., REIT | | |
| | |
Arch Capital Group Ltd. * | | |
Archer-Daniels-Midland Co. | | |
| | |
| | |
Axalta Coating Systems Ltd. * | | |
| | |
| | |
| | |
Baxter International, Inc. | | |
Berkshire Hathaway, Inc., Class B * | | |
| | |
| | |
BioMarin Pharmaceutical, Inc. * | | |
BJ's Wholesale Club Holdings, Inc. * | | |
| | |
| | |
| | |
Booz Allen Hamilton Holding Corp. | | |
Boston Scientific Corp. * | | |
| | |
| | |
Brixmor Property Group, Inc., REIT | | |
| | |
Burlington Stores, Inc. * | | |
Cadence Design Systems, Inc. * | | |
Capital One Financial Corp. | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
CBRE Group, Inc., Class A * | | |
| | |
| | |
Charles Schwab Corp. (The) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Citizens Financial Group, Inc. | | |
Claire's Stores, Inc. ‡ * | | |
| | |
| | |
| | |
| | |
| | |
Confluent, Inc., Class A * | | |
| | |
Constellation Brands, Inc., Class A | | |
| | |
| | |
| | |
| | |
| | |
| | |
Crowdstrike Holdings, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Dick's Sporting Goods, Inc. | | |
Digital Realty Trust, Inc., REIT | | |
| | |
| | |
| | |
DoorDash, Inc., Class A * | | |
| | |
| | |
EastGroup Properties, Inc., REIT | | |
| | |
|
United States — continued |
| | |
| | |
Elanco Animal Health, Inc. * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
ExlService Holdings, Inc. * | | |
| | |
| | |
| | |
Federal Realty Investment Trust, REIT | | |
| | |
| | |
| | |
Fidelity National Information Services, Inc. | | |
| | |
First Citizens BancShares, Inc., Class A | | |
| | |
| | |
Fortune Brands Innovations, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Goodman Networks, Inc. ‡ * | | |
Graphic Packaging Holding Co. | | |
| | |
| | |
| | |
| | |
| | |
Hewlett Packard Enterprise Co. | | |
Hilton Worldwide Holdings, Inc. | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
Honeywell International, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Interactive Brokers Group, Inc., Class A | | |
International Business Machines Corp. | | |
| | |
Intuitive Surgical, Inc. * | | |
| | |
| | |
James Hardie Industries plc, CHDI * | | |
JB Hunt Transport Services, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Laboratory Corp. of America Holdings | | |
| | |
Lamar Advertising Co., Class A, REIT | | |
Lamb Weston Holdings, Inc. | | |
Liberty Broadband Corp., Class C * | | |
Liberty Media Corp-Liberty Live, Class C * | | |
Liberty Media Corp-Liberty SiriusXM * | | |
| | |
| | |
| | |
| | |
| | |
Martin Marietta Materials, Inc. | | |
| | |
Mastercard, Inc., Class A | | |
| | |
| | |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
|
United States — continued |
| | |
Mettler-Toledo International, Inc. * | | |
| | |
Microchip Technology, Inc. | | |
| | |
| | |
Mid-America Apartment Communities, Inc., REIT | | |
| | |
Mohawk Industries, Inc. * | | |
| | |
Mondelez International, Inc., Class A | | |
| | |
| | |
Moran Foods Backstop Equity ‡ * | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Nexstar Media Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
O'Reilly Automotive, Inc. * | | |
Packaging Corp. of America | | |
Palo Alto Networks, Inc. * | | |
Performance Food Group Co. * | | |
| | |
Philip Morris International, Inc. | | |
| | |
PNC Financial Services Group, Inc. (The) | | |
| | |
| | |
Procter & Gamble Co. (The) | | |
| | |
| | |
Public Service Enterprise Group, Inc. | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
United States — continued |
| | |
| | |
| | |
| | |
Raymond James Financial, Inc. | | |
| | |
| | |
Regency Centers Corp., REIT | | |
Regeneron Pharmaceuticals, Inc. * | | |
| | |
| | |
| | |
| | |
Royal Caribbean Cruises Ltd. * | | |
Royalty Pharma plc, Class A | | |
| | |
| | |
| | |
| | |
SBA Communications Corp., REIT | | |
| | |
Seagate Technology Holdings plc | | |
| | |
| | |
Snowflake, Inc., Class A * | | |
| | |
| | |
| | |
| | |
| | |
| | |
Take-Two Interactive Software, Inc. * | | |
| | |
| | |
| | |
Texas Instruments, Inc. (e) | | |
| | |
Thermo Fisher Scientific, Inc. | | |
| | |
| | |
| | |
| | |
Trade Desk, Inc. (The), Class A * | | |
| | |
| | |
|
United States — continued |
Travelers Cos., Inc. (The) | | |
| | |
Uber Technologies, Inc. * | | |
| | |
United Parcel Service, Inc., Class B | | |
UnitedHealth Group, Inc. (e) | | |
| | |
Verizon Communications, Inc. | | |
Vertex Pharmaceuticals, Inc. * | | |
Vertiv Holdings Co., Class A | | |
| | |
Warner Bros Discovery, Inc. * | | |
| | |
| | |
WESCO International, Inc. | | |
| | |
| | |
Williams Cos., Inc. (The) | | |
Windstream Holdings, Inc. ‡ * | | |
| | |
| | |
| | |
| | |
Zimmer Biomet Holdings, Inc. | | |
| | |
Total Common Stocks
(Cost $1,098,780) | | |
| | |
|
|
APA Infrastructure Ltd. 4.20%, 3/23/2025 (c) | | |
FMG Resources August 2006 Pty. Ltd. 4.50%, 9/15/2027 (c) | | |
Mineral Resources Ltd. 8.13%, 5/1/2027 (c) | | |
Sydney Airport Finance Co. Pty. Ltd. 3.38%, 4/30/2025 (c) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
|
National Bank of Canada (SOFRINDX + 0.90%), 6.25%, 3/25/2027 (f) | | |
Ontario Teachers' Finance Trust | | |
| | |
| | |
| | |
| | |
| | |
Open Text Corp. 3.88%, 2/15/2028 (c) | | |
| | |
|
Banque Federative du Credit Mutuel SA 1.00%, 2/4/2025 (c) | | |
|
BMW US Capital LLC (SOFRINDX + 0.55%), 5.88%, 4/2/2026 (c) (f) | | |
Kreditanstalt fuer Wiederaufbau | | |
| | |
| | |
Volkswagen Group of America Finance LLC (SOFR + 0.83%), 6.18%, 3/20/2026 (c) (f) | | |
| | |
|
Enel Finance International NV 2.65%, 9/10/2024 (c) | | |
|
Mitsubishi HC Capital, Inc. 3.64%, 4/13/2025 (a) (c) | | |
Mitsubishi UFJ Financial Group, Inc. 2.19%, 2/25/2025 | | |
Nomura Holdings, Inc. 2.65%, 1/16/2025 | | |
| | |
|
Nederlandse Waterschapsbank NV | | |
| | |
| | |
| | |
|
EDP Finance BV 3.63%, 7/15/2024 (c) | | |
| | |
|
|
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (c) | | |
|
| | |
| | |
| | |
| | |
|
Korea Development Bank (The) 2.13%, 10/1/2024 | | |
Korea Southern Power Co. Ltd. 0.75%, 1/27/2026 (c) | | |
| | |
|
Iberdrola International BV 5.81%, 3/15/2025 | | |
|
Barclays plc 3.65%, 3/16/2025 | | |
Lloyds Banking Group plc 4.45%, 5/8/2025 | | |
Standard Chartered plc 3.20%, 4/17/2025 (a) (c) | | |
| | |
|
Adient Global Holdings Ltd. 7.00%, 4/15/2028 (c) | | |
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (c) | | |
Aethon United BR LP 8.25%, 2/15/2026 (c) | | |
Affinity Interactive 6.88%, 12/15/2027 (c) | | |
AG Issuer LLC 6.25%, 3/1/2028 (c) | | |
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (c) | | |
| | |
| | |
| | |
| | |
| | |
Allegiant Travel Co. 7.25%, 8/15/2027 (c) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
Alliant Holdings Intermediate LLC | | |
| | |
| | |
Allied Universal Holdco LLC | | |
| | |
| | |
AMC Networks, Inc. 10.25%, 1/15/2029 (c) | | |
| | |
| | |
| | |
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (c) | | |
American Honda Finance Corp. (SOFR + 0.50%), 5.84%, 10/10/2025 (f) | | |
AmeriGas Partners LP 9.38%, 6/1/2028 (c) | | |
AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028 (c) | | |
AMN Healthcare, Inc. 4.63%, 10/1/2027 (c) | | |
ANGI Group LLC 3.88%, 8/15/2028 (c) | | |
Antero Midstream Partners LP | | |
| | |
| | |
APX Group, Inc. 6.75%, 2/15/2027 (c) | | |
Arches Buyer, Inc. 4.25%, 6/1/2028 (c) | | |
| | |
| | |
| | |
Ardagh Metal Packaging Finance USA LLC | | |
| | |
| | |
ASGN, Inc. 4.63%, 5/15/2028 (c) | | |
AutoZone, Inc. 3.63%, 4/15/2025 | | |
Avantor Funding, Inc. 4.63%, 7/15/2028 (c) | | |
Avient Corp. 5.75%, 5/15/2025 (c) | | |
Axalta Coating Systems LLC 4.75%, 6/15/2027 (c) | | |
Ball Corp. 6.88%, 3/15/2028 | | |
Bausch + Lomb Corp. 8.38%, 10/1/2028 (c) | | |
| | |
|
United States — continued |
Berry Global, Inc. 5.63%, 7/15/2027 (c) | | |
Block, Inc. 2.75%, 6/1/2026 | | |
Blue Racer Midstream LLC 7.63%, 12/15/2025 (c) | | |
Boxer Parent Co., Inc. 7.13%, 10/2/2025 (c) | | |
Boyd Gaming Corp. 4.75%, 12/1/2027 (a) | | |
Brookfield Property REIT, Inc. | | |
REIT, 5.75%, 5/15/2026 (c) | | |
REIT, 4.50%, 4/1/2027 (c) | | |
Buckeye Partners LP 4.13%, 3/1/2025 (c) | | |
Caesars Entertainment, Inc. 8.13%, 7/1/2027 (c) | | |
California Resources Corp. 7.13%, 2/1/2026 (c) | | |
| | |
| | |
| | |
Camelot Finance SA 4.50%, 11/1/2026 (c) | | |
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (c) | | |
Cargo Aircraft Management, Inc. 4.75%, 2/1/2028 (c) | | |
| | |
| | |
| | |
| | |
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (c) | | |
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (c) | | |
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (c) | | |
CEC Entertainment LLC 6.75%, 5/1/2026 (c) | | |
Cedar Fair LP 5.50%, 5/1/2025 (c) | | |
Century Communities, Inc. 6.75%, 6/1/2027 | | |
Chemours Co. (The) 5.75%, 11/15/2028 (c) | | |
Chesapeake Energy Corp. 5.50%, 2/1/2026 (c) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
Cinemark USA, Inc. 5.25%, 7/15/2028 (a) (c) | | |
Citibank NA (SOFRINDX + 0.59%), 5.91%, 4/30/2026 (f) | | |
| | |
| | |
| | |
Clarios Global LP 6.75%, 5/15/2028 (c) | | |
Clean Harbors, Inc. 4.88%, 7/15/2027 (c) | | |
Clear Channel Outdoor Holdings, Inc. | | |
| | |
| | |
Cleveland-Cliffs, Inc. 5.88%, 6/1/2027 (a) | | |
Cloud Software Group, Inc. 6.50%, 3/31/2029 (c) | | |
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (c) | | |
Coinbase Global, Inc. 3.38%, 10/1/2028 (c) | | |
CommScope, Inc. 6.00%, 3/1/2026 (c) | | |
Community Health Systems, Inc. | | |
| | |
| | |
| | |
Compass Minerals International, Inc. 6.75%, 12/1/2027 (c) | | |
Comstock Resources, Inc. 6.75%, 3/1/2029 (c) | | |
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a) (c) | | |
Consolidated Communications, Inc. 6.50%, 10/1/2028 (c) | | |
Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.88%, 12/15/2052 (f) | | |
CoreLogic, Inc. 4.50%, 5/1/2028 (c) | | |
Coty, Inc. 5.00%, 4/15/2026 (c) | | |
Cox Communications, Inc. 3.15%, 8/15/2024 (c) | | |
Credit Acceptance Corp. 9.25%, 12/15/2028 (c) | | |
| | |
|
United States — continued |
Crescent Energy Finance LLC | | |
| | |
| | |
| | |
| | |
| | |
Cushman & Wakefield US Borrower LLC 6.75%, 5/15/2028 (c) | | |
CVR Energy, Inc. 8.50%, 1/15/2029 (c) | | |
CVR Partners LP 6.13%, 6/15/2028 (c) | | |
Darling Ingredients, Inc. 5.25%, 4/15/2027 (c) | | |
Delek Logistics Partners LP 8.63%, 3/15/2029 (c) | | |
| | |
| | |
| | |
Directv Financing LLC 5.88%, 8/15/2027 (c) | | |
Domtar Corp. 6.75%, 10/1/2028 (c) | | |
Edgewell Personal Care Co. 5.50%, 6/1/2028 (c) | | |
Edison International (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.13%, 6/15/2053 (f) | | |
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (c) | | |
Encompass Health Corp. 4.50%, 2/1/2028 | | |
Encore Capital Group, Inc. 9.25%, 4/1/2029 (c) | | |
| | |
| | |
| | |
Enterprise Products Operating LLC 4.60%, 1/11/2027 | | |
EQM Midstream Partners LP | | |
| | |
| | |
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (c) | | |
Eversource Energy Series L, 2.90%, 10/1/2024 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
Fair Isaac Corp. 4.00%, 6/15/2028 (c) | | |
Five Point Operating Co. LP 10.50%, 1/15/2028 (c) (g) | | |
Fortress Transportation and Infrastructure Investors LLC | | |
| | |
| | |
| | |
| | |
| | |
Freedom Mortgage Holdings LLC 9.25%, 2/1/2029 (c) | | |
Frontier Communications Holdings LLC | | |
| | |
| | |
FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027 (c) | | |
Gates Global LLC 6.25%, 1/15/2026 (c) | | |
GCI LLC 4.75%, 10/15/2028 (c) | | |
Gen Digital, Inc. 6.75%, 9/30/2027 (c) | | |
Genesis Energy LP 8.00%, 1/15/2027 | | |
Genting New York LLC 3.30%, 2/15/2026 (c) | | |
GFL Environmental, Inc. 3.75%, 8/1/2025 (c) | | |
Global Net Lease, Inc. REIT, 3.75%, 12/15/2027 (a) (c) | | |
Go Daddy Operating Co. LLC 5.25%, 12/1/2027 (c) | | |
Goldman Sachs Bank USA (SOFR + 0.77%), 6.12%, 3/18/2027 (f) | | |
Goodyear Tire & Rubber Co. (The) 9.50%, 5/31/2025 | | |
Griffon Corp. 5.75%, 3/1/2028 | | |
GrubHub Holdings, Inc. 5.50%, 7/1/2027 (c) | | |
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (c) | | |
HAT Holdings I LLC REIT, 3.38%, 6/15/2026 (c) | | |
Hawaiian Brand Intellectual Property Ltd. 5.75%, 1/20/2026 (c) | | |
Healthpeak OP LLC REIT, 3.40%, 2/1/2025 | | |
| | |
|
United States — continued |
Heartland Dental LLC 10.50%, 4/30/2028 (c) | | |
Herc Holdings, Inc. 5.50%, 7/15/2027 (c) | | |
Hertz Corp. (The) 4.63%, 12/1/2026 (c) | | |
Hess Midstream Operations LP 5.13%, 6/15/2028 (c) | | |
Hilton Domestic Operating Co., Inc. 5.75%, 5/1/2028 (c) | | |
Howard Hughes Corp. (The) 4.13%, 2/1/2029 (c) | | |
Hyundai Capital America 1.00%, 9/17/2024 (c) | | |
| | |
| | |
| | |
| | |
iHeartCommunications, Inc. 4.75%, 1/15/2028 (c) | | |
Ingevity Corp. 3.88%, 11/1/2028 (c) | | |
International Game Technology plc | | |
| | |
| | |
IQVIA, Inc. 5.00%, 5/15/2027 (c) | | |
IRB Holding Corp. 7.00%, 6/15/2025 (c) | | |
| | |
REIT, 5.00%, 7/15/2028 (c) | | |
REIT, 7.00%, 2/15/2029 (c) | | |
ITC Holdings Corp. 3.65%, 6/15/2024 | | |
Jackson National Life Global Funding (SOFR + 1.15%), 6.50%, 6/28/2024 (c) (f) | | |
Jefferies Finance LLC 5.00%, 8/15/2028 (c) | | |
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (c) | | |
KeHE Distributors LLC 9.00%, 2/15/2029 (c) | | |
Kennedy-Wilson, Inc. 4.75%, 3/1/2029 | | |
| | |
| | |
| | |
Lamar Media Corp. 3.75%, 2/15/2028 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
Las Vegas Sands Corp. 2.90%, 6/25/2025 | | |
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a) (c) | | |
| | |
| | |
| | |
| | |
Liberty Mutual Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.31%), 4.13%, 12/15/2051 (c) (f) | | |
Life Time, Inc. 5.75%, 1/15/2026 (c) | | |
Light & Wonder International, Inc. 7.00%, 5/15/2028 (c) | | |
Live Nation Entertainment, Inc. | | |
| | |
| | |
LSB Industries, Inc. 6.25%, 10/15/2028 (c) | | |
LSF9 Atlantis Holdings LLC 7.75%, 2/15/2026 (c) | | |
Madison IAQ LLC 4.13%, 6/30/2028 (c) | | |
Mallinckrodt International Finance SA 14.75%, 11/14/2028 (c) | | |
Masonite International Corp. 5.38%, 2/1/2028 (c) | | |
MassMutual Global Funding II (SOFR + 0.87%), 6.22%, 3/21/2025 (c) (f) | | |
Matador Resources Co. 6.88%, 4/15/2028 (c) | | |
Match Group Holdings II LLC 4.63%, 6/1/2028 (c) | | |
Mauser Packaging Solutions Holding Co. 7.88%, 4/15/2027 (c) | | |
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (c) | | |
MGM Resorts International | | |
| | |
| | |
MicroStrategy, Inc. 6.13%, 6/15/2028 (c) | | |
Midcap Financial Issuer Trust 6.50%, 5/1/2028 (c) | | |
ModivCare, Inc. 5.88%, 11/15/2025 (c) | | |
| | |
|
United States — continued |
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (c) | | |
Molina Healthcare, Inc. 4.38%, 6/15/2028 (c) | | |
Moog, Inc. 4.25%, 12/15/2027 (c) | | |
MPH Acquisition Holdings LLC 5.50%, 9/1/2028 (c) | | |
Nationstar Mortgage Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
NCR Voyix Corp. 5.00%, 10/1/2028 (c) | | |
Necessity Retail REIT, Inc. REIT, 4.50%, 9/30/2028 (c) | | |
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (c) | | |
New Fortress Energy, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Newfold Digital Holdings Group, Inc. 11.75%, 10/15/2028 (c) | | |
Nexstar Media, Inc. 5.63%, 7/15/2027 (c) | | |
NextEra Energy Capital Holdings, Inc. 6.05%, 3/1/2025 | | |
NextEra Energy Operating Partners LP | | |
| | |
| | |
NGL Energy Operating LLC 8.13%, 2/15/2029 (c) | | |
Novelis Corp. 3.25%, 11/15/2026 (c) | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
Olympus Water US Holding Corp. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Organon & Co. 4.13%, 4/30/2028 (c) | | |
Outfront Media Capital LLC | | |
| | |
| | |
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (c) | | |
Pacific Life Global Funding II (SOFR + 0.60%), 5.94%, 3/27/2026 (c) (f) | | |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (c) | | |
Paramount Global (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (f) | | |
Park Intermediate Holdings LLC REIT, 7.50%, 6/1/2025 (c) | | |
Pattern Energy Operations LP 4.50%, 8/15/2028 (c) | | |
PBF Holding Co. LLC 6.00%, 2/15/2028 | | |
PennyMac Financial Services, Inc. 5.38%, 10/15/2025 (c) | | |
Performance Food Group, Inc. 5.50%, 10/15/2027 (c) | | |
Permian Resources Operating LLC 8.00%, 4/15/2027 (c) | | |
| | |
| | |
| | |
PG&E Corp. 5.00%, 7/1/2028 | | |
Pike Corp. 5.50%, 9/1/2028 (c) | | |
Presidio Holdings, Inc. 4.88%, 2/1/2027 (c) | | |
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (c) | | |
Prime Security Services Borrower LLC | | |
| | |
| | |
| | |
| | |
|
United States — continued |
Principal Life Global Funding II 5.00%, 1/16/2027 (c) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Range Resources Corp. 8.25%, 1/15/2029 | | |
Rocket Mortgage LLC 2.88%, 10/15/2026 (c) | | |
Royal Caribbean Cruises Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SCIH Salt Holdings, Inc. 4.88%, 5/1/2028 (c) | | |
SCIL IV LLC 5.38%, 11/1/2026 (c) | | |
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (c) | | |
| | |
| | |
| | |
Select Medical Corp. 6.25%, 8/15/2026 (c) | | |
Service Properties Trust REIT, 7.50%, 9/15/2025 | | |
Silgan Holdings, Inc. 4.13%, 2/1/2028 | | |
Simmons Foods, Inc. 4.63%, 3/1/2029 (c) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Sotheby's 7.38%, 10/15/2027 (c) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
Specialty Building Products Holdings LLC 6.38%, 9/30/2026 (c) | | |
Spirit Loyalty Cayman Ltd. 8.00%, 9/20/2025 (a) (c) | | |
Staples, Inc. 7.50%, 4/15/2026 (c) | | |
Station Casinos LLC 4.50%, 2/15/2028 (c) | | |
Summit Midstream Holdings LLC 9.50%, 10/15/2026 (c) (g) | | |
| | |
| | |
| | |
Take-Two Interactive Software, Inc. 3.55%, 4/14/2025 | | |
Taylor Morrison Communities, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Teleflex, Inc. 4.25%, 6/1/2028 (c) | | |
| | |
| | |
| | |
| | |
Tenneco, Inc. 8.00%, 11/17/2028 (c) | | |
Townsquare Media, Inc. 6.88%, 2/1/2026 (a) (c) | | |
| | |
| | |
| | |
| | |
| | |
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (c) | | |
Travel + Leisure Co. 6.63%, 7/31/2026 (c) | | |
TripAdvisor, Inc. 7.00%, 7/15/2025 (c) | | |
Tronox, Inc. 4.63%, 3/15/2029 (c) | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United States — continued |
| | |
United Rentals North America, Inc. 3.88%, 11/15/2027 | | |
United Wholesale Mortgage LLC | | |
| | |
| | |
| | |
REIT, 10.50%, 2/15/2028 (c) | | |
REIT, 4.75%, 4/15/2028 (c) | | |
Univision Communications, Inc. | | |
| | |
| | |
Urban One, Inc. 7.38%, 2/1/2028 (c) | | |
US Acute Care Solutions LLC 6.38%, 3/1/2026 (c) | | |
Ventas Realty LP REIT, 2.65%, 1/15/2025 | | |
| | |
| | |
| | |
Veritas US, Inc. 7.50%, 9/1/2025 (c) | | |
Vistra Operations Co. LLC | | |
| | |
| | |
WASH Multifamily Acquisition, Inc. 5.75%, 4/15/2026 (c) | | |
Wesco Aircraft Holdings, Inc. 9.00%, 11/15/2026 (a) (c) (h) | | |
| | |
| | |
| | |
Western Alliance Bancorp (3-MONTH CME TERM SOFR + 2.25%), 3.00%, 6/15/2031 (a) (f) | | |
Williams Cos., Inc. (The) 4.55%, 6/24/2024 | | |
| | |
| | |
| | |
Windstream Escrow LLC 7.75%, 8/15/2028 (c) | | |
WR Grace Holdings LLC 4.88%, 6/15/2027 (c) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
| | |
XHR LP REIT, 6.38%, 8/15/2025 (c) | | |
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a) (c) | | |
ZoomInfo Technologies LLC 3.88%, 2/1/2029 (c) | | |
| | |
Total Corporate Bonds
(Cost $743,609) | | |
Foreign Government Securities — 13.2% |
|
Commonwealth of Australia | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Province of Alberta 2.90%, 12/1/2028 | | |
Province of British Columbia | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Dexia SA 0.25%, 12/10/2026 (b) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Bundesrepublik Deutschland | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Foreign Government Securities — continued |
|
| | |
| | |
| | |
| | |
| | |
Federal Republic of Germany 0.25%, 2/15/2029 (b) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
Republic of Indonesia 2.15%, 7/18/2024 (b) | | |
|
Buoni Poliennali del Tesoro | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
Italian Republic Government Bond 2.38%, 10/17/2024 | | |
| | |
|
Japan Bank for International Cooperation | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Foreign Government Securities — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
European Financial Stability Facility 3.00%, 12/15/2028 (b) | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Republic of Peru 1.86%, 12/1/2032 | | |
|
Republic of Philippines 0.25%, 4/28/2025 | | |
|
Romania Government Bond 2.00%, 4/14/2033 (c) | | |
|
| | |
| | |
| | |
| | |
|
Export-Import Bank of Korea | | |
| | |
| | |
| | |
Republic of Korea 0.00%, 9/16/2025 | | |
| | |
|
Bonos and Obligaciones del Estado | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Foreign Government Securities — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United Kingdom of Great Britain and Northern Ireland | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United Kingdom — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total Foreign Government Securities
(Cost $434,321) | | |
Asset-Backed Securities — 4.1% |
|
AIMCO CLO Ltd. Series 2019-10A, Class AR, 6.65%, 7/22/2032 (c) (i) | | |
| | |
Series 2019-31A, Class A1R, 6.69%, 4/15/2031 (c) (i) | | |
Series 2020-33A, Class BR, 7.18%, 10/24/2034 (c) (i) | | |
| | |
Series 2016-40A, Class A1RR, 6.46%, 1/15/2029 (c) (i) | | |
Series 2016-39A, Class A1R2, 6.64%, 4/18/2031 (c) (i) | | |
Ballyrock CLO Ltd. Series 2020-2A, Class A2R, 7.14%, 10/20/2031 (c) (i) | | |
Benefit Street Partners CLO Ltd. Series 2019-18A, Class A1R, 6.76%, 10/15/2034 (c) (i) | | |
| | |
Series 2017-5A, Class A1, 6.76%, 11/16/2030 (c) (i) | | |
Series 2014-5A, Class A1R2, 6.78%, 10/17/2031 (c) (i) | | |
Series 2021-4A, Class A, 6.64%, 7/15/2033 (c) (i) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Asset-Backed Securities — continued |
Cayman Islands — continued |
Series 2014-4RA, Class A2AR, 7.33%, 1/17/2035 (c) (i) | | |
| | |
Series 2020-83A, Class A, 6.81%, 1/18/2032 (c) (i) | | |
Series 2019-72A, Class AR, 6.65%, 5/15/2032 (c) (i) | | |
Series 2019-68A, Class AR, 6.76%, 7/15/2035 (c) (i) | | |
| | |
Series 2013-30A, Class AR, 6.39%, 11/15/2028 (c) (i) | | |
Series 2013-26A, Class AR, 6.49%, 4/15/2029 (c) (i) | | |
Series 2016-43A, Class AR2, 6.63%, 4/20/2034 (c) (i) | | |
| | |
Series 2020-1A, Class A, 6.83%, 4/15/2033 (c) (i) | | |
Series 2021-4A, Class B, 7.19%, 10/20/2034 (c) (i) | | |
Flatiron CLO Ltd. Series 2019-1A, Class AR, 6.67%, 11/16/2034 (c) (i) | | |
Galaxy CLO Ltd. Series 2018-27A, Class A, 6.61%, 5/16/2031 (c) (i) | | |
Goldentree Loan Management US CLO Ltd. Series 2020-7A, Class AR, 6.66%, 4/20/2034 (c) (i) | | |
KKR CLO Ltd. Series 32A, Class A1, 6.91%, 1/15/2032 (c) (i) | | |
| | |
Series 2013-1A, Class A2R2, 6.77%, 4/15/2029 (c) (i) (j) | | |
Series 2013-1A, Class A1R, 6.88%, 4/15/2029 (c) (i) | | |
| | |
Series 26A, Class A1, 6.66%, 1/20/2031 (c) (i) | | |
Series 29A, Class AR, 6.66%, 4/15/2031 (c) (i) | | |
Madison Park Funding Ltd. | | |
Series 2018-32A, Class A1R, 6.59%, 1/22/2031 (c) (i) | | |
Series 2019-34A, Class AR, 6.71%, 4/25/2032 (c) (i) | | |
| | |
|
Cayman Islands — continued |
Series 2019-33A, Class AR, 6.62%, 10/15/2032 (c) (i) | | |
Magnetite Ltd. Series 2019-22A, Class AR, 6.65%, 4/15/2031 (c) (i) | | |
Neuberger Berman CLO Ltd. Series 2014-17A, Class AR2, 6.62%, 4/22/2029 (c) (i) | | |
Neuberger Berman Loan Advisers CLO Ltd. | | |
Series 2017-26A, Class AR, 6.51%, 10/18/2030 (c) (i) | | |
Series 2019-34A, Class A1R, 6.56%, 1/20/2035 (c) (i) | | |
OCP CLO Ltd. Series 2015-9A, Class A1R2, 6.58%, 1/15/2033 (c) (i) | | |
Palmer Square CLO Ltd. Series 2014-1A, Class A1R2, 6.71%, 1/17/2031 (c) (i) | | |
Palmer Square Loan Funding Ltd. Series 2022-1A, Class A1, 6.38%, 4/15/2030 (c) (i) | | |
Stratus CLO Ltd. Series 2021-3A, Class A, 6.54%, 12/29/2029 (c) (i) | | |
Symphony CLO Ltd. Series 2018-19A, Class A, 6.55%, 4/16/2031 (c) (i) | | |
Voya CLO Ltd. Series 2020-2A, Class A1R, 6.75%, 7/19/2034 (c) (i) | | |
| | |
|
Greenwood Park CLO Ltd. Series 2018-1A, Class A2, 6.60%, 4/15/2031 (c) (i) | | |
Total Asset-Backed Securities
(Cost $120,872) | | |
U.S. Treasury Obligations — 0.9% |
U.S. Treasury Notes 4.13%, 1/31/2025 (k)(Cost $27,058) | | |
|
Asian Development Bank, 3.40%, 9/10/2027 (b) | | |
European Investment Bank, 2.25%, 3/15/2030 (b) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Supranational — continued |
| | |
Inter-American Development Bank | | |
| | |
| | |
Total Supranational
(Cost $17,610) | | |
| | |
Exchange-Traded Funds — 0.4% |
|
iShares MSCI India ETF (a)(Cost $5,631) | | |
| | |
Loan Assignments — 0.0% ‡ (f) (l) ^ |
|
FGI Operating Co. LLC, 1st Lien Term Loan (3-MONTH SOFR + 11.00%), 12.00%, 5/16/2024 (h) | | |
Moran Foods LLC, 1st Lien Super Senior Delayed Term Loan (3-MONTH SOFR + 11.50%), 16.97%, 6/30/2026 | | |
Moran Foods LLC, 1st Lien Term Loan | | |
(3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 | | |
(3-MONTH CME TERM SOFR + 2.00%), 12.66%, 6/30/2026 | | |
Total Loan Assignments
(Cost $1,008) | | |
| | |
Convertible Preferred Stocks — 0.0% ^ |
|
Claire's Stores, Inc. ‡ *(Cost $73) | | |
| | |
Commercial Mortgage-Backed Securities — 0.0% ^ |
|
GNMA Series 2021-170, IO, 0.99%, 5/16/2063 (i) | | |
| | |
|
United States — continued |
Velocity Commercial Capital Loan Trust | | |
Series 2018-2, Class M2, 4.51%, 10/26/2048 (c) (i) | | |
Series 2018-2, Class M3, 4.72%, 10/26/2048 (c) (i) | | |
Total Commercial Mortgage-Backed Securities
(Cost $464) | | |
| | |
Preferred Stocks — 0.0% ^ |
|
Goodman Networks, Inc. ‡ * | | |
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | | |
Total Preferred Stocks
(Cost $49) | | |
| | |
|
|
Nmg Research Ltd., expiring 9/24/2027, price 1.00 USD ‡ *(Cost $—) | | |
| | |
Collateralized Mortgage Obligations — 0.0% ^ |
|
CHL Mortgage Pass-Through Trust Series 2007-10, Class A4, 5.50%, 7/25/2037 | | |
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1, Class A4, 6.03%, 4/25/2036 (i) | | |
HarborView Mortgage Loan Trust Series 2006-14, Class 1A1A, 5.79%, 1/25/2047 (i) | | |
JPMorgan Mortgage Trust Series 2005-A8, Class 2A3, 5.01%, 11/25/2035 (i) | | |
Total Collateralized Mortgage Obligations
(Cost $—) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Short-Term Investments — 4.0% |
Certificates of Deposits — 0.0% ^ |
Credit Agricole Corporate and Investment Bank, (SOFR + 0.60%), 5.91%, 8/1/2025 (f) (Cost $499) | | |
Commercial Paper — 0.0% ^ |
Nutrien Ltd., 5.64%, 6/5/2024 (c) | | |
Skandinaviska Enskilda Banken AB, 5.54%, 4/23/2025 (c) | | |
Total Commercial Paper
(Cost $536) | | |
| | |
Investment Companies — 3.2% |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (m) (n) (Cost $94,084) | | |
Investment of Cash Collateral from Securities Loaned — 0.8% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (m) (n) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (m) (n) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $22,904) | | |
Total Short-Term Investments
(Cost $118,023) | | |
Total Investments — 99.8%
(Cost $2,567,498) | | |
Assets in Excess of Other Liabilities — 0.2% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| American Depositary Receipt |
| |
| |
| |
| Clearing House Electronic Subregister System (CHESS) Depository Interest |
| Commercial Industrial Finance Corp. |
| Collateralized Loan Obligations |
| Chicago Mercantile Exchange |
| Certificaten Van Aandelen (Dutch Certificate) |
| |
| |
| |
| |
| Global Depositary Receipt |
| Government National Mortgage Association |
| 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. |
| |
| |
| 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. |
| Limited liability company |
| Real Estate Investment Trust |
| Limited partnership with share capital |
| |
| |
| Secured Overnight Financing Rate |
| Compounding index of the Secured Overnight Financing Rate |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $20,228. | |
| 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. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| | |
| All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $1,265. | |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| 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 April 30, 2024. | |
| | |
| 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 April 30, 2024. | |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. | |
| 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. | |
| The rate shown is the current yield as of April 30, 2024. | |
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
Foreign Government Securities | |
Semiconductors & Semiconductor Equipment | |
Oil, Gas & Consumable Fuels | |
| |
| |
| |
Hotels, Restaurants & Leisure | |
| |
| |
Technology Hardware, Storage & Peripherals | |
| |
Health Care Providers & Services | |
| |
| |
| |
Interactive Media & Services | |
| |
| |
| |
| |
| |
| |
Textiles, Apparel & Luxury Goods | |
| |
Consumer Staples Distribution & Retail | |
Commercial Services & Supplies | |
Others (each less than 1.0%) | |
| |
Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
Futures contracts outstanding as of April 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
U.S. Treasury 10 Year Note | | | | | |
| | | | | |
| | | | | |
| | | | | |
MSCI Emerging Markets E-Mini Index | | | | | |
| | | | | |
| | | | | |
U.S. Treasury 5 Year Note | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
U.S. Treasury 10 Year Note | | | | | |
U.S. Treasury 10 Year Ultra Note | | | | | |
U.S. Treasury 2 Year Note | | | | | |
U.S. Treasury 5 Year Note | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| |
| Europe, Australasia and Far East |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Global Allocation Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| |
| International Financial Service Centre |
| |
| Morgan Stanley Capital International |
| Secured Overnight Financing Rate |
| Sterling Overnight Index Average |
| |
| |
| Amount rounds to less than one thousand. |
Forward foreign currency exchange contracts outstanding as of April 30, 2024 (amounts in thousands):
| | | | UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | Merrill Lynch International | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total unrealized appreciation | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | Goldman Sachs International | | |
| | | | | | |
| | | | | | |
| | | | | | |
Total unrealized depreciation | |
Net unrealized depreciation | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited)
| | |
|
|
Australia & New Zealand Banking Group Ltd. | | |
(SOFR + 0.56%), 5.91%, 3/18/2026 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 2.57%, 11/25/2035 (b) (c) (d) | | |
FMG Resources August 2006 Pty. Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
(SOFR + 0.69%), 1.20%, 10/14/2025 (a) (b) | | |
| | |
| | |
| | |
| | |
| | |
|
ams-OSRAM AG 12.25%, 3/30/2029 (a) (e) | | |
|
State Oil Co. of the Azerbaijan Republic 6.95%, 3/18/2030 (d) | | |
|
Bapco Energies BSCC 7.50%, 10/25/2027 (d) | | |
|
Braskem Netherlands Finance BV 7.25%, 2/13/2033 (a) | | |
CSN Resources SA 4.63%, 6/10/2031 (a) | | |
Guara Norte SARL 5.20%, 6/15/2034 (a) | | |
Klabin Austria GmbH 7.00%, 4/3/2049 (d) | | |
Minerva Luxembourg SA 8.88%, 9/13/2033 (a) | | |
MV24 Capital BV 6.75%, 6/1/2034 (a) | | |
Petrobras Global Finance BV 6.85%, 6/5/2115 | | |
Vale Overseas Ltd. 3.75%, 7/8/2030 | | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
Athabasca Oil Corp. 9.75%, 11/1/2026 (a) | | |
ATS Corp. 4.13%, 12/15/2028 (a) | | |
| | |
| | |
| | |
Bank of Nova Scotia (The) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.90%, 6/4/2025 (b) (c) (f) (g) | | |
| | |
| | |
Series 2, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 3.63%, 10/27/2081 (b) (c) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.39%), 8.63%, 10/27/2082 (b) (c) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Canadian Imperial Bank of Commerce | | |
| | |
| | |
| | |
Emera US Finance LP 2.64%, 6/15/2031 | | |
Emera, Inc. Series 16-A, (3-MONTH SOFR + 5.44%), 6.75%, 6/15/2076 (b) | | |
| | |
Series 16-A, (3-MONTH CME TERM SOFR + 4.15%), 6.00%, 1/15/2077 (b) | | |
Series 20-A, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 5.75%, 7/15/2080 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.42%), 7.63%, 1/15/2083 (b) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
|
Federation des Caisses Desjardins du Quebec | | |
| | |
| | |
Garda World Security Corp. 4.63%, 2/15/2027 (a) | | |
goeasy Ltd. 9.25%, 12/1/2028 (a) | | |
Greenfire Resources Ltd. 12.00%, 10/1/2028 (a) | | |
MEG Energy Corp. 5.88%, 2/1/2029 (a) | | |
New Gold, Inc. 7.50%, 7/15/2027 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Primo Water Holdings, Inc. 4.38%, 4/30/2029 (a) | | |
Ritchie Bros Holdings, Inc. | | |
| | |
| | |
Rogers Communications, Inc. | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.59%), 5.25%, 3/15/2082 (a) (b) | | |
| | |
| | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.89%), 7.50%, 5/2/2084 (b) (c) | | |
Superior Plus LP 4.50%, 3/15/2029 (a) | | |
Toronto-Dominion Bank (The) | | |
| | |
(SOFR + 1.08%), 6.41%, 7/17/2026 (b) | | |
| | |
| | |
| | |
|
|
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.08%), 8.13%, 10/31/2082 (b) (c) | | |
TransCanada PipeLines Ltd. 1.00%, 10/12/2024 | | |
| | |
Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, 8/15/2076 (b) | | |
(SOFR + 4.42%), 5.50%, 9/15/2079 (b) | | |
Vermilion Energy, Inc. 6.88%, 5/1/2030 (a) | | |
| | |
| | |
| | |
| | |
|
Central Plaza Development Ltd. | | |
| | |
| | |
China Oil & Gas Group Ltd. 4.70%, 6/30/2026 (d) | | |
Chong Hing Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 5.70%, 7/15/2024 (b) (c) (d) (f) (g) | | |
ENN Clean Energy International Investment Ltd. 3.38%, 5/12/2026 (d) | | |
Fortune Star BVI Ltd. 6.85%, 7/2/2024 (d) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.58%), 6.00%, 2/8/2026 (b) (d) (f) (g) | | |
| | |
GLP China Holdings Ltd. 2.95%, 3/29/2026 (d) | | |
Greentown China Holdings Ltd. 5.65%, 7/13/2025 (d) | | |
Huarong Finance 2017 Co. Ltd. 4.75%, 4/27/2027 (d) | | |
Huarong Finance 2019 Co. Ltd. | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.98%), 4.25%, 9/30/2025 (b) (d) (f) (g) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
|
Huarong Finance II Co. Ltd. | | |
| | |
| | |
Longfor Group Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Shandong Iron And Steel Xinheng International Co. Ltd. 4.80%, 7/28/2024 (d) | | |
Shui On Development Holding Ltd. | | |
| | |
| | |
Vanke Real Estate Hong Kong Co. Ltd. 3.98%, 11/9/2027 (d) | | |
Xiaomi Best Time International Ltd. 4.10%, 7/14/2051 (d) | | |
Yanlord Land HK Co. Ltd. 5.13%, 5/20/2026 (d) | | |
Yunda Holding Investment Ltd. 2.25%, 8/19/2025 (d) | | |
Zhongsheng Group Holdings Ltd. 3.00%, 1/13/2026 (d) | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
EnfraGen Energia Sur SA 5.38%, 12/30/2030 (d) | | |
| | |
| | |
|
|
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.98%, 9/10/2025 (b) (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.71%, 3/1/2030 (a) (b) | | |
| | |
|
Amer Sports Co. 6.75%, 2/16/2031 (a) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.11%), 6.63%, 3/26/2026 (a) (b) (c) (f) (g) | | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Banque Federative du Credit Mutuel SA | | |
| | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 9.25%, 11/17/2027 (a) (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.90%), 7.75%, 8/16/2029 (a) (b) (c) (f) (g) | | |
(SOFR + 1.59%), 5.50%, 5/20/2030 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.73%), 8.00%, 8/22/2031 (a) (b) (c) (f) (g) | | |
(SOFR + 1.88%), 5.74%, 2/20/2035 (a) (b) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
|
(SOFR + 1.52%), 1.65%, 10/6/2026 (a) (b) | | |
(SOFR + 2.10%), 5.98%, 1/18/2027 (a) (b) | | |
(SOFR + 1.98%), 6.61%, 10/19/2027 (a) (b) | | |
| | |
(USD Swap Semi 5 Year + 6.19%), 8.13%, 12/23/2025 (a) (b) (c) (f) (g) | | |
(SONIA GBP ICE Swap Rate 5 Year + 4.81%), 7.50%, 6/23/2026 (a) (b) (c) (f) (g) | | |
| | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.24%), 4.75%, 3/23/2029 (a) (b) (c) (f) (g) | | |
(SOFR + 1.69%), 5.34%, 1/10/2030 (a) (b) | | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 6.45%, 1/12/2027 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.39%), 9.38%, 11/22/2027 (a) (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.30%), 2.80%, 1/19/2028 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.52%, 1/19/2028 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.63%, 1/19/2030 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.51%), 5.38%, 11/18/2030 (a) (b) (c) (f) (g) | | |
| | |
| | |
| | |
|
|
BMW US Capital LLC (SOFRINDX + 0.55%), 5.88%, 4/2/2026 (a) (b) | | |
Daimler Truck Finance North America LLC 5.20%, 1/17/2025 (a) | | |
| | |
(SOFR + 1.87%), 2.13%, 11/24/2026 (b) | | |
(SOFR + 1.59%), 5.71%, 2/8/2028 (b) | | |
Deutsche Telekom International Finance BV 8.75%, 6/15/2030 (h) | | |
Mercer International, Inc. 5.13%, 2/1/2029 | | |
Volkswagen Group of America Finance LLC (SOFR + 0.83%), 6.18%, 3/20/2026 (a) (b) | | |
| | |
|
Energuate Trust 5.88%, 5/3/2027 (d) | | |
|
Bank of East Asia Ltd. (The) (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.53%), 5.83%, 10/21/2025 (b) (c) (d) (f) (g) | | |
CAS Capital No. 1 Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.64%), 4.00%, 7/12/2026 (b) (d) (f) (g) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.87%), 8.05%, 6/15/2024 (b) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.08%), 6.68%, 8/1/2024 (b) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.88%), 6.38%, 9/13/2024 (b) (d) (f) (g) | | |
Goodman HK Finance 4.38%, 6/19/2024 (d) | | |
Melco Resorts Finance Ltd. | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
|
Nan Fung Treasury Ltd. 3.63%, 8/27/2030 (d) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 3 Year + 6.20%), 6.15%, 3/16/2025 (b) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 7.89%), 5.25%, 3/22/2026 (b) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.86%), 4.13%, 3/10/2028 (b) (d) (f) (g) | | |
NWD MTN Ltd. 4.13%, 7/18/2029 (d) | | |
Prudential Funding Asia plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.52%), 2.95%, 11/3/2033 (b) (d) | | |
| | |
|
ABJA Investment Co. Pte. Ltd. 5.45%, 1/24/2028 (d) | | |
Axis Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.32%), 4.10%, 9/8/2026 (b) (c) (d) (f) (g) | | |
Continuum Energy Aura Pte. Ltd. 9.50%, 2/24/2027 (d) | | |
Continuum Energy Levanter Pte. Ltd. 4.50%, 2/9/2027 (d) | | |
Delhi International Airport Ltd. 6.13%, 10/31/2026 (d) | | |
GMR Hyderabad International Airport Ltd. 4.25%, 10/27/2027 (d) | | |
Greenko Dutch BV 3.85%, 3/29/2026 (d) | | |
| | |
| | |
| | |
Greenko Solar Mauritius Ltd. 5.95%, 7/29/2026 (d) | | |
Greenko Wind Projects Mauritius Ltd. 5.50%, 4/6/2025 (a) | | |
| | |
|
|
HDFC Bank Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.93%), 3.70%, 8/25/2026 (a) (b) (c) (f) (g) | | |
| | |
| | |
| | |
India Clean Energy Holdings 4.50%, 4/18/2027 (d) | | |
India Green Power Holdings 4.00%, 2/22/2027 (d) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Network i2i Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.27%), 5.65%, 1/15/2025 (b) (d) (f) (g) | | |
ReNew Pvt Ltd. 5.88%, 3/5/2027 (d) | | |
Shriram Finance Ltd. 6.63%, 4/22/2027 (a) | | |
| | |
| | |
| | |
Vedanta Resources Finance II plc | | |
| | |
13.88%, 12/9/2028 (d) (h) | | |
Vedanta Resources Ltd. 13.88%, 12/9/2028 (d) (h) | | |
| | |
|
Adaro Indonesia PT 4.25%, 10/31/2024 (d) | | |
Bank Negara Indonesia Persero Tbk. PT (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.47%), 4.30%, 3/24/2027 (b) (c) (d) (f) (g) | | |
Bank Tabungan Negara Persero Tbk. PT 4.20%, 1/23/2025 (c) (d) | | |
Cikarang Listrindo Tbk. PT 4.95%, 9/14/2026 (d) | | |
Indika Energy Capital III Pte. Ltd. 5.88%, 11/9/2024 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
|
Indika Energy Capital IV Pte. Ltd. 8.25%, 10/22/2025 (d) | | |
Indika Energy Tbk. PT 8.75%, 5/7/2029 (a) (i) | | |
Medco Bell Pte. Ltd. 6.38%, 1/30/2027 (d) | | |
Medco Laurel Tree Pte. Ltd. 6.95%, 11/12/2028 (d) | | |
Medco Oak Tree Pte. Ltd. 7.38%, 5/14/2026 (d) | | |
Minejesa Capital BV 5.63%, 8/10/2037 (d) | | |
Pelabuhan Indonesia Persero PT 4.88%, 10/1/2024 (d) | | |
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 6.25%, 1/25/2049 (d) | | |
| | |
|
AerCap Holdings NV (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.54%), 5.88%, 10/10/2079 (b) | | |
AerCap Ireland Capital DAC 6.45%, 4/15/2027 | | |
AIB Group plc (SOFR + 3.46%), 7.58%, 10/14/2026 (a) (b) | | |
Bank of Ireland Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.25%, 9/16/2026 (a) (b) | | |
Cimpress plc 7.00%, 6/15/2026 | | |
EndoDesign 0.00%, 10/15/2024 ‡ | | |
| | |
|
Energian Israel Finance Ltd. | | |
| | |
| | |
Leviathan Bond Ltd. 6.50%, 6/30/2027 (d) | | |
| | |
|
Enel Finance International NV 2.65%, 9/10/2024 (a) | | |
Intesa Sanpaolo SpA 7.00%, 11/21/2025 (a) | | |
Telecom Italia Capital SA | | |
| | |
| | |
| | |
|
|
| | |
| | |
(EURIBOR ICE Swap Rate 5 Year + 7.33%), 7.50%, 6/3/2026 (b) (c) (d) (f) (g) | | |
(EURIBOR ICE Swap Rate 5 Year + 4.08%), 3.88%, 6/3/2027 (b) (c) (d) (f) (g) | | |
| | |
|
Mitsubishi HC Capital, Inc. 3.64%, 4/13/2025 (a) (e) | | |
Mitsubishi UFJ Financial Group, Inc. | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.55%), 0.95%, 7/19/2025 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.13%), 3.84%, 4/17/2026 (b) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.75%), 1.54%, 7/20/2027 (b) (e) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.64%, 10/13/2027 (b) | | |
Mizuho Financial Group, Inc. | | |
(3-MONTH CME TERM SOFR + 1.09%), 2.23%, 5/25/2026 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.67%), 1.23%, 5/22/2027 (b) | | |
NTT Finance Corp. 4.14%, 7/26/2024 (a) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.58%), 5.13%, 4/22/2026 (b) (d) (f) (g) | | |
| | |
Sumitomo Mitsui Financial Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.28%), 6.60%, 6/5/2034 (b) (c) (f) (g) | | |
Suntory Holdings Ltd. 2.25%, 10/16/2024 (a) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
|
Altice Financing SA 5.75%, 8/15/2029 (a) | | |
Altice France Holding SA 10.50%, 5/15/2027 (a) | | |
Endo Luxembourg Finance Co. I SARL 0.00%, 4/1/2029 ‡ | | |
| | |
| | |
| | |
Intelsat Jackson Holdings SA 6.50%, 3/15/2030 (a) | | |
| | |
|
Champion Path Holdings Ltd. 4.85%, 1/27/2028 (d) | | |
| | |
| | |
| | |
Sands China Ltd. 5.40%, 8/8/2028 (h) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Braskem Idesa SAPI 7.45%, 11/15/2029 (d) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
ABN AMRO Bank NV (EUR Swap Annual 5 Year + 4.67%), 4.38%, 9/22/2025 (b) (c) (d) (f) (g) | | |
| | |
| | |
| | |
| | |
(EUR Swap Annual 5 Year + 4.68%), 4.38%, 6/29/2027 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.73%), 1.98%, 12/15/2027 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.40%), 5.56%, 2/28/2029 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.12%), 5.45%, 3/5/2030 (a) (b) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.34%), 5.75%, 11/16/2026 (b) (c) (f) (g) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.86%), 3.88%, 5/16/2027 (b) (c) (f) (g) | | |
(USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 4.36%), 8.00%, 5/16/2030 (b) (c) (d) (f) (g) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
|
Trivium Packaging Finance BV | | |
| | |
| | |
| | |
|
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.85%), 1.13%, 9/16/2026 (a) (b) | | |
(SOFRINDX + 1.95%), 5.90%, 10/9/2026 (a) (b) | | |
Seadrill Finance Ltd. 8.38%, 8/1/2030 (a) | | |
| | |
|
Bioceanico Sovereign Certificate Ltd. Zero Coupon, 6/5/2034 (a) | | |
|
| | |
| | |
| | |
| | |
|
Globe Telecom, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.53%), 4.20%, 8/2/2026 (b) (d) (f) (g) | | |
Rizal Commercial Banking Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 6.24%), 6.50%, 8/27/2025 (b) (c) (d) (f) (g) | | |
| | |
|
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.74%), 4.50%, 5/17/2026 (b) (d) (f) (g) | | |
| | |
|
Eskom Holdings SOC Ltd. 7.13%, 2/11/2025 (d) | | |
Transnet SOC Ltd. 8.25%, 2/6/2028 (a) | | |
| | |
| | |
|
|
Hana Bank (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.41%), 3.50%, 10/19/2026 (a) (b) (c) (f) (g) | | |
Hanwha Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.85%), 3.38%, 2/4/2032 (b) (d) | | |
SK Hynix, Inc. 2.38%, 1/19/2031 (d) | | |
Tongyang Life Insurance Co. Ltd. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.98%), 5.25%, 9/22/2025 (b) (d) (f) (g) | | |
| | |
|
Banco Bilbao Vizcaya Argentaria SA | | |
(EUR Swap Annual 5 Year + 6.46%), 6.00%, 1/15/2026 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.30%), 5.86%, 9/14/2026 (b) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.10%), 9.38%, 3/19/2029 (b) (c) (f) (g) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.45%), 5.74%, 6/30/2024 (b) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 4.75%, 11/12/2026 (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.25%), 5.55%, 3/14/2028 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.31%), 9.63%, 11/21/2028 (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.30%), 9.63%, 5/21/2033 (b) (c) (f) (g) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
|
| | |
Grifols SA 4.75%, 10/15/2028 (a) (e) | | |
| | |
|
Skandinaviska Enskilda Banken AB | | |
| | |
| | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.05%), 4.75%, 3/1/2031 (b) (c) (d) (f) (g) | | |
Swedbank AB 6.14%, 9/12/2026 (a) | | |
| | |
|
UBS AG (SOFR + 0.45%), 5.83%, 8/9/2024 (a) (b) | | |
| | |
(USD Swap Semi 5 Year + 4.87%), 7.00%, 2/19/2025 (b) (c) (d) (f) (g) | | |
(USD Swap Semi 5 Year + 4.59%), 6.88%, 8/7/2025 (b) (c) (d) (f) (g) | | |
(SOFR + 1.56%), 2.59%, 9/11/2025 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.86%), 5.13%, 7/29/2026 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.40%), 4.88%, 2/12/2027 (a) (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.75%), 9.25%, 11/13/2028 (a) (b) (c) (f) (g) | | |
(SOFR + 3.92%), 6.54%, 8/12/2033 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.25%, 11/13/2033 (a) (b) (c) (f) (g) | | |
VistaJet Malta Finance plc 9.50%, 6/1/2028 (a) (e) | | |
| | |
| | |
|
|
Bangkok Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.73%), 5.00%, 9/23/2025 (b) (c) (d) (f) (g) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.34%), 4.00%, 2/10/2027 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.70%), 3.34%, 10/2/2031 (b) (c) (d) | | |
Krung Thai Bank PCL (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.53%), 4.40%, 3/25/2026 (b) (c) (d) (f) (g) | | |
Thaioil Treasury Center Co. Ltd. 4.88%, 1/23/2043 (d) | | |
| | |
|
TC Ziraat Bankasi A/S 8.00%, 1/16/2029 (d) | | |
|
180 Medical, Inc. 3.88%, 10/15/2029 (a) | | |
| | |
| | |
(3-MONTH SOFR + 1.61%), 3.93%, 5/7/2025 (b) | | |
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 6.02%), 6.38%, 12/15/2025 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.43%), 8.00%, 3/15/2029 (b) (c) (f) (g) | | |
(SOFR + 1.74%), 5.69%, 3/12/2030 (b) | | |
Drax Finco plc 6.63%, 11/1/2025 (a) | | |
| | |
(SOFR + 0.71%), 0.98%, 5/24/2025 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.86%), 8.00%, 3/7/2028 (b) (c) (f) (g) | | |
(SOFR + 1.73%), 2.01%, 9/22/2028 (b) | | |
(EUR Swap Annual 5 Year + 3.84%), 4.75%, 7/4/2029 (b) (c) (d) (f) (g) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United Kingdom — continued |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.65%), 4.60%, 12/17/2030 (b) (c) (f) (g) | | |
(SOFR + 1.78%), 5.72%, 3/4/2035 (b) (e) | | |
INEOS Quattro Finance 2 plc 9.63%, 3/15/2029 (a) (e) | | |
Ithaca Energy North Sea plc 9.00%, 7/15/2026 (a) | | |
| | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.82%), 6.75%, 6/27/2026 (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 4.72%, 8/11/2026 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.38%), 5.46%, 1/5/2028 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.75%), 5.68%, 1/5/2035 (b) | | |
Nationwide Building Society | | |
| | |
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 5.63%), 5.75%, 6/20/2027 (b) (c) (d) (f) (g) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.63%), 6.00%, 12/29/2025 (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.10%), 5.58%, 3/1/2028 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.50%), 5.78%, 3/1/2035 (b) | | |
NatWest Markets plc 0.80%, 8/12/2024 (a) | | |
Reckitt Benckiser Treasury Services plc 2.75%, 6/26/2024 (a) | | |
Santander UK Group Holdings plc | | |
(SOFR + 2.75%), 6.83%, 11/21/2026 (b) | | |
| | |
|
United Kingdom — continued |
(SOFR + 0.99%), 1.67%, 6/14/2027 (b) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 7/26/2025 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.10%), 7.78%, 11/16/2025 (a) (b) | | |
(3-MONTH SOFR + 1.21%), 2.82%, 1/30/2026 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.65%), 3.97%, 3/30/2026 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.17%, 1/9/2027 (a) (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.98%), 7.75%, 8/15/2027 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.98%), 7.75%, 8/15/2027 (a) (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.14%), 4.30%, 8/19/2028 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.85%), 3.52%, 2/12/2030 (b) (d) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.57%), 7.88%, 3/8/2030 (a) (b) (c) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.81%), 4.75%, 1/14/2031 (b) (c) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.58%), 6.30%, 7/6/2034 (b) (d) | | |
Virgin Media Secured Finance plc 5.50%, 5/15/2029 (a) | | |
Vodafone Group plc (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.77%), 4.13%, 6/4/2081 (b) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
|
| | |
| | |
| | |
Abercrombie & Fitch Management Co. 8.75%, 7/15/2025 (a) | | |
Acadia Healthcare Co., Inc. | | |
| | |
| | |
ACCO Brands Corp. 4.25%, 3/15/2029 (a) | | |
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a) | | |
Acushnet Co. 7.38%, 10/15/2028 (a) | | |
Adient Global Holdings Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (a) | | |
Advanced Drainage Systems, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Alcoa Nederland Holding BV | | |
5.50%, 12/15/2027 (a) (e) | | |
| | |
Alexandria Real Estate Equities, Inc., REIT | | |
| | |
| | |
Allied Universal Holdco LLC | | |
| | |
| | |
Allison Transmission, Inc. | | |
| | |
| | |
|
United States — continued |
| | |
| | |
Allstate Corp. (The) (3-MONTH SOFR + 2.12%), 6.50%, 5/15/2057 (b) | | |
| | |
| | |
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 7 Year + 3.48%), 4.70%, 5/15/2028 (b) (f) (g) | | |
Altria Group, Inc. 4.80%, 2/14/2029 | | |
AMC Networks, Inc. 4.25%, 2/15/2029 (e) | | |
Ameren Corp. 2.50%, 9/15/2024 | | |
| | |
| | |
| | |
American Axle & Manufacturing, Inc. | | |
| | |
| | |
| | |
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a) | | |
American Electric Power Co., Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.68%), 3.88%, 2/15/2062 (b) | | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.55%, 9/15/2026 (b) (f) (g) | | |
American Honda Finance Corp. (SOFR + 0.50%), 5.84%, 10/10/2025 (b) | | |
American International Group, Inc. Series A-9, (3-MONTH SOFR + 2.87%), 5.75%, 4/1/2048 (b) | | |
American Tower Corp., REIT | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
Amkor Technology, Inc. 6.63%, 9/15/2027 (a) | | |
ANGI Group LLC 3.88%, 8/15/2028 (a) | | |
Antero Midstream Partners LP | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Apollo Commercial Real Estate Finance, Inc., REIT 4.63%, 6/15/2029 (a) | | |
APX Group, Inc. 5.75%, 7/15/2029 (a) | | |
Aramark Services, Inc. 5.00%, 2/1/2028 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Arcosa, Inc. 4.38%, 4/15/2029 (a) | | |
Ardagh Metal Packaging Finance USA LLC 6.00%, 6/15/2027 (a) | | |
Ardagh Packaging Finance plc | | |
| | |
| | |
Asbury Automotive Group, Inc. | | |
| | |
4.63%, 11/15/2029 (a) (e) | | |
| | |
| | |
Ascent Resources Utica Holdings LLC | | |
| | |
| | |
| | |
ASGN, Inc. 4.63%, 5/15/2028 (a) | | |
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | | |
| | |
|
United States — continued |
| | |
| | |
| | |
| | |
| | |
Audacy Capital Corp. 6.50%, 5/1/2027 (a) (j) | | |
Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | | |
Avient Corp. 7.13%, 8/1/2030 (a) | | |
Avis Budget Car Rental LLC | | |
| | |
| | |
| | |
Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (a) | | |
Axalta Coating Systems LLC | | |
| | |
| | |
| | |
Series X, (3-MONTH CME TERM SOFR + 3.97%), 6.25%, 9/5/2024 (b) (f) (g) | | |
Series Z, (3-MONTH CME TERM SOFR + 4.44%), 6.50%, 10/23/2024 (b) (f) (g) | | |
Series AA, (3-MONTH CME TERM SOFR + 4.16%), 6.10%, 3/17/2025 (b) (f) (g) | | |
(SOFR + 0.91%), 0.98%, 9/25/2025 (b) | | |
(3-MONTH CME TERM SOFR + 1.13%), 2.46%, 10/22/2025 (b) | | |
(SOFR + 0.65%), 1.53%, 12/6/2025 (b) | | |
Series DD, (3-MONTH CME TERM SOFR + 4.81%), 6.30%, 3/10/2026 (b) (f) (g) | | |
Series RR, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.76%), 4.38%, 1/27/2027 (b) (f) (g) | | |
Series TT, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.13%, 4/27/2027 (b) (f) (g) | | |
Series FF, (3-MONTH CME TERM SOFR + 3.19%), 5.88%, 3/15/2028 (b) (f) (g) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
(3-MONTH CME TERM SOFR + 1.44%), 3.19%, 7/23/2030 (b) | | |
(SOFR + 1.21%), 2.57%, 10/20/2032 (b) | | |
(SOFR + 1.83%), 4.57%, 4/27/2033 (b) | | |
(SOFR + 1.65%), 5.47%, 1/23/2035 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 1.20%), 2.48%, 9/21/2036 (b) | | |
Bank of New York Mellon Corp. (The) | | |
(SOFR + 0.62%), 5.94%, 4/25/2025 (b) | | |
Series F, (3-MONTH CME TERM SOFR + 3.13%), 4.63%, 9/20/2026 (b) (f) (g) | | |
(SOFRINDX + 2.07%), 5.83%, 10/25/2033 (b) | | |
| | |
| | |
| | |
| | |
Bausch Health Americas, Inc. 8.50%, 1/31/2027 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
BellRing Brands, Inc. 7.00%, 3/15/2030 (a) | | |
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (a) | | |
Big River Steel LLC 6.63%, 1/31/2029 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
BlueLinx Holdings, Inc. 6.00%, 11/15/2029 (a) | | |
Boise Cascade Co. 4.88%, 7/1/2030 (a) | | |
| | |
|
United States — continued |
Boyd Gaming Corp. 4.75%, 6/15/2031 (a) | | |
Boyne USA, Inc. 4.75%, 5/15/2029 (a) | | |
| | |
(U.K. Government Bonds 5 Year Note Generic Bid Yield + 4.17%), 4.25%, 3/22/2027 (b) (d) (f) (g) | | |
(EUR Swap Annual 5 Year + 3.78%), 3.63%, 3/22/2029 (b) (d) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.40%), 4.88%, 3/22/2030 (b) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.15%), 6.45%, 12/1/2033 (b) (f) (g) | | |
Brightsphere Investment Group, Inc. 4.80%, 7/27/2026 | | |
Brink's Co. (The) 4.63%, 10/15/2027 (a) | | |
Broadcom, Inc. 4.30%, 11/15/2032 | | |
Brundage-Bone Concrete Pumping Holdings, Inc. 6.00%, 2/1/2026 (a) | | |
| | |
| | |
| | |
| | |
Builders FirstSource, Inc. | | |
| | |
| | |
| | |
| | |
Burford Capital Global Finance LLC | | |
| | |
| | |
| | |
| | |
| | |
Cable One, Inc. 4.00%, 11/15/2030 (a) (e) | | |
Caesars Entertainment, Inc. | | |
| | |
| | |
| | |
California Resources Corp. 7.13%, 2/1/2026 (a) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
| | |
| | |
Capital One Financial Corp. Series M, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 3.95%, 9/1/2026 (b) (f) (g) | | |
Cardinal Health, Inc. 3.08%, 6/15/2024 | | |
| | |
| | |
| | |
| | |
| | |
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a) | | |
Carpenter Technology Corp. | | |
| | |
| | |
Cars.com, Inc. 6.38%, 11/1/2028 (a) | | |
Catalent Pharma Solutions, Inc. | | |
| | |
| | |
Caterpillar Financial Services Corp. (SOFR + 0.45%), 5.79%, 1/6/2025 (b) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) | | |
CDW LLC 4.25%, 4/1/2028 (e) | | |
| | |
| | |
| | |
Centene Corp. 3.38%, 2/15/2030 | | |
| | |
| | |
| | |
| | |
|
United States — continued |
Charles Schwab Corp. (The) | | |
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.97%), 5.38%, 6/1/2025 (b) (f) (g) | | |
Series H, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 3.08%), 4.00%, 12/1/2030 (b) (f) (g) | | |
| | |
| | |
| | |
Chemours Co. (The) 5.75%, 11/15/2028 (a) (e) | | |
Cheniere Energy Partners LP | | |
| | |
| | |
| | |
| | |
| | |
| | |
Chord Energy Corp. 6.38%, 6/1/2026 (a) | | |
Churchill Downs, Inc. 4.75%, 1/15/2028 (a) | | |
Ciena Corp. 4.00%, 1/31/2030 (a) | | |
| | |
| | |
| | |
Citibank NA 5.57%, 4/30/2034 | | |
| | |
Series M, (3-MONTH CME TERM SOFR + 3.68%), 6.30%, 8/15/2024 (b) (f) (g) | | |
Series U, (SOFR + 3.81%), 5.00%, 9/12/2024 (b) (f) (g) | | |
(SOFR + 0.69%), 6.03%, 10/30/2024 (b) | | |
Series V, (SOFR + 3.23%), 4.70%, 1/30/2025 (b) (f) (g) | | |
(SOFR + 0.67%), 0.98%, 5/1/2025 (b) | | |
Series P, (3-MONTH CME TERM SOFR + 4.17%), 5.95%, 5/15/2025 (b) (f) (g) | | |
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.60%), 4.00%, 12/10/2025 (b) (f) (g) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
(SOFR + 0.69%), 2.01%, 1/25/2026 (b) | | |
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.42%), 3.88%, 2/18/2026 (b) (f) (g) | | |
Series T, (3-MONTH CME TERM SOFR + 4.78%), 6.25%, 8/15/2026 (b) (f) (g) | | |
(SOFR + 2.11%), 2.57%, 6/3/2031 (b) | | |
(SOFR + 1.18%), 2.52%, 11/3/2032 (b) | | |
(SOFR + 1.35%), 3.06%, 1/25/2033 (b) | | |
(SOFR + 1.94%), 3.79%, 3/17/2033 (b) | | |
Citizens Financial Group, Inc. | | |
Series B, (3-MONTH CME TERM SOFR + 3.26%), 8.57%, 7/6/2024 (b) (f) (g) | | |
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.00%, 10/6/2026 (b) (f) (g) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Clarivate Science Holdings Corp. | | |
| | |
| | |
Clear Channel Outdoor Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Clydesdale Acquisition Holdings, Inc. | | |
| | |
| | |
| | |
|
United States — continued |
CMS Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.12%), 4.75%, 6/1/2050 (b) | | |
CNX Midstream Partners LP 4.75%, 4/15/2030 (a) | | |
CNX Resources Corp. 7.38%, 1/15/2031 (a) (e) | | |
Coeur Mining, Inc. 5.13%, 2/15/2029 (a) (e) | | |
Cogent Communications Group, Inc. | | |
| | |
| | |
Coherent Corp. 5.00%, 12/15/2029 (a) | | |
| | |
| | |
| | |
Commercial Metals Co. 3.88%, 2/15/2031 | | |
Commonwealth Edison Co. 3.10%, 11/1/2024 | | |
CommScope Technologies LLC 6.00%, 6/15/2025 (a) | | |
| | |
| | |
| | |
| | |
Community Health Systems, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Conduent Business Services LLC 6.00%, 11/1/2029 (a) | | |
Consolidated Communications, Inc. | | |
| | |
| | |
Cooper-Standard Automotive, Inc. | | |
13.50% (Blend (Cash 9.00% + PIK 4.50%)), 3/31/2027 (a) (e) (k) | | |
10.63% (PIK), 5/15/2027 (a) (k) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
Corebridge Financial, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.85%), 6.88%, 12/15/2052 (b) | | |
CoreCivic, Inc. 8.25%, 4/15/2029 | | |
Cornerstone Building Brands, Inc. 6.13%, 1/15/2029 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Crescent Energy Finance LLC | | |
| | |
| | |
| | |
Crown Castle, Inc., REIT 3.65%, 9/1/2027 | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
CTR Partnership LP, REIT 3.88%, 6/30/2028 (a) | | |
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (a) | | |
CVS Health Corp. 2.63%, 8/15/2024 | | |
Dana, Inc. 5.63%, 6/15/2028 | | |
| | |
| | |
| | |
Delek Logistics Partners LP 7.13%, 6/1/2028 (a) | | |
Dell International LLC 4.00%, 7/15/2024 | | |
Deluxe Corp. 8.00%, 6/1/2029 (a) | | |
Diamond Foreign Asset Co. 8.50%, 10/1/2030 (a) | | |
Directv Financing LLC 5.88%, 8/15/2027 (a) | | |
Discovery Communications LLC 3.63%, 5/15/2030 | | |
| | |
|
United States — continued |
| | |
| | |
| | |
| | |
| | |
DISH Network Corp. 11.75%, 11/15/2027 (a) | | |
| | |
| | |
| | |
| | |
Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 4.65%, 12/15/2024 (b) (f) (g) | | |
Series C, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.35%, 1/15/2027 (b) (f) (g) | | |
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) (e) | | |
| | |
| | |
| | |
Duke Energy Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.32%), 3.25%, 1/15/2082 (b) | | |
Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | | |
Edgewell Personal Care Co. | | |
| | |
| | |
Edison International Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.90%), 5.00%, 12/15/2026 (b) (f) (g) | | |
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (h) | | |
Element Solutions, Inc. 3.88%, 9/1/2028 (a) | | |
Embarq Corp. 8.00%, 6/1/2036 | | |
Embecta Corp. 5.00%, 2/15/2030 (a) (e) | | |
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a) | | |
EMRLD Borrower LP 6.63%, 12/15/2030 (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
Encino Acquisition Partners Holdings LLC | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Endo Finance Holdings, Inc. 8.50%, 4/15/2031 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.02%), 8.00%, 5/15/2054 (b) | | |
| | |
| | |
| | |
EnLink Midstream Partners LP | | |
| | |
| | |
Enova International, Inc. 8.50%, 9/15/2025 (a) | | |
Enpro, Inc. 5.75%, 10/15/2026 | | |
| | |
| | |
| | |
| | |
| | |
Enterprise Products Operating LLC Series E, (3-MONTH CME TERM SOFR + 3.29%), 5.25%, 8/16/2077 (b) | | |
EQM Midstream Partners LP | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United States — continued |
| | |
EQT Corp. 7.00%, 2/1/2030 (h) | | |
| | |
| | |
| | |
Equitable Financial Life Global Funding 5.50%, 12/2/2025 (a) | | |
Equitable Holdings, Inc. Series B, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.74%), 4.95%, 9/15/2025 (b) (f) (g) | | |
Esab Corp. 6.25%, 4/15/2029 (a) | | |
F&G Global Funding 0.90%, 9/20/2024 (a) | | |
Fair Isaac Corp. 4.00%, 6/15/2028 (a) | | |
Fertitta Entertainment LLC | | |
| | |
| | |
| | |
(SOFRINDX + 2.19%), 6.36%, 10/27/2028 (b) | | |
(SOFR + 1.84%), 5.63%, 1/29/2032 (b) | | |
Fiserv, Inc. 2.75%, 7/1/2024 | | |
Five Point Operating Co. LP 10.50%, 1/15/2028 (a) (h) | | |
Ford Motor Credit Co. LLC | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Frontier Communications Holdings LLC | | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
| | |
| | |
| | |
Gannett Holdings LLC 6.00%, 11/1/2026 (a) | | |
Gap, Inc. (The) 3.63%, 10/1/2029 (a) | | |
| | |
| | |
| | |
| | |
GCI LLC 4.75%, 10/15/2028 (a) | | |
General Motors Financial Co., Inc. 4.30%, 4/6/2029 | | |
| | |
| | |
| | |
| | |
| | |
GEO Group, Inc. (The) 8.63%, 4/15/2029 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Global Infrastructure Solutions, Inc. | | |
| | |
| | |
Global Medical Response, Inc. 6.50%, 10/1/2025 (a) | | |
Global Net Lease, Inc., REIT 3.75%, 12/15/2027 (a) | | |
| | |
| | |
| | |
Go Daddy Operating Co. LLC 3.50%, 3/1/2029 (a) | | |
Goldman Sachs Bank USA (SOFR + 0.77%), 6.12%, 3/18/2027 (b) | | |
Goldman Sachs Capital II (3-MONTH CME TERM SOFR + 1.03%), 6.37%, 6/6/2024 (b) (f) (g) | | |
| | |
|
United States — continued |
Goldman Sachs Group, Inc. (The) | | |
Series S, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 4.40%, 2/10/2025 (b) (f) (g) | | |
Series R, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.22%), 4.95%, 2/10/2025 (b) (f) (g) | | |
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.97%), 3.80%, 5/10/2026 (b) (f) (g) | | |
Series U, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.65%, 8/10/2026 (b) (f) (g) | | |
Series O, (3-MONTH CME TERM SOFR + 4.10%), 5.30%, 11/10/2026 (b) (f) (g) | | |
(SOFR + 0.82%), 1.54%, 9/10/2027 (b) | | |
(SOFR + 0.91%), 1.95%, 10/21/2027 (b) | | |
(SOFR + 1.11%), 2.64%, 2/24/2028 (b) | | |
(SOFR + 1.85%), 3.62%, 3/15/2028 (b) | | |
Series W, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 7.50%, 2/10/2029 (b) (f) (g) | | |
Series X, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.50%, 5/10/2029 (b) (f) (g) | | |
(SOFR + 1.28%), 2.62%, 4/22/2032 (b) | | |
(SOFR + 1.25%), 2.38%, 7/21/2032 (b) | | |
(SOFR + 1.26%), 2.65%, 10/21/2032 (b) | | |
Goodyear Tire & Rubber Co. (The) | | |
| | |
| | |
| | |
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a) | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
Great Lakes Dredge & Dock Corp. 5.25%, 6/1/2029 (a) | | |
Griffon Corp. 5.75%, 3/1/2028 (e) | | |
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | | |
| | |
| | |
| | |
GYP Holdings III Corp. 4.63%, 5/1/2029 (a) | | |
Harvest Midstream I LP 7.50%, 5/15/2032 (a) | | |
HCA, Inc. 2.38%, 7/15/2031 | | |
Healthpeak OP LLC, REIT 3.40%, 2/1/2025 | | |
Herc Holdings, Inc. 5.50%, 7/15/2027 (a) | | |
| | |
| | |
| | |
Hertz Corp. (The), Escrow | | |
| | |
| | |
| | |
| | |
Hess Midstream Operations LP | | |
| | |
| | |
Hewlett Packard Enterprise Co. 5.90%, 10/1/2024 | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Hilton Domestic Operating Co., Inc. | | |
| | |
| | |
| | |
| | |
| | |
Hologic, Inc. 3.25%, 2/15/2029 (a) | | |
Howard Midstream Energy Partners LLC 8.88%, 7/15/2028 (a) | | |
| | |
|
United States — continued |
Hughes Satellite Systems Corp. | | |
| | |
| | |
Humana, Inc. 4.50%, 4/1/2025 | | |
Huntington Bancshares, Inc. Series E, (3-MONTH CME TERM SOFR + 3.14%), 8.47%, 7/15/2024 (b) (f) (g) | | |
Huntington National Bank (The) (SOFR + 1.22%), 5.70%, 11/18/2025 (b) | | |
| | |
| | |
| | |
iHeartCommunications, Inc. | | |
| | |
| | |
| | |
ILFC E-Capital Trust I (3-MONTH CME TERM SOFR + 1.81%), 7.14%, 12/21/2065 (a) (b) | | |
ILFC E-Capital Trust II (3-MONTH CME TERM SOFR + 2.06%), 7.39%, 12/21/2065 (a) (b) | | |
Imola Merger Corp. 4.75%, 5/15/2029 (a) | | |
Ingles Markets, Inc. 4.00%, 6/15/2031 (a) | | |
Installed Building Products, Inc. 5.75%, 2/1/2028 (a) | | |
| | |
| | |
| | |
| | |
Iron Mountain, Inc., REIT | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
KFC Holding Co. 4.75%, 6/1/2027 (a) | | |
Kimco Realty OP LLC, REIT 2.25%, 12/1/2031 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
| | |
| | |
| | |
Knife River Corp. 7.75%, 5/1/2031 (a) | | |
Kodiak Gas Services LLC 7.25%, 2/15/2029 (a) | | |
Kontoor Brands, Inc. 4.13%, 11/15/2029 (a) | | |
Korn Ferry 4.63%, 12/15/2027 (a) | | |
| | |
| | |
10.50%, 7/15/2027 (a) (e) | | |
Ladder Capital Finance Holdings LLLP, REIT 4.75%, 6/15/2029 (a) | | |
Lamb Weston Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Lear Corp. 2.60%, 1/15/2032 | | |
| | |
| | |
| | |
3.88%, 10/15/2030 (a) (e) | | |
LGI Homes, Inc. 4.00%, 7/15/2029 (a) | | |
Liberty Interactive LLC 8.25%, 2/1/2030 | | |
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a) (e) | | |
Lithia Motors, Inc. 4.38%, 1/15/2031 (a) | | |
Live Nation Entertainment, Inc. | | |
| | |
| | |
| | |
| | |
| | |
Louisiana-Pacific Corp. 3.63%, 3/15/2029 (a) | | |
| | |
Series G, 6.88%, 1/15/2028 | | |
| | |
| | |
| | |
| | |
|
United States — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Magnolia Oil & Gas Operating LLC 6.00%, 8/1/2026 (a) | | |
Mallinckrodt International Finance SA 14.75%, 11/14/2028 (a) | | |
Markel Group, Inc. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.66%), 6.00%, 6/1/2025 (b) (f) (g) | | |
Marriott Ownership Resorts, Inc. | | |
| | |
| | |
Martin Midstream Partners LP 11.50%, 2/15/2028 (a) (e) | | |
Masonite International Corp. 5.38%, 2/1/2028 (a) | | |
MassMutual Global Funding II (SOFR + 0.87%), 6.22%, 3/21/2025 (a) (b) | | |
MasTec, Inc. 4.50%, 8/15/2028 (a) (e) | | |
Matador Resources Co. 6.50%, 4/15/2032 (a) | | |
Mauser Packaging Solutions Holding Co. | | |
| | |
| | |
McAfee Corp. 7.38%, 2/15/2030 (a) | | |
McCormick & Co., Inc. 3.15%, 8/15/2024 | | |
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | | |
| | |
| | |
| | |
| | |
Mellon Capital IV Series 1, (3-MONTH CME TERM SOFR + 0.83%), 6.16%, 6/6/2024 (b) (f) (g) | | |
MetLife Capital Trust IV 7.88%, 12/15/2037 (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
| | |
Series G, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.58%), 3.85%, 9/15/2025 (b) (f) (g) | | |
Series D, (3-MONTH CME TERM SOFR + 3.22%), 5.88%, 3/15/2028 (b) (f) (g) | | |
MGM Resorts International | | |
| | |
| | |
| | |
Michaels Cos., Inc. (The) | | |
| | |
| | |
Midcontinent Communications 5.38%, 8/15/2027 (a) | | |
Midwest Gaming Borrower LLC 4.88%, 5/1/2029 (a) | | |
Mileage Plus Holdings LLC 6.50%, 6/20/2027 (a) | | |
Minerals Technologies, Inc. 5.00%, 7/1/2028 (a) | | |
Miter Brands Acquisition Holdco, Inc. 6.75%, 4/1/2032 (a) | | |
MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | | |
Mobius Merger Sub, Inc. 9.00%, 6/1/2030 (a) | | |
Mohegan Tribal Gaming Authority 8.00%, 2/1/2026 (a) | | |
| | |
| | |
| | |
| | |
Moog, Inc. 4.25%, 12/15/2027 (a) | | |
| | |
(SOFR + 0.56%), 1.16%, 10/21/2025 (b) | | |
(SOFR + 0.94%), 2.63%, 2/18/2026 (b) | | |
Series M, 5.87%, 9/15/2026 (f) (g) (h) (l) | | |
(SOFR + 0.86%), 1.51%, 7/20/2027 (b) | | |
(SOFR + 1.61%), 4.21%, 4/20/2028 (b) | | |
(SOFR + 1.45%), 5.17%, 1/16/2030 (b) | | |
(SOFR + 1.02%), 1.93%, 4/28/2032 (b) | | |
| | |
|
United States — continued |
(SOFR + 1.20%), 2.51%, 10/20/2032 (b) | | |
(SOFR + 1.73%), 5.47%, 1/18/2035 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.43%), 5.95%, 1/19/2038 (b) | | |
(SOFR + 1.49%), 3.22%, 4/22/2042 (b) | | |
Morgan Stanley Bank NA (SOFR + 1.08%), 4.95%, 1/14/2028 (b) | | |
Moss Creek Resources Holdings, Inc. 7.50%, 1/15/2026 (a) | | |
Mueller Water Products, Inc. 4.00%, 6/15/2029 (a) | | |
| | |
| | |
| | |
Nabors Industries Ltd. 7.25%, 1/15/2026 (a) | | |
Nationstar Mortgage Holdings, Inc. | | |
| | |
| | |
| | |
| | |
| | |
NCR Atleos Corp. 9.50%, 4/1/2029 (a) | | |
| | |
| | |
| | |
| | |
Necessity Retail REIT, Inc., REIT 4.50%, 9/30/2028 (a) | | |
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
| | |
| | |
| | |
| | |
NextEra Energy Capital Holdings, Inc. | | |
| | |
(3-MONTH SOFR + 3.16%), 5.65%, 5/1/2079 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.55%), 3.80%, 3/15/2082 (b) | | |
| | |
| | |
| | |
NMG Holding Co., Inc. 7.13%, 4/1/2026 (a) | | |
Nordstrom, Inc. 4.38%, 4/1/2030 | | |
Northern Oil & Gas, Inc. 8.13%, 3/1/2028 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Occidental Petroleum Corp. 8.88%, 7/15/2030 | | |
ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United States — continued |
Outfront Media Capital LLC | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Owens-Brockway Glass Container, Inc. | | |
| | |
| | |
Pacific Life Global Funding II (SOFR + 0.60%), 5.94%, 3/27/2026 (a) (b) | | |
Pactiv Evergreen Group Issuer, Inc. 4.00%, 10/15/2027 (a) | | |
Papa John's International, Inc. 3.88%, 9/15/2029 (a) | | |
Par Pharmaceutical, Inc. 0.00%, 4/1/2027 ‡ | | |
| | |
| | |
(3-MONTH SOFR + 3.90%), 6.25%, 2/28/2057 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.00%), 6.38%, 3/30/2062 (b) | | |
Park-Ohio Industries, Inc. 6.63%, 4/15/2027 | | |
| | |
| | |
| | |
PennyMac Financial Services, Inc. | | |
| | |
| | |
Performance Food Group, Inc. | | |
| | |
| | |
| | |
Permian Resources Operating LLC | | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
PG&E Corp. 5.00%, 7/1/2028 | | |
| | |
| | |
| | |
| | |
| | |
| | |
PM General Purchaser LLC 9.50%, 10/1/2028 (a) | | |
PNC Financial Services Group, Inc. (The) | | |
Series R, (3-MONTH CME TERM SOFR + 3.30%), 8.64%, 9/1/2024 (b) (f) (g) | | |
Series T, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.60%), 3.40%, 9/15/2026 (b) (f) (g) | | |
Series V, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.24%), 6.20%, 9/15/2027 (b) (f) (g) | | |
(SOFR + 1.34%), 5.30%, 1/21/2028 (b) | | |
(SOFR + 1.62%), 5.35%, 12/2/2028 (b) | | |
(SOFR + 1.90%), 5.68%, 1/22/2035 (b) | | |
| | |
| | |
| | |
| | |
| | |
PPL Capital Funding, Inc. Series A, (3-MONTH CME TERM SOFR + 2.93%), 8.24%, 3/30/2067 (b) | | |
Prairie Acquiror LP 9.00%, 8/1/2029 (a) | | |
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Prime Security Services Borrower LLC | | |
| | |
| | |
| | |
|
United States — continued |
Prudential Financial, Inc. | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.16%), 5.13%, 3/1/2052 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.00%, 9/1/2052 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 6.75%, 3/1/2053 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.40%), 6.50%, 3/15/2054 (b) | | |
PTC, Inc. 4.00%, 2/15/2028 (a) | | |
QVC, Inc. 4.75%, 2/15/2027 | | |
Qwest Corp. 7.25%, 9/15/2025 | | |
Radiology Partners, Inc. 8.50% (Blend (Cash 5.00% + PIK 3.50%)), 1/31/2029 (a) (k) | | |
Rain Carbon, Inc. 12.25%, 9/1/2029 (a) | | |
| | |
| | |
| | |
| | |
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a) | | |
Realogy Group LLC 5.25%, 4/15/2030 (a) | | |
| | |
| | |
| | |
| | |
RHP Hotel Properties LP, REIT | | |
| | |
| | |
| | |
| | |
RingCentral, Inc. 8.50%, 8/15/2030 (a) | | |
| | |
| | |
8.00%, 11/15/2026 (a) (j) | | |
| | |
| | |
| | |
| | |
Rockies Express Pipeline LLC 4.80%, 5/15/2030 (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
Royal Caribbean Cruises Ltd. | | |
| | |
| | |
| | |
Royalty Pharma plc 2.15%, 9/2/2031 | | |
RXO, Inc. 7.50%, 11/15/2027 (a) | | |
SBA Communications Corp., REIT | | |
| | |
| | |
Scotts Miracle-Gro Co. (The) | | |
| | |
| | |
| | |
| | |
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) | | |
| | |
| | |
| | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.55%), 4.88%, 10/15/2025 (b) (f) (g) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 4.13%, 4/1/2052 (b) | | |
| | |
| | |
| | |
| | |
Sensata Technologies, Inc. 3.75%, 2/15/2031 (a) | | |
Service Corp. International | | |
| | |
| | |
| | |
| | |
Shea Homes LP 4.75%, 2/15/2028 | | |
Sherwin-Williams Co. (The) 4.05%, 8/8/2024 | | |
| | |
8.50% (Blend (Cash 4.25% + PIK 4.25%)), 10/1/2027 (a) (k) | | |
| | |
| | |
|
United States — continued |
Sinclair Television Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Six Flags Entertainment Corp. | | |
| | |
| | |
| | |
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a) | | |
| | |
| | |
| | |
| | |
| | |
Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) (e) | | |
Southern California Edison Co. Series E, (3-MONTH CME TERM SOFR + 4.46%), 9.77%, 6/6/2024 (b) (f) (g) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Spirit AeroSystems, Inc. 9.38%, 11/30/2029 (a) | | |
Sprint LLC 7.63%, 2/15/2025 | | |
SRS Distribution, Inc. 4.63%, 7/1/2028 (a) | | |
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | | |
Stagwell Global LLC 5.63%, 8/15/2029 (a) | | |
Standard Industries, Inc. | | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
| | |
| | |
| | |
Starwood Property Trust, Inc., REIT 7.25%, 4/1/2029 (a) | | |
| | |
Series H, (3-MONTH CME TERM SOFR + 2.80%), 8.13%, 6/15/2024 (b) (f) (g) | | |
Series I, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.61%), 6.70%, 3/15/2029 (b) (f) (g) | | |
(SOFR + 1.57%), 4.82%, 1/26/2034 (b) | | |
Station Casinos LLC 4.50%, 2/15/2028 (a) | | |
Stericycle, Inc. 3.88%, 1/15/2029 (a) (e) | | |
| | |
| | |
| | |
Summit Midstream Holdings LLC 9.50%, 10/15/2026 (a) (h) | | |
SunCoke Energy, Inc. 4.88%, 6/30/2029 (a) | | |
| | |
| | |
| | |
| | |
| | |
Surgery Center Holdings, Inc. 7.25%, 4/15/2032 (a) | | |
Synaptics, Inc. 4.00%, 6/15/2029 (a) (e) | | |
Take-Two Interactive Software, Inc. 4.00%, 4/14/2032 | | |
Tallgrass Energy Partners LP | | |
| | |
| | |
| | |
| | |
Targa Resources Partners LP | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United States — continued |
Tempur Sealy International, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Terex Corp. 5.00%, 5/15/2029 (a) | | |
Titan International, Inc. 7.00%, 4/30/2028 | | |
T-Mobile USA, Inc. 2.25%, 11/15/2031 | | |
Topaz Solar Farms LLC 5.75%, 9/30/2039 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a) | | |
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a) | | |
| | |
| | |
| | |
| | |
TreeHouse Foods, Inc. 4.00%, 9/1/2028 | | |
| | |
| | |
| | |
TriMas Corp. 4.13%, 4/15/2029 (a) | | |
| | |
| | |
| | |
Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | | |
Trinseo Materials Operating SCA | | |
| | |
| | |
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) | | |
Triumph Group, Inc. 9.00%, 3/15/2028 (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Corporate Bonds — continued |
United States — continued |
| | |
Series N, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.00%), 4.80%, 9/1/2024 (b) (f) (g) | | |
Series M, (3-MONTH CME TERM SOFR + 3.05%), 5.13%, 12/15/2027 (b) (f) (g) | | |
(SOFR + 1.62%), 5.44%, 1/24/2030 (b) | | |
Series Q, (US Treasury Yield Curve Rate T Note Constant Maturity 10 Year + 4.35%), 5.10%, 3/1/2030 (b) (f) (g) | | |
(SOFR + 1.92%), 5.71%, 1/24/2035 (b) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Unisys Corp. 6.88%, 11/1/2027 (a) | | |
United Rentals North America, Inc. | | |
| | |
| | |
| | |
United States Cellular Corp. 6.70%, 12/15/2033 | | |
United States Steel Corp. 6.88%, 3/1/2029 | | |
| | |
| | |
| | |
| | |
| | |
Univision Communications, Inc. | | |
| | |
| | |
| | |
Upbound Group, Inc. 6.38%, 2/15/2029 (a) | | |
| | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.54%), 3.70%, 1/15/2027 (b) (f) (g) | | |
Series J, (3-MONTH CME TERM SOFR + 3.18%), 5.30%, 4/15/2027 (b) (f) (g) | | |
(SOFR + 1.56%), 5.38%, 1/23/2030 (b) | | |
(SOFR + 1.02%), 2.68%, 1/27/2033 (b) | | |
| | |
|
United States — continued |
(SOFR + 1.86%), 5.68%, 1/23/2035 (b) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Valaris Ltd. 8.38%, 4/30/2030 (a) | | |
Varex Imaging Corp. 7.88%, 10/15/2027 (a) | | |
Vector Group Ltd. 5.75%, 2/1/2029 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Viavi Solutions, Inc. 3.75%, 10/1/2029 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) | | |
Vistra Corp. (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.74%), 7.00%, 12/15/2026 (a) (b) (f) (g) | | |
Vistra Operations Co. LLC | | |
| | |
| | |
| | |
| | |
| | |
| | |
Vital Energy, Inc. 7.88%, 4/15/2032 (a) | | |
VM Consolidated, Inc. 5.50%, 4/15/2029 (a) | | |
VMware LLC 2.20%, 8/15/2031 | | |
Wabash National Corp. 4.50%, 10/15/2028 (a) | | |
Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Corporate Bonds — continued |
United States — continued |
Warnermedia Holdings, Inc. | | |
| | |
| | |
Warrior Met Coal, Inc. 7.88%, 12/1/2028 (a) | | |
Weekley Homes LLC 4.88%, 9/15/2028 (a) | | |
| | |
(SOFR + 0.51%), 0.81%, 5/19/2025 (b) | | |
(3-MONTH CME TERM SOFR + 1.01%), 2.16%, 2/11/2026 (b) | | |
Series BB, (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.90%, 3/15/2026 (b) (f) (g) | | |
(SOFR + 1.51%), 3.53%, 3/24/2028 (b) | | |
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.61%), 7.63%, 9/15/2028 (b) (f) (g) | | |
(SOFR + 1.50%), 5.20%, 1/23/2030 (b) | | |
(3-MONTH CME TERM SOFR + 1.26%), 2.57%, 2/11/2031 (b) | | |
(SOFR + 2.10%), 4.90%, 7/25/2033 (b) | | |
(SOFR + 2.02%), 5.39%, 4/24/2034 (b) | | |
(SOFR + 1.78%), 5.50%, 1/23/2035 (b) | | |
Wesco Aircraft Holdings, Inc. | | |
8.50%, 11/15/2024 (a) (j) | | |
9.00%, 11/15/2026 (a) (e) (j) | | |
13.13%, 11/15/2027 (a) (j) | | |
| | |
| | |
| | |
| | |
| | |
Westlake Corp. 0.88%, 8/15/2024 | | |
William Carter Co. (The) 5.63%, 3/15/2027 (a) | | |
Williams Cos., Inc. (The) 2.60%, 3/15/2031 | | |
Williams Scotsman, Inc. 7.38%, 10/1/2031 (a) | | |
Winnebago Industries, Inc. 6.25%, 7/15/2028 (a) | | |
WMG Acquisition Corp. 3.75%, 12/1/2029 (a) | | |
| | |
| | |
| | |
|
United States — continued |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
XHR LP, REIT 4.88%, 6/1/2029 (a) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Ziff Davis, Inc. 4.63%, 10/15/2030 (a) | | |
| | |
|
Uzbekneftegaz JSC 4.75%, 11/16/2028 (a) | | |
Venezuela, Bolivarian Republic of — 0.0% ^ |
Petroleos de Venezuela SA | | |
8.50%, 10/27/2020 (d) (j) | | |
6.00%, 11/15/2026 (d) (j) | | |
| | |
Total Corporate Bonds
(Cost $3,146,015) | | |
| | |
|
|
| | |
| | |
| | |
Bendigo & Adelaide Bank Ltd. (e) | | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
Magellan Financial Group Ltd. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Woodside Energy Group Ltd. | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
B3 SA - Brasil Bolsa Balcao | | |
| | |
Itau Unibanco Holding SA (Preference) | | |
| | |
| | |
| | |
|
| | |
Algonquin Power & Utilities Corp. (e) | | |
| | |
| | |
Bank of Nova Scotia (The) | | |
| | |
Canadian Imperial Bank of Commerce | | |
Canadian Natural Resources Ltd. | | |
Canadian Tire Corp. Ltd., Class A | | |
| | |
|
|
Canadian Utilities Ltd., Class A | | |
| | |
Chartwell Retirement Residences (e) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Restaurant Brands International, Inc. | | |
Sienna Senior Living, Inc. | | |
| | |
| | |
Teekay Tankers Ltd., Class A | | |
| | |
Toronto-Dominion Bank (The) | | |
| | |
| | |
|
Banco Santander Chile, ADR | | |
|
China Construction Bank Corp., Class H | | |
China Mengniu Dairy Co. Ltd. | | |
China Merchants Bank Co. Ltd., Class H | | |
China Petroleum & Chemical Corp., Class H | | |
China Resources Gas Group Ltd. | | |
China Resources Land Ltd. | | |
China Yangtze Power Co. Ltd., Class A | | |
| | |
Fuyao Glass Industry Group Co. Ltd., Class A | | |
Fuyao Glass Industry Group Co. Ltd., Class H (d) | | |
Haier Smart Home Co. Ltd., Class A | | |
Haier Smart Home Co. Ltd., Class H | | |
Huayu Automotive Systems Co. Ltd., Class A | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
Inner Mongolia Yili Industrial Group Co. Ltd., Class A | | |
| | |
| | |
Midea Group Co. Ltd., Class A | | |
| | |
| | |
Ping An Insurance Group Co. of China Ltd., Class H | | |
Shenzhou International Group Holdings Ltd. | | |
| | |
Tingyi Cayman Islands Holding Corp. | | |
Wuliangye Yibin Co. Ltd., Class A | | |
Zhejiang Supor Co. Ltd., Class A | | |
| | |
|
AP Moller - Maersk A/S, Class B | | |
| | |
Novo Nordisk A/S, Class B | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
Cie Generale des Etablissements Michelin SCA | | |
| | |
| | |
| | |
| | |
| | |
Gaztransport Et Technigaz SA | | |
| | |
| | |
La Francaise des Jeux SAEM (d) | | |
| | |
LVMH Moet Hennessy Louis Vuitton SE | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
Bayerische Motoren Werke AG | | |
| | |
| | |
Deutsche Telekom AG (Registered) | | |
| | |
| | |
| | |
| | |
| | |
Muenchener Rueckversicherungs- Gesellschaft AG (Registered) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
| | |
| | |
| | |
|
| | |
CK Infrastructure Holdings Ltd. | | |
| | |
Hang Lung Properties Ltd. | | |
Henderson Land Development Co. Ltd. | | |
HK Electric Investments & HK Electric Investments Ltd. (d) | | |
| | |
Hong Kong & China Gas Co. Ltd. | | |
Hong Kong Exchanges & Clearing Ltd. | | |
Hysan Development Co. Ltd. | | |
New World Development Co. Ltd. | | |
Orient Overseas International Ltd. | | |
| | |
Power Assets Holdings Ltd. | | |
| | |
| | |
Yue Yuen Industrial Holdings Ltd. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
Tata Consultancy Services Ltd. | | |
| | |
|
Bank Rakyat Indonesia Persero Tbk. PT | | |
Telkom Indonesia Persero Tbk. PT | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
|
Bezeq The Israeli Telecommunication Corp. Ltd. | | |
| | |
| | |
|
| | |
| | |
Assicurazioni Generali SpA | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Mediobanca Banca di Credito Finanziario SpA | | |
| | |
| | |
Terna - Rete Elettrica Nazionale | | |
| | |
| | |
| | |
|
Activia Properties, Inc., REIT | | |
AEON REIT Investment Corp., REIT | | |
| | |
| | |
| | |
Chubu Electric Power Co., Inc. | | |
Dai Nippon Printing Co. Ltd. | | |
Electric Power Development Co. Ltd. | | |
| | |
| | |
Frontier Real Estate Investment Corp., REIT | | |
Hokkaido Electric Power Co., Inc. | | |
| | |
Industrial & Infrastructure Fund Investment Corp., REIT | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
Japan Metropolitan Fund Invest, REIT | | |
Japan Post Holdings Co. Ltd. | | |
| | |
Kansai Electric Power Co., Inc. (The) | | |
| | |
KDX Realty Investment Corp., REIT | | |
| | |
| | |
Mitsubishi Chemical Group Corp. | | |
Mitsui Mining & Smelting Co. Ltd. | | |
| | |
Nippon Telegraph & Telephone Corp. | | |
| | |
Okinawa Electric Power Co., Inc. (The) | | |
Ono Pharmaceutical Co. Ltd. | | |
| | |
Sekisui House REIT, Inc., REIT | | |
Shin-Etsu Chemical Co. Ltd. | | |
| | |
Takeda Pharmaceutical Co. Ltd. | | |
Tokio Marine Holdings, Inc. | | |
United Urban Investment Corp., REIT | | |
| | |
|
| | |
| | |
| | |
|
Grupo Financiero Banorte SAB de CV, Class O | | |
Kimberly-Clark de Mexico SAB de CV, Class A | | |
| | |
Wal-Mart de Mexico SAB de CV | | |
| | |
|
| | |
|
ABN AMRO Bank NV, CVA (d) | | |
| | |
| | |
BE Semiconductor Industries NV | | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Norwegian Air Shuttle ASA * | | |
| | |
| | |
| | |
| | |
| | |
|
Powszechny Zaklad Ubezpieczen SA | | |
|
| | |
| | |
Redes Energeticas Nacionais SGPS SA | | |
| | |
|
Moscow Exchange MICEX-RTS PJSC ‡ | | |
Severstal PAO, GDR ‡ * (d) | | |
Severstal PAO, GDR ‡ * (d) | | |
| | |
|
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
|
Saudi Arabian Oil Co. (d) | | |
Saudi National Bank (The) | | |
| | |
|
| | |
CapitaLand Ascendas, REIT | | |
| | |
| | |
| | |
| | |
Singapore Telecommunications Ltd. | | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Hana Financial Group, Inc. | | |
| | |
| | |
| | |
| | |
Samsung Electronics Co. Ltd. | | |
Samsung Electronics Co. Ltd. (Preference) | | |
Samsung Fire & Marine Insurance Co. Ltd. | | |
Shinhan Financial Group Co. Ltd. | | |
| | |
| | |
|
| | |
ACS Actividades de Construccion y Servicios SA | | |
| | |
Atlantica Sustainable Infrastructure plc | | |
Banco Bilbao Vizcaya Argentaria SA | | |
| | |
| | |
| | |
|
|
| | |
Cia de Distribucion Integral Logista Holdings SA | | |
| | |
| | |
| | |
Industria de Diseno Textil SA | | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Skandinaviska Enskilda Banken AB, Class A | | |
| | |
Svenska Handelsbanken AB, Class A | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
Partners Group Holding AG | | |
| | |
UBS Group AG (Registered) | | |
Zurich Insurance Group AG | | |
| | |
|
| | |
ASE Technology Holding Co. Ltd. | | |
| | |
Novatek Microelectronics Corp. | | |
President Chain Store Corp. | | |
| | |
Realtek Semiconductor Corp. | | |
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | | |
Taiwan Semiconductor Manufacturing Co. Ltd. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
|
Vanguard International Semiconductor Corp. | | |
| | |
| | |
|
| | |
Siam Cement PCL (The) (Registered) | | |
| | |
|
| | |
| | |
| | |
| | |
B&M European Value Retail SA | | |
| | |
| | |
| | |
Berkeley Group Holdings plc | | |
British American Tobacco plc | | |
British Land Co. plc (The), REIT | | |
| | |
| | |
| | |
Coca-Cola Europacific Partners plc | | |
Direct Line Insurance Group plc | | |
| | |
| | |
| | |
| | |
| | |
InterContinental Hotels Group plc | | |
Intermediate Capital Group plc | | |
| | |
| | |
| | |
| | |
Land Securities Group plc, REIT | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
United Kingdom — continued |
| | |
| | |
Phoenix Group Holdings plc | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
United Utilities Group plc | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
American Electric Power Co., Inc. | | |
| | |
| | |
Annaly Capital Management, Inc., REIT | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Boston Properties, Inc., REIT | | |
| | |
| | |
| | |
| | |
| | |
CF Industries Holdings, Inc. | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Common Stocks — continued |
United States — continued |
CH Robinson Worldwide, Inc. | | |
Chesapeake Energy Corp. (e) | | |
| | |
| | |
Citizens Financial Group, Inc. | | |
Claire's Stores, Inc. ‡ * | | |
Clear Channel Outdoor Holdings, Inc. * (e) | | |
Clearway Energy, Inc., Class C | | |
| | |
| | |
| | |
Cogent Communications Holdings, Inc. | | |
| | |
| | |
| | |
Consolidated Edison, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
Digital Realty Trust, Inc., REIT | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Envision Healthcare Corp. ‡ * | | |
| | |
Equitrans Midstream Corp. | | |
| | |
| | |
| | |
| | |
Federal Realty Investment Trust, REIT | | |
Fidelity National Information Services, Inc. | | |
| | |
| | |
| | |
|
United States — continued |
Frontier Communications Parent, Inc. * | | |
| | |
| | |
| | |
| | |
Goodman Networks, Inc. ‡ * | | |
| | |
| | |
| | |
Hawaiian Electric Industries, Inc. | | |
Healthpeak Properties, Inc., REIT | | |
Hewlett Packard Enterprise Co. | | |
| | |
Honeywell International, Inc. | | |
| | |
iHeartMedia, Inc., Class A * | | |
| | |
International Business Machines Corp. | | |
International Flavors & Fragrances, Inc. | | |
| | |
Interpublic Group of Cos., Inc. (The) | | |
Iron Mountain, Inc., REIT | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Laureate Education, Inc., Class A | | |
| | |
LyondellBasell Industries NV, Class A | | |
| | |
| | |
Meta Platforms, Inc., Class A | | |
| | |
Mid-America Apartment Communities, Inc., REIT | | |
Moran Foods Backstop Equity ‡ * | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Common Stocks — continued |
United States — continued |
| | |
National CineMedia, Inc. * | | |
| | |
| | |
| | |
New Fortress Energy, Inc. | | |
| | |
| | |
| | |
| | |
Nordic American Tankers Ltd. | | |
Northwestern Energy Group, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Pinnacle West Capital Corp. | | |
Pioneer Natural Resources Co. | | |
| | |
Procter & Gamble Co. (The) | | |
| | |
| | |
Prudential Financial, Inc. | | |
Public Service Enterprise Group, Inc. | | |
| | |
Regency Centers Corp., REIT | | |
| | |
| | |
| | |
| | |
| | |
Seagate Technology Holdings plc | | |
| | |
Shenandoah Telecommunications Co. | | |
| | |
Simon Property Group, Inc., REIT | | |
| | |
| | |
| | |
| | |
| | |
|
United States — continued |
T. Rowe Price Group, Inc. | | |
Telephone and Data Systems, Inc. | | |
| | |
| | |
| | |
| | |
| | |
| | |
United Parcel Service, Inc., Class B | | |
| | |
| | |
| | |
| | |
Verizon Communications, Inc. | | |
| | |
VICI Properties, Inc., REIT | | |
Walgreens Boots Alliance, Inc. | | |
| | |
| | |
| | |
Williams Cos., Inc. (The) | | |
Windstream Holdings, Inc. ‡ * | | |
| | |
| | |
| | |
Total Common Stocks
(Cost $2,191,108) | | |
Exchange-Traded Funds — 10.1% |
|
JPMorgan Equity Premium Income ETF (m) | | |
| | |
JPMorgan Nasdaq Equity Premium Income ETF (m) | | |
| | |
Total Exchange-Traded Funds
(Cost $836,107) | | |
| | |
Equity Linked Notes — 5.7% |
|
Royal Bank of Canada, ELN, 11.20%, 5/24/2024 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Equity Linked Notes — continued |
|
Royal Bank of Canada, ELN, 13.70%, 5/31/2024 (d) | | |
Royal Bank of Canada, ELN, 14.00%, 5/31/2024 (d) | | |
Royal Bank of Canada, ELN, 21.40%, 5/24/2024 (d) | | |
Royal Bank of Canada, ELN, 27.40%, 5/31/2024 (d) | | |
Toronto-Dominion Bank (The), ELN, 27.60%, 5/24/2024 (d) | | |
| | |
|
BNP Paribas Issuance BV, ELN, 16.1%, 5/10/2024 (a) | | |
BNP Paribas Issuance BV, ELN, 25.10%, 5/24/2024 (d) | | |
BNP Paribas Issuance BV, ELN, 30.0%, 5/10/2024 (a) | | |
BNP Paribas Issuance BV, ELN, 6.50%, 5/24/2024 (d) | | |
| | |
|
Mizuho Markets Cayman LP, ELN, 5.70%, 5/31/2024 (d) | | |
Mizuho Markets Cayman LP, ELN, 7.60%, 5/31/2024 (d) | | |
Mizuho Markets Cayman LP, ELN, 8.10%, 5/24/2024 (d) | | |
Mizuho Markets Cayman LP, ELN, 8.60%, 5/24/2024 (d) | | |
Nomura America Finance LLC, ELN, 12.0%, 5/10/2024 (d) | | |
Nomura America Finance LLC, ELN, 24.60%, 5/24/2024 (d) | | |
Nomura America Finance LLC, ELN, 32.0%, 5/10/2024 (d) | | |
Nomura America Finance LLC, ELN, 34.30%, 5/31/2024 (d) | | |
Nomura America Finance LLC, ELN, 6.40%, 5/10/2024 (d) | | |
Nomura America Finance LLC, ELN, 6.70%, 5/10/2024 (d) | | |
Nomura America Finance LLC, ELN, 7.00%, 5/17/2024 (d) | | |
Nomura America Finance LLC, ELN, 7.00%, 5/17/2024 (d) | | |
| | |
|
|
Nomura America Finance LLC, ELN, 7.40%, 5/10/2024 (d) | | |
Nomura America Finance LLC, ELN, 8.30%, 5/17/2024 (d) | | |
Nomura America Finance LLC, ELN, 8.90%, 5/17/2024 (d) | | |
Nomura America Finance LLC, ELN, 9.40%, 5/31/2024 (d) | | |
| | |
|
Barclays Bank plc, ELN, 21.50%, 5/24/2024 (d) | | |
Barclays Bank plc, ELN, 23.80%, 5/24/2024 (d) | | |
Barclays Bank plc, ELN, 5.00%, 5/24/2024 (d) | | |
| | |
|
Barclays Bank PLC, ELN, 11.4%, 5/31/2024 (d) | | |
Citigroup Global Markets Holdings, Inc., ELN, 11.9%, 5/10/2024 (a) | | |
Citigroup Global Markets Holdings, Inc., ELN, 21.8%, 5/31/2024 (d) | | |
Citigroup Global Markets Holdings, Inc., ELN, 24.8%, 5/31/2024 (d) | | |
Citigroup Global Markets Holdings, Inc., ELN, 47.0%, 5/17/2024 (d) | | |
Goldman Sachs International, ELN, 10.50%, 5/24/2024 (d) | | |
Goldman Sachs International, ELN, 11.0%, 5/10/2024 (d) | | |
Goldman Sachs International, ELN, 13.40%, 5/24/2024 (d) | | |
Goldman Sachs International, ELN, 19.40%, 5/31/2024 (d) | | |
Goldman Sachs International, ELN, 19.80%, 5/31/2024 (d) | | |
Goldman Sachs International, ELN, 24.8%, 5/10/2024 (d) | | |
Goldman Sachs International, ELN, 31.70%, 5/17/2024 (d) | | |
Goldman Sachs International, ELN, 44.70%, 5/17/2024 (d) | | |
Goldman Sachs International, ELN, 6.40%, 5/10/2024 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Equity Linked Notes — continued |
United States — continued |
Goldman Sachs International, ELN, 6.70%, 5/31/2024 (d) | | |
Goldman Sachs International, ELN, 7.60%, 5/17/2024 (d) | | |
Goldman Sachs International, ELN, 9.80%, 5/09/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 10.00%, 5/24/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 10.90%, 5/17/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 12.7%, 5/10/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 15.5%, 5/17/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 15.8%, 5/10/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 19.8%, 5/10/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 22.80%, 5/24/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 24.10%, 5/17/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 25.3%, 5/17/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 27.30%, 5/31/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 36.00%, 5/31/2024 (d) | | |
Morgan Stanley Finance LLC, ELN, 6.40%, 5/31/2024 | | |
Morgan Stanley Finance LLC, ELN, 7.50%, 5/17/2024 (d) | | |
| | |
Total Equity Linked Notes
(Cost $486,694) | | |
Collateralized Mortgage Obligations — 4.1% |
|
Adjustable Rate Mortgage Trust | | |
Series 2004-2, Class 6A1, 5.74%, 2/25/2035 (l) | | |
Series 2005-2, Class 3A1, 6.03%, 6/25/2035 (l) | | |
| | |
Series 2004-28CB, Class 4A1, 5.00%, 1/25/2020 | | |
| | |
|
United States — continued |
Series 2005-50CB, Class 4A1, 5.00%, 11/25/2020 | | |
Series 2005-85CB, Class 3A2, 5.25%, 2/25/2021 | | |
Series 2007-9T1, Class 3A1, 5.50%, 5/25/2022 ‡ | | |
Series 2005-J6, Class 2A1, 5.50%, 7/25/2025 | | |
Series 2006-J3, Class 4A1, 5.75%, 5/25/2026 | | |
Series 2005-J1, Class 3A1, 6.50%, 8/25/2032 | | |
Series 2004-12CB, Class 2A1, 6.00%, 6/25/2034 | | |
Series 2004-28CB, Class 2A4, 5.75%, 1/25/2035 | | |
Series 2004-28CB, Class 6A1, 6.00%, 1/25/2035 | | |
Series 2004-32CB, Class 2A5, 5.50%, 2/25/2035 | | |
Series 2005-6CB, Class 1A4, 5.50%, 4/25/2035 | | |
Series 2005-6CB, Class 1A6, 5.50%, 4/25/2035 | | |
Series 2005-J2, Class 1A5, 5.50%, 4/25/2035 (l) | | |
Series 2005-13CB, Class A4, 5.50%, 5/25/2035 | | |
Series 2005-21CB, Class A4, 5.25%, 6/25/2035 | | |
Series 2005-21CB, Class A17, 6.00%, 6/25/2035 | | |
Series 2005-20CB, Class 1A1, 5.50%, 7/25/2035 | | |
Series 2005-23CB, Class A15, 5.50%, 7/25/2035 | | |
Series 2005-64CB, Class 1A1, 5.50%, 12/25/2035 | | |
Series 2005-64CB, Class 1A15, 5.50%, 12/25/2035 | | |
Series 2005-J14, Class A3, 5.50%, 12/25/2035 | | |
Series 2005-J14, Class A7, 5.50%, 12/25/2035 | | |
Series 2005-J14, Class A8, 5.50%, 12/25/2035 | | |
Series 2005-86CB, Class A4, 5.50%, 2/25/2036 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Collateralized Mortgage Obligations — continued |
United States — continued |
Series 2006-J1, Class 1A13, 5.50%, 2/25/2036 | | |
Series 2006-4CB, Class 2A5, 5.50%, 4/25/2036 | | |
Series 2006-14CB, Class A1, 6.00%, 6/25/2036 | | |
Series 2006-19CB, Class A15, 6.00%, 8/25/2036 | | |
Series 2006-25CB, Class A2, 6.00%, 10/25/2036 | | |
Series 2006-41CB, Class 2A13, 5.75%, 1/25/2037 | | |
Series 2007-8CB, Class A9, 6.00%, 5/25/2037 | | |
Series 2007-19, Class 1A8, 6.00%, 8/25/2037 | | |
American Home Mortgage Investment Trust Series 2007-2, Class 12A1, 5.97%, 3/25/2037 (l) | | |
| | |
Series 2019-5, Class B1, 3.96%, 10/25/2049 (a) (l) | | |
Series 2019-6, Class B1, 3.94%, 11/25/2059 (a) (l) | | |
Series 2019-6, Class B3, 5.89%, 11/25/2059 (a) (l) | | |
Angel Oak Mortgage Trust I LLC Series 2019-2, Class B2, 6.29%, 3/25/2049 (a) (l) | | |
Banc of America Alternative Loan Trust | | |
Series 2006-4, Class 2A1, 6.00%, 5/25/2021 | | |
Series 2005-11, Class 4A5, 5.75%, 12/25/2035 | | |
Series 2006-4, Class 3CB4, 6.00%, 5/25/2046 | | |
Series 2006-4, Class 4CB1, 6.50%, 5/25/2046 | | |
Series 2006-5, Class CB7, 6.00%, 6/25/2046 | | |
Banc of America Funding Trust | | |
Series 2007-4, Class 8A1, 5.50%, 11/25/2034 | | |
Series 2005-6, Class 1A2, 5.50%, 10/25/2035 | | |
Series 2005-7, Class 4A7, 6.00%, 11/25/2035 | | |
| | |
|
United States — continued |
Series 2006-A, Class 1A1, 5.72%, 2/20/2036 (l) | | |
Series 2006-2, Class 2A20, 5.75%, 3/25/2036 | | |
Series 2007-5, Class 4A1, 5.80%, 7/25/2037 (l) | | |
Banc of America Mortgage Trust | | |
Series 2004-A, Class 2A2, 5.63%, 2/25/2034 (l) | | |
Series 2007-3, Class 1A1, 6.00%, 9/25/2037 | | |
Bear Stearns ALT-A Trust Series 2006-8, Class 3A1, 5.75%, 2/25/2034 (l) | | |
Bear Stearns Asset-Backed Securities I Trust Series 2004-AC5, Class M1, 6.44%, 10/25/2034 (l) | | |
BRAVO Residential Funding Trust Series 2023-NQM7, Class A1, 7.13%, 9/25/2063 (a) (h) | | |
Chase Mortgage Finance Trust | | |
Series 2006-S3, Class 1A2, 6.00%, 11/25/2036 | | |
Series 2006-S4, Class A5, 6.00%, 12/25/2036 | | |
Series 2007-S2, Class 1A8, 6.00%, 3/25/2037 | | |
CHL Mortgage Pass-Through Trust | | |
Series 2005-20, Class A7, 5.25%, 12/25/2027 | | |
Series 2004-25, Class 2A1, 6.11%, 2/25/2035 (l) | | |
Series 2005-26, Class 1A11, 5.50%, 11/25/2035 | | |
Series 2005-31, Class 2A1, 4.11%, 1/25/2036 (l) | | |
Series 2005-30, Class A5, 5.50%, 1/25/2036 | | |
Series 2006-HYB1, Class 2A2C, 4.36%, 3/20/2036 (l) | | |
Series 2006-HYB2, Class 2A1B, 4.55%, 4/20/2036 (l) | | |
Series 2006-J2, Class 1A1, 6.00%, 4/25/2036 | | |
Series 2006-10, Class 1A16, 6.00%, 5/25/2036 | | |
Series 2006-17, Class A2, 6.00%, 12/25/2036 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Collateralized Mortgage Obligations — continued |
United States — continued |
Series 2006-18, Class 2A4, 6.00%, 12/25/2036 | | |
Series 2007-2, Class A2, 6.00%, 3/25/2037 | | |
Series 2007-3, Class A18, 6.00%, 4/25/2037 | | |
Series 2007-10, Class A4, 5.50%, 7/25/2037 | | |
Series 2007-13, Class A4, 6.00%, 8/25/2037 | | |
Series 2007-16, Class A1, 6.50%, 10/25/2037 | | |
Series 2007-18, Class 2A1, 6.50%, 11/25/2037 | | |
Series 2006-OA5, Class 2A1, 5.83%, 4/25/2046 (l) | | |
Citicorp Mortgage Securities Trust Series 2007-4, Class 1A9, 6.00%, 5/25/2037 | | |
Citigroup Mortgage Loan Trust | | |
Series 2005-9, Class 2A2, 5.50%, 11/25/2035 | | |
Series 2006-AR3, Class 1A1A, 5.63%, 6/25/2036 (l) | | |
Series 2006-AR5, Class 1A5A, 4.71%, 7/25/2036 (l) | | |
Citigroup Mortgage Loan Trust, Inc. | | |
Series 2005-6, Class A1, 7.56%, 9/25/2035 (l) | | |
Series 2006-8, Class A3, 5.78%, 10/25/2035 (a) (l) | | |
| | |
Series 2021-3, Class B1, 3.06%, 9/27/2066 (a) (l) | | |
Series 2021-5, Class B2, 4.18%, 11/26/2066 (a) (l) | | |
Series 2022-1, Class B2, 4.08%, 12/27/2066 (a) (l) | | |
Series 2023-2, Class A1, 6.60%, 7/25/2068 (a) (h) | | |
Series 2023-4, Class A1, 7.16%, 10/25/2068 (a) (h) | | |
Connecticut Avenue Securities Trust | | |
Series 2019-R04, Class 2B1, 10.69%, 6/25/2039 (a) (l) | | |
Series 2019-R06, Class 2B1, 9.19%, 9/25/2039 (a) (l) | | |
| | |
|
United States — continued |
Series 2019-R07, Class 1B1, 8.84%, 10/25/2039 (a) (l) | | |
Series 2020-R02, Class 2B1, 8.44%, 1/25/2040 (a) (l) | | |
Series 2020-R01, Class 1B1, 8.69%, 1/25/2040 (a) (l) | | |
Series 2021-R01, Class 1B1, 8.43%, 10/25/2041 (a) (l) | | |
Series 2021-R03, Class 1B2, 10.83%, 12/25/2041 (a) (l) | | |
Series 2022-R01, Class 1B2, 11.33%, 12/25/2041 (a) (l) | | |
Series 2023-R02, Class 1M1, 7.63%, 1/25/2043 (a) (l) | | |
Series 2023-R06, Class 1M2, 8.03%, 7/25/2043 (a) (l) | | |
Series 2024-R02, Class 1M1, 6.43%, 2/25/2044 (a) (l) | | |
CSFB Mortgage-Backed Pass-Through Certificates | | |
Series 2005-10, Class 11A1, 5.50%, 11/25/2020 | | |
Series 2004-AR4, Class 2A1, 5.33%, 5/25/2034 (l) | | |
Series 2004-AR4, Class 4A1, 6.08%, 5/25/2034 (l) | | |
Series 2004-AR5, Class 6A1, 5.92%, 6/25/2034 (l) | | |
Series 2004-4, Class 4A1, 5.50%, 8/25/2034 | | |
Series 2005-4, Class 2A5, 5.50%, 6/25/2035 (l) | | |
Series 2005-10, Class 5A3, 5.50%, 11/25/2035 | | |
CSFB Mortgage-Backed Trust Series 2004-AR6, Class 7A1, 6.18%, 10/25/2034 (l) | | |
CSMC Mortgage-Backed Trust | | |
Series 2006-8, Class 5A1, 5.51%, 10/25/2026 (l) | | |
Series 2007-2, Class 3A13, 5.50%, 3/25/2037 | | |
Deephaven Residential Mortgage Trust | | |
Series 2021-3, Class B2, 4.13%, 8/25/2066 (a) (l) | | |
Series 2021-4, Class B1, 4.16%, 11/25/2066 (a) (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Collateralized Mortgage Obligations — continued |
United States — continued |
Series 2021-4, Class B2, 4.45%, 11/25/2066 (a) (l) | | |
Series 2022-1, Class B1, 4.27%, 1/25/2067 (a) (l) | | |
Series 2022-1, Class B2, 4.27%, 1/25/2067 (a) (l) | | |
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Class 2A1, 3.82%, 2/25/2020 (l) | | |
Deutsche Alt-A Securities, Inc., Mortgage Loan Trust Series 2005-2, Class 2A1, 5.73%, 3/25/2020 (l) | | |
DSLA Mortgage Loan Trust Series 2005-AR4, Class 2A1A, 5.95%, 8/19/2045 (l) | | |
| | |
Series 2021-DNA2, Class B2, 11.33%, 8/25/2033 (a) (l) | | |
Series 2021-DNA5, Class B2, 10.83%, 1/25/2034 (a) (l) | | |
Series 2021-DNA6, Class B1, 8.73%, 10/25/2041 (a) (l) | | |
Series 2022-HQA2, Class M1A, 7.98%, 7/25/2042 (a) (l) | | |
Series 2023-DNA1, Class M1A, 7.43%, 3/25/2043 (a) (l) | | |
Series 2023-HQA1, Class M1A, 7.33%, 5/25/2043 (a) (l) | | |
Series 2020-HQA1, Class B2, 10.54%, 1/25/2050 (a) (l) | | |
Series 2021-DNA1, Class M2, 7.13%, 1/25/2051 (a) (l) | | |
Series 2021-DNA1, Class B2, 10.08%, 1/25/2051 (a) (l) | | |
First Horizon Alternative Mortgage Securities Trust Series 2006-FA6, Class 3A1, 5.75%, 11/25/2021 | | |
FNMA, Connecticut Avenue Securities Series 2021-R02, Class 2B2, 11.53%, 11/25/2041 (a) (l) | | |
GCAT Trust Series 2020-NQM1, Class B1, 3.64%, 1/25/2060 (a) (l) | | |
GMACM Mortgage Loan Trust | | |
Series 2004-AR2, Class 3A, 4.59%, 8/19/2034 (l) | | |
Series 2005-AR1, Class 3A, 4.10%, 3/18/2035 (l) | | |
GSMSC Pass-Through Trust Series 2008-2R, Class 2A1, 7.50%, 10/25/2036 (a) (l) | | |
| | |
|
United States — continued |
| | |
Series 2004-15F, Class 1A2, 5.50%, 12/25/2034 | | |
Series 2005-1F, Class 2A3, 6.00%, 2/25/2035 | | |
Series 2005-AR3, Class 6A1, 4.52%, 5/25/2035 (l) | | |
Series 2005-AR4, Class 3A5, 5.17%, 7/25/2035 (l) | | |
Series 2005-6F, Class 3A18, 5.50%, 7/25/2035 | | |
Series 2005-AR7, Class 6A1, 4.43%, 11/25/2035 (l) | | |
Series 2006-1F, Class 2A16, 6.00%, 2/25/2036 | | |
Series 2006-1F, Class 2A9, 6.00%, 2/25/2036 | | |
Series 2006-9F, Class 3A1, 6.25%, 10/25/2036 | | |
Series 2007-1F, Class 3A13, 6.00%, 1/25/2037 | | |
HarborView Mortgage Loan Trust Series 2005-11, Class 2A1A, 6.05%, 8/19/2045 (l) | | |
| | |
Series 2004-5, Class 1A1, 6.15%, 10/25/2034 (l) | | |
Series 2004-5, Class 1M2, 6.30%, 10/25/2034 (l) | | |
Series 2004-7, Class 1A2, 6.35%, 11/25/2034 (l) | | |
Series 2004-10, Class 2A, 6.07%, 3/25/2035 (l) | | |
Series 2005-1, Class 1A1, 5.95%, 4/25/2035 (l) | | |
Series 2005-1, Class 1A2, 6.05%, 4/25/2035 (l) | | |
Series 2005-2, Class 1A2, 6.05%, 4/25/2035 (l) | | |
Impac Secured Assets CMN Owner Trust Series 2003-2, Class A4, 3.75%, 8/25/2033 | | |
Impac Secured Assets Trust | | |
Series 2007-3, Class A1B, 5.91%, 9/25/2037 (l) | | |
Series 2007-3, Class A1C, 6.15%, 9/25/2037 (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Collateralized Mortgage Obligations — continued |
United States — continued |
IndyMac INDX Mortgage Loan Trust | | |
Series 2005-AR3, Class 3A1, 4.35%, 4/25/2035 (l) | | |
Series 2005-AR14, Class 2A1A, 6.03%, 7/25/2035 (l) | | |
Series 2007-AR21, Class 6A1, 3.84%, 9/25/2037 (l) | | |
| | |
Series 2006-S3, Class 2A4, 5.50%, 8/25/2021 | | |
Series 2004-A6, Class 1A1, 3.78%, 12/25/2034 (l) | | |
Series 2005-A3, Class 6A6, 5.51%, 6/25/2035 (l) | | |
Series 2005-A6, Class 1A2, 5.48%, 9/25/2035 (l) | | |
Series 2005-A8, Class 4A1, 4.92%, 11/25/2035 (l) | | |
Series 2005-A8, Class 1A1, 5.02%, 11/25/2035 (l) | | |
Series 2006-A7, Class 2A4, 4.37%, 1/25/2037 (l) | | |
Series 2007-S1, Class 2A17, 5.76%, 3/25/2037 (l) | | |
Legacy Mortgage Asset Trust | | |
Series 2021-GS3, Class A2, 3.25%, 7/25/2061 (a) (h) | | |
Series 2021-GS1, Class A2, 6.84%, 10/25/2066 (a) (h) | | |
| | |
Series 2005-2, Class 2A5, 5.50%, 12/25/2035 | | |
Series 2007-7, Class 5A7, 6.50%, 8/25/2037 | | |
| | |
Series 2023-RTL3, Class A1, 8.00%, 8/25/2028 (a) (h) | | |
Series 2024-RTL1, Class A1, 7.02%, 1/25/2029 (a) (h) | | |
Series 2024-RTL2, Class A1, 7.13%, 3/25/2029 (a) (h) | | |
MASTR Alternative Loan Trust | | |
Series 2004-12, Class 3A1, 6.00%, 12/25/2034 | | |
Series 2005-3, Class 1A1, 5.50%, 4/25/2035 | | |
| | |
|
United States — continued |
Series 2005-5, Class 3A1, 5.75%, 8/25/2035 | | |
Series 2005-6, Class 1A2, 5.50%, 12/25/2035 | | |
Merrill Lynch Mortgage Investors Trust | | |
Series 2005-1, Class 2A2, 4.92%, 4/25/2035 (l) | | |
Series 2006-1, Class 2A1, 5.45%, 2/25/2036 (l) | | |
Series 2006-AF2, Class AF2, 6.25%, 10/25/2036 | | |
Metlife Securitization Trust Series 2017-1A, Class A, 3.00%, 4/25/2055 (a) (l) | | |
MFA Trust Series 2022-RTL1, Class A1, 5.07%, 4/26/2027 (a) (h) | | |
Morgan Stanley Mortgage Loan Trust | | |
Series 2006-2, Class 1A, 5.25%, 2/25/2021 | | |
Series 2004-9, Class 1A, 5.28%, 11/25/2034 (l) | | |
Series 2005-4, Class 1A, 5.00%, 8/25/2035 | | |
New Residential Mortgage Loan Trust | | |
Series 2024-RTL1, Class A1, 6.66%, 3/25/2039 (a) (h) | | |
Series 2019-NQM4, Class B1, 3.74%, 9/25/2059 (a) (l) | | |
Series 2019-NQM4, Class B2, 4.85%, 9/25/2059 (a) (l) | | |
Series 2019-NQM5, Class B1, 4.04%, 11/25/2059 (a) (l) | | |
Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-WF1, Class 2A5, 5.66%, 3/25/2035 (h) | | |
| | |
Series 2023-NQM3, Class A1, 5.95%, 2/25/2063 (a) (h) | | |
Series 2024-NQM4, Class A3, 6.32%, 1/25/2064 (a) (h) | | |
| | |
Series 2024-NPL2, Class A1, 7.02%, 2/25/2054 (a) (h) | | |
Series 2024-NPL3, Class A1, 7.52%, 4/27/2054 (a) | | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Collateralized Mortgage Obligations — continued |
United States — continued |
| | |
Series 2020-4, Class A2, 8.19%, 10/25/2025 (a) (h) | | |
Series 2020-6, Class A2, 7.70%, 11/25/2025 (a) (h) | | |
Series 2024-1, Class A1, 6.96%, 2/25/2029 (a) (h) | | |
Series 2024-2, Class A1, 7.03%, 3/25/2029 (a) (h) | | |
| | |
Series 2003-QS20, Class CB, 5.00%, 11/25/2018 ‡ | | |
Series 2005-QA5, Class A2, 4.82%, 4/25/2035 (l) | | |
Series 2005-QS17, Class A3, 6.00%, 12/25/2035 | | |
Series 2006-QS3, Class 1A10, 6.00%, 3/25/2036 | | |
Series 2006-QS4, Class A2, 6.00%, 4/25/2036 | | |
Series 2006-QS17, Class A5, 6.00%, 12/25/2036 | | |
Residential Asset Securitization Trust | | |
Series 2005-A8CB, Class A11, 6.00%, 7/25/2035 | | |
Series 2005-A14, Class A1, 5.50%, 12/25/2035 | | |
Series 2006-A8, Class 3A1, 6.00%, 8/25/2036 | | |
| | |
Series 2005-S7, Class A6, 5.50%, 11/25/2035 | | |
Series 2006-S10, Class 1A1, 6.00%, 10/25/2036 | | |
Series 2006-SA4, Class 2A1, 5.55%, 11/25/2036 (l) | | |
Seasoned Credit Risk Transfer Trust Series 2017-3, Class A, IO, 0.00%, 7/25/2056 (l) | | |
Sequoia Mortgage Trust Series 2007-3, Class 1A1, 5.83%, 7/20/2036 (l) | | |
Starwood Mortgage Residential Trust | | |
Series 2020-1, Class B1, 3.73%, 2/25/2050 (a) (l) | | |
Series 2020-INV1, Class B2, 4.26%, 11/25/2055 (a) | | |
| | |
|
United States — continued |
Structured Adjustable Rate Mortgage Loan Trust Series 2005-1, Class 1A1, 4.81%, 2/25/2035 (l) | | |
Structured Asset Mortgage Investments II Trust | | |
Series 2005-AR3, Class 1A1, 5.97%, 8/25/2035 (l) | | |
Series 2007-AR7, Class 1A1, 6.28%, 5/25/2047 (l) | | |
Verus Securitization Trust | | |
Series 2019-INV2, Class B1, 4.45%, 7/25/2059 (a) (l) | | |
Series 2019-INV3, Class B1, 3.73%, 11/25/2059 (a) (l) | | |
Series 2020-1, Class A1, 3.42%, 1/25/2060 (a) (h) | | |
Series 2021-R1, Class B1, 3.20%, 10/25/2063 (a) (l) | | |
Series 2021-R1, Class B2, 4.20%, 10/25/2063 (a) (l) | | |
Series 2021-R3, Class B1, 3.07%, 4/25/2064 (a) (l) | | |
Series 2021-R3, Class B2, 4.07%, 4/25/2064 (a) (l) | | |
Series 2020-5, Class B1, 3.71%, 5/25/2065 (a) (l) | | |
Series 2020-5, Class B2, 4.71%, 5/25/2065 (a) (l) | | |
Series 2021-5, Class B1, 3.04%, 9/25/2066 (a) (l) | | |
Series 2021-5, Class B2, 3.94%, 9/25/2066 (a) (l) | | |
Series 2023-INV1, Class A3, 6.76%, 2/25/2068 (a) (h) | | |
Series 2023-4, Class A1, 5.81%, 5/25/2068 (a) (h) | | |
Series 2023-INV2, Class A1, 6.44%, 8/25/2068 (a) (h) | | |
Series 2023-6, Class B1, 7.83%, 9/25/2068 (a) (l) | | |
WaMu Mortgage Pass-Through Certificates Trust | | |
Series 2004-AR11, Class A, 5.97%, 10/25/2034 (l) | | |
Series 2005-AR5, Class A6, 4.92%, 5/25/2035 (l) | | |
Series 2005-AR16, Class 1A1, 4.86%, 12/25/2035 (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Collateralized Mortgage Obligations — continued |
United States — continued |
Series 2005-AR14, Class 1A3, 4.88%, 12/25/2035 (l) | | |
Series 2005-AR14, Class 1A4, 4.88%, 12/25/2035 (l) | | |
Series 2005-AR18, Class 1A3A, 5.02%, 1/25/2036 (l) | | |
Series 2006-AR2, Class 1A1, 4.59%, 3/25/2036 (l) | | |
Series 2004-AR10, Class A1B, 6.27%, 7/25/2044 (l) | | |
Series 2005-AR15, Class A1A1, 5.95%, 11/25/2045 (l) | | |
Washington Mutual Mortgage Pass-Through Certificates WMALT Trust | | |
Series 2005-1, Class 1A3, 5.50%, 3/25/2035 | | |
Series 2005-4, Class CB7, 5.50%, 6/25/2035 | | |
Series 2005-10, Class 2A5, 5.75%, 11/25/2035 | | |
Series 2005-10, Class 4CB1, 5.75%, 12/25/2035 | | |
Series 2006-5, Class 2CB5, 6.50%, 7/25/2036 | | |
Series 2007-1, Class 1A7, 6.00%, 2/25/2037 (l) | | |
Wells Fargo Mortgage-Backed Securities Trust | | |
Series 2006-AR19, Class A3, 6.36%, 12/25/2036 (l) | | |
Series 2007-15, Class A1, 6.00%, 11/25/2037 | | |
Total Collateralized Mortgage Obligations
(Cost $392,495) | | |
Commercial Mortgage-Backed Securities — 4.1% |
|
| | |
Series 2019-BN16, Class D, 3.00%, 2/15/2052 (a) | | |
Series 2019-BN16, Class F, 3.85%, 2/15/2052 (a) (l) | | |
Series 2019-BN21, Class F, 2.68%, 10/17/2052 (a) | | |
Series 2019-BN23, Class D, 2.50%, 12/15/2052 (a) | | |
Series 2021-BN31, Class E, 2.50%, 2/15/2054 (a) (l) | | |
| | |
|
United States — continued |
Series 2017-BNK5, Class D, 3.08%, 6/15/2060 (a) (l) | | |
Series 2018-BN14, Class F, 3.94%, 9/15/2060 (a) | | |
Series 2019-BN19, Class C, 4.16%, 8/15/2061 (l) | | |
Series 2018-BN15, Class E, 3.00%, 11/15/2061 (a) | | |
Series 2019-BN24, Class D, 2.50%, 11/15/2062 (a) | | |
Series 2019-BN24, Class C, 3.63%, 11/15/2062 (l) | | |
Series 2020-BN26, Class D, 2.50%, 3/15/2063 (a) | | |
Series 2020-BN28, Class E, 2.50%, 3/15/2063 (a) | | |
BBCMS Mortgage Trust Series 2017-C1, Class D, 3.71%, 2/15/2050 (a) (l) | | |
| | |
Series 2018-B1, Class D, 2.75%, 1/15/2051 (a) | | |
Series 2019-B9, Class F, 3.91%, 3/15/2052 (a) (l) | | |
Series 2019-B11, Class D, 3.00%, 5/15/2052 (a) | | |
Series 2019-B11, Class C, 3.75%, 5/15/2052 (l) | | |
Series 2020-B21, Class E, 2.00%, 12/17/2053 (a) | | |
Series 2019-B14, Class E, 2.50%, 12/15/2062 (a) | | |
Series 2019-B15, Class E, 2.75%, 12/15/2072 (a) | | |
BX Series 2021-MFM1, Class G, 9.34%, 1/15/2034 (a) (l) | | |
| | |
Series 2016-CD2, Class C, 4.11%, 11/10/2049 (l) | | |
Series 2017-CD4, Class D, 3.30%, 5/10/2050 (a) | | |
Series 2017-CD5, Class D, 3.35%, 8/15/2050 (a) | | |
Series 2017-CD6, Class C, 4.37%, 11/13/2050 (l) | | |
Series 2018-CD7, Class D, 3.25%, 8/15/2051 (a) (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Commercial Mortgage-Backed Securities — continued |
United States — continued |
Series 2019-CD8, Class E, 3.00%, 8/15/2057 (a) | | |
CFCRE Commercial Mortgage Trust Series 2016-C6, Class D, 4.31%, 11/10/2049 (a) (l) | | |
CGMS Commercial Mortgage Trust Series 2017-B1, Class E, 3.30%, 8/15/2050 (a) (l) | | |
Citigroup Commercial Mortgage Trust | | |
Series 2015-GC27, Class D, 4.57%, 2/10/2048 (a) (l) | | |
Series 2015-GC29, Class C, 4.27%, 4/10/2048 (l) | | |
Series 2015-P1, Class D, 3.23%, 9/15/2048 (a) | | |
Series 2016-C1, Class D, 5.11%, 5/10/2049 (a) (l) | | |
Series 2016-C2, Class D, 3.25%, 8/10/2049 (a) (l) | | |
Series 2016-P6, Class D, 3.25%, 12/10/2049 (a) | | |
Series 2017-P7, Class B, 4.14%, 4/14/2050 (l) | | |
Series 2017-P7, Class C, 4.54%, 4/14/2050 (l) | | |
Series 2020-GC46, Class E, 2.60%, 2/15/2053 (a) | | |
COLEM Mortgage Trust Series 2022-HLNE, Class A, 2.54%, 4/12/2042 (a) (l) | | |
Commercial Mortgage Trust | | |
Series 2020-CBM, Class F, 3.75%, 2/10/2037 (a) (l) | | |
Series 2014-CR15, Class C, 4.08%, 2/10/2047 (l) | | |
Series 2014-LC15, Class D, 4.96%, 4/10/2047 (a) (l) | | |
Series 2014-CR19, Class D, 4.76%, 8/10/2047 (a) (l) | | |
Series 2014-UBS5, Class D, 3.50%, 9/10/2047 (a) | | |
Series 2014-LC17, Class D, 3.69%, 10/10/2047 (a) | | |
Series 2015-CR22, Class E, 3.00%, 3/10/2048 (a) | | |
Series 2015-CR22, Class D, 4.20%, 3/10/2048 (a) (l) | | |
Series 2015-LC21, Class D, 4.46%, 7/10/2048 (l) | | |
| | |
|
United States — continued |
Series 2015-CR24, Class D, 3.46%, 8/10/2048 (l) | | |
Series 2015-CR25, Class D, 3.92%, 8/10/2048 (l) | | |
Series 2015-CR27, Class D, 3.60%, 10/10/2048 (a) (l) | | |
Series 2015-CR26, Class D, 3.61%, 10/10/2048 (l) | | |
Series 2015-LC23, Class D, 3.70%, 10/10/2048 (a) (l) | | |
Series 2015-LC23, Class E, 3.70%, 10/10/2048 (a) (l) | | |
Series 2016-CR28, Class D, 4.01%, 2/10/2049 (l) | | |
Series 2016-CR28, Class C, 4.76%, 2/10/2049 (l) | | |
Series 2018-COR3, Class D, 2.96%, 5/10/2051 (a) (l) | | |
CSAIL Commercial Mortgage Trust | | |
Series 2015-C4, Class C, 4.71%, 11/15/2048 (l) | | |
Series 2015-C2, Class B, 4.21%, 6/15/2057 (l) | | |
| | |
Series 2016-C3, Class D, 3.62%, 8/10/2049 (a) (l) | | |
Series 2016-C3, Class E, 4.37%, 8/10/2049 (a) (l) | | |
FHLMC Multiclass Certificates | | |
Series 2020-RR05, Class X, IO, 2.01%, 1/27/2029 | | |
Series 2020-RR14, Class X, IO, 2.13%, 3/27/2034 (l) | | |
FHLMC, Multi-Family Structured Credit Risk | | |
Series 2021-MN2, Class B1, 10.83%, 7/25/2041 (a) (l) | | |
Series 2022-MN5, Class B1, 14.83%, 11/25/2042 (a) (l) | | |
Series 2021-MN1, Class M1, 7.33%, 1/25/2051 (a) (l) | | |
Series 2021-MN1, Class M2, 9.08%, 1/25/2051 (a) (l) | | |
Series 2021-MN1, Class B1, 13.08%, 1/25/2051 (a) (l) | | |
Series 2021-MN3, Class M1, 7.63%, 11/25/2051 (a) (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Commercial Mortgage-Backed Securities — continued |
United States — continued |
Series 2022-MN4, Class B1, 14.83%, 5/25/2052 (a) (l) | | |
FHLMC, Multi-Family Structured Pass-Through Certificates | | |
Series KC03, Class X1, IO, 0.62%, 11/25/2024 (l) | | |
Series K734, Class X3, IO, 2.24%, 7/25/2026 (l) | | |
Series KC04, Class X1, IO, 1.40%, 12/25/2026 (l) | | |
Series K084, Class X3, IO, 2.31%, 11/25/2028 (l) | | |
Series K090, Class X3, IO, 2.39%, 10/25/2029 (l) | | |
Series Q012, Class X, IO, 4.08%, 9/25/2035 (l) | | |
Series K727, Class X3, IO, 2.09%, 10/25/2044 (l) | | |
Series K060, Class X3, IO, 1.96%, 12/25/2044 (l) | | |
Series K061, Class X3, IO, 2.05%, 12/25/2044 (l) | | |
Series K728, Class X3, IO, 2.06%, 11/25/2045 (l) | | |
Series K089, Class X3, IO, 2.38%, 1/25/2046 (l) | | |
Series K087, Class X3, IO, 2.40%, 1/25/2046 (l) | | |
Series K102, Class X3, IO, 1.96%, 12/25/2046 (l) | | |
Series K088, Class X3, IO, 2.43%, 2/25/2047 (l) | | |
Series K093, Class X3, IO, 2.28%, 5/25/2047 (l) | | |
Series K116, Class X3, IO, 3.12%, 9/25/2047 (l) | | |
Series K108, Class X3, IO, 3.61%, 4/25/2048 (l) | | |
| | |
Series 2019-M21, Class X2, IO, 1.40%, 2/25/2031 (l) | | |
Series 2020-M37, Class X, IO, 1.12%, 4/25/2032 (l) | | |
Series 2016-M4, Class X2, IO, 2.71%, 1/25/2039 (l) | | |
| | |
|
United States — continued |
| | |
Series 2018-KF47, Class B, 7.44%, 5/25/2025 (a) (l) | | |
Series 2019-KC03, Class B, 4.51%, 1/25/2026 (a) (l) | | |
Series 2019-KF58, Class B, 7.59%, 1/25/2026 (a) (l) | | |
Series 2019-KF62, Class B, 7.49%, 4/25/2026 (a) (l) | | |
Series 2017-KL1E, Class BE, 4.04%, 2/25/2027 (a) (l) | | |
Series 2017-KF33, Class B, 7.99%, 6/25/2027 (a) (l) | | |
Series 2017-KF40, Class B, 8.14%, 11/25/2027 (a) (l) | | |
Series 2018-KF43, Class B, 7.59%, 1/25/2028 (a) (l) | | |
Series 21K-F116, Class CS, 11.72%, 6/25/2028 (a) (l) | | |
Series 2018-KF50, Class B, 7.34%, 7/25/2028 (a) (l) | | |
Series 2019-KG01, Class B, 4.31%, 4/25/2029 (a) (l) | | |
Series 2019-KW09, Class X2A, IO, 0.10%, 5/25/2029 (a) | | |
Series 2019-KW09, Class C, PO, 6/25/2029 (a) | | |
Series 2019-KW09, Class X2B, IO, 0.10%, 6/25/2029 (a) | | |
Series 2022-KF132, Class CS, 11.72%, 2/25/2032 (a) (l) | | |
Series 2023-KF149, Class CS, 11.47%, 12/25/2032 (a) (l) | | |
Series 2017-K724, Class D, PO, 12/25/2049 (a) | | |
Series 2017-K724, Class X2B, IO, 0.10%, 12/25/2049 (a) | | |
| | |
Series 2012-89, IO, 0.10%, 12/16/2053 (l) | | |
Series 2019-53, Class IA, IO, 0.77%, 6/16/2061 (l) | | |
Series 2021-153, Class SA, IF, IO, 0.00%, 8/16/2061 (l) | | |
Series 2020-2, IO, 0.59%, 3/16/2062 (l) | | |
Series 2020-169, IO, 0.85%, 7/16/2062 (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Commercial Mortgage-Backed Securities — continued |
United States — continued |
Series 2020-145, IO, 0.73%, 3/16/2063 (l) | | |
Series 2021-10, IO, 0.99%, 5/16/2063 (l) | | |
Series 2024-32, IO, 0.71%, 6/16/2063 (l) | | |
Series 2023-28, IO, 0.86%, 2/16/2065 (l) | | |
GS Mortgage Securities Trust | | |
Series 2012-GCJ9, Class D, 4.75%, 11/10/2045 (a) (l) | | |
Series 2015-GC28, Class D, 4.45%, 2/10/2048 (a) (l) | | |
Series 2016-GS2, Class D, 2.75%, 5/10/2049 (a) | | |
Series 2017-GS5, Class D, 3.51%, 3/10/2050 (a) (l) | | |
Series 2017-GS6, Class D, 3.24%, 5/10/2050 (a) | | |
Series 2015-GC30, Class D, 3.38%, 5/10/2050 | | |
Series 2019-GC40, Class D, 3.00%, 7/10/2052 (a) | | |
Series 2019-GC40, Class E, 3.00%, 7/10/2052 (a) | | |
Series 2020-GC45, Class D, 2.85%, 2/13/2053 (a) (l) | | |
JPMBB Commercial Mortgage Securities Trust | | |
Series 2013-C15, Class E, 3.50%, 11/15/2045 (a) | | |
Series 2014-C26, Class D, 4.01%, 1/15/2048 (a) (l) | | |
Series 2014-C26, Class C, 4.51%, 1/15/2048 (l) | | |
Series 2015-C33, Class C, 4.79%, 12/15/2048 (l) | | |
Series 2016-C1, Class D2, 4.36%, 3/17/2049 (a) (l) | | |
Series 2016-C1, Class C, 4.86%, 3/17/2049 (l) | | |
JPMCC Commercial Mortgage Securities Trust Series 2017-JP5, Class D, 4.65%, 3/15/2050 (a) (l) | | |
JPMDB Commercial Mortgage Securities Trust Series 2016-C4, Class D, 3.17%, 12/15/2049 (a) (l) | | |
| | |
|
United States — continued |
JPMorgan Chase Commercial Mortgage Securities Trust Series 2016-JP3, Class D, 3.56%, 8/15/2049 (a) (l) | | |
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ, 5.45%, 9/15/2039 (l) | | |
Morgan Stanley Bank of America Merrill Lynch Trust | | |
Series 2012-C5, Class G, 4.50%, 8/15/2045 (a) | | |
Series 2014-C16, Class C, 4.93%, 6/15/2047 (l) | | |
Series 2014-C19, Class D, 3.25%, 12/15/2047 (a) | | |
Series 2015-C20, Class C, 4.57%, 2/15/2048 (l) | | |
Series 2015-C24, Class D, 3.26%, 5/15/2048 (a) | | |
Series 2015-C25, Class C, 4.67%, 10/15/2048 (l) | | |
Series 2016-C31, Class C, 4.40%, 11/15/2049 (l) | | |
Morgan Stanley Capital I Trust | | |
Series 2018-MP, Class D, 4.42%, 7/11/2040 (a) (l) | | |
Series 2018-L1, Class E, 3.00%, 10/15/2051 (a) | | |
Series 2019-L2, Class D, 3.00%, 3/15/2052 (a) | | |
Series 2019-L2, Class E, 3.00%, 3/15/2052 (a) | | |
| | |
Series 2019-PARK, Class F, 2.72%, 12/15/2036 (a) | | |
Series 2019-PARK, Class G, 2.72%, 12/15/2036 (a) | | |
Series 2019-PARK, Class J, 4.25%, 12/15/2036 (a) | | |
Multi-Family Connecticut Avenue Securities Trust | | |
Series 2019-01, Class M10, 8.69%, 10/25/2049 (a) (l) | | |
Series 2020-01, Class M10, 9.19%, 3/25/2050 (a) (l) | | |
NYC Commercial Mortgage Trust Series 2021-909, Class E, 3.31%, 4/10/2043 (a) (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Commercial Mortgage-Backed Securities — continued |
United States — continued |
VASA Trust Series 2021-VASA, Class G, 10.44%, 7/15/2039 (a) (l) | | |
Velocity Commercial Capital Loan Trust | | |
Series 2018-2, Class A, 4.05%, 10/26/2048 (a) (l) | | |
Series 2018-2, Class M2, 4.51%, 10/26/2048 (a) (l) | | |
Series 2018-2, Class M3, 4.72%, 10/26/2048 (a) (l) | | |
Wells Fargo Commercial Mortgage Trust | | |
Series 2021-SAVE, Class E, 9.09%, 2/15/2040 (a) (l) | | |
Series 2015-NXS1, Class E, 2.88%, 5/15/2048 (a) (l) | | |
Series 2015-C28, Class D, 4.22%, 5/15/2048 (l) | | |
Series 2016-C35, Class D, 3.14%, 7/15/2048 (a) | | |
Series 2018-C43, Class D, 3.00%, 3/15/2051 (a) | | |
Series 2018-C44, Class D, 3.00%, 5/15/2051 (a) | | |
Series 2019-C52, Class XA, IO, 1.73%, 8/15/2052 (l) | | |
Series 2015-NXS3, Class D, 3.15%, 9/15/2057 (a) | | |
WFRBS Commercial Mortgage Trust Series 2014-C22, Class D, 4.04%, 9/15/2057 (a) (l) | | |
Total Commercial Mortgage-Backed Securities
(Cost $408,206) | | |
Asset-Backed Securities — 2.5% |
|
AIMCO CLO Series 2015-AA, Class BR2, 7.18%, 10/17/2034 (a) (l) | | |
| | |
Series 2016-24A, Class A1AL, 6.54%, 10/20/2030 (a) (l) | | |
Series 2016-25A, Class A2R2, 7.12%, 10/20/2031 (a) (l) | | |
| | |
Series 2016-39A, Class A1R2, 6.64%, 4/18/2031 (a) (l) | | |
Series 2017-43A, Class BR, 7.29%, 7/15/2034 (a) (l) | | |
| | |
|
Cayman Islands — continued |
Ballyrock CLO Ltd. Series 2020-2A, Class A2R, 7.14%, 10/20/2031 (a) (l) | | |
Benefit Street Partners CLO Ltd. Series 2019-18A, Class A1R, 6.76%, 10/15/2034 (a) (l) | | |
Carlyle Global Market Strategies CLO Ltd. | | |
Series 2014-3RA, Class A1A, 6.64%, 7/27/2031 (a) (l) | | |
Series 2015-4A, Class A2RR, 7.17%, 7/20/2032 (a) (l) | | |
Series 2015-4A, Class BRR, 7.77%, 7/20/2032 (a) (l) | | |
| | |
Series 2018-1A, Class A, 6.59%, 4/18/2031 (a) (l) | | |
Series 2018-4A, Class A1, 6.73%, 10/17/2031 (a) (l) | | |
| | |
Series 2018-64A, Class A, 6.56%, 4/18/2031 (a) (l) | | |
Series 2019-68A, Class BR, 7.29%, 7/15/2035 (a) (l) | | |
| | |
Series 2013-30A, Class AR, 6.39%, 11/15/2028 (a) (l) | | |
Series 2013-26A, Class AR, 6.49%, 4/15/2029 (a) (l) | | |
Series 2015-37A, Class AR, 6.69%, 1/15/2031 (a) (l) | | |
Series 2015-41A, Class AR, 6.56%, 4/15/2031 (a) (l) | | |
| | |
Series 2020-1A, Class A, 6.83%, 4/15/2033 (a) (l) | | |
Series 2021-4A, Class B, 7.19%, 10/20/2034 (a) (l) | | |
Flatiron CLO Ltd. Series 2019-1A, Class AR, 6.67%, 11/16/2034 (a) (l) | | |
| | |
Series 2018-27A, Class A, 6.61%, 5/16/2031 (a) (l) | | |
Series 2016-22A, Class ARR, 6.79%, 4/16/2034 (a) (l) | | |
Goldentree Loan Management US CLO Ltd. Series 2017-2A, Class AR, 6.50%, 11/20/2030 (a) (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Asset-Backed Securities — continued |
Cayman Islands — continued |
KKR CLO Trust Series 39A, Class B1, 7.29%, 10/15/2034 (a) (l) | | |
KKR Financial CLO Ltd. Series 2013-1A, Class A2R2, 6.77%, 4/15/2029 (a) (i) (l) | | |
Madison Park Funding Ltd. | | |
Series 2018-32A, Class A1R, 6.59%, 1/22/2031 (a) (l) | | |
Series 2019-34A, Class AR, 6.71%, 4/25/2032 (a) (l) | | |
Magnetite Ltd. Series 2015-15A, Class AR, 6.60%, 7/25/2031 (a) (l) | | |
Neuberger Berman Loan Advisers CLO Ltd. | | |
Series 2019-31A, Class AR, 6.63%, 4/20/2031 (a) (l) | | |
Series 2019-34A, Class A1R, 6.56%, 1/20/2035 (a) (l) | | |
| | |
Series 2020-8RA, Class A1, 6.80%, 1/17/2032 (a) (l) | | |
Series 2020-18A, Class AR, 6.68%, 7/20/2032 (a) (l) | | |
Octagon Investment Partners Ltd. | | |
Series 2013-1A, Class A1RR, 6.56%, 7/19/2030 (a) (l) | | |
Series 2018-1A, Class A1A, 6.65%, 1/20/2031 (a) (l) | | |
Octagon Loan Funding Ltd. Series 2014-1A, Class ARR, 6.76%, 11/18/2031 (a) (l) | | |
Palmer Square Loan Funding Ltd. Series 2022-4A, Class A2, 7.62%, 7/24/2031 (a) (l) | | |
| | |
Series 2018-19A, Class A, 6.55%, 4/16/2031 (a) (l) | | |
Series 2018-19A, Class B, 6.94%, 4/16/2031 (a) (l) | | |
Series 2014-15A, Class AR3, 6.66%, 1/17/2032 (a) (l) | | |
Voya CLO Ltd. Series 2016-3A, Class CR, 8.84%, 10/18/2031 (a) (l) | | |
| | |
|
| | |
Series 2003-OPT1, Class A1A, 6.25%, 4/25/2033 (l) | | |
| | |
|
United States — continued |
Series 2004-OPT3, Class M1, 6.18%, 9/25/2033 (l) | | |
Series 2004-HE1, Class M1, 6.33%, 3/25/2034 (l) | | |
Accredited Mortgage Loan Trust Series 2004-4, Class M1, 5.02%, 1/25/2035 (l) | | |
ACE Securities Corp. Home Equity Loan Trust | | |
Series 2003-FM1, Class M1, 6.72%, 11/25/2032 (l) | | |
Series 2004-OP1, Class M2, 7.01%, 4/25/2034 (l) | | |
Affirm Asset Securitization Trust | | |
Series 2022-A, Class 1E, 8.04%, 5/17/2027 (a) | | |
Series 2023-B, Class A, 6.82%, 9/15/2028 (a) | | |
American Credit Acceptance Receivables Trust | | |
Series 2024-1, Class B, 5.60%, 11/12/2027 (a) | | |
Series 2022-1, Class E, 3.64%, 3/13/2028 (a) | | |
Series 2023-2, Class C, 5.96%, 8/13/2029 (a) | | |
Series 2023-3, Class C, 6.44%, 10/12/2029 (a) | | |
Series 2024-1, Class C, 5.63%, 1/14/2030 (a) | | |
Series 2024-1, Class D, 5.86%, 5/13/2030 (a) | | |
Series 2023-4, Class D, 7.65%, 9/12/2030 (a) | | |
AmeriCredit Automobile Receivables Trust Series 2022-2, Class C, 5.32%, 4/18/2028 | | |
Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-AR1, Class M1, 3.49%, 9/25/2032 (l) | | |
Asset-Backed Securities Corp. Home Equity Loan Trust | | |
Series 2004-HE2, Class M2, 7.31%, 4/25/2034 (l) | | |
Series 2004-HE7, Class M2, 7.01%, 10/25/2034 (l) | | |
Bayview Opportunity Master Fund LLC Series 2024-CAR1, Class C, 6.83%, 12/26/2031 (a) (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Asset-Backed Securities — continued |
United States — continued |
Bear Stearns Asset-Backed Securities Trust | | |
Series 2003-SD1, Class M1, 6.71%, 12/25/2033 (l) | | |
Series 2004-SD4, Class A1, 6.33%, 8/25/2044 (l) | | |
Carlyle Global Market Strategies CLO Ltd. Series 2012-3A, Class A1A2, 6.77%, 1/14/2032 (a) (l) | | |
Centex Home Equity Loan Trust | | |
Series 2004-C, Class M2, 4.43%, 6/25/2034 (l) | | |
Series 2004-D, Class MF2, 6.06%, 9/25/2034 (h) | | |
Series 2004-D, Class MV2, 6.47%, 9/25/2034 (l) | | |
| | |
Series 2003-5, Class 1M2, 5.64%, 9/25/2032 (l) | | |
Series 2004-1, Class 1M1, 4.73%, 5/25/2033 | | |
Series 2003-4, Class 1A5, 4.92%, 5/25/2033 (h) | | |
CHEC Loan Trust Series 2004-1, Class M1, 6.33%, 7/25/2034 (a) (l) | | |
Citigroup Mortgage Loan Trust, Inc. | | |
Series 2005-OPT1, Class M4, 6.48%, 2/25/2035 (l) | | |
Series 2005-WF2, Class AF7, 5.75%, 8/25/2035 (h) | | |
Conn's Receivables Funding LLC | | |
Series 2022-A, Class B, 9.52%, 12/15/2026 (a) | | |
Series 2023-A, Class B, 10.00%, 1/17/2028 (a) | | |
Consumer Loan Underlying Bond Certificate Issuer Trust I Series 2020-9, Class PT, 8.81%, 4/15/2045 ‡ (a) (l) | | |
Countrywide Asset-Backed Certificates | | |
Series 2004-3, Class M1, 6.18%, 6/25/2034 (l) | | |
Series 2004-3, Class M2, 6.26%, 6/25/2034 (l) | | |
Series 2004-ECC2, Class M2, 6.41%, 12/25/2034 (l) | | |
Credit Acceptance Auto Loan Trust | | |
Series 2022-3A, Class A, 6.57%, 10/15/2032 (a) | | |
| | |
|
United States — continued |
Series 2022-3A, Class D, 9.00%, 4/18/2033 (a) | | |
Series 2023-3A, Class B, 7.09%, 10/17/2033 (a) | | |
Series 2024-1A, Class A, 5.68%, 3/15/2034 (a) | | |
Series 2024-1A, Class B, 6.03%, 5/15/2034 (a) | | |
Series 2024-1A, Class C, 6.71%, 7/17/2034 (a) | | |
CWABS Asset-Backed Certificates Trust Series 2005-11, Class AF6, 5.05%, 2/25/2036 (l) | | |
CWABS Asset-Backed Certificates Trust, Series 2004-BC4, Class M1, 6.48%, 11/25/2034 (l) | | |
CWABS, Inc. Asset-Backed Certificates Series 2004-1, Class M2, 6.26%, 3/25/2034 (l) | | |
CWABS, Inc., Asset-Backed Certificates Series 2004-1, Class M3, 6.41%, 2/25/2034 (l) | | |
| | |
Series 2021-4A, Class D, 1.99%, 9/15/2027 (a) | | |
Series 2022-3A, Class C, 7.69%, 7/17/2028 (a) | | |
Series 2022-1A, Class E, 5.53%, 3/15/2029 (a) | | |
Series 2023-3A, Class C, 6.40%, 5/15/2029 (a) | | |
Elmwood CLO Ltd. Series 2024-3A, Class A, 6.85%, 4/18/2037 (a) (i) (l) | | |
Exeter Automobile Receivables Trust | | |
Series 2020-3A, Class F, 5.56%, 6/15/2027 (a) | | |
Series 2023-3A, Class C, 6.21%, 6/15/2028 | | |
Series 2021-2A, Class E, 2.90%, 7/17/2028 (a) | | |
Series 2022-6A, Class D, 8.03%, 4/6/2029 | | |
FFMLT Trust Series 2004-FF3, Class M1, 6.26%, 5/25/2034 (l) | | |
Finance America Mortgage Loan Trust Series 2004-3, Class M2, 6.38%, 11/25/2034 (l) | | |
Flagship Credit Auto Trust Series 2019-3, Class E, 3.84%, 12/15/2026 (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Asset-Backed Securities — continued |
United States — continued |
FREED ABS Trust Series 2022-4FP, Class B, 7.58%, 12/18/2029 (a) | | |
| | |
Series 2002-1, Class M1, 6.68%, 8/25/2033 (l) | | |
Series 2004-B, Class M2, 6.38%, 5/25/2034 (l) | | |
Series 2004-C, Class M1, 6.41%, 8/25/2034 (l) | | |
Series 2004-D, Class M2, 6.33%, 11/25/2034 (l) | | |
GLS Auto Receivables Issuer Trust | | |
Series 2021-3A, Class E, 3.20%, 10/16/2028 (a) | | |
Series 2022-2A, Class E, 5.50%, 6/15/2029 (a) | | |
| | |
Series 2003-SEA, Class A1, 6.23%, 2/25/2033 (l) | | |
Series 2003-HE1, Class M1, 6.67%, 6/20/2033 (l) | | |
Hertz Vehicle Financing LLC | | |
Series 2023-3A, Class A, 5.94%, 2/25/2028 (a) | | |
Series 2023-2A, Class D, 9.40%, 9/25/2029 (a) | | |
Home Equity Mortgage Loan Asset-Backed Trust | | |
Series 2004-B, Class M2, 4.70%, 11/25/2034 (l) | | |
Series 2004-C, Class M2, 4.37%, 3/25/2035 (l) | | |
LendingClub Loan Certificate Issuer Trust | | |
Series 2022-P3, Class CERT, 11.88%, 5/15/2037 ‡ (a) | | |
Series 2022-NP3, Class CERT, HB, 25.22%, 5/15/2037 ‡ (a) | | |
Series 2022-NP5, Class CERT, 0.00%, 6/15/2037 ‡ (a) | | |
Series 2022-P4, Class CERT, 0.00%, 6/15/2037 ‡ (a) | | |
Series 2022-NP6, Class CERT, HB, 25.46%, 7/15/2037 ‡ (a) | | |
| | |
Series 2021-1A, Class B, 2.47%, 11/20/2031 (a) | | |
| | |
|
United States — continued |
Series 2021-2A, Class B, 2.37%, 4/20/2032 (a) | | |
Long Beach Mortgage Loan Trust Series 2003-4, Class M1, 6.45%, 8/25/2033 (l) | | |
Magnetite Ltd. Series 2023-39A, Class B, 7.47%, 10/25/2033 (a) (l) | | |
MASTR Asset-Backed Securities Trust | | |
Series 2004-OPT2, Class M2, 6.41%, 9/25/2034 (l) | | |
Series 2005-NC1, Class M4, 6.57%, 12/25/2034 (l) | | |
Merrill Lynch Mortgage Investors Trust | | |
Series 2003-OPT1, Class M1, 6.41%, 7/25/2034 (l) | | |
Series 2004-HE2, Class M1, 6.63%, 8/25/2035 (l) | | |
Morgan Stanley ABS Capital I, Inc. Trust | | |
Series 2003-NC10, Class M1, 6.45%, 10/25/2033 (l) | | |
Series 2004-WMC2, Class M1, 6.35%, 7/25/2034 (l) | | |
Series 2004-WMC2, Class M2, 7.23%, 7/25/2034 (l) | | |
Series 2004-HE6, Class M2, 6.33%, 8/25/2034 (l) | | |
Series 2004-HE7, Class M2, 6.38%, 8/25/2034 (l) | | |
Series 2004-HE6, Class M3, 6.41%, 8/25/2034 (l) | | |
Series 2004-HE8, Class M2, 6.45%, 9/25/2034 (l) | | |
Series 2004-NC8, Class M3, 6.54%, 9/25/2034 (l) | | |
Series 2004-HE8, Class M3, 6.56%, 9/25/2034 (l) | | |
Series 2005-HE1, Class M2, 6.14%, 12/25/2034 (l) | | |
Series 2005-NC1, Class M3, 6.20%, 1/25/2035 (l) | | |
Morgan Stanley Mortgage Loan Trust Series 2007-5AX, Class 2A2, 5.73%, 2/25/2037 (l) | | |
New Century Home Equity Loan Trust | | |
Series 2004-2, Class M2, 6.36%, 8/25/2034 (l) | | |
Series 2004-3, Class M2, 6.41%, 11/25/2034 (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Asset-Backed Securities — continued |
United States — continued |
Series 2004-4, Class M2, 6.23%, 2/25/2035 (l) | | |
NovaStar Mortgage Funding Trust Series 2003-2, Class M2, 8.21%, 9/25/2033 (l) | | |
Oak Street Investment Grade Net Lease Fund | | |
Series 2021-1A, Class A3, 2.80%, 1/20/2051 (a) | | |
Series 2021-1A, Class B1, 4.23%, 1/20/2051 (a) | | |
OneMain Financial Issuance Trust Series 2023-2A, Class A2, 6.83%, 9/15/2036 (a) (l) | | |
Oportun Issuance Trust Series 2022-3, Class B, 8.53%, 1/8/2030 (a) | | |
Option One Mortgage Accept Corp. Asset-Backed Certificates | | |
Series 2003-5, Class A2, 6.07%, 8/25/2033 (l) | | |
Series 2003-5, Class M2, 7.76%, 8/25/2033 (l) | | |
Option One Mortgage Loan Trust Series 2004-3, Class M2, 6.29%, 11/25/2034 (l) | | |
Pagaya AI Debt Selection Trust Series 2021-3, Class C, 3.27%, 5/15/2029 (a) | | |
People's Choice Home Loan Securities Trust Series 2004-2, Class M3, 7.16%, 10/25/2034 (l) | | |
| | |
Series 2021-NPL3, Class A2, 3.72%, 7/25/2051 (a) (h) | | |
Series 2021-NPL6, Class A2, 5.07%, 7/25/2051 (a) (h) | | |
Series 2021-RN4, Class A2, 5.19%, 10/25/2051 (a) (l) | | |
Series 2024-RN1, Class A1, 7.14%, 3/25/2054 (a) (h) | | |
Pretium Mortgage Credit Partners LLC Series 2021-RN1, Class A2, 3.60%, 2/25/2061 (a) (h) | | |
Progress Residential Trust | | |
Series 2021-SFR8, Class G, 4.01%, 10/17/2038 (a) | | |
Series 2022-SFR3, Class D, 4.45%, 4/17/2039 (a) | | |
| | |
Series 2021-2, Class A1, 5.11%, 3/25/2026 (a) (l) | | |
| | |
|
United States — continued |
Series 2021-3, Class A2, 6.72%, 4/25/2026 (a) (h) | | |
Series 2021-6, Class A2, 3.47%, 7/25/2026 (a) (h) | | |
Series 2021-8, Class A2, 3.60%, 9/25/2026 (a) (l) | | |
Series 2021-10, Class A2, 4.83%, 10/25/2026 (a) (h) | | |
Series 2021-11, Class A1, 2.49%, 11/25/2026 (a) (h) | | |
Series 2021-11, Class A2, 4.58%, 11/25/2026 (a) (h) | | |
RAMP Trust Series 2002-RS2, Class AI5, 4.78%, 3/25/2032 (l) | | |
RCO Mortgage LLC Series 2024-1, Class A1, 7.02%, 1/25/2029 (a) (h) | | |
Renaissance Home Equity Loan Trust | | |
Series 2002-3, Class M1, 6.93%, 12/25/2032 (l) | | |
Series 2003-1, Class M1, 6.93%, 6/25/2033 (l) | | |
Series 2003-4, Class M2F, 6.24%, 3/25/2034 (h) | | |
Series 2003-4, Class M1, 6.71%, 3/25/2034 (l) | | |
Santander Bank Auto Credit-Linked Notes | | |
Series 2022-C, Class B, 6.45%, 12/15/2032 (a) | | |
Series 2022-C, Class C, 6.99%, 12/15/2032 (a) | | |
Series 2022-C, Class D, 8.20%, 12/15/2032 (a) | | |
Series 2022-C, Class E, 11.37%, 12/15/2032 (a) | | |
Santander Drive Auto Receivables Trust | | |
Series 2024-1, Class B, 5.23%, 12/15/2028 | | |
Series 2024-1, Class C, 5.45%, 3/15/2030 | | |
Series 2022-6, Class D, 5.69%, 2/18/2031 | | |
Series 2023-6, Class C, 6.40%, 3/17/2031 | | |
SASCO Mortgage Loan Trust Series 2004-GEL3, Class M1, 4.83%, 8/25/2034 (l) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Asset-Backed Securities — continued |
United States — continued |
Saxon Asset Securities Trust Series 2004-2, Class MV2, 3.96%, 8/25/2035 (l) | | |
SBA Small Business Investment Cos. | | |
Series 2023-10A, Class 1, 5.17%, 3/10/2033 | | |
Series 2023-10B, Class 1, 5.69%, 9/10/2033 | | |
Securitized Asset-Backed Receivables LLC Trust Series 2005-OP1, Class M2, 6.11%, 1/25/2035 (l) | | |
Stanwich Mortgage Loan Co. LLC Series 2021-NPB1, Class A2, 4.38%, 10/16/2026 (a) (h) | | |
Structured Asset Securities Corp. Pass-Through Certificates Series 2002-AL1, Class A3, 3.45%, 2/25/2032 | | |
Theorem Funding Trust Series 2022-3A, Class A, 7.60%, 4/15/2029 (a) | | |
Upstart Pass-Through Trust | | |
Series 2022-PT3, Class A, 19.85%, 4/20/2030 ‡ (a) (l) | | |
Series 2022-PT4, Class A, 18.27%, 5/20/2030 ‡ (a) (l) | | |
Upstart Securitization Trust | | |
Series 2021-5, Class C, 4.15%, 11/20/2031 (a) | | |
Series 2022-1, Class C, 5.71%, 3/20/2032 (a) | | |
Series 2022-4, Class A, 5.98%, 8/20/2032 (a) | | |
Wells Fargo Home Equity Asset-Backed Securities Trust | | |
Series 2004-2, Class M8B, 5.00%, 10/25/2034 (a) (l) | | |
Series 2004-2, Class M1, 6.03%, 10/25/2034 (l) | | |
Series 2004-2, Class M8A, 8.43%, 10/25/2034 (a) (l) | | |
| | |
Total Asset-Backed Securities
(Cost $214,813) | | |
| | |
Loan Assignments — 1.8% (b) (n) |
|
Banijay Entertainment, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.58%, 3/1/2028 | | |
Numericable U.S. LLC, 1st Lien Term Loan B-14 (3-MONTH CME TERM SOFR + 5.50%), 10.83%, 8/15/2028 | | |
| | |
|
Formula One Group, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.56%, 1/15/2030 | | |
Ineos US Finance LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 2/18/2030 | | |
| | |
|
CommScope, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 4/6/2026 | | |
|
AAdvantage Loyality IP Ltd., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%), 10.34%, 4/20/2028 | | |
Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.75%), 8.07%, 1/31/2031 (o) | | |
Advanced Drainage Systems, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.68%, 7/31/2026 | | |
Ahead DB Holdings LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.16%, 10/18/2027 | | |
AHP Health Partners, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 8/24/2028 | | |
Alliance Laundry Systems LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%; 3-MONTH CME TERM SOFR + 3.50%), 8.90%, 10/8/2027 | | |
Alliant Holdings Intermediate LLC, 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 3.50%), 8.82%, 11/6/2030 (o) | | |
Allied Universal Holdco LLC, 1st Lien Term Loan B | | |
(1-MONTH CME TERM SOFR + 3.75%), 9.17%, 5/12/2028 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Loan Assignments — continued |
United States — continued |
(1-MONTH CME TERM SOFR + 4.75%), 10.07%, 5/12/2028 | | |
Altice Financing SA, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 5.00%), 10.33%, 10/28/2027 | | |
American Axle & Manufacturing, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.92%, 12/13/2029 | | |
Ancestry.com, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.67%, 12/6/2027 (o) | | |
API Group DE, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.68%, 10/1/2026 | | |
AppleCaramel Buyer LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.07%, 10/19/2027 | | |
Asplundh Tree Expert LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 1.75%), 7.17%, 9/7/2027 | | |
Astoria Energy LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.94%, 12/10/2027 | | |
Asurion LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 7/31/2027 | | |
Asurion LLC, 1st Lien Term Loan B-11 (1-MONTH CME TERM SOFR + 4.25%), 9.67%, 8/19/2028 | | |
Asurion LLC, 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 5.25%), 10.68%, 1/31/2028 | | |
Asurion LLC, Term Loan B-10 (1-MONTH CME TERM SOFR + 4.00%), 9.42%, 8/19/2028 | | |
AthenaHealth, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.57%, 2/15/2029 | | |
Avantor Funding, Inc., 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 2.00%), 7.42%, 11/8/2027 | | |
AZZ, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.57%, 5/13/2029 (o) | | |
B&G Foods, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.83%, 10/10/2026 | | |
| | |
|
United States — continued |
Bausch Health Cos., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 5.25%), 10.67%, 2/1/2027 (o) | | |
Bausch Health Cos., Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.67%, 5/10/2027 (o) | | |
BIFM CA Buyer Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.25%), 9.57%, 5/31/2028 | | |
Birkenstock, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.83%, 4/28/2028 | | |
Brooks Automation, 1st Lien Term Loan B (12-MONTH CME TERM SOFR + 3.10%), 7.95%, 2/1/2029 | | |
Brooks Automation, 2nd Lien Term Loan (12-MONTH CME TERM SOFR + 5.60%), 10.40%, 2/1/2030 (o) | | |
Buckeye Partners, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.82%, 11/22/2030 (o) | | |
Buckeye Partners, 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.00%), 7.32%, 11/1/2026 | | |
BWAY Intermediate Co., Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 9.33%, 8/14/2026 | | |
Cabinetworks, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.81%, 5/17/2028 | | |
Caesars Entertainment, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.67%, 2/6/2030 | | |
Caesars Entertainment, Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.75%), 8.07%, 2/6/2031 (i) (o) | | |
Caliber Collision, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.07%, 1/30/2031 | | |
Calpine Construction Finance Co. LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.57%, 7/31/2030 | | |
Camelot US Acquisition LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.08%, 1/31/2031 | | |
Carnival Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.32%, 8/8/2027 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Loan Assignments — continued |
United States — continued |
Carroll County Energy LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 8.90%, 2/13/2026 | | |
CDK Global, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.31%, 7/6/2029 | | |
Cedar Fair LP, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 2.50%, 4/18/2031 (o) | | |
Chamberlain Group, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.67%, 11/3/2028 | | |
Charter Communications Operating LLC, 1st Lien Term Loan B-4 (3-MONTH CME TERM SOFR + 2.00%), 7.30%, 12/7/2030 | | |
Ciena Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.00%), 7.32%, 10/24/2030 | | |
Cincinnati Bell, Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 3.25%), 8.67%, 11/22/2028 | | |
Citrix, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.50%), 9.93%, 3/21/2031 | | |
Claire's Stores, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 6.50%), 11.92%, 12/18/2026 (p) | | |
Clarios Global LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.32%, 5/6/2030 | | |
Clear Channel Outdoor Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.43%, 8/21/2028 (o) | | |
Coherent Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.82%, 7/2/2029 | | |
Conair Holdings LLC, 1st Lien Term Loan B | | |
(1-MONTH CME TERM SOFR + 3.75%), 9.18%, 5/17/2028 | | |
(3-MONTH CME TERM SOFR + 3.00%), 8.07%, 1/27/2031 (o) | | |
Conservice Midco LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.00%), 9.32%, 5/13/2027 | | |
Consilio, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.43%, 5/12/2028 | | |
| | |
|
United States — continued |
CPM Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.83%, 9/28/2028 | | |
Creative Artists Agency LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.57%, 11/27/2028 | | |
Crosby US Acquisition Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.00%), 9.32%, 8/16/2029 | | |
CSC Holdings LLC, Term Loan B-6 (1-MONTH CME TERM SOFR + 4.50%), 9.82%, 1/18/2028 | | |
DaVita, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 1.75%), 7.18%, 8/12/2026 | | |
DexKo Global, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.32%, 10/4/2028 | | |
DigiCert, 1st Lien Term Loan | | |
(1-MONTH CME TERM SOFR + 4.00%), 9.32%, 10/16/2026 | | |
(1-MONTH CME TERM SOFR + 7.00%), 12.32%, 2/19/2029 | | |
DirectV Financing LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 5.00%), 10.43%, 8/2/2027 | | |
Duff & Phelps Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.06%, 4/9/2027 | | |
Dun & Bradstreet Corp., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.75%), 8.07%, 1/18/2029 | | |
DuPont Performance, 1st Lien Term Loan B-6 (3-MONTH CME TERM SOFR + 2.00%), 7.33%, 12/20/2029 | | |
E.W. Scripps Co., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 3.00%), 8.43%, 1/7/2028 | | |
Emerson Climate Technologies, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.82%, 5/31/2030 (o) | | |
Endo Pharmaceutical, 1st Lien Term Loan B (1-MONTH PRIME + 6.00%), 14.50%, 3/27/2028 | | |
Ensemble RCM, LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.33%, 8/1/2029 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Loan Assignments — continued |
United States — continued |
Entegris, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 1.75%), 7.06%, 7/6/2029 | | |
EPIC Crude Services LP, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 5.00%), 10.60%, 3/2/2026 | | |
Exelon Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 8.10%, 12/15/2027 | | |
FGI Operating Co. LLC, 1st Lien Term Loan (3-MONTH SOFR + 11.00%), 12.00%, 5/16/2024 ‡ (j) | | |
First Student Bidco, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.56%, 7/21/2028 | | |
First Student Bidco, Inc., 1st Lien Term Loan C (3-MONTH CME TERM SOFR + 3.00%), 8.56%, 7/21/2028 | | |
First Student Bidco, Inc., Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.40%, 7/21/2028 | | |
Garda World Security, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.25%), 9.58%, 2/1/2029 | | |
Gates Global LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 7.92%, 3/31/2027 | | |
Gates Global LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.32%, 11/16/2029 | | |
Gemini HDPE LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.59%, 12/31/2027 | | |
Genesee & Wyoming, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.30%, 4/10/2031 (o) | | |
Genesys Cloud Services Holdings, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 8.82%, 12/1/2027 | | |
Getty Images, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.50%), 9.91%, 2/19/2026 | | |
Graham Packaging Co., Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.43%, 8/4/2027 | | |
Gray Television, Inc., 1st Lien Term Loan D (1-MONTH CME TERM SOFR + 3.00%), 8.44%, 12/1/2028 | | |
| | |
|
United States — continued |
Gray Television, Inc., 1st Lien Term Loan E (1-MONTH CME TERM SOFR + 2.50%), 7.94%, 1/2/2026 | | |
Griffon Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.70%, 1/24/2029 | | |
GTCR W Merger Sub LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.00%), 8.31%, 1/31/2031 | | |
Harsco Corp., Term Loan B-3 (1-MONTH CME TERM SOFR + 2.25%), 7.68%, 3/10/2028 | | |
Hercules Achievement, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.43%, 12/15/2026 | | |
Hertz Corp. (The), 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 6/30/2028 | | |
Hertz Corp. (The), 1st Lien Term Loan C (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 6/30/2028 | | |
Holley, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.18%, 11/17/2028 | | |
Hub International Ltd., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 8.57%, 6/20/2030 | | |
ICON, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.00%), 7.31%, 7/3/2028 | | |
iHeartCommunications, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.00%), 8.43%, 5/1/2026 | | |
iHeartCommunications, Inc., Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 5/1/2026 | | |
INEOS Enterprises, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.75%), 9.19%, 7/8/2030 | | |
Ingram Micro, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 8.57%, 6/30/2028 | | |
Insulet Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.32%, 5/4/2028 | | |
Interior Logic Group, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.92%, 4/3/2028 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Loan Assignments — continued |
United States — continued |
Intrado Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 8.81%, 1/31/2030 | | |
ION Corp., 1st Lien Term Loan B | | |
(3-MONTH CME TERM SOFR + 3.75%), 9.20%, 3/11/2028 | | |
(3-MONTH SOFR + 3.75%), 9.08%, 7/18/2030 | | |
Iridium Communications, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.82%, 9/20/2030 | | |
Jazz Pharmaceuticals plc, 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 3.00%), 8.43%, 5/5/2028 | | |
KBR, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.25%), 7.57%, 1/17/2031 | | |
KDC US Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.33%, 8/15/2028 | | |
LABL, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 5.00%), 10.43%, 10/29/2028 | | |
LegalShield, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 9.18%, 12/15/2028 | | |
Leslie's Poolmart, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.18%, 3/9/2028 | | |
Live Nation Entertainment, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 1.75%), 7.17%, 10/19/2026 | | |
Lumen Technologies Inc., 1st Lien Term Loan B-1 (1-MONTH CME TERM SOFR + 2.35%), 7.78%, 4/15/2029 | | |
Lumen Technologies Inc., 1st Lien Term Loan B-2 (1-MONTH CME TERM SOFR + 2.35%), 7.78%, 4/15/2030 | | |
Madison IAQ LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 6/21/2028 | | |
MED ParentCo, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 4.25%), 9.69%, 8/31/2026 | | |
Medallion Midland Acquisition LLC, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.50%), 8.83%, 10/18/2028 | | |
| | |
|
United States — continued |
Medline Borrower LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.07%, 10/23/2028 | | |
MH Sub I LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.25%), 9.57%, 5/3/2028 | | |
Mirion Technologies, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 2.75%), 8.31%, 10/20/2028 | | |
Mister Car Wash Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.43%, 3/27/2031 | | |
MIWD Holdco II LLC, 1st Lien Term Loan B-2 (3-MONTH CME TERM SOFR + 3.75%), 8.93%, 3/28/2031 (o) | | |
Modena Buyer LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 4.00%, 4/18/2031 (o) | | |
Moran Foods LLC, 1st Lien Super Senior Delayed Term Loan (3-MONTH SOFR + 11.50%), 16.97%, 6/30/2026 ‡ | | |
Moran Foods LLC, 1st Lien Term Loan | | |
(3-MONTH CME TERM SOFR + 2.00%), 2.00%, 6/30/2026 ‡ | | |
(3-MONTH CME TERM SOFR + 2.00%), 12.66%, 6/30/2026 ‡ | | |
NCR Atleos LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.75%), 10.18%, 3/27/2029 | | |
Netsmart Technologies, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.18%, 10/1/2027 | | |
NGL Energy Operating LP, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.82%, 2/3/2031 (o) | | |
Nielsen Holdings plc, Term Loan B-3 (1-MONTH CME TERM SOFR + 3.75%), 9.07%, 3/6/2028 | | |
NorthRiver Midstream, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.80%, 8/16/2030 | | |
Nuvei Technologies Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%; 1-MONTH CME TERM SOFR + 5.46%), 8.42%, 12/19/2030 (o) | | |
Option Care Health, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.75%), 8.18%, 10/27/2028 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Loan Assignments — continued |
United States — continued |
Organon & Co., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.43%, 6/2/2028 | | |
Osmose Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 6/23/2028 | | |
Pactiv Evergreen Group Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 9/24/2028 | | |
Parexel International Corp., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.69%, 11/15/2028 | | |
Pathway Vet Alliance LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.75%), 9.18%, 3/31/2027 | | |
PCI Pharma, 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.50%), 9.07%, 11/30/2027 | | |
Petco Health & Wellness Co., Inc., Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.82%, 3/3/2028 | | |
PetSmart LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.75%), 9.17%, 2/11/2028 | | |
Pike Corp., Delayed Draw Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.43%, 1/21/2028 | | |
PQ Corp., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.93%, 6/9/2028 | | |
Prime Security Services Borrower LLC, 1st Lien Term Loan B-1 (3-MONTH CME TERM SOFR + 2.25%), 7.81%, 10/13/2030 | | |
Prime Security Services Borrower, LLC, 1st Lien Term Loan B-1 (3-MONTH CME TERM SOFR + 2.25%), 7.58%, 10/13/2030 (o) | | |
PrimeSource, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.81%, 12/28/2027 (o) | | |
Project Boost Purchaser LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 6/1/2026 | | |
Proofpoint, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 8/31/2028 | | |
Quest Software US Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.73%, 2/1/2029 | | |
| | |
|
United States — continued |
Quikrete Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.57%, 3/19/2029 | | |
Radiology Partners, Inc., 1st Lien PIK Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 10.59%, 1/31/2029 | | |
RealPage, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.43%, 4/24/2028 | | |
Recess Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.50%), 9.84%, 2/20/2030 | | |
Red Rock Resorts, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.57%, 3/14/2031 (o) | | |
Restaurant Brands International, Inc., 1st Lien Term Loan B-5 (1-MONTH CME TERM SOFR + 2.25%), 7.57%, 9/20/2030 | | |
Reynolds Group Holdings, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 2/5/2026 | | |
Ring Container Technologies LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 8/12/2028 | | |
Rocket Software, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.75%), 10.07%, 11/28/2028 (o) | | |
Shutterfly LLC, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 6.00%), 11.32%, 10/1/2027 ‡ | | |
Shutterfly LLC, 2nd Lien Term Loan (3-MONTH CME TERM SOFR + 1.00%), 6.30%, 10/1/2027 | | |
Spirit Aerosystems, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.25%), 9.58%, 1/15/2027 | | |
SPX Flow, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.50%), 9.92%, 4/5/2029 | | |
SRS Distribution, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.67%, 6/2/2028 | | |
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-3 (1-MONTH CME TERM SOFR + 1.75%), 7.18%, 4/16/2025 | | |
SS&C Technologies Holdings, Inc., 1st Lien Term Loan B-4 (1-MONTH CME TERM SOFR + 1.75%), 7.18%, 4/16/2025 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Loan Assignments — continued |
United States — continued |
St. George's University Scholastic Services LLC, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.43%, 2/10/2029 | | |
Staples, Inc., 1st Lien Term Loan (3-MONTH SOFR + 5.00%), 10.44%, 4/16/2026 | | |
Summer (BC) Holdco B SARL, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.50%), 10.11%, 12/4/2026 | | |
Summit Materials LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.50%), 7.80%, 1/12/2029 | | |
Sundyne, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.25%), 9.67%, 3/17/2027 | | |
Surgery Center Holdings, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.82%, 12/19/2030 | | |
Synaptics, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.84%, 12/2/2028 | | |
Syneos Health,Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 4.00%), 9.31%, 9/27/2030 | | |
Tallgrass Energy, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 4.75%), 10.08%, 8/1/2029 (o) | | |
Tekni-Plex, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.00%), 9.57%, 9/15/2028 | | |
The Go Daddy Group, Inc., 1st Lien Term Loan B-6 (1-MONTH CME TERM SOFR + 2.00%), 7.32%, 11/9/2029 | | |
ThoughtWorks, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 2.50%), 7.93%, 3/24/2028 | | |
Thyssenkrupp Elevator, 1st Lien Term Loan B (6-MONTH CME TERM SOFR + 3.50%), 8.79%, 4/30/2030 | | |
Topgolf Callaway, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.00%), 8.32%, 3/15/2030 (o) | | |
Traeger Grills, 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.25%), 8.67%, 6/29/2028 | | |
Trans Union LLC, 1st Lien Term Loan B-7 (1-MONTH CME TERM SOFR + 2.00%), 7.32%, 12/1/2028 (o) | | |
| | |
|
United States — continued |
TransDigm Inc., 1st Lien Term Loan I (3-MONTH CME TERM SOFR + 2.75%), 8.06%, 8/24/2028 | | |
TransDigm Inc., 1st Lien Term Loan K (3-MONTH CME TERM SOFR + 2.75%), 8.06%, 3/22/2030 | | |
Triton Water Holdings, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.25%), 8.81%, 3/31/2028 (o) | | |
Tropicana, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.25%), 8.66%, 1/24/2029 | | |
Truck Hero, Inc., 1st Lien Term Loan (1-MONTH CME TERM SOFR + 3.50%), 8.93%, 1/31/2028 | | |
UFC Holdings LLC, 1st Lien Term Loan B-3 (3-MONTH CME TERM SOFR + 2.75%), 8.34%, 4/29/2026 | | |
Ultimate Software Group, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.50%), 8.81%, 2/10/2031 | | |
United Airlines, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 5.25%), 10.73%, 6/21/2027 | | |
United Natural Foods, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 10/22/2025 | | |
Univision Communications, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 3/15/2026 | | |
US Renal Care, 1st Lien Term Loan C (2-MONTH SOFR + 5.00%; 3-MONTH CME TERM SOFR + 5.00%), 10.44%, 6/20/2028 | | |
USI, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 3.00%), 8.30%, 11/22/2029 | | |
Utz Quality Foods LLC, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.75%), 8.19%, 1/20/2028 | | |
Venator Materials Corp., 1st Lien Term Loan | | |
(3-MONTH CME TERM SOFR + 2.00%), 7.33%, 1/16/2026 | | |
(3-MONTH SOFR + 10.00%), 15.43%, 10/12/2028 | | |
Vertex Aerospace Services Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 12/6/2028 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Loan Assignments — continued |
United States — continued |
Vertiv Group Corp., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 2.50%), 7.94%, 3/2/2027 | | |
Virtusa Corp., 1st Lien Term Loan B | | |
(1-MONTH CME TERM SOFR + 3.75%), 9.18%, 2/11/2028 | | |
(1-MONTH CME TERM SOFR + 3.75%), 9.17%, 2/15/2029 | | |
VT Topco, Inc., 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.50%), 8.82%, 8/9/2030 | | |
W. R. Grace, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 3.75%), 9.32%, 9/22/2028 | | |
Whataburger, 1st Lien Term Loan B (1-MONTH CME TERM SOFR + 3.25%), 8.68%, 8/3/2028 | | |
Wheel Pros, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 8.88%), 14.46%, 5/11/2028 | | |
Wheel Pros, Inc., 1st Lien Term Loan (3-MONTH CME TERM SOFR + 4.50%), 10.09%, 5/11/2028 | | |
WhiteWater Whistler Holdings, 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.75%), 8.05%, 2/15/2030 | | |
WMG Acquisition Corp., 1st Lien Term Loan I (1-MONTH CME TERM SOFR + 2.00%), 7.32%, 1/24/2031 | | |
Zekelman Industries, Inc., 1st Lien Term Loan B (3-MONTH CME TERM SOFR + 2.25%), 7.57%, 1/24/2031 | | |
| | |
Total Loan Assignments
(Cost $157,564) | | |
Foreign Government Securities — 1.6% |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Commonwealth of the Bahamas 6.00%, 11/21/2028 (d) | | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Benin Government Bond 7.96%, 2/13/2038 (a) | | |
|
Federative Republic of Brazil | | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Foreign Government Securities — continued |
|
| | |
| | |
| | |
| | |
| | |
Dominican Republic — 0.1% |
Dominican Republic Government Bond | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
Gabonese Republic 6.95%, 6/16/2025 (d) | | |
|
| | |
Zero Coupon, 4/7/2025 (d) | | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
|
Republic of Honduras 6.25%, 1/19/2027 (d) | | |
|
Republic of Iraq 5.80%, 1/15/2028 (d) | | |
|
Republic of Cote d'Ivoire | | |
5.75%, 12/31/2032 (d) (h) | | |
| | |
| | |
| | |
|
Hashemite Kingdom of Jordan | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Foreign Government Securities — continued |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Republic of Mozambique 9.00%, 9/15/2031 (d) (h) | | |
|
Republic of Namibia 5.25%, 10/29/2025 (d) | | |
|
Federal Republic of Nigeria | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Sultanate of Oman Government Bond | | |
| | |
| | |
| | |
| | |
| | |
|
Islamic Republic of Pakistan | | |
| | |
| | |
| | |
| | |
| | |
|
|
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Republic of Rwanda 5.50%, 8/9/2031 (d) | | |
|
| | |
| | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
|
Democratic Socialist Republic of Sri Lanka | | |
| | |
| | |
| | |
| | |
|
Suriname Government International Bond 7.95%, 7/15/2033 (d) (k) | | |
|
Istanbul Metropolitan Municipality 10.50%, 12/6/2028 (a) | | |
| | |
| | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Foreign Government Securities — continued |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Turkiye Ihracat Kredi Bankasi A/S | | |
| | |
| | |
| | |
Venezuela, Bolivarian Republic of — 0.0% ^ |
Bolivarian Republic of Venezuela | | |
| | |
| | |
| | |
|
| | |
| | |
| | |
| | |
Total Foreign Government Securities
(Cost $143,508) | | |
U.S. Treasury Obligations — 1.0% |
|
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Total U.S. Treasury Obligations
(Cost $87,357) | | |
|
|
CIP Funding Pty. Ltd. REIT, 3.95%, 3/2/2028 (d) | | |
|
Groupe Bruxelles Lambert NV 2.13%, 11/29/2025 (d) | | |
| | |
|
|
Shopify, Inc. 0.13%, 11/1/2025 | | |
|
Meituan Zero Coupon, 4/27/2028 (d) | | |
Pharmaron Beijing Co. Ltd. Zero Coupon, 6/18/2026 (d) | | |
Xiaomi Best Time International Ltd. Zero Coupon, 12/17/2027 (d) | | |
| | |
|
Accor SA 0.70%, 12/7/2027 (d) | | |
Safran SA Series SAF, Zero Coupon, 4/1/2028 (d) | | |
Selena SARL Series PUM, Zero Coupon, 6/25/2025 (d) | | |
Ubisoft Entertainment SA Series UBI, Zero Coupon, 9/24/2024 (d) | | |
Worldline SA Zero Coupon, 7/30/2026 (d) | | |
| | |
|
MTU Aero Engines AG Series MTX, 0.05%, 3/18/2027 (d) | | |
TUI AG 5.00%, 4/16/2028 (d) | | |
Zalando SE Series B, 0.63%, 8/6/2027 (d) | | |
| | |
|
Wix.com Ltd. Zero Coupon, 8/15/2025 | | |
|
Lagfin SCA 3.50%, 6/8/2028 (d) | | |
|
Fomento Economico Mexicano SAB de CV 2.63%, 2/24/2026 (d) | | |
|
Xero Investments Ltd. Zero Coupon, 12/2/2025 (d) | | |
|
Sea Ltd. 0.25%, 9/15/2026 | | |
|
Sasol Financing USA LLC 4.50%, 11/8/2027 (d) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Convertible Bonds — continued |
|
Delivery Hero SE Series A, 1.00%, 4/30/2026 (d) | | |
LG Chem Ltd. 1.25%, 7/18/2028 (d) | | |
| | |
|
Cellnex Telecom SA 0.75%, 11/20/2031 (d) | | |
|
Dufry One BV 0.75%, 3/30/2026 (d) | | |
United Arab Emirates — 0.0% ^ |
Abu Dhabi National Oil Co. 0.70%, 6/4/2024 (d) | | |
|
Barclays Bank plc Series VUN, Zero Coupon, 2/18/2025 | | |
Cornwall Jersey Ltd. 0.75%, 4/16/2026 (d) | | |
International Consolidated Airlines Group SA Series IAG, 1.13%, 5/18/2028 (d) | | |
Just Eat Takeaway.com NV Series B, 0.63%, 2/9/2028 (d) | | |
Ocado Group plc 0.75%, 1/18/2027 (d) | | |
Shaftesbury Capital plc REIT, 2.00%, 3/30/2026 | | |
Trainline plc 1.00%, 1/14/2026 (d) | | |
WH Smith plc 1.63%, 5/7/2026 (d) | | |
| | |
|
Affirm Holdings, Inc. Zero Coupon, 11/15/2026 | | |
Airbnb, Inc. Zero Coupon, 3/15/2026 | | |
Alarm.com Holdings, Inc. Zero Coupon, 1/15/2026 | | |
American Water Capital Corp. 3.63%, 6/15/2026 (a) | | |
BILL Holdings, Inc. Zero Coupon, 4/1/2027 | | |
Block, Inc. 0.25%, 11/1/2027 | | |
CenterPoint Energy, Inc. 4.25%, 8/15/2026 (a) | | |
Cheesecake Factory, Inc. (The) 0.38%, 6/15/2026 | | |
Chegg, Inc. Zero Coupon, 9/1/2026 | | |
Citigroup Global Markets Holdings, Inc. Series 1299, Zero Coupon, 2/26/2026 (d) | | |
| | |
|
United States — continued |
Cloudflare, Inc. Zero Coupon, 8/15/2026 | | |
Coinbase Global, Inc. 0.50%, 6/1/2026 | | |
Confluent, Inc. Zero Coupon, 1/15/2027 | | |
DISH Network Corp. 3.38%, 8/15/2026 | | |
Dropbox, Inc. Zero Coupon, 3/1/2026 | | |
Enphase Energy, Inc. Zero Coupon, 3/1/2026 | | |
Envista Holdings Corp. 1.75%, 8/15/2028 (a) | | |
Etsy, Inc. 0.25%, 6/15/2028 | | |
Euronet Worldwide, Inc. 0.75%, 3/15/2049 | | |
Expedia Group, Inc. Zero Coupon, 2/15/2026 | | |
Gulfport Energy Corp. 10.00% (Cash), 6/6/2024 ‡ * (f) (g) (k) | | |
Halozyme Therapeutics, Inc. 0.25%, 3/1/2027 | | |
Liberty Interactive LLC 3.75%, 2/15/2030 | | |
Lyft, Inc. 1.50%, 5/15/2025 | | |
Match Group Financeco 2, Inc. 0.88%, 6/15/2026 (a) | | |
New Mountain Finance Corp. 7.50%, 10/15/2025 | | |
Okta, Inc. 0.13%, 9/1/2025 | | |
QIAGEN NV Series QGEN, Zero Coupon, 12/17/2027 (d) | | |
Repay Holdings Corp. Zero Coupon, 2/1/2026 (a) | | |
| | |
| | |
| | |
Schneider Electric SE Series SUFP, 1.97%, 11/27/2030 (d) | | |
Shift4 Payments, Inc. 0.50%, 8/1/2027 | | |
Snap, Inc. Zero Coupon, 5/1/2027 | | |
Southern Co. (The) 3.88%, 12/15/2025 | | |
Spotify USA, Inc. Zero Coupon, 3/15/2026 | | |
Teladoc Health, Inc. 1.25%, 6/1/2027 | | |
TripAdvisor, Inc. 0.25%, 4/1/2026 | | |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| | |
Convertible Bonds — continued |
United States — continued |
Uber Technologies, Inc. Zero Coupon, 12/15/2025 | | |
Unity Software, Inc. Zero Coupon, 11/15/2026 | | |
| | |
Total Convertible Bonds
(Cost $46,547) | | |
| | |
|
|
Allstate Corp. (The) Series J, 7.38%, 7/15/2028 ($25 par value) (s) | | |
Goodman Networks, Inc. ‡ * | | |
| | |
Series I, 6.38%, 10/15/2024 ($25 par value) (s) | | |
Series K, 5.85%, 4/15/2027 ($25 par value) (s) | | |
Series P, 6.50%, 10/15/2027 ($25 par value) (s) | | |
MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | | |
SCE Trust VI 5.00%, 6/5/2024 ($25 par value) (s) | | |
Southern Co. (The) Series 2020, 4.95%, 1/30/2080 ($25 par value) | | |
| | |
Series Y, 5.63%, 6/15/2024 ($25 par value) (s) | | |
Series Z, 4.75%, 3/15/2025 ($25 par value) (s) | | |
Total Preferred Stocks
(Cost $44,418) | | |
Convertible Preferred Stocks — 0.1% |
|
AMG Capital Trust II 5.15%, 10/15/2037 ($50 par value) | | |
Bank of America Corp. Series L, 7.25%, ($1,000 par value) (s) | | |
Claire's Stores, Inc. ‡ * | | |
NextEra Energy, Inc. 6.93%, 9/1/2025 ($49 par value) | | |
| | |
|
United States — continued |
Wells Fargo & Co. Series L, 7.50% ($1,000 par value) (s) | | |
Total Convertible Preferred Stocks
(Cost $5,939) | | |
| | |
Mortgage-Backed Securities — 0.0% ^ |
|
FHLMC UMBS, 30 Year Pool # SD8238, 4.50%, 8/1/2052 | | |
FNMA UMBS, 20 Year Pool # CA1231, 3.50%, 2/1/2038 | | |
| | |
Pool # MA4398, 2.00%, 8/1/2051 | | |
Pool # MA4465, 2.00%, 11/1/2051 | | |
Pool # MA4548, 2.50%, 2/1/2052 | | |
Pool # MA4563, 2.50%, 3/1/2052 | | |
Pool # MA4564, 3.00%, 3/1/2052 | | |
Pool # MA4733, 4.50%, 9/1/2052 | | |
Total Mortgage-Backed Securities
(Cost $1,059) | | |
| | |
|
|
Cineworld Group plc expiring 11/23/2025, price 4,149.00 GBP * | | |
Nmg Research Ltd. expiring 9/24/2027, price 1.00 USD ‡ * | | |
| | |
| | |
Short-Term Investments — 3.9% |
Certificates of Deposits — 0.0% ^ |
Sumitomo Mitsui Banking Corp., (SOFR + 0.70%), 6.01%, 6/6/2024 (b)(Cost $922) | | |
Commercial Paper — 0.0% ^ |
EIDP, Inc., 5.55%, 10/8/2024 (a) | | |
HSBC USA, Inc., 6.23%, 8/29/2024 (a) | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| | |
Short-Term Investments — continued |
Commercial Paper — continued |
Standard Chartered Bank, 6.00%, 8/13/2024 (a) | | |
Svenska Handelsbanken AB, 5.54%, 4/22/2025 (a) | | |
Toronto-Dominion Bank (The), 5.50%, 4/8/2025 (a) | | |
Westpac Banking Corp., 5.50%, 4/14/2025 (a) | | |
Total Commercial Paper
(Cost $2,036) | | |
| | |
Investment Companies — 2.5% |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (m) (t) | | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (m) (t) | | |
Total Investment Companies
(Cost $209,712) | | |
Investment of Cash Collateral from Securities Loaned — 1.4% |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (m) (t) | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (m) (t) | | |
Total Investment of Cash Collateral from Securities Loaned
(Cost $117,557) | | |
Total Short-Term Investments
(Cost $330,227) | | |
Total Investments — 101.0%
(Cost $8,492,058) | | |
Liabilities in Excess of Other Assets — (1.0)% | | |
| | |
Percentages indicated are based on net assets. |
Amounts presented as a dash ("-") represent amounts that round to less than a thousand. |
| |
| |
| Alternative Credit Enhancement Securities |
| American Depositary Receipt |
| |
| |
| Commercial Industrial Finance Corp. |
| Collateralized Loan Obligations |
| Chicago Mercantile Exchange |
| Credit Suisse Mortgage Trust |
| Certificaten Van Aandelen (Dutch Certificate) |
| |
| |
| |
| Euro Interbank Offered Rate |
| Federal Home Loan Mortgage Corp. |
| Federal National Mortgage Association |
| |
| Global Depositary Receipt |
| Government National Mortgage Association |
| 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. |
| |
| Intercontinental Exchange |
| 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 April 30, 2024. The rate may be subject to a cap and floor. |
| 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. |
| |
| |
| |
| Public Joint Stock Company |
| 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. |
| 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. |
| Limited liability company |
| Real Estate Investment Trust |
| Real Estate Mortgage Investment Conduit |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
| Limited partnership with share capital |
| |
| Secured Overnight Financing Rate |
| Compounding index of the Secured Overnight Financing Rate |
| Sterling Overnight Index Average |
| Uniform Mortgage-Backed Securities |
| |
| Amount rounds to less than 0.1% of net assets. |
| Value determined using significant unobservable inputs. | |
| Non-income producing security. | |
| Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. | |
| Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of April 30, 2024. | |
| Contingent Capital security (“CoCo”). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at April 30, 2024 is $212,629 or 2.50% of the Fund’s net assets as of April 30, 2024. | |
| 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. | |
| The security or a portion of this security is on loan at April 30, 2024. The total value of securities on loan at April 30, 2024 is $110,976. | |
| Security is an interest bearing note with preferred security characteristics. | |
| 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 April 30, 2024. | |
| 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 April 30, 2024. | |
| All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment. | |
| | |
| Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed. | |
| 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 April 30, 2024. | |
| 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. | |
| Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms. | |
| All or a portion of this security is unsettled as of April 30, 2024. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position. | |
| Fund is subject to legal or contractual restrictions on the resale of the security. | |
| All or a portion of this security is deposited with the broker as initial margin for futures contracts. | |
| | |
| 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 April 30, 2024. | |
| The rate shown is the current yield as of April 30, 2024. | |
SEE NOTES TO FINANCIAL STATEMENTS.
Summary of Investments by Industry, April 30, 2024
The following table represents the portfolio investments of the Fund by industry classifications as a percentage of total investments:
| PERCENT OF
TOTAL
INVESTMENTS |
| |
| |
Oil, Gas & Consumable Fuels | |
| |
Collateralized Mortgage Obligations | |
Commercial Mortgage-Backed Securities | |
| |
| |
Diversified Telecommunication Services | |
| |
| |
Semiconductors & Semiconductor Equipment | |
| |
Hotels, Restaurants & Leisure | |
| |
Health Care Providers & Services | |
| |
| |
Foreign Government Securities | |
| |
| |
| |
| |
Commercial Services & Supplies | |
| |
| |
| |
Wireless Telecommunication Services | |
Technology Hardware, Storage & Peripherals | |
Others (each less than 1.0%) | |
| |
Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC’s as well as each respective underlying fund’s website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.
SEE NOTES TO FINANCIAL STATEMENTS.
JPMorgan Income Builder Fund
SCHEDULE OF PORTFOLIO INVESTMENTSAS OF April 30, 2024 (Unaudited) (continued)
Futures contracts outstanding as of April 30, 2024 (amounts in thousands, except number of contracts):
| | | | | VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($) |
| | | | | |
U.S. Treasury 10 Year Note | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| |
| |
| Financial Times and the London Stock Exchange |
| |
| |
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited)
(Amounts in thousands, except per share amounts)
| JPMorgan
Global
Allocation Fund | |
| | |
Investments in non-affiliates, at value | | |
Investments in affiliates, at value | | |
Investments of cash collateral received from securities loaned, at value (See Note 2.E.) | | |
| | |
Foreign currency, at value | | |
Deposits at broker for futures contracts | | |
| | |
| | |
Investment securities sold | | |
| | |
Interest from non-affiliates | | |
Dividends from non-affiliates | | |
Dividends from affiliates | | |
| | |
Securities lending income (See Note 2.E.) | | |
Unrealized appreciation on forward foreign currency exchange contracts | | |
| | |
| | |
| | |
Investment securities purchased | | |
Investment securities purchased — delayed delivery securities | | |
Collateral received on securities loaned (See Note 2.E.) | | |
| | |
Variation margin on futures contracts | | |
Unrealized depreciation on forward foreign currency exchange contracts | | |
| | |
| | |
| | |
| | |
| | |
Custodian and accounting fees | | |
Trustees’ and Chief Compliance Officer’s fees | | |
Deferred foreign capital gains tax | | |
| | |
| | |
| | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENTS OF ASSETS AND LIABILITIESAS OF April 30, 2024 (Unaudited) (continued)
(Amounts in thousands, except per share amounts)
| JPMorgan Global Allocation Fund | |
| | |
| | |
Total distributable earnings (loss) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized): | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Class A — Redemption price per share | | |
Class C — Offering price per share (b) | | |
Class I — Offering and redemption price per share | | |
Class R2 — Offering and redemption price per share | | |
Class R3 — Offering and redemption price per share | | |
Class R4 — Offering and redemption price per share | | |
Class R5 — Offering and redemption price per share | | |
Class R6 — Offering and redemption price per share | | |
Class A maximum sales charge | | |
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)] | | |
Cost of investments in non-affiliates | | |
Cost of investments in affiliates | | |
| | |
Investment securities on loan, at value (See Note 2.E.) | | |
Cost of investment of cash collateral (See Note 2.E.) | | |
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited)
(Amounts in thousands)
| JPMorgan
Global
Allocation Fund | |
| | |
Interest income from non-affiliates | | |
Interest income from affiliates | | |
Dividend income from non-affiliates | | |
Dividend income from affiliates | | |
Income from securities lending (net) (See Note 2.E.) | | |
Foreign taxes withheld (net) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
Custodian and accounting fees | | |
Interest expense to affiliates | | |
| | |
Trustees’ and Chief Compliance Officer’s fees | | |
Printing and mailing costs | | |
Registration and filing fees | | |
Transfer agency fees (See Note 2.K.) | | |
| | |
| | |
| | |
Less expense reimbursements | | |
| | |
Net investment income (loss) | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENTS OF OPERATIONSFOR THE SIX MONTHS ENDED April 30, 2024 (Unaudited) (continued)
(Amounts in thousands)
| JPMorgan Global Allocation Fund | |
REALIZED/UNREALIZED GAINS (LOSSES): | | |
Net realized gain (loss) on transactions from: | | |
Investments in non-affiliates | | |
Investments in affiliates | | |
| | |
| | |
Foreign currency transactions | | |
Forward foreign currency exchange contracts | | |
| | |
Change in net unrealized appreciation/depreciation on: | | |
Investments in non-affiliates | | |
Investments in affiliates | | |
| | |
Foreign currency translations | | |
Forward foreign currency exchange contracts | | |
Change in net unrealized appreciation/depreciation | | |
Net realized/unrealized gains (losses) | | |
Change in net assets resulting from operations | | |
(a)
Net of foreign capital gains tax of $(282).
(b)
Net of change in foreign capital gains tax of $(84).
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED
(Amounts in thousands)
| JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund |
| Six Months Ended
April 30, 2024
(Unaudited) | Year Ended
October 31, 2023 | Six Months Ended
April 30, 2024
(Unaudited) | |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS: | | | | |
Net investment income (loss) | | | | |
| | | | |
Change in net unrealized appreciation/depreciation | | | | |
Change in net assets resulting from operations | | | | |
DISTRIBUTIONS TO SHAREHOLDERS: | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
| | | | |
Change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund |
| Six Months Ended April 30, 2024
(Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024
(Unaudited) | |
| | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class A capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class C capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class I capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R2 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R3 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R4 capital transactions | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R5 capital transactions | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
| JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund |
| Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024 (Unaudited) | |
CAPITAL TRANSACTIONS: (continued) | | | | |
| | | | |
Proceeds from shares issued | | | | |
| | | | |
| | | | |
Change in net assets resulting from Class R6 capital transactions | | | | |
Total change in net assets resulting from capital transactions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R2 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R3 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R4 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
STATEMENTS OF CHANGES IN NET ASSETSFOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
| JPMorgan Global Allocation Fund | JPMorgan Income Builder Fund |
| Six Months Ended April 30, 2024 (Unaudited) | Year Ended October 31, 2023 | Six Months Ended April 30, 2024 (Unaudited) | |
SHARE TRANSACTIONS: (continued) | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R5 Shares | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Change in Class R6 Shares | | | | |
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
THIS PAGE IS INTENTIONALLY LEFT BLANK
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b)(c) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Global Allocation Fund | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
| | | 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) |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED (continued)
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b)(c) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Global Allocation Fund (continued) | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Net investment income (loss) is affected by the timing of distributions from Underlying Funds. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Does not include expenses of Underlying Funds. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
| The Fund presents portfolio turnover in two ways, one including securities sold short and the other excluding securities sold short. For the year ended October 31, 2023 and six months ended April 30, 2024 the Fund did not transact in securities sold short. |
| |
| | | | | | |
Net expenses (excluding dividend and interest expense for securities sold short) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
Expenses without waivers and reimbursements (excluding dividend and interest expense for securities sold short) | | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
| | | 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) |
|
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTSFOR THE PERIODS INDICATED
| Per share operating performance |
| | | |
| Net asset
value,
beginning
of period | Net
investment
income
(loss)(b) | Net realized
and unrealized
gains
(losses) on
investments | Total from
investment
operations | | | |
JPMorgan Income Builder Fund | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
| | | | | | | |
Six Months Ended April 30, 2024 (Unaudited) | | | | | | | |
Year Ended October 31, 2023 | | | | | | | |
Year Ended October 31, 2022 | | | | | | | |
Year Ended October 31, 2021 | | | | | | | |
Year Ended October 31, 2020 | | | | | | | |
Year Ended October 31, 2019 | | | | | | | |
|
| Annualized for periods less than one year, unless otherwise noted. |
| Calculated based upon average shares outstanding. |
| Not annualized for periods less than one year. |
| 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. |
| Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted. |
SEE NOTES TO FINANCIAL STATEMENTS.
| |
| | | 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
investment
income
(loss) | Expenses without
waivers and reimbursements | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
SEE NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited)
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.
The following are 2 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:
| | Diversification Classification |
JPMorgan Global Allocation Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 | |
JPMorgan Income Builder Fund | Class A, Class C, Class I and Class R6 | |
The investment objective of JPMorgan Global Allocation Fund (“Global Allocation Fund”) is to seek to maximize long-term total return.
The investment objective of JPMorgan Income Builder Fund (“Income Builder Fund”) is to seek to maximize income while maintaining prospects for capital appreciation.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as adviser (the “Adviser”) and administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
A. Valuation of Investments— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.
Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the “Valuation Designee” to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.
This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.
A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as “Pricing Services”) or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.
Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.
Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”), are valued at each Underlying Fund’s NAV per share as of the report date.
Futures contracts and options are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.
See the tables on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by Income Builder Fund at April 30, 2024.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
Collateralized Mortgage Obligations | | | | |
Commercial Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
Global Allocation Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Convertible Preferred Stocks | | | | |
| | | | |
| | | | |
Foreign Government Securities | | | | |
| | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Global Allocation Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
Forward Foreign Currency Exchange Contracts | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
Forward Foreign Currency Exchange Contracts | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
|
| Amount rounds to less than one thousand. |
| |
| | |
| | Level 2
Other significant
observable inputs | Level 3
Significant
unobservable inputs | |
Investments in Securities | | | | |
| | | | |
| | | | |
| | | | |
Total Asset-Backed Securities | | | | |
Collateralized Mortgage Obligations | | | | |
| | | | |
Commercial Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
Income Builder Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Convertible Preferred Stocks | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Income Builder Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Venezuela, Bolivarian Republic of | | | | |
| | | | |
| | | | |
| | | | |
Foreign Government Securities | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Mortgage-Backed Securities | | | | |
| | | | |
| | | | |
U.S. Treasury Obligations | | | | |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
Income Builder Fund (continued) | | |
| | Level 2 Other significant observable inputs | Level 3 Significant unobservable inputs | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Investment of Cash Collateral from Securities Loaned | | | | |
Total Short-Term Investments | | | | |
Total Investments in Securities | | | | |
Appreciation in Other Financial Instruments | | | | |
| | | | |
Depreciation in Other Financial Instruments | | | | |
| | | | |
Total Net Appreciation/ Depreciation in Other
Financial Instruments | | | | |
|
| Amount rounds to less than one thousand. |
The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:
| Balance as of
October 31,
2023 | | Change in net
unrealized
appreciation
(depreciation) | Net
accretion
(amortization) | | | | | Balance as of
April 30,
2024 |
Investments in Securities: | | | | | | | | | |
| | | | | | | | | |
Collateralized Mortgage Obligations | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Convertible Preferred Stocks | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
|
| Purchases include all purchases of securities and securities received in corporate actions. |
| Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions. |
| Amount rounds to less than one thousand. |
The changes in net unrealized appreciation (depreciation) attributable to securities owned at April 30, 2024, which were valued using significant unobservable inputs (level 3) amounted to $1,473. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
There were no significant transfers into or out of level 3 for the six months ended April 30, 2024.
The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs
may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.
Income Builder Fund
Quantitative Information about Level 3 Fair Value Measurements #
| Fair Value at April 30, 2024 | | | Range (Weighted Average) (a) |
| | | | |
| | Market Comparable Companies | | |
| | | | |
| | | | |
| | | | |
| | Market Comparable Companies | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | Yield (Discount Rate of Cash Flows) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | 10.90% - 100.00% (99.54%) |
| | | Yield (Discount Rate of Cash Flows) | |
| | | | |
| | | | |
| | | | |
| The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At April 30, 2024, the value of these investments was $45,613 The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. |
| Unobservable inputs were weighted by the relative fair value of the instruments. |
| Amount rounds to less than one thousand. |
| Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. |
B. Restricted Securities— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.
As of April 30, 2024, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
C. Loan Assignments— The Funds invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Funds invested in loan assignments of all or a portion of the loans. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan. In addition, it is unclear whether loans, loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loans are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.
Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid when purchased, may become illiquid and difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, the Funds may not receive the proceeds from a sale of such investments for a period after the sale.
Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.
D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments— The Funds purchased when-issued securities, including To-Be-Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.
The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an “MSFTA”). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Funds' Statements of Assets and Liabilities.
The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of April 30, 2024, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at April 30, 2024 are detailed on the SOIs, if any.
E. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of April 30, 2024.
| 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) |
| | | |
| | | |
|
| Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower. |
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended April 30, 2024, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
F. Investment Transactions with Affiliates— The Funds invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds’ and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.
|
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Income Fund Class R6 Shares (a) | | | | | | | | | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
|
For the six months ended April 30, 2024 |
| | | | | Change in
Unrealized
Appreciation/
(Depreciation) | | | | Capital Gain
Distributions |
JPMorgan Equity Premium Income ETF (a) | | | | | | | | | |
| | | | | | | | | |
JPMorgan Nasdaq Equity Premium Income ETF (a) | | | | | | | | | |
JPMorgan Prime Money Market Fund Class IM Shares, 5.41% (a) (b) | | | | | | | | | |
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.33% (a) (b) | | | | | | | | | |
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 5.47% (a) (b) | | | | | | | | | |
JPMorgan U.S. Government Money Market Fund Class IM Shares, 5.25% (a) (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. |
| The rate shown is the current yield as of April 30, 2024. |
| Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee). |
G. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.
H. Derivatives — The Funds used derivative instruments including options, futures contracts and forward foreign currency exchange contracts, in connection with their respective investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets.
The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties’ failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds’ risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.
The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Funds’ ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds’ net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open
contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.
Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.
Notes I(1) - I(3) below describe the various derivatives used by the Funds.
(1) Options — Global Allocation Fund purchased put and call options on various instruments including futures, securities and currencies to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.
Options Purchased— Premiums paid by the Fund for options purchased are included on the Statements of Assets and Liabilities as Options Purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.
The Fund’s exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(2) Futures Contracts— The Funds used currency, index, interest rate, treasury or other financial futures contracts to manage and hedge interest rate risk associated with portfolio investments and to gain or reduce exposure to particular countries or regions. The Funds also used futures contracts to lengthen or shorten the duration of the overall investment portfolio.
Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.
The use of futures contracts exposes the Funds to equity price, foreign exchange and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.
The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).
(3) Forward Foreign Currency Exchange Contracts— Global Allocation Fund is exposed to foreign currency risks associated with some or all of its portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of its investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of the foreign currency.
The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rates of the underlying currencies. Changes in the value of these contracts are recorded as Change in net unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).
The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.
(4) Summary of Derivatives Information—The following tables present the value of derivatives held as of April 30, 2024, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:
| | |
| | |
Unrealized Appreciation on Futures Contracts * | | |
Unrealized Depreciation on Futures Contracts * | | |
Foreign Exchange Rate Risk Exposure: | | |
Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | | |
Unrealized Depreciation on Futures Contracts * | | |
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | | |
Interest Rate Risk Exposure: | | |
Unrealized Appreciation on Futures Contracts * | | |
Unrealized Depreciation on Futures Contracts * | | |
Net Fair Value of Derivative Contracts: | | |
Unrealized Appreciation (Depreciation) on Futures Contracts * | | |
Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts | | |
|
| 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. |
The following tables present the effect of derivatives on the Statements of Operations for the six months ended April 30, 2024, by primary underlying risk exposure:
| | |
Realized Gain (Loss) on Derivatives Recognized as a Result From Operations: |
|
| | |
| | |
Foreign Exchange Rate Risk Exposure: |
| | |
Forward Foreign Currency Exchange Contracts | | |
Interest Rate Risk Exposure: |
| | |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations: |
|
| | |
Foreign Exchange Rate Risk Exposure: |
| | |
Forward Foreign Currency Exchange Contracts | | |
Interest Rate Risk Exposure: |
| | |
Derivatives Volume
The table below discloses the volume of the Funds' options, futures contracts and forward foreign currency exchange contracts activity during the six months ended April 30, 2024. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):
| | |
| | |
Average Notional Balance Long | | |
Average Notional Balance Short | | |
Ending Notional Balance Long | | |
Ending Notional Balance Short | | |
Forward Foreign Currency Exchange Contracts: | | |
Average Settlement Value Purchased | | |
Average Settlement Value Sold | | |
Ending Settlement Value Purchased | | |
Ending Settlement Value Sold | | |
| | |
Average Number of Contracts Purchased | | |
The Funds may be required to post or receive collateral based on the net value of the Funds’ outstanding options, non-deliverable forward foreign currency exchange contracts and/or OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds’ custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.F), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds.
The Funds' derivatives contracts held at April 30, 2024 are not accounted for as hedging instruments under GAAP.
I. Equity-Linked Notes— The Funds invested in Equity-Linked Notes (“ELNs”). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.
As of April 30, 2024, the Funds had outstanding ELNs as listed on the SOIs.
J. Security Transactions and Investment Income— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short are recorded on the ex-dividend date or when a Fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
K. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended April 30, 2024 are as follows:
|
| Amount rounds to less than one thousand. |
L. Federal Income Taxes— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of April 30, 2024, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
M. Foreign Taxes—The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.
N. Distributions to Shareholders— Distributions from net investment income, if any, are generally declared and paid at least monthly for Income Builder Fund and declared and paid at least quarterly for Global Allocation Fund. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
3. Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended April 30, 2024, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F.
JPMCB, a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
C. Distribution Fees— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of each Fund do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended April 30, 2024, JPMDS retained the following:
D. Service Fees— The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
F. Waivers and Reimbursements—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:
The expense limitation agreements were in effect for the six months ended April 30, 2024 and are in place until at least February 28, 2025.
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
For the six months ended April 30, 2024, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
| | |
| | | | | Contractual
Reimbursements |
| | | | | |
| | | | | |
|
| Amount rounds to less than one thousand. |
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund’s investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the six months ended April 30, 2024 were as follows:
JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended April 30, 2024, the amount of these reimbursements were as follows:
|
| Amount rounds to less than one thousand. |
G. Other— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the six months ended April 30, 2024, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the six months ended April 30, 2024, purchases and sales of investments (excluding short-term investments) were as follows:
| Purchases
(excluding
U.S. Government) | Sales
(excluding
U.S. Government) | Purchases
of U.S.
Government | |
| | | | |
| | | | |
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at April 30, 2024 were as follows:
| | Gross
Unrealized
Appreciation | Gross
Unrealized
Depreciation | Net Unrealized
Appreciation
(Depreciation) |
| | | | |
| | | | |
At October 31, 2023, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:
| Capital Loss Carryforward Character |
| | |
| | |
| | |
During the year ended October 31, 2023, the following Fund utilized capital loss carryforwards as follows:
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended April 30, 2024.
The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 29, 2024.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended April 30, 2024.
The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate ("SOFR"). Effective August 8, 2023, the Credit Facility was amended and restated for a term of 364 days, unless extended.
The Funds did not utilize the Credit Facility during the six months ended April 30, 2024.
NOTES TO FINANCIAL STATEMENTSAS OF April 30, 2024 (Unaudited) (continued)
(Dollar values in thousands)
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of April 30, 2024, the Funds had individual shareholder and/or affiliated omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:
| Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts | | Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts | |
| | | | |
| | | | |
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds invest in variable and floating rate loans and other variable and floating rate securities. Although these investments are generally less sensitive to interest rate changes than fixed rate instruments, the value of floating rate loans and other securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may increase interest rates or the timing, frequency, or magnitude of such increases. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.
The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will fail to make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.
The Funds invest in high yield securities that are not rated or rated below investment grade (commonly known as "junk bonds"). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.
Global Allocation Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.
As of April 30, 2024, a significant portion of each Fund's investments consisted of securities that were denominated in foreign currencies. Changes in currency exchange rates will affect the value of, and investment income from, such securities.
Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds’ original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Funds to value accurately. Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Funds do not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Funds may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the security or other risk being hedged. In addition, given their complexity, derivatives expose the Funds to risks of mispricing or improper valuation.
The Funds are subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.
The Funds invest in foreign issuers and foreign securities (including depositary receipts) that are subject to additional risks, including political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment, liquidity risks and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded “delivery versus payment,” a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely.
Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.
The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19 negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of any future pandemic or other global event to business and market conditions may have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic or other global event that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could have a significant negative impact on a Fund’s investment performance. The ultimate impact of any pandemic or other global event and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
SCHEDULE OF SHAREHOLDER EXPENSES(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, November 1, 2023, and continued to hold your shares at the end of the reporting period, April 30, 2024.
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) or redemption fees, and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
| Beginning
Account Value
November 1, 2023 | Ending
Account Value
April 30, 2024 | Expenses
Paid During
the Period* | |
JPMorgan Global Allocation Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| Beginning Account Value November 1, 2023 | Ending Account Value April 30, 2024 | Expenses Paid During the Period* | |
JPMorgan Income Builder Fund | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
| Expenses are equal to each Class’ respective annualized net expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
LIQUIDITY RISK MANAGEMENT PROGRAM(Unaudited)
Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.1
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2024, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2023 through December 31, 2023 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Adminis
trator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined or modified under the Program) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
1 Effective July 24, 2024, the J.P. Morgan Funds will implement the Tailored Shareholder Reports for Mutual Funds and Exchanged-Traded Funds Rule. This rule rescinds the currently-required statement regarding the operation and effectiveness of a fund’s Liquidity Risk Management Program from the shareholder report.
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
Effective January 24, 2023, the SEC adopted rule and form amendments that will result in changes to the design and delivery of shareholder reports of mutual funds and ETFs, requiring them to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024.
A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2024. All rights reserved. April 2024.
SAN-IB-GAL-424
ITEM 2. CODE OF ETHICS.
Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable to a semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable to a semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable to a semi-annual report.
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 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.
Not applicable.
(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:
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
(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. |
Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.
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 |
| | July 2, 2024 |
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 |
| | July 2, 2024 |
| |
| By: | | /s/ Timothy J. Clemens |
| | Timothy J. Clemens |
| | Treasurer and Principal Financial Officer |
| | July 2, 2024 |
